Weekly Market Review: 30th of September 2024

In the US, Gross Domestic Product (GDP) for the second quarter of 2024 was confirmed at 3% last week. For the week, US equities closed higher, with the S&P 500 closing +0.44% while the NASDAQ closed +0.79%. In Europe, the Swiss National Bank (SNB) once again reduced its interest rate, cutting its policy rate to 1%. In the UK, the OECD has lifted its GDP outlook for the country for both 2024 and 2025, due in large part to higher wage growth and expectations of a lower interest rate. For the week, European and UK indices closed higher, up between +1.26% and +3.85%. In Ireland, the Irish economy is expected to grow by 2.3% in 2024, according to a recent report by EY. In Asia, China last week announced a raft of stimulus measures that aim to increase growth in the world’s second largest economy.