Last week was a mixed affair for the world’s major stock markets with markets in the USA rising on the prospect of a rate cut whilst the other majors fell back. The price of crude oil rebounded from last week’s losses.
In Europe over the course of the week, the FTSE was down on last week’s close by 0.62% at 7506; the Dax ended at 12323, 2% down on last week’s close; the CAC was down by 0.37% to end the session at 5572.9.
The Dow ended the week up by 1.5% to close at 27332. The Nasdaq composite index was up by 1% over the course of the week at 8244.2.
The Nikkei 225 ended the week’s trading down by 0.28% to end the session at 21685.
Currency markets review
On the currency markets last week, the Yen enjoyed the best of the trading, with the Dollar falling back on rumours of an interest rate cut later in the month The Dollar was weaker against Sterling last week closing at $1.2555 to the Pound, a loss of 0.42% on the week. The Greenback was weaker against the Euro last week, falling by 0.38% to close at $1.1255 to the Euro.
The Dollar weakened against the Japanese currency closing at 108 Yen to the Dollar, making a loss of 0.51% during the week.
The Euro was weaker against the Yen ending at 121.6, a loss of 0.11% over the course of the week. It was marginally weaker against Sterling last week, the close saw one £ buying €1.1155, a loss of 0.05% on the week.
The Euro now buys 1.108 CHF, a loss of 0.45% on the week.
Commodities market review
On the commodities market, the price for Brent crude ended at $66.72 per barrel, a rise of 16% over the course of the week’s trading. The value of gold was higher last week closing at $1410.1 per ounce, a rise of 0.9% over the week.
An incident in which a Royal Navy warship trained its guns on two Iranian Revolutionary Guards vessels approaching a British flagged tanker will have contributed to the rebound in crude oil prices, more than reversing last week’s losses.