The global financial landscape witnessed remarkable shifts throughout 2024, with US equity markets leading the charge whilst other regions experienced varied outcomes. The tech-heavy Nasdaq demonstrated exceptional performance, surging over 28% during the year, propelled significantly by artificial intelligence enthusiasm.
Chipmaker Nvidia emerged as the standout performer, delivering an astounding 170% return over twelve months. The company’s dominance in AI semiconductor production drove substantial revenue and profit growth. Other tech giants followed suit, with Meta achieving 65% gains, Alphabet rising 35%, and Tesla delivering an impressive 62% return.
British markets presented a more modest picture, with the FTSE 100 achieving a 5.7% increase. The index reached its pinnacle at 8,474 points in May before retreating to close at 8,173. European markets displayed divergent performances, as Germany’s DAX advanced 19% despite domestic challenges, whilst France’s CAC declined 2.1% amidst political upheaval.
The bond market delivered unexpected outcomes, with yields rising contrary to widespread predictions. UK 10-year bond yields climbed from 3.6% to 4.6%, reaching levels reminiscent of the 2022 mini-budget crisis. US Treasury yields similarly increased, notably during the year’s final quarter, suggesting persistent inflationary concerns.
Cryptocurrency markets experienced substantial gains, with Bitcoin appreciating 120% throughout the year. The digital currency reached unprecedented heights, briefly touching £108,000 before settling near £93,700. Traditional financial institutions showed increased acceptance, with BlackRock’s CEO notably comparing Bitcoin to conventional commodities.
Oil markets ended the year lower, with Brent crude declining from £79 to £74 per barrel. Despite geopolitical tensions threatening to push prices toward £100, weakening demand, particularly from China and India, coupled with oversupply concerns, maintained downward pressure on prices.
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