Monthly Commentary – October 2004

Market Commentary for the Month of October 2004 – Oil prices soared to new high in October having reached $56 a barrel.China’s government released a wave of economic data showing that the economy is on track for steady growth. Notwithstanding this new data the Chinese Central Bank has raised interest rates for the first time in 9 years sending Asian markets lower. Fears have been raised due to concerns that the economy as a result of this policy change, may slow down abruptly rather than at a measured pace.