Weekly Market Review: 4th of November 2024

In the US, GDP estimates for Q3 2024 showed that the US economy expanded by 2.8%, below estimates of 3%. For the week, the S&P 500 and NASDAQ both closed lower, down -1.84% and -2.11% respectively. In Europe, preliminary GDP growth rates for Q3 in some of the major Eurozone economies were released last week. In the UK, the Labour Party unveiled its first Budget since taking office. For the week, European and UK indices closed lower, down between -0.78% and -1.81%. In Ireland, estimates from the Central Statistics Office showed that Irish GDP for the third quarter increased by 2% compared to the second quarter. In Asia Pacific, business activity data was released in China, showing an increase in monthly PMI’s and a return to expansionary territory for the first time in six months.