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

Weekly Finance Bulletin 30th of April 2013

Market Roundup:

Markets enjoyed a better week.

Starting with Asia, the Bank of Japan held off on any new policy moves Friday, as most economists had expected in the wake of major new easing initiatives at its previous meeting. Matters were also aided in Japan came as the US dollar continued its struggle to breach the 100-yen level, a major psychological milestone.

Hong Kong stocks rallied to lead most Asian markets Thursday, as energy producers climbed after an increase in oil prices and a modest fuel price cut in China, while South Korean equities got a lift from better-than-expected economic growth data.

European stock markets posted their longest winning streak of the year on Thursday, after UK economic-growth data beat expectations, avoiding a slip into a triple-dip recession. Data from the UK Office of National Statistics showed the economy expanded by 0.3% in the first quarter, exceeding expectations of 0.1% growth. A negative reading would have pushed the U.K. economy into a recession for the third time in five years.

Other recent data from the euro zone weren’t as positive, however speculation increased of a 25-basis-point rate cut at the European Central Bank’s policy meeting next week. On Wednesday, data showed business confidence slipped in Germany in April, following downbeat purchasing managers’ indexes the prior day.

The US economy grew more slowly than expected in the first quarter, expanding 2.5% versus expectations of a 3.2% rise. A decrease in government spending and a rise in imports hurt growth, according to the Commerce Department. This will put even greater emphasis on the FOMC meeting this week, which is expected to maintain its current easing cycle of buying $85billion in mortgage and treasury debt each month.

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