USA

Year to Date (YTD)

Commentary: US economic growth waned even further as official number indicated that GDP grew at annualized rate of 1.3% in Q1, down from the previous estimate of 1.6%. The US inflation rate also showed a tick in numbers, with a sharply reduced jobs’ hiring market. Throughout the June meeting, the FED opted not to cut interest rates and indicating that it will only cut by just a single quarter-point this year. The US stock market maintained its positive performance with the S&P 500 index up 13.9% and the tech-focused NASDAQ index up 17.7% YTD.

Europe & UK

Year to Date (YTD)

Commentary: The EU saw an economic growth of 0.3% during the first quarter of the year. In spite of such meagre growth rate, this number is better than provisional expectations. GDP growth is now expected to be at 1% for the EU area and at 0.8% for the Eurozone throughout 2024. Albeit projected growth is lower than that forecast in the US, the EuroStoxx 50 maintained its good performance with the index up 12.3% YTD, as at mid-May 2024.

Malta

Year to Date (YTD)

Commentary: Malta’s economy maintained its very positive GDP growth rate throughout 2024 with the Total Debt : GDP now hovering around the 50% mark. Fiscal deficit figures remained on the high side with the unemployment rate ticking up to 3.1% as at the end of April. Listed Maltese companies kept on issuing generally positive earnings season yet the Malta based MALTEX is still down by -6.08% YTD.