Market update: 29 October 2024
The ASX 200 had a slightly challenging week, slipping 0.9%, but there were some positives—Consumer Staples held steady, and Australia’s strong jobs data suggests the economy is staying resilient. The Reserve Bank of Australia is now less likely to cut rates soon, but all eyes are on next week’s inflation report. Economists expect inflation to slow to 0.4% for the quarter, which could keep rate cut discussions alive.
In the U.S., markets were mixed. The S&P 500 and Dow Jones fell by 1.0% and 2.7%, but the Nasdaq held up with a 0.2% gain. There’s some uncertainty with Trump’s rising election chances bringing trade concerns back into focus—his proposed $170 billion in new tariffs against China could affect global trade. Meanwhile, the International Monetary Fund slightly lowered its global growth forecast for 2025, adding to market caution.
European markets also dipped, but there’s some hope as inflation in the UK is cooling faster than expected, raising the possibility of rate cuts. The European Central Bank is keeping a close eye on borrowing costs, expecting inflation to drop below its 2% target soon. In Asia, the Shanghai Composite rose 1.2%, though the Hang Seng fell 1.0%. China’s central bank kept interest rates steady while managing liquidity carefully, and foreign investment declined less sharply than earlier this year. Japan’s market struggled, with the Nikkei down 2.7% ahead of elections that could bring political changes. Slowing inflation and weaker factory activity also weighed on investor sentiment.
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