All of the world’s major exchanges ended the week lower due to anxiety and uncertainty over the financial crisis in Eurozone member Cyprus and its potential to rekindle the European sovereign debt crisis.
In Europe over the course of the week, the FTSE was down by 1.5%, it closed at 6392.8; the Dax ended at 7911.4, slipping by 1.6% over the course of the week; the CAC was down by 1.9% to end the session at 3770.3.
The Dow ended the week virtually unchanged, falling by just 0.01% at 14512. The Nasdaq composite index ended at 3245, dropping 0.13% over the course of the week.
The Nikkei 225 was also lower, ending a five week Bull Run; it ended the week’s trading down by 1.8% to end the session at 12338.5.
Currency Markets Review
On the currency markets last week, Sterling saw the best of trading. The Dollar was weaker against Sterling last week, closing at 1.5240 to the Pound; a loss of 0.77% over the week. The Greenback strengthened against the Euro last week making 0.57% to close at 1.2998. The Dollar was weaker against the Japanese currency, closing at 94.52 to the Yen, recording a loss of 0.68% on the week.
The Euro weakened against the Yen ending at 122.9, a loss of 1.2% over the course of the week. The Euro lost ground against Sterling last week by 1.3%; the close saw one £ buying €1.1725.
Commodities Market Review
On the commodities market, the price for Brent crude ended lower, closing at $107.7 per barrel (for May delivery); a fall of 2% over the course of the week’s trading. The value of gold was higher last week, closing at $1607.8 per ounce, representing a gain of 0.77% over last week’s value.