Tech boom leads global markets through first half of 2024
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The unstoppable march of the mega caps, sloth-like central bank pivots, political palpitations aplenty and M&A is back - the first half of 2024 has been another whirlwind in world markets. Forecasts for a global interest-rate-cutting frenzy may not have materialized, but Nvidia and the rest of the Magnificent 7 soared another $3.6 trillion in market value. MSCI's 47-country world stocks index has clocked up a punchy 11% since January. Good yes, but nowhere near the 30% leap of team tech, or the frankly eye-popping 150% gain of chip champ Nvidia. "Thirty percent of the S&P's returns this year have come from Nvidia alone," the chief investment officer of IBOSS Asset Management Chris Metcalfe said, pointing out it was now the most expensive stock on the most expensive market in the world. It is not just equity markets where milestones have been set. Japan's yen has bowed to a 38-year low against the dollar in ...