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

Weekly Finance Bulletin 10th of June 2013

Market Roundup:

Most Asian markets fell Friday on caution ahead of the US nonfarm payrolls data, while Japanese stocks dropped for a third straight day as exporters came under pressure from the yen’s sharp gains the previous day.

Earlier in the week the Nikkei suffered a bigger drop to record losses of more than 20% from the peak it reached on May 23, entering a so-called bear-market territory.

European stock markets also struggled for direction. It was another week of net losses after the European Central Bank kept interest rates on hold and lowered its growth outlook for the euro zone for 2013.

In Mario Draghi’s eyes, the Euro zone is now set for a 0.6% GDP contraction, versus a previous forecast of -0.5%. On a brighter note, the 2014 forecast was lifted to 1.1% growth from 1%.

Investors also remained cautious ahead of the much anticipated nonfarm payrolls report from the U.S. to gauge if the labour market is improving. Friday’s broad regional declines came amid some fears related to the U.S. jobs data, which was looking for an addition of 173,000 jobs from 165,000 in April.

In the end, the US created a net 175,000 jobs in May, all of them in the private sector, exceeding expectation. The unemployment rate, which is drawn from a separate survey of households, edged up to 7.6% from 7.5% as more people entered the labour force in search of work. The size of the labour force surged by 420,000. The news was able to lift US indices in need of a catalyst.

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