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

Weekly Finance Bulletin 30th of September 2013

Market Roundup:

Asia ended the week in the red, however has had a quite remarkable month. The Nikkei advanced 9.66% whereas other regional indices such as the Hang Seng, Sensex and Singapore Strait were all up above 5.5%.

In Australia, the S&P/ASX 200 set a new five-year high. With strong economic data in China (Australia’s largest trading partner), it’s been a strong quarter for the Australian market, one of the Asia’s best performers with a 10.5% increase.

Europe was largely flat last week, and stocks where stocks were lower on Friday after rising borrowing costs in Italy at a government-debt auction highlighted jitters about the country’s political stability.
The FTSE100 performed in a muted fashion as after Bank of England Governor Mark Carney reportedly said he sees no need for further bond-buying to spur the U.K. economy. That should be reason to cheer, however we do not live in normal times and certainly not in normal markets.

The mood was rather similar in the states, with major local indices giving up at least 1.5% on the week. Do note that this was the first weekly drop in 4 for most.

The US remains locked in political negotiations on its budget. The usual brinksmanship ensues, and the market gets unsettled.

On Friday, the Thomson Reuters/University of Michigan’s final September numbers on consumer sentiment fell to 77.5 from 82.1 in August.

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