By: Dr. Mike Campbell
It was another mixed week for the world’s major stock exchanges last week. In Europe over the course of the week, the FTSE shed 1.1%, closing at 5668.7; the Dax was essentially unchanged, ending the week at 6849; the CAC suffered the biggest fall of the week, down by 3.4% to end the session at 3728.7.
The Dow ended the week lower to the tune of 1%, finishing the trading session at 11092 The Nasdaq ended the week higher, gaining 0.65% to close at 2534.6.
The Nikkei managed a small gain last week. It closed up by 0.17% over the course of the week ending trading at 10039.6 as the Yen continued to ease against the Dollar.
On the currency markets last week, the Dollar had the best of the trading as concerns over the Irish debt crisis and wider sovereign debt issues persisted. The Dollar was higher against Sterling by 2.1% closing at 1.5656 to the Pound. The Greenback was also stronger against the Euro by 3.3%, to close at 1.3225. The Dollar was higher against the Japanese currency at 83.8715 to the Yen, a gain of 0.52% on the week.
The Euro closed down against the Yen ending at 110.92, dropping by 2.8%. The Euro weakened against Sterling over the course of the week by 1.2%. The close saw one £ buying 1.18385€. The Euro weakened against the other majors over the course of the week as Irish political uncertainty and fears of sovereign debt “contagion” refused to go away.
On the commodities market, the price for Brent crude was higher, closing at $85.6 per barrel (for January delivery); a rise of 1.5% over the course of the week’s trading. The value of gold resumed its climb, closing at 1374.6 per ounce; representing a gain of 1.7% over last week’s value.