Weekly Market Review – 10th of June 2024

In this week’s Market Review- In the US, markets reacted to weaker than expected manufacturing PMI’s, which fell to 48.7 for May. NVIDIA surpassed the $3 trillion mark in market cap, making them the second most valuable company in the world behind Microsoft. US indices finished last week in the green, with the S&P 500 and NASDAQ closing 0.92% and 1.65% higher respectively. In Europe for the first time since 2016, the ECB cut its main refinancing rate from 4.50% to 4.25%, marking a turning point in the fight against inflation in the Euro area. In Ireland, economic data was released showing that the Irish economy returned to growth in the first quarter of 2024, as GDP grew by 0.9% between January and March. In Asia-Pacific news registrations for Chinese-made Electric Vehicles in Europe increased by 23% in the first four months of 2024.