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Monday financial focus

Markets last week: Stocks slump on US data & EU worries
Global equities and commodities slumped late last week on a negative
reading of US consumer sentiment and soft retail sales, as well as on
rekindled worries in the Eurozone.

Asian Markets: Stocks fall as Chinese GDP misses target
Overnight, Asian stock markets and most commodities fell after
Chinese GDP and other economic data came in below economists’
estimates.

Today’s Markets: Euro markets open mixed
European stocks are seen mixed today following the previous
session’s sell-off, although the pause in selling could be short-lived as
weaker-than-expected macroeconomic data from China fuels worries
over the pace of global growth.

Currencies: G20 to ask Japan to refrain from competitive devaluation
Japan will be reminded of its pledge not to drive down the yen when
G20 finance chiefs meet this week. As G20 finance ministers and
central bankers prepare to convene this week in Washington, the US
Treasury is saying it will press Japan to refrain from competitive
devaluation.

Energy: WTI crude drops below $90 a barrel
West Texas Intermediate dropped below $90 a barrel to the lowest
level in more than three months as economic growth unexpectedly
eased in China, the world’s second-largest crude consumer.

Commodities: Gold rout deepens as investors sell off
Gold, which plunged into a bear market last week, extended a rout to
the lowest level since April 2011 on expectations that demand for
haven assets will contract as the global economy improves.
Property: UK home sellers raise prices for fourth month
UK property prices rose in April for a fourth consecutive month amid a
shortage of properties for sale, according to Rightmove. The report
shows that the number of properties advertised for sale nationwide fell
4% from a year ago.

China: Q1 GDP growth slips to 7.7%
China’s economic recovery unexpectedly stumbled in the first three months of 2013 as the annual rate of growth eased
back to 7.7% from the 7.9% pace set in the final quarter of last year, official data showed on Monday.

Cyprus: Relaxed citizenship for foreign bank depositors
Speaking at a Russian business conference, Cyprus President Nicos Anastasiades said his cabinet would this week
approve measures to allow foreign investors who held deposits prior to 15 March and who lost at least €3m would be
eligible to apply for Cypriot citizenship.

Egypt: Talks with the IMF stall
Egypt is stalling on the terms of a $4.8bn IMF loan to help it fight a deepening economic crisis, and no deal is likely while
an IMF team is in Cairo, diplomats said yesterday. An IMF programme could help stabilise Egypt’s economy in the rocky
transition to democracy after its 2011 revolution.

UK: Top economists forecast recovery and growth
Rising house prices, improving retail sales and growing business confidence will keep the economy out of recession this
year, and back into healthier levels of growth next year and beyond, top economists from Ernst & Young’s Item Club
forecast today.

EU: Germany says bank union will need treaty change
Germany has said European banking union will require changes to EU law, in a call that could slow completion of the
plan designed to underpin the euro currency. Speaking after a meeting of European Union finance ministers on Saturday,
German finance minister Wolfgang Schaeuble said the EU’s Lisbon treaty had to be changed to allow common rules on
shutting troubled banks – a central element of the union.

France: Millionaire socialist ministers exposed
As France endures spending cuts and rampant unemployment, a. handful of millionaires in the Socialist government will
be exposed today. For the first time in France, President Francois Hollande is publishing a list of bank deposits and
property held by all 38 ministers as he scrambles to stem public fury over his ex-budget minister’s disclosure he lied
about a secret Swiss bank account.

Global: Military spending declines
Global military spending dropped in 2012 for the first time in more than a decade thanks to deep cuts in the US and
Europe which made up for increases in countries such as China and Russia, a leading think-tank said yesterday.

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