Last week was dominated by the election of a left-wing anti-austerity government in Greece and speculation over its continued membership of the Euro in light of their public promises to abandon austerity and seek a write-off of half of the EU/IMF bailout debt.
In Europe over the course of the week, the FTSE was down by 1.2%, it closed at 6749.4, but it made 3.1% in January; the Dax ended at 10694.3, up by 0.42% on last week’s close and ending the month up by 13%; the CAC was down by 0.79% to end the session at 4604.3, rising by 8.3% in January.
The Dow ended the week down by 2.9% to close at 17165, ending the month down by 3.8%. The Nasdaq composite index ended down by 2.6% over the course of the week at 4635.2 and ending January down by 1.9%.
The Nikkei 225 ended the week’s trading up by 0.93% to end the session at 17674, making 1.3% on the month.
Currency Market Review
On the currency markets last week the Yen enjoyed the best of the trading. The Dollar was essentially unchanged against Sterling last week closing at $1.5027 to the Pound, a loss of 0.03%, but it made 2.2% over the month. The Greenback weakened against the Euro last week by 0.12% to close at $1.1290 to the €, but rose 6% over the month. The Dollar was weaker against the Japanese currency, closing at 117.5 Yen to the Dollar, making a loss of 0.28% during the week and 2.3% over the month.
The Euro weakened against the Yen ending at 132.6, a loss of 0.16% over the course of the week and 8.1% during January. It made ground against Sterling last week, rising by 0.09%; the close saw one £ buying €1.3309, but it slipped by 4.1% over the month.
The Euro now buys 0.9618 CHF having weakened further this week.
Commodities Market Review
On the commodities market, the price for Brent crude ended at $49.1 per barrel (for March delivery), a rise of 0.7% over the course of the week’s trading. The value of gold was lower last week, closing at $1268.8 per ounce, a loss of 2%.