By: Dr. Mike Campbell
Last week saw the world’s major stock exchanges all close lower. In Europe over the course of the week, the FTSE shed 1.0%, closing at 5996; the Dax lost 0.54% to close at 7178.29; the CAC fell by 2.2% to end the session at 3974.5.
The Dow ended the week down by 0.31%, finishing the trading session at 12342. The Nasdaq ended the week down by 0.57% to close at 2764.7.
The Nikkei slipped back by 1.8%, reversing the trend of the last three weeks to end the trading session at 9591.5.
Currency Markets Review
On the currency markets last week, the Yen, perversely, had the best of the trading. The Dollar was essentially unchanged against Sterling, losing 0.02% and closing at 1.6350 to the Pound. The Greenback lost ground against the Euro last week, shedding 0.43% to close at 1.4450. The Dollar lost ground against the Japanese currency, closing at 83.301 to the Yen, a fall of 2.3%.
The Euro closed down against the Yen ending at 120.37, losing 2% over the course of the week. The Euro strengthened against Sterling over the course of the week by 0.32%. The close saw one £ buying 1.1315.
Commodities Market Review
On the commodities market, the price for Brent crude ended lower despite continuing volatility in the markets caused by the situation in Libya, closing at $123.5 per barrel (for June delivery); a decline of 2.5% over the course of the week’s trading. The value of gold recovered further last week, closing at 1476.5 per ounce; representing a gain of 0.48% over last week’s value.