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

Weekly Finance Bulletin 8th of April 2013

Market Roundup:

Markets generally endured a difficult week. Starting with Asia, all major indices retracted with the exception of Japan.

Stocks in Japan extended a rally on Friday, with the Nikkei 225 index finishing up 3.5% for the week on the back of unprecedented stimulus. The yen had another down day against the dollar and its now 11% weaker year to date.

New BOJ Governor Haruhiko Kuroda on Thursday promised to inject approx. $1.4 trillion into the Japanese economy in less than two years and committed the bank to open-ended asset buying, a dose of shock therapy officials hope will end two decades of stagnation.

Elsewhere in Asia, stocks in Hong Kong fell on fears on US recovery, and news of a new outbreak of avian flu slammed travel and airline shares.

European stock markets dropped sharply in afternoon action on Friday, after U.S. nonfarm-payrolls data came in substantially below expectations. The report showed 88,000 jobs were added to the economy in March, the smallest gain in 10 months and far below estimates calling for a gain of 190,000 jobs.

Some respite came from The Bank of England who kept rates on hold very much as expected and on the data front in the U.K., the Markit/CIPS services purchasing managers’ index showed the sector grew at the fastest pace in seven months in March to offer some positives.

The news of US jobs data cast a negative view on the labour market in the world’s largest economy and will pose further questions on the sustainability of economic recovery.

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