Last week saw the financial world deeper in uncharted waters with the Greek people rejecting a bailout deal (and further austerity) which wasn’t on the table and their government asking for a third bailout and agreeing to stricter reforms in the hope of securing it. The fate of Greece within the Eurozone is the subject of hot discussion between finance ministers and heads of government and it is far from certain that Greece will be thrown a further lifeline. Despite this, the major markets ended mixed with gains in Europe.
In Europe over the course of the week, the FTSE was up by 1.3%, it closed at 6673.4; the Dax ended at 11316, up by 2.3% on last week’s close; the CAC was up by 2% to end the session at 4903.
The Dow ended the week up by 0.17% to close at 17760. The Nasdaq composite index ended down by 0.23% over the course of the week at 4997.2.
The Nikkei 225 ended the week’s trading down by 3.7% to end the session at 19780.
Currency markets review
On the currency markets last week, the Euro enjoyed the best of the trading paradoxically. The Dollar was stronger against Sterling last week closing at $1.5503 to the Pound, a rise of 0.42%. The Greenback fell against the Euro last week by 0.5% to close at $1.1152 to the €. The Dollar was marginally stronger against the Japanese currency, closing at 122.7 Yen to the Dollar, making a gain of 0.08% during the week.
The Euro was stronger against the Yen ending at 136.9, a gain of 0.58% over the course of the week. It made ground against Sterling last week, rising by 0.92%; the close saw one £ buying €1.3902.
The Euro now buys 1.0494 CHF, a gain of 0.46% on the week.
On the commodities market, the price for Brent crude ended at $58.73 per barrel, a loss of 2.6% over the course of the week’s trading. The value of gold was lower last week, closing at $1159.8 per ounce, a fall of 0.63% on the week.