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Full report
Dear traders,
The passing year was undeniably tumultuous, as for a long time it was not clear whether the global economy started 2013 on the right footing and the recovery will carry on unhindered. There were quite a few reasons to stay pessimistic and risk averse; most of them revolved around the U.S. economy – government shutdown, debt ceiling, sequester, Detroit’s bankruptcy, lawsuits against big banks and many more. All that negatively affected confidence in the world’s largest economy and therefore noticeably strained global financial markets.
Nevertheless, despite all of these malevolent factors persisting throughout the year, the U.S. economy proved to be resilient and surprised on the upside in the end. While the first quarter growth stood at a modest 1.1%, the pace of expansion accelerated to 2.5% in Q2 and finally revved up to 4.1% in Q3, making all doubts with respect to the ability of the United States to weather the headwinds invalid. As a result, confidence and economic activity are set to continue picking up.
Apart from the actual positive macroeconomic readings, a broadly shared conviction that the world is now better prepared to venture into the future also served as a catalyst for the overall improvement. Political and economic progress was assured by a new U.S. budget deal on which both parties agreed upon, thus eliminating the possibility that the government shutdown will take place again somewhere in the future.
Still, we wish to warn it is not time for glee, and especially it is not time for complacency. The global economy continues to operate below the capacity. Job market may be improving, albeit slowly, which in turn translates into weak consumer spending. Therefore we call not to relax just yet and continue working hard for a better future, which is certain to come! Happy New Year and may nothing but happiness come through your door!
Dear traders,
The passing year was undeniably tumultuous, as for a long time it was not clear whether the global economy started 2013 on the right footing and the recovery will carry on unhindered. There were quite a few reasons to stay pessimistic and risk averse; most of them revolved around the U.S. economy – government shutdown, debt ceiling, sequester, Detroit’s bankruptcy, lawsuits against big banks and many more. All that negatively affected confidence in the world’s largest economy and therefore noticeably strained global financial markets.
Nevertheless, despite all of these malevolent factors persisting throughout the year, the U.S. economy proved to be resilient and surprised on the upside in the end. While the first quarter growth stood at a modest 1.1%, the pace of expansion accelerated to 2.5% in Q2 and finally revved up to 4.1% in Q3, making all doubts with respect to the ability of the United States to weather the headwinds invalid. As a result, confidence and economic activity are set to continue picking up.
Apart from the actual positive macroeconomic readings, a broadly shared conviction that the world is now better prepared to venture into the future also served as a catalyst for the overall improvement. Political and economic progress was assured by a new U.S. budget deal on which both parties agreed upon, thus eliminating the possibility that the government shutdown will take place again somewhere in the future.
Still, we wish to warn it is not time for glee, and especially it is not time for complacency. The global economy continues to operate below the capacity. Job market may be improving, albeit slowly, which in turn translates into weak consumer spending. Therefore we call not to relax just yet and continue working hard for a better future, which is certain to come! Happy New Year and may nothing but happiness come through your door!