By: Dr. Mike Campbell

Last week, with the exception of the Nasdaq, the world’s major markets again managed to regain some ground. In Europe over the course of the week, the FTSE made 2.4% and closed at 5432.5; the Dax made 5.1% to close at 5965.5; the CAC climbed by 4.0% to end the session at 3219.5.

The Dow ended the week up by 4.2% at 11566. The Nasdaq rather spoiled the party and ended the week down by 4.5%, to close at 2367.3.

The Nikkei closed higher over the course of the week, making 2.7% to end the trading session at 8840.

On the currency markets last week, the Euro had the best of the trading for a change. Partially this was due to optimism that a solution to the sovereign debt crisis will be forthcoming and partially because it had simply been oversold. The Dollar was weaker against Sterling, falling 1.6% and closing at 1.5783 to the Pound. The Greenback lost ground against the Euro last week, shedding 2.8% to close at 1.3807. The Dollar made ground against the Japanese currency, closing at 77.0768 to the Yen, a gain of 0.51% on the week.

The Euro closed up against the Yen ending at 106.42, making 3.3% over the course of the week. The Euro also was up against Sterling over the course of the week by 1.1%; the close saw one £ buying 1.14312.

On the commodities market, the price for Brent crude ended higher, closing at $114.68 per barrel (for November delivery); a rise of 8.3% over the course of the week’s trading. The value of gold rose last week, closing at $1678 per ounce, representing a gain of 1.6% over last week’s value.