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Santa Rally? Markets Mixed as Year-End Nears
24 Dec
Summary
- Global shares showed mixed performance on Wednesday.
- US economy grew unexpectedly strong at a 4.3% annual rate.
- Gold and silver prices extended gains after hitting record highs.
Global stock markets presented a mixed picture on Wednesday as investors contemplated the traditional year-end Santa Claus rally amid signs of a late-season economic slowdown. The benchmark S&P 500 reached a new record high following a report indicating the US economy expanded at a stronger-than-expected 4.3% annual rate from July to September.
Markets displayed varied performance across regions. Futures for the S&P 500 and Dow Jones Industrial Average saw slight declines, while European indices like Britain's FTSE 100 dipped, though France's CAC 40 edged up. Asian markets also showed mixed results, with Tokyo's Nikkei 225 and South Korea's Kospi falling, while Hong Kong's Hang Seng and Shanghai's Composite saw gains. Many exchanges, including London, Paris, Hong Kong, and Australia, observed early closures on Christmas Eve.
Adding to market dynamics, gold and silver prices continued their upward trend, building on record highs established earlier in the week. This rally in precious metals is attributed to heightened geopolitical tensions. Despite the US equity market's continued strength, cautious sentiment persists globally regarding inflation, interest rates, and the sustainability of economic growth heading into 2025.
