By: Dr. Mike Campbell
Last week saw the world’s major stock exchanges all close lower, with the exception of Japan’s Nikkei. In Europe over the course of the week, the FTSE fell by 1.5%, closing at 5976.8; the Dax shed 0.3% to close at 7492.3; the CAC weakened by 1.2% to end the session at 4058.
The Dow ended the week down by 1.3%, finishing the trading session at 12638.7. The Nasdaq ended the week lower by 1.6% to close at 2827.6.
The Nikkei strengthened over the course of the week, just, by 0.10% to end the trading session at 9859.2.
Currency Markets Review
On the currency markets last week, the Yen had the best of the trading. The Dollar was stronger against Sterling, gaining 1.6% closing at 1.6406 to the Pound. The Greenback strengthened against the Euro last week, making 2.4% to close at 1.4501. The Dollar also lost ground against the Japanese currency, closing at 80.3393 to the Yen, a fall of 1.1% on the week.
The Euro closed down against the Yen ending at 116.5, falling by 3.5% over the course of the week. The Euro lost ground against Sterling over the course of the week by 0.88%; the close saw one £ buying 1.13135.
Commodities Market Review
On the commodities market, the price for Brent crude ended strongly lower, closing at $109 per barrel (for June delivery); a fall of 12.7% over the course of the week’s trading. The value of gold softened last week, closing at 1487 per ounce; representing a loss of 3.2% over last week’s value. The volatility of commodities has been blamed on poor market figures and fears that economies will slow further.