By: Dr. Mike Campbell
Friday marked the first day of Q4 2010. All of the world’s major stock exchanges all closed lower last week, but all managed good growth over Q3. In Europe over the course of the week, the FTSE shed 0.1%, closing at 5592.9, but gained 15.6% in Q3; the Dax fell by 1.4%, ending the week at 6211.3 – over the quarter, it grew by 6.5%; the CAC closed down by 2.4% last week, ending the session at 3692.1, but it put on 10.3% over the quarter.
The Dow ended the quarter stronger by 11.8% but ended the week down by 0.28%, finishing the trading session at 10829.7 The Nasdaq ended the week lower by 0.44%; closing at 2370.8, but it made 13.3% over Q3.
The Nikkei closed down by 0.7% over the course of the week ending trading at 9404.2, but it put on 2.2% during Q3.
On the currency markets last week, the Euro had the best of the trading. The Dollar was weaker against Sterling by 0.67% closing at 1.5821 to the Pound; it has lost 4% over the last quarter. The Greenback was weaker against the Euro by 2.3%, to close at 1.3726; this represents a weakening of 9.4% during the last three months. The Dollar was again lower against the Japanese currency at 83.244 to the Yen, a loss of 1.4% on the week and 4.9% on the quarter.
The Euro regained ground against the Yen closing at 114.3, making 0.9% last week and rallying by 4% over the quarter. The Euro strengthened against Sterling over the course of the week by 1.6%. The close saw one £ buying 1.1526€. Over the quarter, the Euro has strengthened by 4.9% against Sterling.
On the commodities market, the price for Brent crude was higher, closing at $83.8 per barrel (for November delivery); a rise of 6.% over the course of the week’s trading. It ended Q3 up by 16.9%. The value of gold rose to 1318 per ounce; representing a gain of 1.8% over last week’s value - another record high. Over the last 3 months, the value of gold has appreciated by 9.8%