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Isaac Robinson

Share Market Update March 2024

Written by Isaac Robinson

It has been another strong month in the US, with the SP500 rising by 2.5%. This makes March the 5th month of consecutive growth. The market rose as Federal Reserve Policymakers maintained that 3 interest rate cuts were likely by the end of 2024. The Chairman of the Federal Reserve also stated that he was not concerned about the uptick in inflation data, which further boosted investor sentiment.

We have experienced similar strong performance in Australia, with the ASX200 increasing by 2.0% over the past month despite experiencing the largest one-day fall in the past year. One day after setting a new 52 week high, the market fell by 1.8% as investors decided to take profits after recent strong performance. However, the market rebounded on the positive interest rate news coming out of the US.

The story was the same in Europe, with the STOXX 600 rising by 2.97% in March. The Bank of England kept its interest rates unchanged, however 2 policy makers shifted from wanting another rate hike to wanting to keep rates steady. The Governor of the Bank of England also stated that the economy was moving in the right direction. Data from the UK also showed that inflation had fallen, and business activity was expanding. Business activity in the Eurozone, while still slightly contracting, appeared to be stabilising, and in an unexpected move, the Swiss National Bank cut interest rates for the first time in 9 years.

In China, the SSE Composite Index rose by just 0.02%, trading virtually flat for the month after both positive and negative data was released. Data showed that property investment and property sales were still declining, but at a slower rate, and industrial production, fixed-asset investment, and retail sales all grew. However, investors still remain cautious about the high debt levels in the property sector and weak homebuyer demand.

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