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

Weekly Finance Bulletin 1st October 2012

Market Roundup:

European stocks were mixed to higher by the end of last week, as the announcement of Spanish budget cuts to tackle the country's sovereign debt crisis, coupled with earlier euro zone inflation data lifted market sentiment.

Preliminary data showed that consumer price inflation in the euro zone rose in September against expectation, to an annualized rate of 2.7%, from 2.6% the previous month, compared to expectations for a decline to 2.4%. This arrived after the Spanish announced on Thursday a fresh budget for 2013, which centred mostly on spending cuts, in what is seen as an effort to pre-empt the likely conditions of an international bailout.

Ministry budgets were cut by 8.9% for next year and public sector wages have been frozen for a third year as Spain battles to trim one of the euro zone's biggest deficits. Inevitably, investors remained cautious, as ratings agency Moody’s was expected to complete a ratings review on Spain.

Asian stock markets ended the week mixed on Friday, as a string of economic reports deflated market expectations and sparked fresh expectations for additional stimulus measures by key Asian governments.

Stateside, official data showed that the U.S. gross domestic product increased at a seasonally adjusted annual rate of 1.3% during the second quarter, down from a previous estimate of 1.7%. Indeed analysts expected the U.S. economy to grow at a rate of 1.7%.

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