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

Weekly Finance Bulletin 25th of March 2013

Market Roundup:

A mixed week for markets. European markets have been rattled by news of Cyprus. Crippled by exposure to Greek debt, Cyprus needs to raise €5.8bln in order to secure a €10bln emergency loan from the EU and IMF. Failure to do so may risk exit from the Euro. How ironic given that Athens, for now, remains on life support as EU chiefs play hard ball with Cyprus.

All major European indices ended the week in the red, as the FTSE100 shed 2.09% and Germans DAX was similar at 1.89%. Spain’s IBEX weakened by 3.79%.

The amount of the loan is as little as Cyprus’ contribution to global GDP, however markets took note as it further exposes the ongoing frailties of the single currency.

Asia too suffered by on average 2%, with Bombay’s SENSEX giving up 3.56%. The only bright light was the China, who added 2.18% for the week, as business conditions for Chinese manufacturers saw further improvement in March after nearly levelling off in the previous month, according to preliminary data released Thursday by HSBC. Flash manufacturing Purchasing Managers’ Index (PMI) for March came in at 51.7, improving from a final reading of 50.4 for February.

The US however, bounced back after a difficult week, and maintained the levels with minor losses. Retail earnings from the likes of Nike and Tiffany and Co beat estimates and were enough to lift indices higher as the quarter draws to a close. The U.S. House of Representatives on Thursday approved a bill to fund the federal government through the end of the fiscal year in September, averting the threat of a partial government shutdown next week.

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