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

Weekly Finance Bulletin 28th January 2013

Market Roundup:

The market rally persists, and most indices further complimented their valuations for the week.

Starting in Asia we had a mostly positive week. Ironically only Hong Kong and China ended the week in the red, despite the latter posting strong economic data once again. A preliminary survey from HSBC out Thursday showed that business conditions for Chinese manufacturers improved to a 2 year high this month.

The Nikkei ended up 0.13% up for the week, as the weakening Yen added further demand from overseas investors.

In Europe, stock indices were on track of another positive week as decent German economic data and comments from ECB Chief Mario Draghi lifted investor sentiment. Speaking at the World Economic Forum in Davos, he commented on stabilising activity and foresaw recovery as soon as the 2nd half of 2013.

Investors also focused on the latest data set from Germany. The Munich-based Ifo Institute’s January business-climate index took an unexpectedly strong jump to 104.2 from 102.4 in December, indicating that the anticipated contraction in the fourth-quarter may have ended.

In the US, the S&P 500 went on its longest winning streak in 6 years and climbed above 1500 for the first time during Thursday’s session since 2007. Stock indexes checked their gains after the Commerce Department reported that sales of new homes fell 7.3% in December. Data on Thursday showed that U.S. jobless claims fell to a five-year low of 330,000 people.

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