Amid further dire warnings of the local and global economic impact of Brexit, markets have continued to strengthen. It is likely that there will be relative calm until the end of the year which reflects the fact that the earliest that the UK will trigger Article 50 is in the New Year. However, poor quarterly data (particularly in the UK) will cause big ripples.
In Europe over the course of the week, the FTSE was up on last week’s close by 0.92%, it closed at 6730.5; the Dax ended at 10147, up by 0.79% on last week’s close; the CAC was up by 0.2% to end the session at 4381.1.
The Dow ended the week up by 0.29% to close at 18571. The Nasdaq composite index ended up by 1.4% over the course of the week at 5100.2.
The Nikkei 225 ended the week’s trading up by 0.78% to end the session at 16627.
Currency markets review
On the currency markets last week the Dollar enjoyed the best of the trading. The Dollar was stronger against Sterling last week closing at $1.3090 to the Pound, a gain of 0.78% on the week. The Greenback strengthened against the Euro last week by 0.56% to close at $1.0973 to the €. The Dollar was stronger against the Japanese currency, closing at 106.2 Yen to the Dollar, making a gain of 1.4% during the week.
The Euro was stronger against the Yen ending at 116.55, a gain of 0.76% over the course of the week. It made ground against Sterling last week, rising by 0.22%; the close saw one £ buying €1.1929.
The Euro now buys 1.0848 CHF, a gain of 0.06% on the week.
Commodities market review
On the commodities market, the price for Brent crude ended at $45.69 per barrel, a fall of 4% over the course of the week’s trading. The value of gold was lower last week, closing at $1322.2 per ounce, a loss of 0.38% on the week.