By: Dr. Mike Campbell
Stock Exchanges
With the exception of Japan, the world’s major stock exchanges all closed higher. In Europe over the course of the week, the FTSE put on 1.63%, closing at 5598.5; the Dax made 1.4%, ending the week at 6298.3; the CAC gained 1.6% to end the session at 3782.5.
The Dow ended the week stronger by 2.4%, finishing the trading session at 10860.3 The Nasdaq ended the week higher by 2.8%; closing at 2381.2.
The Nikkei had a poor week in response to failure of the government’s currency moves to push the Dollar to a sustainable high and closed down by 1.6% over the course of the week ending trading at 9471.7.
Currency Markets
On the currency markets last week the Bank of Japan was widely suspected of intervening for a second time within a week to send the Yen lower against the Dollar, however the PM has denied knowledge of this and gains were wiped out within the day in any case. The Euro had the best of the trading. The Dollar was weaker against Sterling by 0.57% closing at 1.5715 to the Pound. The Greenback was weaker against the Euro by 2.7%, to close at 1.3412. The Dollar was lower against the Japanese currency at 84.402 to the Yen, a loss of 1.6% on the week.
The Euro regained ground against the Yen closing at 113.2, making 1.1%. The Euro strengthened against Sterling over the course of the week by 2.1%. The close saw one
£ buying 1.1717€.
Commodities Market
On the commodities market, the price for Brent crude was higher, closing at $78.9 per barrel (for November delivery); a rise of 0.84% over the course of the week’s trading. The value of gold rose to 1294 per ounce, representing a gain of 1.7% over last week’s value, falling back slightly from a new record high.