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

Weekly Finance Bulletin 5th November 2012

Market Roundup:

Across the globe, global stock indices enjoyed a largely positive week. Buoyed by encouraging US and Chinese economic data, stock valuations were able to slightly advance even as US markets were closed for 2 days following Hurricane Sandy.

In Asia, Japan’s Nikkei rose 1.2% above the 9000 level as the Yen weakened on the whole and the lingering expectation of an expansion of the Bank of Japan’s asset purchase program.

Hong Kong’s Hang Seng was able to advance 1.3% as the HK Monetary Authority also moved to curb local currency strength vs the dollar. Elsewhere, the Shanghai Composite posted a modest gain of 0.6%, with construction firms leading the way.

Official Chinese PMI rose to 50.2 in October from 49.8 the previous month, further indicating that the economy may have bottomed out as indicated in past bulletins.

Indeed investors were waiting for US jobs data and when it arrived, the numbers were impressive. Expectation was set at the 120,000 mark and the numbers did not disappoint as 171,000 jobs were created in October. Hiring was also stronger in September and August than previously estimated.

However October’s politically sensitive jobless rate edged up to 7.9% from 7.8% as we head to the polls tomorrow. Bear in mind though, that these numbers were based on a survey of 60,000 US households or an estimated 0.0005% of the total.

The numbers will help sooth investor concerns on the US economy which continues to recover at a steady pace of 2% as we have commented.

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