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Capital Ideas™ 
Investment insights from Capital Group

Categories
World Markets Review
Tariffs, Fed slowdown hinder markets: Q4 roundup
January 7, 2025

Global stocks rallied in 2024, generating double-digit gains for the second year in a row. Stocks stalled in the fourth quarter, however, pressured by concerns over a potential trade war and signs that U.S. interest rates may remain higher than previously expected.


U.S. stocks drove gains for the year, driven by enthusiasm for rapid advancements in artificial intelligence. Other major developed markets, including Europe and Japan, generated mostly moderate increases while Chinese stocks bounced back strongly from a rough 2023. 


Bond markets also rose for the year, despite a fourth-quarter setback on trade and interest rate concerns. With inflation softening, the U.S. Federal Reserve and the European Central Bank both slashed policy rates multiple times. Nearly all segments of the U.S. bond market generated solid annual returns, led by a strong rally in high-yield bonds.


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