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

Finance News - Weekly Bulletin 6th of August 2012

Market Roundup:

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

Despite the apparent doom and gloom of last week, major markets powered to a strong weekly finish.

Ironically, it was a week where much of the usual market pleasers were missing. The US Federal Reserve stayed on the sidelines and refused to implement another round of its quantitative easing measures. The Fed wrapped up a two-day monetary policy meeting and made no changes to interest rates or policy in general, reiterating earlier stances that it will stimulate the economy if recovery further deteriorates. However, the US central bank said it would stay on the sidelines with no plans (for now) to stimulate the economy via tools such as quantitative easing.

The ECB too offered no concrete steps forward. President Mario Draghi said more measures to support the euro will come soon, but omitted key details. However he intimated that any future bond-buying efforts by the ECB would be focused on the short end of yield curves. The news drove the yields on Spanish 2yr bonds. Spanish 10 year bonds remained stubbornly above 7%.

US stocks surged Friday, after the July jobs report proved far better than estimated. Nonfarm payrolls rose by 163,000 beating estimates. The ISM non-manufacturing index ticked higher to 52.6%, slightly ahead of analysts’ expectations of 52% for July and up from a reading of 52.1% in June. However, job growth remains well below what’s needed to bring down the unemployment rate, which rose to 8.3% in July and is the highest rate since February. Estimates were set at 8.2%.

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