Last week was a uniformly bleak affair for the world’s major markets with loss of confidence in Chinese markets and a devaluation of the Yuan leading the markets around the world significantly lower.
In Europe over the course of the week, the FTSE was down by 5.3%, it closed at 5912.4; the Dax ended at 9849.3, down by 8.3% on last week’s close; the CAC was down by 6.5% to end the session at 4333.8%.
The Dow ended the week down by 6.2% to close at 16346. The Nasdaq composite index ended down by 7.3% over the course of the week at 4643.6.
The Nikkei 225 ended the week’s trading down by 7% to end the session at 17698.
Currency Markets Review
On the currency markets last week, the Yen enjoyed the best of the trading, enjoying its safe haven status. The Dollar was stronger against Sterling last week closing at $1.4516 to the Pound, a gain of 1.5% on the week. The Greenback fell against the Euro last week by 0.26% to close at $1.0887 to the €. The Dollar was weker against the Japanese currency, closing at 117.8 Yen to the Dollar, making a loss of 2.4% during the week.
The Euro was weaker against the Yen ending at 128.2, a loss of 2.1% over the course of the week. It made ground against Sterling last week, rising by 1.8%; the close saw one £ buying €1.3338.
The Euro now buys 1.0857 CHF, a loss of 0.16% on the week.
Commodities Market Review
On the commodities market, the price for Brent crude ended at $33.55 per barrel, a fall of 10% over the course of the week’s trading. The value of gold was higher last week, closing at $1102 per ounce, a gain of 4.1% on the week.