Weekly Market Review: 28th of October 2024

In the US, The IMF released its October World Economic Outlook (WEO) update last week, in which the think tank upgraded the growth outlook for the United States for the end of 2024 and 2025. For the week, the S&P 500 closed lower down -0.91%, while the NASDAQ closed slightly higher, up 0.16%. In Europe, composite PMIs for the Eurozone for October came in at 49.7, slightly below the 50-point mark which indicates expansion, but higher than the September reading of 49.6. In the UK, Andrew Bailey, the Governor of the Bank of England (BoE) last week stated that inflation is slowing more rapidly than expected in the UK. For the week, both European and UK equities closed lower, down between -0.81% and -1.50%. In Ireland, the Deposit Return Scheme has seen 635mn plastic bottles and aluminium cans returned since it began back in February. In Asia-Pacific, the People’s Bank of China last week cut its main interest rates in another attempt to stimulate the lagging Chinese economy.