By: Dr. Mike Campbell
All of the world’s major indices closed higher last week despite continuing sovereign debt concerns in Europe and the USA. In Europe over the course of the week, the FTSE gained 1.6% and closed at 5935; the Dax climbed by 1.5% to close at 7326.4; the CAC strengthened by 3.1% to end the session at 3842.7.
The Dow ended the week up by 1.6% finishing the trading session at 12681.2. The Nasdaq ended the week higher by 2.5% to close at 2858.8.
The Nikkei strengthened over the course of the week, gaining 1.6% to end the trading session above the 1000 point mark at 10132.1.
Currency Markets Review
On the currency markets last week, the Euro had the best of the trading, recovering some earlier losses. The Dollar was lower against Sterling, shedding 1.1% and closing at 1.63034 to the Pound. The Greenback lost ground against the Euro last week, falling by 1.7% to close at 1.4391. The Dollar lost ground against the Japanese currency, closing at 78.4032 to the Yen, a fall of 0.95% on the week.
The Euro closed up against the Yen ending at 112.83, gaining 0.77% over the course of the week. The Euro also made ground against Sterling over the course of the week rising by 0.59%; the close saw one £ buying 1.13289.
Commodities Market Review
On the commodities market, the price for Brent crude ended higher, closing at $118.7 per barrel (for September delivery); a gain of 1.2% over the course of the week’s trading. The value of gold rose last week, closing at $1602 per ounce, representing a gain of 0.95% over last week’s value.