By: Dr. Mike Campbell
For a change, last week saw the world’s major stock exchanges close mixed, ending a general six week falling cycle. In Europe over the course of the week, the FTSE fell by 0.88%, closing at 5714.9; the Dax put on 1.3% to close at 7164.1; the CAC strengthened by 0.49% to end the session at 3823.7.
The Dow ended the week up by 0.44% finishing the trading session at 12004.4. The Nasdaq ended the week down by 1% to close at 2616.5.
The Nikkei fell over the course of the week, dropping by 1.7% to end the trading session at 9351.4.
Currency Markets Review
On the currency markets last week, the Dollar had the best of the trading. The Dollar was stronger against Sterling, gaining 0.84% and closing at 1.61681 to the Pound. The Greenback also gained against the Euro last week, rising by 1.5% to close at 1.4270. The Dollar made ground against the Japanese currency, closing at 80.3854 to the Yen, a rise of 0.38% on the week.
The Euro closed down against the Yen ending at 114.71, dipping by 1.1% over the course of the week. The Euro also lost ground against Sterling over the course of the week by 0.66%; the close saw one £ buying 1.1330.
Commodities Market Review
On the commodities market, the price for Brent crude ended lower, closing at $113.21 per barrel (for August delivery); a drop of 4.7% over the course of the week’s trading. The value of gold rose last week, closing at $1537.5 per ounce and representing a gain of 0.54% over last week’s value