Weekly Market Review – 08th of July 2024

In the US, minutes from the most recent Federal Open Market Committee (FOMC) meeting were disclosed last week. The primary insight is that FOMC members recognised a slowdown in the overall US economy and a reduction in price pressures. In equity markets the S&P 500 closed 1.27% higher, while the NASDAQ closed 2.54%, as a result of the rally in tech and AI stocks. In Europe, the annual rate of inflation for the Euro Area slowed once again to a rate of 2.5% for June. In the UK, the big news last week was the General Election. For the first time in 14 years, the Labour Party is the largest party in Westminster taking over 400 seats of the 650 available. For the week overall, European and UK equities closed lower, between -0.08% and -0.24%. In Ireland a new €35mn ash processing plant was announced last week, which will be used to repurpose bottom ash produced at the Dublin Waste to Energy facility. The initiative will bolster Ireland’s transition to a circular economy. In Asia-Pacific newsin Japan the Topix stock index, seen as the main benchmark index for the country, hit a new record high for the first time since 1989. Many Japanese companies have benefitted from the Artificial Intelligence driven bull run in markets.