By: Dr. Mike Campbell
Last week, with the exception of the Nikkei, the world’s major markets managed to regain some ground. In Europe over the course of the week, the FTSE made 3.4% and closed at 5303.4; the Dax made 3.2% to close at 5675.7; the CAC climbed by 3.8% to end the session at 3095.6.
The Dow ended the week up by 1.7% at 11103.1. The Nasdaq ended the week higher by 2.7%, to close at 2479.4.
The Nikkei was the only one of the major exchanges to fall last week. It weakened over the course of the week, shedding 1.1% to end the trading session at 8605.6.
Currency Markets Review
On the currency markets last week, the Yen had the best of the trading again. The Dollar was stronger against Sterling, making 0.3% and closing at 1.55342 to the Pound. The Greenback made ground against the Euro last week, making 0.51% to close at 1.3434. The Dollar lost ground against the Japanese currency, closing at 76.686 to the Yen, a fall of 0.23% on the week.
The Euro closed down against the Yen ending at 103.02, losing 0.74% over the course of the week. The Euro also was down against Sterling over the course of the week by 0.21%; the close saw one £ buying 1.15634. There has been no concrete sign of the measures promised by the Japanese to ensure that the rise of the Yen is arrested.
Commodities Market Review
On the commodities market, the price for Brent crude ended higher, closing at $105.88 per barrel (for November delivery); a rise of 3% over the course of the week’s trading. The value of gold rose last week, closing at $1652 per ounce, representing a gain of 2% over last week’s value.