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

Weekly Finance Bulletin 21st January 2013

Market Roundup:

The market rally continued last week, with the vast majority of major indices maintaining their lofty levels.

Asia finished the week with strong gains, buoyed by expectation-beating Chinese economic data and Japan in particular further gaining as the Yen hit fresh lows. It was also reported that the Japanese Central Bank would add a further 110 trillion Yen ($110bln) to its asset buying program.
Indeed Japan’s Nikkei powered to a 2.9% weekly close as the Hang Seng added 1.1% and the Shanghai Composite 1.4%. Official Chinese data announced that 4th quarter GDP rose by 7.9% just beating expectation of 7.8%.

In Europe, markets were largely encouraged by news from China, but gave up some of that upside by weak readings from the US consumer, where the University of Michigan-Thomson Reuters gauge tracking US consumer sentiment declined in January, coming in at 71.3 after economists expected a reading of 74.2. Jobless claims however, came in at a 5 year low.

Stateside, it was green numbers across the board. The S&P500 climbed 5.04 points on Friday, or 0.3%, to end at 1,485.98, its highest close since December 2007, leaving it up 1% for the week. The DOW added 1.2% and the Nasdaq laboured to added 0.3% for the week as disappointing numbers from Intel hit the index.

News from Washington provided an adrenaline shot of optimism. House of Representatives will vote next week to authorize a three-month increase in the debt ceiling in order to give Congress time to pass a budget. This solves very little in the long term. Sooner or later Congress and Obama will need to agree on how to reduce the deficit without harming its credit rating.

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