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

Finance News - Weekly Bulletin Market Roundup 16th of July 2012

Market Roundup:

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

It was fast becoming a very dreary week for stocks. After 2 weeks of net positive movement, 4 consecutive days of losses condemned markets to their worst week since May. Of course this time around, there was neither a Greek non election, imminent Spanish banking collapse nor the usual speculation of doom in Brussels. The stimuli loving market had also made a muted reaction to
intervention from the central banks of the euro zone, UK and China last week. Even a €30bln bailout for the aforementioned Spanish banking sector couldn’t lift markets or a €5.25bln Italian debt auction. The latter, despite higher yields was oversubscribed once again and defiant in the face of a confidence shaking downgrade from Moody’s to Baa3 with a negative outlook.

China reported its growth had slowed to 7.6% last year from a year earlier period, the slowest pace in 3 years.

US consumer sentiment data dropped to 72 points, down from 73.2 the previous month. Whilst not growth, it’s still above its lowest levels and persuaded traders to believe that there is still some life in the American consumer yet.

As earnings season kicked off, the much anticipated numbers from JP Morgan showed a $5bln profit, which even was able to include the $4.4bln loss stemming from its credit derivatives desk.

Market activity appears to be more of a valuation play after 4 days of decline. Now that China has played a stimulus card, we await to see what the US will plan..if anything.

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