By: Mike Campbell
Last week was another mixed one for the major stock markets with the best performance again coming from the USA. In Europe over the course of last week, the markets were mixed; the FTSE shed 0.4%, closing at 5723.7; the CAC dropped by 0.9% to end the session at 3951.3; but the Dax rose by 1.3% ending the week at 6259.5.
The Dow ended the week up by 1.7%, finishing the trading session at 11204.3. The technology stock heavy Nasdaq ended the week up by a further 2%, closing at 2530.2, an eight week bull run (on weekly average data).
The Nikkei closed down by 1.7% over the course of the week ending trading at 10915, its third straight week of losses.
On the currency markets last week, the Dollar was up against other major currencies. Against the Euro, the US currency rose by 1.7% over the course of the week, closing at 1.3311 to the Euro. The Greenback was stronger against the British Pound, rising by 0.5%, to close at 1.53476 to the Pound. The Dollar closed at 93.99 to the Yen, a gain of 1.5% on the week.
The Euro had a poor week on the back of continuing uncertainty about the Greek debt situation. It fell by 0.15% against the Yen closing at 125.1. The Euro also fell against Sterling over the week by 1.1%. The close saw one £ buying 1.153€. It will be interesting to see the market reaction to the Greek application to use the EU/IMF fund.
On the commodities market, the price for Brent crude was again higher, closing at $87.25 per barrel (for June delivery); a hike of 1.5% over the course of the week’s trading. The value of gold strengthened; closing at 1155 $ per ounce, representing a gain of 1.6%.