Weekly Market Review – 06th May 2024

In this week’s Market Review- In the US the Federal Open Market Committee (FOMC) held its April meeting. As expected, there was no change to the interest rate, staying at its current rate of 5.50%. During the week we also saw Q1 earnings announcements with both Amazon and Apple coming in ahead of forecasted revenues.  In Europe, inflation and GDP data was released with the annual rate of inflation for the Euro area remaining at 2.4%. In GDP, the Eurozone economy grew by 0.3% in Q1 2024. In the UK, according to the OCED’s May Economic Outlook, the UK is expected to grow at a slower rate than almost all of the G20. In Ireland estimates from the CSO last week showed GDP grew by 1.1% in Q1 2024. In Asia-Pacific news the OECD last week unveiled its May Economic Outlook, in which it estimates that the Chinese economy will grow by less than the 5% target set by the Chinese Communist Party (CCP).