By: Dr. Mike Campbell
All of the world’s major indices closed lower last week on sovereign debt concerns in Europe and the USA. In Europe over the course of the week, the FTSE fell, shedding 2.5% of its value and closing at 5843.7; the Dax also dipped by 2.5% to close at 7220.1; the CAC weakened by 4.8% to end the session at 3726.6.
The Dow ended the week down by 1.5% finishing the trading session at 12479.7. The Nasdaq ended the week lower by 2.5% to close at 2789.8.
The Nikkei fell over the course of the week, losing 0.94% to end the trading session at 9974.5.
Currency Markets Review
On the currency markets last week, the Yen had the best of the trading. The Dollar was lower against Sterling, shedding 1.1% and closing at 1.61208 to the Pound. The Greenback made ground against the Euro last week, climbing by 0.67% to close at 1.4146. The Dollar lost ground against the Japanese currency, closing at 79.1531 to the Yen, a fall of 2.8% on the week.
The Euro closed down against the Yen ending at 111.97, shedding 3.5% over the course of the week. The Euro also lost ground against Sterling over the course of the week by 1.8%; the close saw one £ buying 1.1396.
Commodities Market Review
On the commodities market, the price for Brent crude ended lower, closing at $117.3 per barrel (for September delivery); a fall of 0.9% over the course of the week’s trading. The value of gold rose last week, closing at $1587 per ounce, representing a gain of 3.0% over last week’s value and slipping back off a fresh record high.