Weekly Finance Bulletin 3rd of June 2013
Japanese stocks rebounded on Friday to recover some of the steep losses suffered in the previous session, aided by a deluge of monthly economic data and strong cues from Wall Street.
At Friday’s close, the Nikkei is still up 32.1% in 2013 to date. But it remained in a so-called correction territory, having lost more than 2,168 points, or 13.6%, from its high of 15,942.60 on May 23.
The Nikkei fell 5.73% for the week and where the Hang Seng and Singapore Strait gave up 1.11% and 2.42% respectively.
The Shanghai benchmark, however, advanced 5.6% in May to emerge as Asia’s best performing index during the month.
Europe was little changed for the week, although that change was largely to the negative. European stock markets slumped on Wednesday, after OECD cut the growth forecast for the euro zone for 2013 and 2014.
It now sees the euro-zone economy remaining in recession at -0.6% this year down from an earlier estimate of a 0.1% contraction. In 2014, it is expected to rebound 1.1%, down from 1.3% previously forecasted.
In the states, the consumer kept their markets buoyant as consumer sentiment numbers turned positive. The Thomson Reuters/University of Michigan’s final index of consumer sentiment climbed to 84.5 for May, exceeding expectation, reaching the highest level since 2007.
Separately, the Chicago PMI jumped to 58.7 in May, its strongest reading in over 12 months.
Full report please download here