In the US, the estimated cost of insurance payouts for the private sector following Hurricane Milton is expected to hit $36bn. For the week, the S&P 500 closed +0.40% higher, while the NASDAQ closed +0.03% higher. In Europe, the European Central Bank (ECB) last week continued its interest rate cut cycle, by lowering its three main policy rates by 25 basis points. In the UK, annual inflation for September slowed to 1.7%, lower than both market forecasts of 1.9% and the August rate of 2.2%. For the week, European equities were mixed, with the STOXX600 up +0.58%, while the Eurostoxx50 closed -0.40% lower. In the UK, the FTSE 100 closed +1.34% higher for the week. Ireland’s balance of trade continues to produce a trade surplus, as the export of goods from Ireland increased by €10.3bn in the first eight months of 2024, while imports fell by €4bn in the same timeframe. In Asia Pacific, GDP, industrial production and retail sales data were released for China last week.
Weekly-Market-Review-21.10.2024-SP-1Weekly Market Review: 21st of October 2024
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