Weekly Market Review: 16th of September 2024

The US inflation rate slowed to 2.5% in August, the lowest rate recorded since February 2021. For the week, the S&P 500 closed +3.17% higher, while the NASDAQ closed +4.91% higher. In Europe, the European Central Bank delivered a second 0.25 percentage point rate cut, lowering the main rate down to 4% and the closely watched bank deposit rate down to 3.5%. In the UK, growth in the economy stalled in July, marking the second straight month where no growth has been recorded. Overall, for the week European and UK equities closed higher, up between +0.50% and +1.56%. In Ireland, Apple has been ordered by the EU to pay the Irish state €13bn in underpaid taxes, after losing its court case against the European Commission. In China, according to economists from Morgan Stanley and Goldman Sachs, the country will need to invest the equivalent of $1.4tn in stimulus funds to completely reinflate its economy.