Weekly Market Review: 2nd of December 2024

In the US, Outgoing President Joe Biden last week put forward a proposal that would see weight loss drugs such as Novo Nordisk’s Wegovy and Eli Lilly’s Zepbound made available at a reduced price to Americans who are covered by Medicare and Medicaid insurance programs. For the week, the S&P 500 and NASDAQ both closed higher, up +1.12% and +1.42% respectively. In Europe, Ursula von der Leyen’s new Commission received final approval from MEPs last week. In the UK, the Labour Government gained approval last week to begin public takeovers of British rail companies, ending the age of privatisation which began back in 1994. For the week, European and UK equities closed lower, down between -0.14% and -0.45%. In Ireland, there was no clear winner in the preliminary results from last Friday’s General Election, however Fianna Fáil are expected to gain the largest share of seats. In Asia Pacific, Huawei, the Chinese technology firm most famous for its smartphones, is close to launching its first ever smartphone that has been built on the company’s own operating system and using its own apps.