{"id":2106,"date":"2024-12-19T13:24:16","date_gmt":"2024-12-19T12:24:16","guid":{"rendered":"https:\/\/talentagestion.es\/informe-mensual-de-mercados-noviembre-2024\/"},"modified":"2025-03-19T11:43:42","modified_gmt":"2025-03-19T10:43:42","slug":"informe-mensual-de-mercados-noviembre-2024","status":"publish","type":"post","link":"https:\/\/talentagestion.es\/en\/informe-mensual-de-mercados-noviembre-2024\/","title":{"rendered":"Monthly Market Report \u2013 November 2024"},"content":{"rendered":"\n<p class=\"wp-block-paragraph\"><strong>Donald Trump emerged victorious in the November 5 elections, also securing Republican control of Congress and the Senate.<\/strong> The foreseeable decisions of the future president set the tone for the markets throughout the month; <strong>stocks, bonds, and the USD reached significant levels in November.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Wall Street resumed its upward trend seen throughout the year, achieving new all-time highs.<\/strong> The <strong>S&amp;P-500 index surpassed 6,000 points, posting a +5.73% gain in November.<\/strong> The market expressed strong optimism about the <strong>impact of Trump&#8217;s victory on future profit generation for U.S. companies.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The dollar also reacted strongly to the election results.<\/strong> The U.S. currency appreciated sharply as <strong>fewer rate cuts by the Fed were anticipated under the Trump administration.<\/strong> The EUR\/USD exchange rate hit its <strong>annual low at 1.0335.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Regarding monetary policy, <strong>the Fed cut rates for the second time this year,<\/strong> as the market had anticipated. The reference rate dropped to <strong>4.75% from the previous 5.00%.<\/strong> Expectations for future rate cuts have <strong>significantly moderated since the elections:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Concerns about an aggressive tariff policy increasing inflation.<\/strong><\/li>\n\n\n\n<li><strong>Projections of higher economic growth and stable employment weaken the case for the Fed to ease monetary policy further.<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Geopolitical issues were particularly relevant in November, with several global fronts open:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\">\n<li><strong>Germany is heading toward early elections<\/strong> in February due to internal conflicts within the current coalition government.<\/li>\n\n\n\n<li><strong>Tensions between Ukraine and Russia reignited.<\/strong> Zelensky ordered missile strikes on Russian soil, and <strong>Putin responded with a nuclear-capable intercontinental ballistic missile.<\/strong><\/li>\n\n\n\n<li><strong>France faced a political crisis<\/strong> that prevents the approval of budgets for the next fiscal year.<\/li>\n\n\n\n<li><strong>In the Middle East, a temporary 60-day truce between Israel and Hezbollah<\/strong> helped stabilize <strong>oil prices, which neared annual lows.<\/strong><\/li>\n<\/ul>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>The gap between U.S. and European stock markets continues to widen in 2024;<\/strong> the <strong>MSCI USA index closed November with a cumulative return of +26.77%, while its European counterpart achieved only +6.32%.<\/strong> This past month, indices such as the <strong>S&amp;P-500 gained +5.73%, while the Eurostoxx-50 fell by -0.48%.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>NVIDIA, one of the three largest-capitalization companies in the world, reported results on November 20.<\/strong> The earnings figures <strong>exceeded estimates, although forecasts for the last quarter and next fiscal year fell slightly short, limiting Wall Street&#8217;s gains.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\">Another market particularly sensitive to <strong>Trump&#8217;s victory was fixed income.<\/strong> Sales of U.S. public bonds accelerated. <strong>The 10-year yield traded near 4.45%, with a price drop of -6.55%.<\/strong> During the last week of the month, <strong>declines partially recovered.<\/strong><\/p>\n\n\n\n<p class=\"wp-block-paragraph\"><strong>Trump appointed Scott Bessent as the new Secretary of the Treasury, which was well-received by the market.<\/strong> Bessent emphasized his commitment to <strong>containing the deficit,<\/strong> and the 10-year U.S. yield closed the month at <strong>4.17%.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Donald Trump emerged victorious in the November 5 elections, also securing Republican control of Congress and the Senate. The foreseeable decisions of the future president set the tone for the markets throughout the month; stocks, bonds, and the USD reached significant levels in November. Wall Street resumed its upward trend seen throughout the year, achieving [&hellip;]<\/p>\n","protected":false},"author":2,"featured_media":1267,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[37],"tags":[74,70,76],"class_list":["post-2106","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-reports","tag-nota-de-mercados-en","tag-talenta-gestion-en","tag-trump-en"],"acf":[],"_links":{"self":[{"href":"https:\/\/talentagestion.es\/en\/wp-json\/wp\/v2\/posts\/2106","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/talentagestion.es\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/talentagestion.es\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/talentagestion.es\/en\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/talentagestion.es\/en\/wp-json\/wp\/v2\/comments?post=2106"}],"version-history":[{"count":2,"href":"https:\/\/talentagestion.es\/en\/wp-json\/wp\/v2\/posts\/2106\/revisions"}],"predecessor-version":[{"id":2492,"href":"https:\/\/talentagestion.es\/en\/wp-json\/wp\/v2\/posts\/2106\/revisions\/2492"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/talentagestion.es\/en\/wp-json\/wp\/v2\/media\/1267"}],"wp:attachment":[{"href":"https:\/\/talentagestion.es\/en\/wp-json\/wp\/v2\/media?parent=2106"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/talentagestion.es\/en\/wp-json\/wp\/v2\/categories?post=2106"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/talentagestion.es\/en\/wp-json\/wp\/v2\/tags?post=2106"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}