Last week was a positive affair for the world’s major stock markets with markets reacting well to news of the resumption (for now) of US-China trade talks on the back of the G20 meeting. The oil price saw a significant fall on news that the US strategic reserve was larger than expected.
This summary also provides the Q2 data for the major markets and currencies.
In Europe over the course of the week, the FTSE was up on last week’s close by 1.7% at 7553.1, but it fell by 0.29% over Q2; the Dax ended at 12569, 1.4% up on last week’s close and ending the quarter 3.2% higher; the CAC was up by 0.99% to end the session at 5593.7, ending Q2 up by 1.2%.
The Dow ended the week up by 1.2% to close at 26922, it made 0.66% on the quarter. The Nasdaq composite index was up by 1.9% over the course of the week at 8161.2, it gained 0.85% over Q2.
The Nikkei 225 ended the week’s trading up by 2.2% to end the session at 21746, but it fell by 2.4% over the quarter.
Currency markets review
On the currency markets last week, the Dollar enjoyed the best of the trading. The Dollar was stronger against Sterling last week closing at $1.2502 to the Pound, a gain of 1.7% on the week and 2.3% over the quarter. The Greenback was stronger against the Euro last week, rising by 1.5% to close at $1.1210 to the Euro, however, it weakened by 1.5% in Q2.
The Dollar strengthened against the Japanese currency closing at 108.6 Yen to the Dollar, making a gain of 0.7% during the week, but slipping by 3.5% over the quarter.
The Euro was weaker against the Yen ending at 121.7, a loss of 0.82% over the course of the week and 2.1% in Q2. It was stronger against Sterling last week, the close saw one £ buying €1.1150, a gain of 0.18% on the week and 3.7% over the quarter.
The Euro now buys 1.1130 CHF, a gain of 0.23% on the week, but a weakening of 1% over the quarter.
Commodities market review
On the commodities market, the price for Brent crude ended at $57.73 per barrel, a fall of 11% over the course of the week’s trading and a decline of 8% in Q2. The value of gold was lower last week closing at $1397.5 per ounce, a fall of 0.89% over the week but a rise of 9.3% over Q2.
Despite continuing tensions in the region due to the re-imposition of US sanctions against Iran and the Iranian regime announcing that it has breached agreed levels of uranium enrichment, the fall in the crude price is due to the higher than anticipated level of the US strategic reserve which is taken to mean that US oil demand will be subdued.