Weekly Market Review – 01st July 2024

In the US, revised GDP figures and Core Personal Consumption Expenditure (PCE) inflation data were released. Regarding GDP, the US economy grew at an annual rate of 1.4%. The PCE inflation data for May showed a deceleration in the Federal Reserve’s favoured inflation metric to a rate of 2.6%. Overall, for the week the S&P500 closed 0.04% higher, while the NASDAQ closed 0.43% higher. In Europe, the European Commission charged Microsoft with anti-competitive behaviour concerning its Teams app, which is part of the Office suite of applications. The Commission claimed that Microsoft had unfairly advantaged Teams by integrating it with the Office suite of apps. In the UK, the GDP annual growth rate for Q1 2024 was revised slightly higher to 0.3%. For the week overall, European and UK equities closed lower, between -0.59% and -0.72%. In Ireland, Smurfit Kappa will cease trading on the Euronext Dublin from tomorrow, before delisting entirely on July 8. The company has merged with WestRock in the US and will begin trading as Smurfit WestRock in London and New York on July 8. In Asia-Pacific news, Chinese officials granted approval for the sale of Wegovy, the highly sought-after weight loss medication produced by the Danish pharmaceutical firm Novo Nordisk.