Uttoxeter Online Magazine

Pain in Spain

It was another tough week for global financial markets, which were rattled on Friday by a combination of weaker than expected US jobs data, European debt default fears and rumours of large derivative-related losses at French bank Société Générale. On the latter point, according to The Times, there was little evidence to support the speculation which was later rebuffed by the bank, but it reflected the particular nervousness of the markets at present.  However, the news from the US was real enough. The Labor Department confirmed that 431,000 new jobs had been created in May, the fastest increase since 2000, but this was significantly tempered by news that 411,000 of those jobs represented the Government hiring temporary workers to carry out the 2010 census, leaving the net gain an unexpectedly modest 20,000. The unemployment rate edged down from 9.9% to 9.7%, underlining the slow pace of recovery. Quoted in the Financial Times, Paul Ashworth at Capital Economics said: “This is another timely reminder that, although the economic outlook is improving, the recovery is still pretty fragile.”

contd.......

( The complete text of this weeks Financial Bulletin can be downloaded as a 'pdf' file here. )

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Extract from this weeks Financial Marketing Bulletin, issued by RBA Wealth Management Ltd.

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