December 2024
November 2024
01/12/24 13:25
S&P500
In November 2024, the S&P 500 delivered an exceptional performance, surging nearly 8.9% and reaching an all-time high of 6,032. This strong rally was fuelled by investor optimism over potential rate cuts by the Federal Reserve and improving economic indicators. Market momentum was further supported by favourable corporate earnings and easing bond yields. The rally capped one of the best months for the index in recent history, continuing a bullish trend despite broader concerns about valuations and inflationary pressures.
CRUDE OIL
In November 2024, crude oil prices experienced significant fluctuations. Brent crude oil opened the month near $73 per barrel but declined steadily, ending mid-November around $72. This drop was driven by easing geopolitical tensions in the Middle East and weaker-than-expected global demand, particularly from China, which continued to experience sluggish economic activity. Additionally, the global oil market remained well-supplied, with resumption of Libyan output and increased production from non-OPEC+ countries like the United States and Canada.
Demand concerns were heightened by a global economic slowdown and rising adoption of alternative energy sources. Meanwhile, OPEC+ maintained its production cuts to stabilise the market but announced plans to gradually unwind these cuts starting in January 2025, further pressuring prices.
Overall, crude oil markets in November reflected a bearish outlook, with prices trending lower amid concerns of oversupply and weak demand heading into 2025.
BITCOIN
In November 2024, Bitcoin delivered a standout performance, achieving one of its best months in recent history. The cryptocurrency rose approximately 36%, marking its fourth-strongest month since October 2021. This rally pushed Bitcoin to new all-time highs, reaching just under $100,000 by the month’s end. Key drivers of this performance included renewed market enthusiasm following the U.S. presidential election and sustained bullish sentiment fueled by previous institutional adoption trends, such as Bitcoin ETF approvals earlier in the year.
Market analysts observed that Bitcoin’s relative strength index (RSI) suggested the rally still had room to grow, indicating that momentum was not yet overheated. November’s gains positioned Bitcoin for its strongest quarter since early 2024, setting the stage for potential further growth as 2024 concluded.
In November 2024, the S&P 500 delivered an exceptional performance, surging nearly 8.9% and reaching an all-time high of 6,032. This strong rally was fuelled by investor optimism over potential rate cuts by the Federal Reserve and improving economic indicators. Market momentum was further supported by favourable corporate earnings and easing bond yields. The rally capped one of the best months for the index in recent history, continuing a bullish trend despite broader concerns about valuations and inflationary pressures.
CRUDE OIL
In November 2024, crude oil prices experienced significant fluctuations. Brent crude oil opened the month near $73 per barrel but declined steadily, ending mid-November around $72. This drop was driven by easing geopolitical tensions in the Middle East and weaker-than-expected global demand, particularly from China, which continued to experience sluggish economic activity. Additionally, the global oil market remained well-supplied, with resumption of Libyan output and increased production from non-OPEC+ countries like the United States and Canada.
Demand concerns were heightened by a global economic slowdown and rising adoption of alternative energy sources. Meanwhile, OPEC+ maintained its production cuts to stabilise the market but announced plans to gradually unwind these cuts starting in January 2025, further pressuring prices.
Overall, crude oil markets in November reflected a bearish outlook, with prices trending lower amid concerns of oversupply and weak demand heading into 2025.
BITCOIN
In November 2024, Bitcoin delivered a standout performance, achieving one of its best months in recent history. The cryptocurrency rose approximately 36%, marking its fourth-strongest month since October 2021. This rally pushed Bitcoin to new all-time highs, reaching just under $100,000 by the month’s end. Key drivers of this performance included renewed market enthusiasm following the U.S. presidential election and sustained bullish sentiment fueled by previous institutional adoption trends, such as Bitcoin ETF approvals earlier in the year.
Market analysts observed that Bitcoin’s relative strength index (RSI) suggested the rally still had room to grow, indicating that momentum was not yet overheated. November’s gains positioned Bitcoin for its strongest quarter since early 2024, setting the stage for potential further growth as 2024 concluded.