By: Dr. Mike Campbell
Last week saw all of the world’s major stock markets close lower, hardly a surprise in view of the current political instability in Africa and the Middle East. In Europe over the course of the week, the FTSE shed 1.4%, closing at 6001, the level at which it started the month; the Dax fell by 3.3% to close at 7185, ending the month down by 0.44%; the CAC fell by 2.1% to end the session at 4070.4, but it still made 0.58% in February.
The Dow ended the week lower to the tune of 2.1%, finishing the trading session at 12130, but it managed to put on 0.32% during the month. The Nasdaq ended the week down, shedding 1.9% to close at 2781.1, a gain of 0.44% in February.
The Nikkei closed down by 2.9% to end the trading session at 10527, representing a loss of 0.16% over the month.
Currency Markets in Review
On the currency markets last week, the Yen enjoyed the best of the trading. The Dollar was higher against Sterling, making 0.87% closing at 1.6090 to the Pound; pretty much where it started the month. The Greenback was weaker against the Euro last week, falling by 1% to close at 1.3762, ending the month down by 1.3%. The Dollar was weaker against the Japanese currency, closing at 81.7614 to the Yen, a drop of 1.9%. It fell by 0.4% over the course of the month.
The Euro closed down against the Yen ending at 112.52, dropping by 1% over the course of the week, but still ending the month up by 1%. The Euro strengthened against Sterling over the course of the week by 1.9%. The close saw one £ buying 1.6918.
Commodities Market in Review
On the commodities market, the price for Brent crude was higher, closing at $112.1 per barrel (for April delivery); a rise of 9.4% over the course of the week’s trading and 12.4% over the month. The value of gold rose further last week, closing at 1402.5 per ounce; representing a gain of 1.4% over last week’s value and a rise of 3.7% in February.