By: Dr. Mike Campbell

For a change, last week saw all the world’s major stock exchanges close up. In Europe over the course of the week, the FTSE climbed by 5.1%, closing at 5989.8; the Dax put on 4.2% to close at 7419.4; the CAC strengthened by 5.9% to end the session at 4007.35.

The Dow ended the week up by 5.4% finishing the trading session at 12582.8 The Nasdaq ended the week up by 6.2% to close at 2816.0.

The Nikkei rose over the course of the week, gaining 2% to end the trading session at 9868.1.

Currency Markets Review

On the currency markets last week, the Euro had the best of the trading as the Greeks passed their austerity bill enabling them to receive the next tranche of IMF/EU funding. The Dollar was flat against Sterling, falling 0.03% and closing at 1.60088 to the Pound. The Greenback lost ground against the Euro last week, sliding by 1.9% to close at 1.4488. The Dollar made ground against the Japanese currency, closing at 80.7013 to the Yen, a rise of 0.61% on the week.

The Euro closed up against the Yen ending at 116.92, making 2.5% over the course of the week. The Euro also gained ground against Sterling over the course of the week by 1.8%; the close saw one £ buying 1.10497.

Commodities Market Review

On the commodities market, the price for Brent crude ended higher, closing at $111.77 per barrel (for August delivery); a rise of 6.3% over the course of the week’s trading. The value of gold fell last week, closing at $1483 per ounce and representing a loss of 2.1% over last week’s value.