Weekly Market Review – 29th of July 2024

In the US, GDP data was released for the second quarter of 2024. The expansion rate of the world’s largest economy was reported at 2.8%, surpassing the forecasted 2%. For the week, the S&P 500 closed -1.85%, while the Nasdaq closed -3.28%, due to another poor week for tech stocks. In Europe business sentiment in Germany, the Eurozone’s largest economy, has declined for the third consecutive month in July. In the UK, the FTSE 100 rose 0.4% on Thursday thanks to positive earnings from Unilever. For the week, European indices closed higher, up between +0.08% and +0.18%, while the FTSE 100 also closed higher, up +1.06%. In Ireland consumer sentiment reached its highest level since early 2022, with the Credit Union Consumer Sentiment Index hitting 74.9, aided by reduced inflation and a positive economic outlook. In Asia-Pacific news, the People’s Bank of China has once again reduced its primary lending rates in an effort to stimulate economic growth following a period of stagnation and deflation.