By: Mike Campbell
With the exception of the Nikkei, all of the world’s major stock exchanges closed lower last week. In Europe over the course of the week, the FTSE shed 1.3%, closing at 5796.9; the Dax fell by 0.29%, ending the week at 6734.6; the CAC dropped by 2.2% to end the session at 3831.
The Dow ended the week lower to the tune of 2.2%, finishing the trading session at 11192.6 The Nasdaq ended the week down by 2.4%; closing at 2518.2.
The Nikkei closed up by 1% over the course of the week ending trading at 9724.8 as the Yen eased a little against the Dollar.
On the currency markets last week, the Dollar had the best of the trading, for a change. The Dollar was weaker higher against Sterling by 0.68% closing at 1.6117 to the Pound. The Greenback was also stronger against the Euro by 2.6%, to close at 1.3711. The Dollar was higher against the Japanese currency at 82.117 to the Yen, a gain of 1.1% on the week.
The Euro closed down against the Yen ending at 112.59, shedding 1.6%. The Euro weakened against Sterling over the course of the week by 2%. The close saw one £ buying 1.1755€. Sovereign debt concerns centred on Ireland are mainly to blame for the Euro’s weakness
On the commodities market, the price for Brent crude was lower, closing at $86.3 per barrel (for December delivery); a fall of 2% over the course of the week’s trading. The value of gold relaxed, closing at 1365.5 per ounce, representing a loss of 2% over last week’s value.