With Q1 closing out with the best first quarter for global markets in 5 years, the second quarter of 2024 saw further gains in global stock markets. Albeit a rollercoaster quarter, with a market downturn in April followed by a 4-week rally in May, as investor confidence drove a number of market indices to record highs. A stable economic environment, coupled with moderate growth in earnings, helped support company share prices and eased fears around recession risks –disinflation without recession – and that a soft landing across the developed markets can be achieved as we move through H2 2024.
Central Banks dominated again during the quarter, with markets having to digest a very mixed set of messages and the divergent paths from global central bank policymakers. The US Federal Reserve maintained its cautious stance on interest rates, neither hiking nor cutting, which reassured investors about economic stability. Meanwhile in Europe, the tone from ECB (European Central Bank) policymakers was noticeably different – with the first 0.25% rate cut announced in early June.
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SSP-Q2-2024-Investment-Review-V3-final-compressed
