In the US, the final inflation print of 2024 was released. The rate of inflation for November rose to 2.7%, the second consecutive month where the annual rate has risen, but still in line with market expectations. For the week, the S&P 500 closed -0.52% lower while the NASDAQ closed 0.46% higher. In Europe, the ECB once again cut rates last week, opting for a 25bps cut. In the UK, for the first time ever renewable energy sources will account for more of UK’s electricity generation than non-renewables. For the week, European and UK equities closed lower, down between -0.55% and -1.18%. In Ireland, Generative Artificial Intelligence could add upwards of €148bn to Ireland’s GDP over the next fifteen years, according to Accenture. In Asia Pacific, China’s Communist Party Politburo announced a move from “prudent” to “moderately loose” monetary policy last week, the first such easing since 2011.
