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Charles Reynolds & Associates
118 East Barnet Road
Share prices rallied during the first quarter of 2012 amid hopes of a global economic recovery underpinned by renewed optimism the eurozone would avoid a collapse. Investors around the world were nervous early in the month as Greece approached the deadline to secure sufficient backing for its controversial debt swap. Following the news of a favourable response to the bond exchange proposal, eurozone leaders approved the latest bailout package worth €130bn (£108bn) while the International Monetary Fund (IMF) agreed to contribute €28bn.
“Financial markets have become a little calmer and recent indicators point to an uptick in real economic activity, mostly in the US,” the IMF commented. Amid signs US consumers are becoming more confident, the Dow Jones Average index rose by 2% during March. In the UK, the FTSE 100 index fell by 1.8% while in Japan the Nikkei 225 index rose by 3.7%. In Europe, the DAX index in Germany rose by 1.3% during the month while, the Athens General Index fell by 2% although it did rise by 7.1% over the first quarter as a whole.
“The global economy may be on the path to recovery but with not a great deal of room for manoeuvre and certainly no room for policy mistakes,” warned IMF managing director Christine Lagarde. Meanwhile recent data from the Organisation for Economic Co-operation & Development suggests that the UK and the eurozone economies are showing some tentative indications of recovery, India and Russia are showing signs of positive momentum in growth, while the US and Japanese economies continue to improve. However, growth in Brazil and China is showing signs of slowing down.
According to a study undertaken by KPMG and the Greater Paris Investment Agency, London remains the most popular city in the world for foreign investment, followed by Shanghai, Hong Kong, Sao Paolo and New York. Moscow was in eighth place and Mumbai in 10th, reflecting the increasingly global influence of the emerging markets.
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