Weekly Market Review – 15th April 2024

This week’s Market Review- In the US, annual inflation data for March was released. Surprisingly, the rate of inflation for March rose to 3.5%, well above the 3.2% rate in February. Energy prices were one of the key factors, rising by 2.1% in March. Alphabet, the parent company of Google reached a new all-time high in terms of stock price. In Europe, the European Central Bank had its governing council meeting last Thursday, where rates stayed at their current rate of 4.50%, as expected. For the week, the Eurostoxx50 & STOXX 600 finished lower, down 1.33% and 0.40%. In the UK, Gross Domestic Product (GDP) was positive for the second month in a row with positive GDP growth. The FTSE 100 finished the week 1.03% higher. In Ireland, it was announced that wind energy has produced 40% of Ireland’s total power output overall in 2024 and Simon Harris was officially sworn in as Ireland’s new Taoiseach. In Asia-Pacific the ratings agency Fitch announced it had revised its outlook for China’s long term credit rating, changing it from Stable to Negative last week.