Weekly Market Review – 15th of July 2024

In the US the annual rate of inflation fell to 3% in June 2024, marking the lowest rate since June 2023. This decline is seen as a positive sign, indicating that inflation is coming under control and potentially paving the way for the Federal Reserve to consider cutting interest rates. For the week, the S&P 500 closed 0.67% higher, while the tech heavy NASDAQ closed 0.19% higher after a positive Friday trading. In Europe, markets were mixed last week, with European indices mostly flat as a consequence of the French election results. The preliminary results indicated a hung parliament, with the far-right RN Party defeated. In the UK, the economy grew by 0.4% month over month in May, extending the positive monthly GDP growth to five months. For the week, EU and UK markets closed higher, between 0.98% and 1.76%. In Ireland in positive climate news, greenhouse gas emissions fell by 6.8% in 2023, resulting in the lowest overall level of emissions reported in the country in 30 years. In other news last week, the Irish government announced an additional €8.3 billion in funding for the upcoming Budget. In Asia-Pacific news, the annual inflation rate for June in China slowed to 0.2%, down from the 0.3% rate recorded in April and May.