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

Weekly Finance Bulletin 17th of June 2013

Market Roundup:

Last week had seen volatility re-enter global stock markets. This week was no different.

Fear crept back into the investor sentiment with concerns on how the Fed with move next with its latest, balance - sheet busting quantitative - easing program. As the week wore on, those fears appeared to ease.

Asian stocks rebounded Friday as eased worries about the Federal Reserve’s monetary policy and an improvement in U.S. economic data sparked relief buying across the region, with Japanese and Southeast Asian equities witnessing strong gains.

At Friday’s close, the Nikkei Average was 20.4% lower than its peak on May 23, ending for a second straight day in a so-called bear-market. However it had managed to poke its head briefly above that level earlier in the day. A bear market is generally defined as a price decline of 20% or more within a two-month period.

In Europe, markets weakened after data showed the number of people employed in the euro area dropped 0.5% in the first quarter of 2013 compared with the same quarter last year. Employment in Greece fell 2.3%, Portugal dropped 2.2% and Spain and Cyprus both saw a 1.3% drop in employment.

The US was another see-saw affair and the revival of the consumer took a setback late in the week. Consumer confidence in June eased from a six-year high as progress in the labour market supported Americans’ views of the economic outlook. A steady uptick in hiring coupled with rising equity prices and property values are underpinning confidence. Further improvement from the 175,000 jobs added last month may be needed to help accelerate the consumer purchases that make up about 70% of the economy.

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