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

Weekly Finance Bulletin 22nd October 2012

Market Roundup:

It was a mixed bag of results for global equity indices. In Europe, markets advanced well for the week with most indices delivering a 2% gain for the week. French and Spanish markets nearly pushed above 3%.

The general mood was positive given the steps taken by the ECB to shore up the regions debt financing facilities. The biggest news of the week from Brussels was a widely expected agreement to establish a single supervisor to oversee the banking sector. With little else to surprise or woo markets, the reaction was minimal. Indeed (yet another) failure from Europe to deliver any cast iron answers meant that investors turned their eyes stateside.

US indices gave up some gains from mid week to end the week mildly in positive territory. The Nasdaq was dragged into the red for the week as lower than expected earnings from the likes of Microsoft, McDonalds and General Electric and a rather embarrassing premature release of data from Google prompted profit taking.

An outflow from equities and risk assets pushed the USD higher and took nearly 2% off the price of gold.

Asia enjoyed a strong week, almost entirely in positive numbers with the Nikkei gaining 5.49%.The Bank of Japan is likely to concede that it won’t meet its 1% inflation target when the central bank unveils revised economic forecasts at its Oct. 30 policy board meeting, laying the ground for more aggressive policy action. Asia stocks ran in solid gains for the week, as traders reacted favourably following key Chinese economic data that either met or exceeded economist expectations, underpinning hopes for improvement. Gross domestic product expanded 7.4% in the third quarter from a year earlier, the National Bureau of Statistics said in Beijing Thursday. GDP rose 2.2% from the prior period, a four-quarter high.

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