Global Market Data 31Mar2024
(This
is for information purposes only. This should not be construed as a
recommendation or investment advice even though the author is a CFA Charterholder. Please consult your financial
adviser before taking any investment decision. Safe to assume the author has a vested
interest in stocks / investments discussed if any.)
(please look at the blog dated 12Jan2024 for data from 2013 to 2023)
Quarter-to-date
global market data, as on 31 March 2024 (29th March is last trading of Mar2024), of stocks, bonds, currencies and commodities is as follows:
As shown in the table above, the biggest surprise in global stocks, during the first quarter of 2024, is the spectacular rise of 20.6 percent in Japanese benchmark index Nikkei 225. German stock index Dax 30 and the US' S&P 500 index too have done well with more than 10 percent each in the same period.
Soaring Nikkei 225 index is driven mainly by strong corporate profit growth in Japanese companies (including those of semiconductor stocks) and weaker currency Yen.
After decades of slump, foreign investors are increasingly drawn to Japanese stocks, reposing their confidence in Japan. Legendary investor Warren Buffett too has been investing in Japanese conglomerates for quite some time.
Indian, Chinese and the UK stocks have given muted returns, with the Hong Kong's Hang Seng losing 3 percent of its value in the Jan-Mar2024 quarter.
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Related blogs:
Global Market data 2013 to 2023 (11-year data)
Global Market Data 2012 to 2022 (11-year data)
Global Market Data 31Dec2023
Global Market Data 30Sep2023
Global Market Data 31Mar2023
Global Market Data 31Dec2022
Global Market Data 30Sep2022
Global Market Data 30Jun2022
Global Market Data 31Mar2022
Global Market Data 31Dec2021
Global Market Data 30Sep2021
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India 10-year G-Sec bond yield is down 12 basis points.
Crude oil is the biggest gainer among major commodities, with WTI crude and Brent gaining 16.5 and 12.9 percent respectively during the first quarter of 2024. Gold has been reaching all-time-highs recently, with gains of 8.8 percent for the quarter.
Bitcoin too has been hitting all-time-highs with the US Sec granting permission to launch spot Bitcoin ETFs or exchange traded funds. However, Bitcoin is extremely volatile and excessively speculative.
Investing in crypto currencies, like Bitcoin and Ethereum, is not for novice investors and the faint-hearted. It may be a promising asset class for a select few who can bear the vicissitudes of their prices, but for most investors it is a no-go area.
The US dollar index (DXY) gained 3.1 percent during the quarter due mainly to weakness in Japanese Yen (JPY). JPY depreciated versus the US dollar even though Bank of Japan (BoJ is Japan's central bank) made two policy pivots in its management of currency and monetary policy -- one is BoJ ending 17 years of negative interest rates and the other ending its yield curve control (YCC) policy.
Among agricultural commodities, Cocoa futures soared to a fresh all-time-high level of USD 9,900 per ton, due to poor harvest in Western African nations of Ivory Coast and Ghana.
On the contrary, Steel futures slumped to a four-year-low of CNY 3,664 per ton on 28Mar2024 due to increasingly pessimistic outlook on Chinese demand.
Global stocks and bonds will, in future, be driven by how central banks respond to incoming data in the next two quarters. It is expected the US Federal Reserve (US' central bank) will be cutting interest rates at least three times in the remaining part of 2024.
Global bond yields, generally, have risen in the past quarter -- due to concerns about major central banks keeping their interest rates higher for longer.
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Disclosure: I've got a vested interest in Indian stocks and other investments. It's safe to assume I've interest in the financial instruments / products discussed, if any.
Disclaimer: The analysis and opinion provided here are only for information purposes and should not be construed as investment advice. Investors should consult their own financial advisers before making any investments. The author is a CFA Charterholder with a vested interest in financial markets.
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