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

Finance News - Weekly Bulletin 20th of August 2012

Market Roundup:

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

Western stock markets marched on in defiant mood. The Euro dared to trade at some of its highest levels in 6 weeks as the market expects some kind of stimulus program in the form of a debt purchase program. The words of Angela Merkel soothed market tensions as she proclaimed leaders were committed to do ‘everything’ to safeguard monetary union. Realistically, would she say anything else?

Merkel is also rumoured to be testing the relations with her coalition and fellow Euro zone members by considering easing Greece’s bailout terms. Generous? Certainly. Foolish? We’ll have to see.

News from the US reported on Thursday that building permits jumped to their highest level since August 2008, a hint of stronger construction in the coming months as commented in previous bulletins. Meanwhile good news from bulge bracket corporations always lifts the general market mood, with networking equipment giant Cisco reported earnings that beat expectations. Apple now trades at an all time high, after paying its first ever dividend to investors in 17 years.

Other than housing permits, economic data was a little light, with US consumer data the only worthy addition. Consumer sentiment increased to 73.6, the highest level since May, from 72.3 the prior month. After 2 months of declining sentiment, this month’s numbers indicate consumers may be feeling the benefits of growing payrolls. This can filter through to a hike in retail sales, which would set the pace for stronger growth for the remainder of the quarter.

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