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

Finance News - Weekly Bulletin Market Roundup 9th of July 2012

Market Roundup:

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

Overall it’s been a positive week for equity markets - just. General positivity from European action the previous week helped buoy the major indices and shock/horror allowed some risk appetite to come back into play.

Towards the end of the week the gains began to peter out after a flurry of stimulus measures, which were more coincidental than coordinated. In the space of 45 minutes, the central banks of Europe, UK and China (where much desire for action resonated from investors) moved to jump start their economies.

The ECB cut its benchmark interest rate to a record low to 0.75% in a much expected move to incentivise lending and borrowing. The UK extended its QE program and injected L50bln in electronic money into its system, taking the total program to L375bln, leaving the base rate unchanged at 0.5%. Meanwhile China’s second surprise rate cut in a month shows that Beijing wants borrowing to play a greater role in reviving an economy struggling with its weakest pace of growth since the global financial crisis. The benchmark one-year lending rate was cut by 31 basis points to 6% and the one-year deposit rate by 25 basis points to 3%.

Normally so keen to welcome stimuli, markets frowned as the reality of the ongoing task of global recovery hit home hard. Spanish 10 year bond yields crept back above 7%.

US jobs data did little to help on Friday. Hiring slowed notably in the second quarter as (just) 80,000 jobs were created in June. The expected number was more like 100,000. Jobs growth for the second quarter averaged at 75,000 per month compared to a colossal 226,000 for Q1. After the May we have had, can we be surprised?

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