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

Weekly Finance Bulletin 8th October 2012

Market Roundup:

Global markets advanced for the week.

U.S. stocks remained in rally mode after the release of minutes from the last Federal Open Market Committee meeting, which had the central bank opting to launch a third round of monetary easing. A warm reminder of what they so badly craved. Ironically, the market is still none the wiser as to when the latest program is due to commence.

China's official non-manufacturing Purchasing Managers' Index in September printed at 53.7, compared to 56.3 in August, its weakest reading since November 2010.

Also Thursday, the European Central Bank held steady on record-low interest rates. At a press conference, ECB chief Mario Draghi said he expected growth in the euro zone to remain weak, with the economy only expected to recover “gradually.”

Draghi said the OMT program is ready to launch and serves as an effective “backstop” against turmoil in the region, while reiterating that the ECB sees the euro currency as “irreversible.”

Separately, the Bank of England held steady on interest rates and asset purchases on Thursday. The Bank of England left its key lending rate unchanged at a record low 0.5%, where it’s stood since March 2009. After moving in July to boost the size of its asset-purchase program by £50 bln ($80.6 bln) to a total of £375 bln, policy makers likely saw little reason to take further action until those purchases run their course next month. 

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