Market update: The Nikkei closes at its highest in almost five years

Source: Henderson Global Investors

Despite the Dow Jones and the S&P 500 rising 0.1% and 0.9% respectively on Friday, US stocks suffered their biggest weekly fall since November. The S&P 500 lost 2.1% to finish at 1,555.25 for the week in New York. The S&P 500 energy sector was the worst performing industry group in the benchmark for the week, falling by 4.1%. Goldman Sachs represented one of the most fragile stocks for the week and the results were equally as dreary for Morgan Stanley, JPMorgan Chase and Bank of America with their shares also facing steep selling.

In Europe, the FTSE 100 and the FTSE Eurofirst 300 have opened up this morning with both indices rising 0.6% at the time of writing. In London, markets are trying to recover from heavy losses last week. Among the biggest gainers are Lloyds Banking Group and Barclays which have risen by 2.5% and 2.1% respectively.

In Asia, the Nikkei climbed 1.9%, resulting in its highest close in almost five years.