In the second quarter of 2024, stock market indices across the world generally performed well. Many global economies continued to expand, and inflation rates either decreased or remained at manageable levels.

Read on to find out more about how markets performed in Q2 of 2024.


After slipping into recession at the end of 2023, data from the Office for National Statistics (ONS) shows that UK Gross Domestic Product (GDP) increased by 0.7% in the first quarter of 2024. However, the latest figures from April show no growth so far in the second quarter.

Following nearly three years of high inflation, figures from May 2024 show a return to the 2% target rate. Despite this achievement, the Bank of England (BoE) decided not to change the base rate, which remained fixed at 5.25%.

UK stock markets grew overall, and the FTSE 100 reached a new all-time high in May. It grew by 3.29% across the second quarter, as you can see in the graph below.

Source: London Stock Exchange

The FTSE All-Share hit an all-time high at a similar time and grew by 3.6% over the second quarter.


Like the UK, the eurozone economy contracted in the final quarter of 2023. However, the latest data indicates a recovery, with a 0.3% growth recorded in the first quarter of 2024.

The region ended Q1 with 2.4% inflation. It remained at 2.4% in April before rising to 2.6% in May and is expected to be 2.5% in June.

The MSCI Europe ex-UK grew by 0.6% over the second quarter. This means it has recorded 10.3% returns in total for the year to date, making it the third-best performing index in the world so far in 2024.


In the US, although inflation has eased in recent months, it remains above the Federal Reserve’s 2% target.

Inflation decreased from 3.5% at the end of the last quarter to 3.3% by the end of May. But with higher than optimum inflation, the Federal Funds Rate remained at 5.5% where it has now been fixed for a year.

Economic growth slowed to 1.4% in Q1, which was higher than expected but significantly lower than the 3.4% growth seen at the end of 2023.

Meanwhile, the S&P 500 saw a 4.4% increase over the second quarter, as you can see in the graph below.

Source: Barrons

However, the Dow Jones fell by 1% across the quarter. This fall is likely due to several factors, though CNN reports the decline in the stock price of NVIDIA is perhaps the primary reason.


Japan’s TOPIX grew by 1.7% in Q2, making it the strongest-performing global index in 2024 so far with a total growth of 20.1%.

The MSCI Asia ex-Japan grew by 7.3% in the second quarter, bringing its total growth for the year to date to 9.9%.

Inflation in Japan dropped to 2.5% in April but climbed back to 2.8% in May.

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If you need advice on any aspect of our Q2 2024 investment update, please get in touch. To find out what we can do for you, email or call us on 01785 876222.

Please note

This blog is for general information only and does not constitute advice. The information is aimed at retail clients only.

The value of your investment can go down as well as up and you may not get back the full amount you invested. Past performance is not a reliable indicator of future performance.