International Markets Update

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• The largest news of the month was an announcement by The US Federal Reserve that they would begin to consider the end of quantitative easing, t.....

Executive Summary

• The largest news of the month was an announcement by The US Federal Reserve that they would begin to consider the end of quantitative easing, this marked a global rout in equity markets and arguably an overdue correction in the recent leg of the equity rally globally. Federal Reserve Chairman Ben Bernanke said this could begin as early as June of this year assuming that the labor market is strong. • The Eurozone economy extended its recession streak into its sixth quarter, declining by 0.2% for the year’s first quarter, inflation in April diminished to a three-year low due to falling prices triggered by weaker demand. The OECD cut the region’s growth forecast, projecting a contraction of 0.6% for the year, calling on the ECB to take more measures to boost growth in order to catch up to faster growing counterparts such as the US and Japan. • The Japanese Nikkei snapped its 9-month positive returns streak in May as the index ended the month, despite reaching a multi-year high of almost 16,000, down 0.6%. • China’s manufacturing expanded at a weaker pace in April in a sign that the slowdown in the world’s second-largest economy is extending into the second quarter. • India cut interest rates for a third straight meeting to revive growth, extending the only reduction in borrowing costs among major emerging nations this year • Brazil’s economy grew by a feeble 0.6% in the first quarter compared with the last three months of 2012

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