Weekly Market Review : 12th of August 2024

In the US, Democratic Presidential candidate Kamala Harris formally announced her running mate in the upcoming election. In equity markets, after an extremely volatile week the S&P 500 closed +3.66% higher, while the NASDAQ closed +6.17% higher. In Europe, talks last week progressed between the European Union and the Mercosur, a group of five large South American countries over a proposed trade deal that is almost 20 years in the making. In the UK, Chancellor Rachel Reeves has announced that the proposed law which will regulate agencies that grade the ESG performance of companies will be brought forward next year. For the week, European and UK equities closed higher, between +1.75% and +4.30%. In Ireland, Goldman Sachs last week sold the 6% holding it recently acquired in Permanent TSB. In China, the annual rate of inflation climbed to 0.5% in July, the largest increase in prices since February, as well as being the sixth straight month where the rate of inflation is above 0%.