Market Update – July 2024
This year continues to capture attention, especially with recent political changes marked by US presidential withdrawals and assassination attempts, which is of course incredibly unusual to see within a single month – let us see what happens in November’s election. In Venezuela, the election seems as interesting as usual, including a lack of clarity about the winner/who will remain in power. Conversely, the UK remains an oasis of calm, with a stable government following a decisive majority win. The Middle East presents a stark contrast with ongoing uncertainty, highlighted by recent events such as Hezbollah launching rockets into Israel, raising concerns over potential escalation.
In the financial markets, there’s notable excitement around tech stocks, although CrowdStrike’s disappointing update caused a meltdown. Nvidia’s performance has been mixed; despite a 7.3% drop over the last month due to fluctuations in the AI market, it remains up 136% year-to-date. Similarly, CrowdStrike has fallen 30% but still shows a 7% increase year-to-date. Overall, most stock markets are performing well and are up year-to-date, with the Nikkei benefiting from currency fluctuations. Hong Kong and China are struggling to gain momentum but are still up for the year.
Looking ahead to August and September, there are anticipated interest rate cuts in the UK and US, expected to occur later in the year after November’s elections. No major setbacks are predicted for the remainder of the year.
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