Stock markets in Europe and the US ended the week lower, but the Nikkei gained ground in the aftermath of an agreement which saw opposition support to avoid a “fiscal cliff” in return for a snap general election.
In Europe over the course of the week, the FTSE was down by 2.8%, it closed at 5605.6; the Dax ended at 6950.5, retreating by 3% over the course of the week; the CAC was down by 2.4% to end the session at 3341.5.
The Dow ended the week weaker lower to the tune of 1.8% at 12588.3. The Nasdaq composite index ended at 2853.1, shedding 1.8% over the course of the week.
The Nikkei 225 ended the week’s trading higher, gaining 3% to end the session at 9024.2.
Currency Markets Review
On the currency markets last week, the Dollar saw the best of trading. The Dollar strengthened against Sterling, making 0.3% and closing at 1.58369 to the Pound. The Greenback was essentially flat against the Euro last week, making 0.01% to close at 1.27141. The Dollar made ground against the Japanese currency, closing at 81.4047 to the Yen, a gain of 1.9% on the week.
The Euro strengthened against the Yen ending at 103.4989, a gain of 2.5% over the course of the week. The Euro was also stronger against Sterling over the course of the week, rising by 0.29%; the close saw one £ buying 1.24774.
Commodities Market Review
On the commodities market, the price for Brent crude ended lower, closing at $109 per barrel (for January delivery); a fall of 0.41% over the course of the week’s trading. The value of gold was lower last week, closing at $1713.5 per ounce, representing a loss of 1.4% over last week’s value.