Economic & Investment Commentary for quarter ended 31 Dec 2013
The global economic recovery continued during the December quarter as United States and European economic data pointed to an improvement in economic conditions.
In the United States, economic growth accelerated while employment growth gained momentum toward the end of the year. On the back of more positive economic news, the US Federal Reserve announced that it would begin tapering its quantitative easing program in January 2014. While equity markets treaded cautiously and credit spreads widened prior to this announcement, the implied confidence in the momentum and sustainability of US growth brought buoyancy back to the financial markets.
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