By: Dr. Mike Campbell
Last week was saw all of the world’s major markets close lower on continuing jitters about the pace of the global recovery and sovereign debt. In Europe over the course of the week, the FTSE fell 1.5% and closed at 5214.7; the Dax shed a further 6.3% to close at 5189.9; the CAC dipped by 5.5% to end the session at 2974.6.
The Dow ended the week below the 11000 points level, down by 2.2% and finishing the trading session at 10992.1. The Nasdaq ended the week lower by 0.5%, to close at 2468.
The Nikkei weakened over the course of the week, shedding 2.4% to end the trading session at 8737.7.
Currency Markets Review
On the currency markets last week, the Dollar again had the best of the trading. The Dollar was stronger against Sterling, making 1.6% and closing at 1.59568 to the Pound. The Greenback made ground against the Euro last week, climbing 3.1% to close at 1.3817. The Dollar made ground against the Japanese currency, closing at 77.782 to the Yen, a gain of 1.2% on the week.
The Euro closed down against the Yen ending at 107.48, falling 1.9% over the course of the week. The Euro also lost ground against Sterling over the course of the week weakening by 1.5%; the close saw one £ buying 1.15487.
Commodities Market Review
On the commodities market, the price for Brent crude ended higher, closing at $112.77 per barrel (for October delivery); a rise of 0.39% over the course of the week’s trading. The value of gold dipped last week, closing at $1869 per ounce, representing a fall of 0.4% over last week’s value.