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

Weekly Finance Bulletin 3rd December 2012

Market Roundup:

It was another largely positive week for global stock markets.

Across the global world markets advanced with Europe leading the way after Germany approved Greece’s latest rescue deal, although worries over the US fiscal cliff weighed on investors’ minds.

Germany reportedly approved the latest measures to help reduce Greece’s debt pile. The euro-zone finance ministers agreed earlier this week to cut interest rates on Greece’s bailout loans, defer interest payments and allow the country to buy back around €30 billion in debt.

News from Asia also lifted stock markets, as industrial production in Japan unexpectedly rose 1.8% in October.

Separately, the Japanese government approved the second stimulus package in a little more than a month, as the sluggish economic performance put pressure on the current party to boost economic growth ahead of elections later this month.

Stateside, we still have gridlock on the US approach to the fiscal cliff, despite all the right noises from the politicians. At this stage we have no real progress on the matter and Wall Street will continue to mould itself around the fiscal cliff until the end of the year.

Chicago PMI faintly accelerated in November, rising to 50.4 from 49.9 in October. Production and employment accelerated, but new orders slumped 5.3 points to 45.3. Consumer data showed an unexpected weakening of 0.2% since October which caused the dollar to fall slightly.

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