By: Dr. Mike Campbell
All of the world’s major stock exchanges closed higher last week with the exception of the Nikkei. In Europe over the course of the week, the FTSE put on 0.67%, closing at 5741.4; the Dax made 1.8%, ending the week at 6605.8; the CAC gained 1.1% to end the session at 3868.5.
The Dow ended the week stronger by 0.63%, finishing the trading session at 11132.6 The Nasdaq ended the week higher by 0.43%; closing at 2479.4.
The Nikkei closed down by 0.77% over the course of the week ending trading at 9426.7.
On the currency markets last week, the Dollar had the best of the trading, for a change. The Dollar was stronger against Sterling by 2.2% closing at 1.57038 to the Pound. The Greenback was up against the Euro by 1.1%, to close at 1.3934. The Dollar was marginally higher against the Japanese currency at 81.2258 to the Yen, a gain of 0.14% on the week. It has come off fresh 15 year lows against the Yen – for now.
The Euro closed down against the Yen closing at 113.18, losing 1.0%. The Euro strengthened against Sterling over the course of the week by 1.1%. The close saw one £ buying 1.12701€.
On the commodities market, the price for Brent crude was marginally higher, closing at $82.96 per barrel (for December delivery); a rise of 0.6% over the course of the week’s trading. The value of gold fell, for once, closing at 1322.8 per ounce, representing a loss of 4% over last week’s value. Probably this is profit taking rather than the start of a protracted decline since the general economic situation remains bleak.