AHR Weekly Market Update - Monday 30th October
On this week’s AHR Market review..Equity markets entered correction territory over the week, falling over 10% since their mid-July highs, despite stronger than expected economic growth and corporate earnings announcements.Economic news during the week was highlighted by a stronger than expected US gross domestic product report, which showed that the U.S. Also in the US, inflation data showed continued signs of cooling with the core personal consumption expenditures (PCE) price index, which is the US Federal Reserve’s preferred measure of inflation, falling to 3.7% in September from 3.8% in the prior month. After three consecutive negative quarters, corporate earnings are on track to return to growth in the third quarter and are expected to improve further through 2024, with third quarter year on year earnings expected to be up 4.3%. US equities fell over 2% for the week, despite positive economic and corporate announcements. European equities ended 0.9% lower amid uncertainty about interest rates, the economy, and conflicts in the Middle East whilst the UK equities also lost 1.5%.In commodities, oil prices fell 2.3% despite continued geo-political tensions in the Middle East whilst gold etched out a small gain over the week as demand remained strong amongst an uncertain macro-economic backdrop. That’s all for this week’s AHR Weekly Podcast. Thank you for listening and for further investment insights head over to ahrprivatewealth.com.