By: Mike Campbell
Over the course of last week, all of the world’s major stock markets gained ground; reversing the trend of the previous week. In Europe, the FTSE put on 3.3% of its value, closing at 5011.4; the Dax gained ground to the tune of an impressive 4.45%, closing at 5624.02; the CAC made 3.8%, closing at 3734.89.
In the world’s second largest economy, Japan, the Nikkei ended the trading week up by a respectable 2.5%%, closing at 10444.3. Across the Atlantic, the Dow closed higher by 1.7%, finishing the trading session at 9605.4 whilst the Nasdaq also ended the week in positive territory, closing up by almost 3.1% at 2080.9.
On the currency markets last week, the Dollar again lost ground against the Yen (90.87, -2.15%) and all the other major currencies. Against the Euro it closed at 1.456, -2.3% over the previous week’s rate. The Greenback also dropped against Sterling (1.670, -2.1%) but was essentially unchanged against and the Chinese currency, at 6.83 Yuan to the Dollar, down fractionally by 0.01% on the previous week’s rate.
The Euro strengthened marginally against the Yen to 132.61 Yen to 1€ (+0.13%). It also gained against the British Pound last week, one £ buying 1.443€ (+0.22%). On the commodities market, the price for Brent crude oil and Gold were somewhat higher against last week’s marks. Brent crude rose by 1.3% over the course of the week, closing at 67.69$ per barrel (for October delivery).
The precious metal closed at 996.5 $ per ounce equating to a 0.45% rise; just a tenth of the previous week’s rise, but still heading in the right direction if you hold a position in it.