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

Weekly Finance Bulletin 14th of October 2013

Market Roundup:

Asia enjoyed a positive week, ending the week higher as apparent progress was being made to solve the current US political impasse.

Japan was one of the notable performers for the region, adding over 2% for the week. The Bank of Japan said that country’s corporate goods price index fell to 2.3% last month after an August reading of 2.4%. Analysts expected a September reading of 2.3%. Hong Kong’s Hang Seng added 1.27% while the Shanghai Composite advanced 0.88%.

European markets were also tracking higher, also on the back of political matters in the States. On the week however, major indices failed to deliver more any notable gains.

Indeed the US was influencing trade for other reasons, this time from the Federal Reserve supporting the nomination of Janet Yellen as head of the Federal Reserve. Yellen holds a doveish stance to monetary policy, which will woo markets hoping for further accommodative policy.

Investors remained cautious as a partial US government shutdown continued into a second week, with few signs of progress towards a resolution ahead to avoid a U.S. sovereign default.

Expectations for an end to the US fiscal deadlock grew after Republicans on Thursday offered to extend the government's borrowing authority for several weeks, temporarily staving off a default, which allowed stocks to undergo a relief rally.

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