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Mithril Asset management - Weekly Bulletin presented by Square Mile Financial Services


Finance News - Weekly Bulletin Market Roundup 2nd of July 2012

Market Roundup:

**We wish to point out that Mithril Asset Management, Mauritius has no affiliation whatsoever with Mithril Capital Management**

As Q2 comes to a close, we bid good riddance to another see saw period. Overall for 2012, matters are little changed from a stock market point of view. The US has been the most notable, delivering gains for the year, which has not been the case for their European and Asian counterparts.

Indeed European influenced matters helped to give markets a final kick to bring the quarter to a close. At last week’s European summit in Brussels, leaders agreed to offer more relaxed conditions on emergency loans to Spanish and possibly Italian banks. The most positive deliverance was the agreement to recapitalising lenders directly with bailout monies (using the ESM and EFSF) as the EU looks to setup a local banking supervisor.

What this does show is another wound for Angela Merkel, so instrumental in affairs in her ultra frugal stance on combating decades of fiscal indiscipline. The ‘Merkozy’ relationship has ended, with the former French President replaced by an individual favouring growth first over discipline. Merkel will face a backlash in her home states.

Much was placed upon Spain and Italy. Together, the two threatened a summit collapse and pledged to block a €120 billion growth plan seen as a centrepiece of the summit if they did not gain major concessions.

Financials will come under increased pressure this week following the UK banking scandal for selling interest rate swaps and the Barclays LIBOR fixing scandal, which has claimed the scalp of its Chairman, Marcus Aguis.



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