Weekly Market Review: 23rd of December 2024

In the US, the Federal Reserve had its final meeting of 2024 last week, just in time to deliver a Christmas rate cut of 25 basis points. For the week the S&P 500 and NASDAQ closed lower, down -2.2% and -2.09% respectively. In Europe, a deal has been reached between Switzerland and the EU that will see ties deepen between the Bloc and the Alpine country. In the UK, the Bank of England maintained interest rates at their current level of 4.75%, with increased wage growth and elevated services inflation causing the Bank of England to pause once again on cutting rates. For the week, both European and UK equities closed lower, down between -1.68% and -2.57%. In Ireland, a new wind farm has begun to produce power for the first time last week. In Asia Pacific, In China last week, retail sales rose by 3% year over year in November, down from the 4.8% growth experienced in October and below forecasts of 4.6%.