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Markets rally after rollercoaster week

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Markets rally after rollercoaster week


A strong finish to the week for the world’s financial markets after a wild ride during which share prices zipped up and down thanks to a potent mix of concerns over the debt levels and economic growth of the euro zone and the United States.

Influences included regulators banning short selling of some financial shares in several European countries also better than expected US retail sales in July but a fall in consumer sentiment in the states in early August to its lowest in more than three decades.

Trillions have been wiped off the value of the world’s shares since Washington’s credit rating was downgraded by Standard and Poor’s.

But some investors consider the sell-off to have been overdone and they have been buying shares they believe were oversold and still represent good value.

Analysts said the erratic trading worldwide is likely to continue because of the deteriorating outlook for the global economy.

Safe-haven gold lost a little of its lustre as the week ended though its still up 22 percent so far this year.

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