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

Weekly Finance Bulletin 14th January 2013

Market Roundup:

As this is our first bulletin of the year, we hope you all enjoyed the holiday period and wish you the very best for the coming year.

Indeed as 2012 drew to a close, markets remained tentative as the US tussled to a compromise to avert its ‘fiscal cliff’ of increased taxes and reduced government spending, which would threaten to take the world’s largest economy back into recession.

The time of year aided financial markets as public holidays and reduced market volumes cushioned the expected volatility as the 31st December deadline approached. Indeed by looking at the charts to the right, the resulting relief rally has been profound.

Major US indices have been able to add over 2.5% to valuations with the S&P500 at 2.97% YTD and the DOW 2.66% at time of writing.

The UK’s FTSE 100 has jumped over 3.5% since the turn of the year, and the Eurofirst 300 2.3%. Both indices now exceed levels that investors have not experienced since 2008.

Asia stock markets have been a mixed bag, with Shanghai dipping 1.15% YTD after a sizeable increase in Chinese inflation. Chinese consumer prices rose by 2.5% in December, slightly exceeding consensus economist estimates and representing a seven-month high mostly attributed to hikes in food costs.

Japan’s Nikkei has continued to surge much in the same light as before, running away with a 3.91% start to the year. Much of last year’s upside came from stimulus hopes from a new government and last Thursday they got their wish. A ¥10.3 trillion ($115.7 billion) package was approved in the latest efforts to defeat long-running deflation and prop up the weakening economy.

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