Last week saw all of the world’s major markets losing ground, partially, over concerns about the looming Greek debt crisis and its potential ramifications for the Euro. Time for a deal is running out and there are no signs that a solution is imminent.
In Europe over the course of the week, the FTSE was down by 1.3%, it closed at 6994.6; the Dax ended at 11689, down by 5.5% on last week’s close; the CAC was down by 1.9% to end the session at 5143.3.
The Dow ended the week down by 1.3% to close at 17826. The Nasdaq composite index ended down by 1.3% over the course of the week at 4931.8.
The Nikkei 225 ended the week’s trading down by 1.3% to end the session at 19653.
Currency markets review
On the currency markets last week Sterling enjoyed the best of the trading. The Dollar was weaker against Sterling last week closing at $1.4939 to the Pound, a loss of 2%. The Greenback fell against the Euro last week by 1.7% to close at $1.0777 to the €. The Dollar was weaker against the Japanese currency, closing at 119 Yen to the Dollar, making a loss of 1% during the week.
The Euro strengthened against the Yen ending at 128.3, a gain of 0.64% over the course of the week. It lost ground against Sterling last week, falling by 0.3%; the close saw one £ buying €1.3862.
The Euro now buys 1.0273 CHF, a loss of 1.1% on the week.
Commodities market review
On the commodities market, the price for Brent crude ended at $63.5 per barrel, a rise of 9.6% over the course of the week’s trading. The value of gold was higher last week, closing at $1203.4 per ounce, a gain of 0.72% on the week.