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

Weekly Finance Bulletin 19th November 2012

Market Roundup:

It was yet another difficult week in global stock markets.

Major indices were mostly in the red for the week, with the only exception being Japan’s Nikkei which gained 4% on hopes of further easing to stimulate its economy. Japan, another major economy to be in the midst of an election, shot up as the Liberal opposition leader Shinzo Abe emerged as the favourite for victory in the forthcoming polls.

Abe has stated that he would support changes that would force the Bank of Japan to purchase the bonds from the government if his party wins elections on Dec. 16.

Abe has also urged the central bank to adopt a 3% inflation target and said he might push for changes to the Bank of Japan’s mandate to require a formal inflation target.

European stock markets closed a volatile week 2.7% lower on Friday, as the conflict in the Middle East intensified, and investors also braced themselves for the start of US negotiations over sidestepping the so-called fiscal cliff.

Major US indices finished the week net negative, yet staged a late rally as the opening round of negotiations on averting automatic spending cuts and tax increases set to begin on the 1st Jan 2013 began. The mere hint of a common ground was taken as a positive for investors who fear that that simultaneous spending cuts and tax hikes for an economy growing just 2% could plunge the US into recession and stunt the global recovery.

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