Last week was saw markets continue to react nervously to the Greek situation. Talks proved fruitless and new elections will take place on 17th June. Markets reacted badly with significant falls on all of the majors.
In Europe over the course of the week, the FTSE was down by 5.5%, it closed at 5267.6; the Dax ended the week at 6271.2, falling by 4.7% over the week; the CAC was off by 3.9% to end the session at 3008.
The Dow ended the week lower to the tune of 3.3 % at 12396.4. The Nasdaq composite index ended the week at 2778.8 dropping 5.3% over the course of the week.
The Nikkei closed down over the course of the week’s trading, falling 3.8% to end the trading session at 8611.3.
Currency Markets Review
On the currency markets last week, the Yen again saw the best of trading. The Dollar was stronger against Sterling, making 1.8% and closing at 1.58182 to the Pound. The Greenback was also stronger against the Euro last week, rising by 1.7% to close at 1.2721. The Dollar lost some ground against the Japanese currency, closing at 79.357 to the Yen, a fall of 0.73% on the week.
The Euro weakened against the Yen ending at 100.95, a fall of 2.4% over the course of the week. The Euro was stronger against Sterling over the course of the week, rising by 0.11%; the close saw one £ buying 1.24347.
Commodities Market Review
On the commodities market, the price for Brent crude ended lower, closing at $107.1 per barrel (for June delivery); a fall of 4.6% over the course of the week’s trading. The value of gold was higher last week, closing at $1589 per ounce, representing a gain of 0.41% over last week’s value.