A year of two halves: how global financial markets fared in 2024
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Good for equities, good for the US, and good for crypto but the year spawned mixed blessings for the UK, China and Europe. Global stock markets climbed in 2024, helped by falling inflation and the US economy’s success in avoiding a hangover from a strong post-pandemic recovery.
![[Graeme Wearden]](https://i.guim.co.uk/img/uploads/2017/10/06/Graeme-Wearden,-L.png?width=75&dpr=1&s=none&crop=none)
While Europe and the UK struggled to make headway, the US maintained pole position at the top of the rich nations’ growth league, pushing shares in New York to new record highs. However,the year ended with jitters in the bond market, as investors feared that central bankers had failed to slay inflationary pressures, forcing many to rip up forecasts about likely cuts in interest rates.
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Daniele Antonucci, chief investment officer at Quintet Private Bank, says “2024 was a masterclass in unpredictability.”. “Despite earlier concerns, the US avoided a recession, the eurozone and UK experienced only mild downturns, and China picked up steam towards the end of the year. While there were occasional spikes in market volatility, the overall story of 2024 was one of growth – powered in no small part by structural themes, including the rapid rise of new technologies,” Antonucci adds.
Equities, especially technology stocks listed in the US, had another good year in 2024. Markets shrugged off a brief plunge in early August, but did end the year with a slight wobble, as global stocks fell by 2.7% during December. The tech-focused Nasdaq had its second strong year in a row, surging by over 28% during 2024. Chipmaker Nvidia led the charge, up over 170% over the last 12 months, as frenzied demand for its semiconductors to run artificial intelligence systems swelled its revenues and profits.
