By: Dr. Mike Campbell
Friday marked the first trading session of the New Year and was a mixed affair for the world’s major markets. With respect to the Euro crisis, it was business as usual.
In Europe over the course of the week, the FTSE climbed by 1.4% and closed at 5649.7; the Dax ended the week at 6057.9, making 2.7% over the week; the CAC was the only European market to close down, losing 0.71% to end the session at 3137.4.
The Dow ended the week higher to the tune of 1.2% at 12359.9. The Nasdaq composite index ended the week at 2674.2 climbing by 2.7% over the course of the week.
The Nikkei closed down over the course of the week’s trading, falling 0.77% to end the trading session at 8390.4.
Currency Markets Review
On the currency markets last week, the Yen again saw the best of trading. The Dollar was stronger against Sterling, gaining 0.2% and closing at 1.54598 to the Pound. The Greenback strengthened against the Euro last week making 1.3% to close at 1.2776. The Dollar lost ground against the Japanese currency closing at 77.1446 to the Yen, a fall of 0.38% on the week.
The Euro was down against the Yen ending at 98.5599 falling 1.6% over the course of the week. The Euro was weaker against Sterling over the course of the week by 1.1%; the close saw one £ buying 1.21007.
Commodities Market Review
On the commodities market, the price for Brent crude ended higher, closing at $113.06 per barrel (for February delivery); a rise of 5.3% over the course of the week’s trading. The value of gold recovered last week, closing at $1616.5 per ounce, representing a gain of 2.7% over last week’s value.