By: Dr. Mike Campbell
Political uncertainty was the watchword for last week in Europe, sending markets and the Euro lower. By the end of the trading week, Greece had a new PM and Italy was well on the way to getting one. Markets ended the week mixed with gains in Europe and a fall in Japan.
In Europe over the course of the week, the FTSE put on 0.33% and closed at 5545.4; the Dax ended the week at 6057.03, climbing by 1.5%; the CAC rose by 0.83% to end the session at 3149.4.
The Dow ended the week up by 1.4% at 12153.7. The Nasdaq composite index ended the week at 2678.8, shedding 0.28% over the week.
The Nikkei closed down over the course of the week, losing 3.3% to end the trading session at 8514.5.
Currency Markets Review
On the currency markets last week, the Yen saw the best of nervous trading. The Dollar was stronger against Sterling, making 0.38% and closing at 1.59314 to the Pound. The Greenback strengthened against the Euro last week, making 0.89% to close at 1.3650. The Dollar lost ground against the Japanese currency closing at 77.3553 to the Yen, a fall of 0.94% on the week.
The Euro closed down against the Yen ending at 105.59, falling 1.8% over the course of the week. The Euro was lower against Sterling over the course of the week by 0.52%; the close saw one £ buying 1.16713.
Commodities Market Review
On the commodities market, the price for Brent crude ended higher, closing at $114.16 per barrel (for December delivery); a rise of 2% over the course of the week’s trading. The value of gold rose last week, closing at $1773 per ounce, representing a gain of 1.4% over last week’s value.