The UK week was mixed with the TechMARK falling over 7% on Wednesday to an all time low. Banking, oil, telecommunications and pharmaceutical stocks dominated the markets and were the reason for all of the week’s ups and downs.
European markets fared much the same as the UK this week with domination from banking, oil, telecommunications and pharmaceutical stocks. Markets were boosted towards the end of the week by improved US consumer sentiment data but the vibes were dampened by the European Commission toning down their Gross Domestic Product outlook.
US markets were fairly subdued over their short trading week. The Dow Jones made losses in the early part of the week but then managed to hold its own towards the end. The Nasdaq 100 was more volatile over the week but lost more than it gained. Mixed economic news with a consumer survey pointing to reductions in spending. More positive news came on Friday with increased confidence and production, pointing to an expanding US economy.
Far Eastern markets were jittery this week, reacting to the news of lower consumer confidence in the US. The strong Yen against the Dollar did not help export companies and the tone was low for the week. Hopes are high for better markets next week as the Far East laps up Friday’s positive US economic data.