UK markets had a terrible week with both the FTSE 100 and FTSE TechMARK losing 6% each over the week. Apart from 2 days gains for the FTSE 100 it was down, down, down. Banking, oil, pharmaceutical and financial stocks seemed plagued with bad news and speculation and were forced lower.
European markets fared much the same as others. Despite the European Central Bank leaving interest rates alone for the time being, markets plunged with no chance for rebound. Investors seemed to take in the US data and question the state of recovery. By close of trading this week the Xetra DAX was down over 6% and the CAC 40 down by 4.5%. Despite gains being seen by both the Dow Jones Industrial Average and Nasdaq 100 throughout the week, it all ended in the red again. Retail sales were down and various terrorism news seemed to shake investor confidence. Industrial production figures were up five times in a row, although not by as much as expected.
Far Eastern markets lacked lustre this week, especially in Japanese territory. The Nikkei in Tokyo had a bad week with gains only seen on one day. Telecom issues and bad news from the US seemed to push the market down. Good news to help the economy recover though. The Bank of Japan agreed to leave interest rates alone. Markets elsewhere were mixed with the most notable being Australia. It closed the week at its lowest level in 6 months.