By: Mike Campbell
With the exception of the Nikkei, all of the major stock markets retreated somewhat over the course of last week. In Europe, the FTSE fell by 1.4%, closing at 5455.3; the CAC dropped by almost 2.25% closing at 3959.4; the Dax shed 2.7%, ending the week at 5876.0.
In the USA, the Dow ended flat finishing the trading session at 10609.7. The Nasdaq lost ground to the tune of 1.3% to close at 2287.9.
The Nikkei broke the trend of the major markets by putting on a further 1.7% over the course of the week to close at 10982.1.
On the currency markets last week, the Dollar returned to recent form and lost ground against the other majors. It weakened against the Yen by 2.6% closing at 90.9 to the Dollar, despite the declaration of the Japanese finance minister that he wanted to see the currency weaken to 95 Yen to the Dollar. Against the Euro, the US currency dropped by 0.4% over the course of the week, closing at 1.437. The Greenback was weaker against the British Pound, losing 2.1% and closing at 1.625 to the Pound.
The Euro had a poor week and fell by 2.1% against the Yen closing at 130.76. It was also weaker against Sterling, falling by 1.75%. The close saw one £ buying 1.131€.
On the commodities market, the price for Brent crude oil was sharply lower closing at $77.11 per barrel (for March delivery), the price of Brent crude dipped by 5.24% over the course of the week’s trading. The value of gold was essentially unchanged over the course of the week’s trading, closing at 1132.5 $ per ounce.