Brexit is now certain to happen with the election of Boris Johnson’s Conservatives as a majority administration. Formal exit will happen next month, but it will start a “standstill” transitional period which will run until the end of next year.
All of the major markets made ground last week.
In Europe over the course of the week, the FTSE was up on last week’s close by 1.6% at 7353.4; the Dax ended at 13283, up by 0.88% on last week’s close; the CAC was up by 0.8% to end the session at 5919.
The Dow ended the week up by 0.43% to close at 28135. The Nasdaq composite index was up by 0.91% over the course of the week at 8734.9.
The Nikkei 225 ended the week’s trading up by 2.9% to end the session at 24023.
Currency markets review
On the currency markets last week, Sterling again enjoyed the best of the trading in the aftermath of the Conservative election win. The Dollar was weaker against Sterling last week closing at $1.3352 to the Pound, a loss of 1.7% on the week. The Greenback was weaker against the Euro last week falling by 0.73% to close at $1.1132 to the Euro.
The Dollar was stronger against the Japanese currency closing at 109.3 Yen to the Dollar, making a gain of 0.54% on the week.
The Euro was stronger against the Yen ending at 121.6 a rise of 1.3% over the course of the week. It was weaker against Sterling last week, the close saw one £ buying €1.1994, a fall of 1% on the week.
The Euro now buys 1.0950 CHF, a loss of 0.01% on the week.
Commodities market review
On the commodities market, the price for Brent crude ended at $65.22 per barrel, a rise of 1.3% over the course of the week’s trading. The value of gold was lower last week closing at $1474.3 per ounce, a rise of 1% over the week.