Investment Markets Overview – w/e 22 Mar 2013

Whilst Cyprus was the possible highlight of the week, any decision from policymakers looks to be delayed until next week, with the countries banks remaining closed until next Tuesday and the ECB deadline on the continuation of funding being a day earlier. Hence we will focus on the next area of interest, that of the UK’s finances and on this week’s budget. Mr Osborne, the Chancellor, disclosed that public sector debt was not due to start falling until at least 2018, two years later than previously intended. Government borrowing this year is only marginally lower than last year, despite the austerity programme and some “sleight of hand,” such as the so called “profits from the QE programme,” being loaned to the exchequer from the Bank of England. Of particular concern is that 2013 GDP is slashed to 0.6%  compared with a previous forecast of 1.2 percent , not to mention the overtly optimistic forecasts of it trebling to 1.8% next year, 2.3% in 2015, 2.7% in 2016 and 2.8% in 2017. Whereas in his previous three budgets Osborne has highlighted the benefits and importance of the UK’s coveted triple A status, there was no mention of its recent loss, yet based on the aforementioned rosy growth expectations, the U.K.’s budget deficit will fall to 7.4 percent of GDP this year and 6.8 percent in 2013-14.

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Subscribe to the Full Investment Markets Overview Newsletter which contains the following additional commentaries:-  

  • US economic data . . .

  • Euro-Zone   . . .

  • The UK . . .

  • Out East   . . .

  • The $US index  . . .

  • Within the commodities complex  . . .

  • Economic data due next week includes  . . .

  • Returning to the UK budget, the Chancellor was limited in what he could do,. . . .
     

  • Charts:-
    1. Indices Weekly
    2. Securities vs Liquidity to Credit vs Lending vs Treasury Purchases vs Trad Sec Holdings
    3. Euro-Zone PMI Mftg vs Euro-Zone PMI Services
    4. Singapore Non-oil Exports vs Singapore GDP Annualised
    5. Shale spot price vs Shale-gas prod’n

 

Table of 15 Indices, 11 columns of detailed information, for accurate analysis


                                         “A nation of sheep will get a government of wolves

 

Click  HERE to view Details of the full version of this Newsletter

which includes full text and detailed Charts for each section

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