Last week saw the end of a recent Bull Run for the major markets with all of them losing ground on continuing concerns of weak global demand, in part heralded by oil prices hitting fresh five year lows. The correction was quite significant, reversing the gains made recently.
In Europe over the course of the week, the FTSE was down by 6.6%, it closed at 6300.6; the Dax ended at 9594.7, down by 4.9% on last week’s close; the CAC was down by 7% to end the session at 4108.9.
The Dow ended the week down by 3.8% to close at 17281. The Nasdaq composite index ended down by 2.7% over the course of the week at 4653.6.
The Nikkei 225 ended the week’s trading down by 3.1% to end the session at 17920.
Currency Markets Review
On the currency markets last week the Yen enjoyed the best of the trading, for a change. The Dollar was weaker against Sterling last week closing at $1.5726 to the Pound, a loss of 0.57%. The Greenback weakened against the Euro last week by 1.4% to close at $1.2481 to the €. The Dollar was weaker against the Japanese currency, closing at 118.3 Yen to the Dollar, making a loss of 1.5% during the week.
The Euro weakened against the Yen ending at 147.6, a loss of 1.2% over the course of the week. It made ground against Sterling last week, rising by 0.61%; the close saw one £ buying €1.2600.
Commodities Market Review
On the commodities market, the price for Brent crude ended at $63.7 per barrel (for January delivery), a fall of 7.8% over the course of the week’s trading. The value of gold was higher last week, closing at $1217 per ounce, a rise of 1.9%.