2024 Half-Year Recap | U.S. and Japanese Equities Take the Lead，Commodity Returns Flourish

Since the beginning of this year,   $Nasdaq Composite Index(.IXIC.US)$  and $S&P 500 Index(.SPX.US)$  climbed by 17.84% and 14.57% respectively. The Nasdaq's outperformance compared to $Dow Jones Industrial Average(.DJI.US)$ 's 3.88% increase reflects a notable divergence in stock performance, highlighting the dominance of large-cap equities over small-caps and the ongoing preference for growth stocks over value stocks.

$Nikkei 225(.N225.JP)$ 's 15.34% rise was partly fueled by a substantial influx of foreign investment, which has reinvigorated investor sentiment in the Japanese market. The robust Q1 performance of U.S. tech giants also had a positive spillover effect, particularly benefiting Japanese semiconductor and other large enterprises.

In H1 2024, $Gold Futures(AUG4)(GCmain.US)$  hit record highs, peaking at $2,454 per ounce, with a 12.69% increase due to central bank purchases, geopolitical tensions driving safe-haven demand, and futures markets pricing in rate cuts. $Silver Futures(SEP4)(SImain.US)$  led global assets with a 22.81% rise, supported by rate cut expectations and a fundamental shortage. $Copper Futures(SEP4)(HGmain.US)$ surged 13.85% this year, fueled by recovering global manufacturing and energy transition demands, coupled with supply disruptions and slowing output growth, raising concerns over a copper supply shortfall.

$Brent Last Day Financial Futures(SEP4)(BZmain.US)$ rose 9.27%, with Q1 gains on OPEC+ cuts and strong European demand, followed by Q2 declines amid weak European and Asia-Pacific demand. $Henry Hub Natural Gas Futures(AUG4)(NGmain.US)$ gained 8.15%, driven by geopolitical tensions and tightening supplies.

$USD(USDindex.FX)$ rose 4.39%, rebounding from its end-of-2023 low, but with a moderate overall increase. The resilience in core U.S. economic indicators such as inflation and employment has postponed rate cut expectations and spurred a rebound in dollar interest rates, which is the main force behind the index's recovery.