Global Stock Market Weekly Updates

 

Global Stock Market Indexes-Weekly Updates (28 Nov- 2 Dec): The major global stock market indexes closed higher for the week that ended on 2 December. The key equity indexes in the US, Europe, and China advanced during the week while Japan registered losses.

 

The US Stock Market indexes- Weekly Updates

 

The US equity benchmarks closed higher, as the sentiments were boosted by the possibility that the Fed may slow down the pace of its interest rate hikes in the December meeting. The growth and technology stocks performed their best during the week. Dow Jones entered the bull markets after Fed Chair Powell’s speech on the last day of the month.

The monthly job report was in focus during the week. The US markets initially reacted negatively after the release of the stronger-than-expected November month job report on Friday. But later investors picked up on some mixed signals in the report as they digested it, such as a decline in the average workweek for private-sector employees, which later pared some losses in the late session on Friday.

Regarding the economic data, the manufacturing activity shows signs of weakness in November while consumer spending increased sequentially in October The core personal consumption expenditure price index, which excludes volatile food and energy costs, increased 5.0% year over year, moderating from the 5.2% inflation rate recorded in September.

 

European Stock Market Indexes- Weekly Updates

 

European stock market indexes advanced for the seventh week in a row. The sentiments become positive, as the inflation slowed in November for the first time in 17 months in the eurozone, spurring hopes that central banks could slow the pace of interest rate hikes. The US Fed’s Chair Powell’s speech on slow down in interest rate hikes and China relaxing some Covid restrictions also boosted the market sentiments during the week.

The economic confidence in Eurozone rebounded in November from a two-year low and the first increase since Russia invaded Ukraine. The housing market in the UK cooling rapidly as the monthly survey showed that house prices fell in November, the biggest drop since the 2020 Covid lockdown.

 

Japan’s equity market – Weekly Updates

 

Japanese stock market closed lower as exporters suffered amid the yen’s strength during the week. Investors were also focused on the covid related restrictions in China. On the economic front, the data released during the week were negative as Japan’s industrial production fell in October and consumer confidence weakened in November, as compared to the previous month

However, the downside remained capped with the growing expectations that the U.S. central bank would slow the pace of interest rate hikes. The sentiment improves, as the BoJ official said that the Ultra-loose Monetary policy is likely to change in the near term.

 

Chinese Equity Market- Weekly Updates

 

Chinese stock markets closed higher for the week amid signs that the US Fed would slow down the pace of interest rate hikes in the next meeting. The sentiments got boosted as Beijing eases quarantine measures following civil unrest in major cities in China in the previous week. On the economic front, the PMI manufacturing and non-manufacturing data for the month of November disappoint the market.

 

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You may also like to read the Indian stock market weekly updates (28 Nov- 2 Dec)

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