By: Dr. Mike Campbell
All the world’s markets ended the week significantly lower on continuing nervousness and concerns about sovereign debt. In Europe over the course of the week, the FTSE fell 5.3% and closed at 5040.8; the Dax fell by 8.6% to close at 5480%; the CAC weakened by 6.1% to end the session at 3017.
The Dow ended the week down by 4% finishing the trading session at 10817.7. The Nasdaq ended the week off by 6.6%, to close at 2341.8.
The Nikkei weakened further over the course of the week, losing 2.7% to end the trading session at 8719.2.
Currency Markets Review
On the currency markets last week, the Pound had the best of the trading, for once. The Dollar was weaker against Sterling, losing 1.7% and closing at 1.65411 to the Pound. The Greenback lost ground against the Euro last week, falling 0.95% to close at 1.4385. The Dollar lost ground against the Japanese currency, but only just, closing at 76.4685 to the Yen, a fall of 0.09% on the week.
The Euro closed up against the Yen ending at 110, rising 0.86% over the course of the week. The Euro lost ground against Sterling over the course of the week falling by 0.77%; the close saw one £ buying 1.14989.
Commodities Market Review
On the commodities market, the price for Brent crude ended higher, closing at $108.6 per barrel (for October delivery); a rise of 0.55% over the course of the week’s trading on continuing concerns for the global recovery. The value of gold rose again last week, closing at $1848 per ounce, representing a gain of 6.5% over last week’s value and establishing new record highs in the process.