Accendo Press Quotes - Week Ending July 14

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Accendo Press Quotes – Week Ending July 14

14 July

Reuters UK

“In Europe, we’re still not dealing with any higher interest rates, which should be benefiting the U.S. (banks) slightly in terms of net interest margin,” Mike van Dulken, head of research at Accendo Markets, said. “That said we’ve still got the supportive QE helping, but yields are still low, which is not great for the banks.”

Accendo Markets’ van Dulken added that Federal Reserve Chair Janet Yellen had been very non-committal in her comments about both interest rates and the balance sheet.
http://uk.reuters.com/article/us-europe-stocks-idUKKBN19Z0O0

13 July

Morningstar

“While a less hawkish testimony from Fed Chair Yellen gave markets a boost yesterday, by inspiring hope of cheaper money for longer, [dollar] weakness since has offered mixed blessings,” Mike van Dulken, head of research at Accendo Markets, said in a note.

For example, the weaker dollar against the pound is “weighing on London-listed stocks with an international reliance. However, remember also that a weaker USD also represents a benefit for the key commodity space, namely oil and miners,” van Dulken added.
https://www.morningstar.com/news/dow-jones/TDJNDN_201707132122/europe-markets-european-stocks-rise-again-building-on-largest-advance-in-2-12-months.html

12 July

CityAM

Carillion’s steadily increasing debt pile, poor cash flow and a lack of leadership may cause “even the most daring of bulls” to think again, said Mike van Dulken, head of research at Accendo Markets.
http://www.cityam.com/268370/construction-giant-carillions-shares-sink-third-consecutive

11 July

The Telegraph

The pound’s small gains today on the dollar and euro are in anticipation of Ben Broadbent’s speech in half an hour’s time, according to Mike Van Dulken at Accendo Markets. He added: “Equities are mixed at the half-way stage as oil prices drop on a report suggesting the US will quadruple crude oil exports to exceed that of most OPEC members within three years. This as markets prepare for Fed Chair Yellen’s testimony tomorrow, something supporting the USD, although GBP is strong on expectations of hawkish BoE speeches.”
http://www.telegraph.co.uk/business/2017/07/11/pound-edges-higher-ahead-bank-england-speeches/

10 July

Interactive Investor

Mike van Dulken of Accendo Markets said European markets were following largely negative Asian trading due to tensions over North Korea and a mixed US session ahead of the stateside market being closed for the Independence Day holiday on Tuesday. “Investors also continue to digest what is considered a more hawkish and coordinated central bank outlook, in spite of all the macro-economic data ducks not quite being in a row,” added van Dulken.
http://www.iii.co.uk/alliance-news/1499684647958614300-3/london-market-midday-weak-pound-boosts-UK Index -100-but-miners-drag

This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.

Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research

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