Saturday, 16 May 2009

Markets 11-15 May 2009

Bad news this week, but not on the scale we became accustomed to over the winter. Below are listed the Friday closing levels of several markets, and a comparison with their levels one week earlier - designed to eliminate "noise" from daily data you might hear on the news).

FTSE: 4348.11 (down 113.98 pts or 2.55%)
DOW: 8268.64 (down 306.01 pts or 3.57%)

£: $1.5179 (down 0.51¢ or 0.33%)
£: €1.1241 (up 0.73¢ or 0.65%)

Oil: $56.07 (down $2.12 or 3.64%)
Oil: £36.94 (down £1.27 or 3.32%)
Oil: €41.52 (down €1.15 or 2.69%)

Gold: $929.50 (up $22.50 or 2.48%)
Gold: £612.36 (up £16.82 or 2.83%)
Gold: €688.35 (up €23.26 or 3.50%)

In italics is the only measure that doesn't match the glum mood. Stock markets rise with good news, as does the pound (perceived as more vulnerable to a struggling world economy) and so does oil (implied increased demand) whereas gold falls (implied decline in instability).

Below is a graph which I hope demonstrates the correlation between oil and the pound. See how, especially over the past two months, the oil price as measured in pounds is more stable than the others.

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