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

Weekly Finance Bulletin 11th of March 2013

Market Roundup:

After slight correctional movement in the last fortnight, markets re-gained profitable territory.

Asia had been under pressure following Chinese government legislation curbing lending to local property developers. However on Friday saw some better news from China, with the country recording a surprise $15.3 billion trade surplus in February where exports were 21.8% higher than a year earlier.

Japan’s Nikkei powered to a 5.84% weekly close, buoyed by a weakened Yen. However the rate did come under pressure after Japan's October-December gross domestic product was revised upward to show annualized growth of 0.2%, up from a 0.4% contraction.

Europe enjoyed a week in the green, lifted by news from Asia. The UK’s FTSE 100 closed at its highest level since January 2008 and Germanys DAX gained over 3% for the week. This came amongst news that both the Bank of England and the European Central Bank would leave base rates unchanged. Investors also turned their attention on Spain, where the government successfully sold its maximum targeted €5 billion in public debt at lower borrowing costs than at a previous auction which catapulted Madrid’s IBEX nearly 6% higher for the week.

The US had another positive week with the DOW re-gaining multi year highs despite the introduction of Sequestration. Jobs data helped matters as U.S. economy created 236,000 jobs in February and the unemployment rate fell to the lowest level since late 2008. The pace of job creation last month was the fastest since November and spread across many sectors, suggesting the U.S. economy remains on a steady course despite a number of obstacles early in the year.

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