Last week saw markets react to a change of leadership in France and political entropy reign in Greece. Neither event bodes well for champions of austerity as the cure for the deficit blues.
In Europe over the course of the week, the FTSE was down by 1.4%, it closed at 5575.5; the Dax ended the week at 6579.5, rallying by 0.28% over the week; the CAC was off by 1% to end the session at 3129.8.
The Dow ended the week lower to the tune of 1.7 % at 12820.6. The Nasdaq composite index ended the week at 2933.8 dropping 0.76% over the course of the week.
The Nikkei closed down strongly over the course of the week’s trading, falling 4.6% to end the trading session at 8953.3.
Currency Markets Review
On the currency markets last week, the Yen again saw the best of trading. The Dollar was stronger against Sterling, making 0.37% and closing at 1.61135 to the Pound. The Greenback was also stronger against the Euro last week, rising by 1.4% to close at 1.2944. The Dollar lost some ground against the Japanese currency, closing at 79.9444 to the Yen, a fall of 0.41% on the week.
The Euro weakened against the Yen ending at 103.48, a fall of 1.8% over the course of the week. The Euro was weaker against Sterling over the course of the week, falling by 1.1%; the close saw one £ buying 1.24487.
Commodities Market Review
On the commodities market, the price for Brent crude ended lower, closing at $112.3 per barrel (for June delivery); a fall of 0.81% over the course of the week’s trading. The value of gold was also lower last week, closing at $1583 per ounce, representing a fall of 3.7% over last week’s value.