17 Jun

Ship & Bunker

• Accendo Markets‘ Mike van Dulken notes: “A Fed worried about a Brexit vote means it sees a potential meaningful impact on US and global growth which is bad for perceived demand for oil.
• http://shipandbunker.com/news/world/400356-what-does-brexit-mean-for-global-oil-and-bunker-prices

Marketwatch

• Gold dropped below $1,300 despite a softer U.S. dollar after the odds of a Brexit vote fell, said Mike van Dulken, head of research at Accendo Markets, in a note. “This has reduced market fears about the political, economic and market knock-on from a ‘Leave’ outcome, after what had become an increasingly acrimonious referendum debate,” he said.
• http://www.marketwatch.com/story/UK Index -100-rises-with-banks-in-the-lead-as-brexit-worries-subside-2016-06-17

16 Jun

Telegraph

• After the UK 100 failed to get above the 6,000 level yesterday, Mike van Dulken, of Accendo Markets, reckons that the blue chip index could be “on a collision course with February lows of 5,500”.  “The bulls will be hoping we hold up in a 5,900-6,000 sideways channel while bears are rubbing their hands with glee that we are already testing 5,900 support.” 
• http://www.telegraph.co.uk/business/2016/06/16/UK Index -100-nears-four-month-low-ahead-of-bank-of-england-policy-me/

The Week

• Mike van Dulken, head of research at Accendo Markets, says investors fear the “heightened prospect” of Brexit, which would “worsen an already fragile global growth situation by delivering an economic and political blow to a struggling eurozone”.
• http://www.theweek.co.uk/eu-referendum/65461/eu-referendum-polls-vs-odds-what-are-the-latest-brexit-predictions

The Guardian

• Mike van Dulken of Accendo Markets says: Brexit fears continue to intensify a week out from the referendum, with the Federal Reserve again citing it as a headwind last night. The markets struggling to shrug off risk aversion sending bond prices higher and yields ever lower or more negative. And he fears the UK 100 could continue to slide, perhaps losing another 400 points to 5,500.
• https://www.theguardian.com/business/live/2016/jun/16/markets-fall-bank-of-england-interest-rates-business-live

15 Jun

Telegraph

• Mike van Dulken, of Accendo Markets, explains the positive opening: “The positive market open can be attributed to Asian markets outshining their stateside peers, although gains would appear to be the more the upshot of US dollar strength than anything, providing respite to Nikkei exporters by overriding recent Yen strength derived from safe haven seeking as markets fret and sell-off.”  
• http://www.telegraph.co.uk/business/2016/06/15/UK Index -100-snaps-four-day-losing-streak-but-brexit-fears-and-fed-m/

Business Post

• Mike van Dulken, of Accendo Markets, said investors are fearful of the “heightened prospect” of a Brexit, which would “worsen an already fragile global growth situation by delivering an economic and political blow to a struggling euro zone”
• http://www.businesspost.ie/uk-shares-rebound-from-lowest-level-since-february/

14 Jun

Guardian

• Mike van Dulken of Accendo Markets says stock market bulls are racing to the exits, before the UK makes its own exit decision: “Equity indices are extending their losses, fearful of a now heightened prospect that the UK votes to leave the European Union, worsening an already fragile global growth situation by delivering an economic and political blow to a struggling Eurozone.
• https://www.theguardian.com/business/live/2016/jun/14/pound-uk-inflation-bank-of-england-brexit-liquidity-push-business-live

CityWire

• Equity indices are extending their losses, fearful of a now heightened prospect that the UK votes to leave the European Union, worsening an already fragile global growth situation by delivering an economic and political blow to a struggling eurozone,’ said Mike van Dulken, head of research at Accendo Markets. ‘Once added to existing concerns about China slowdown and debt bubble, questions about the US economy following a weak jobs report and with a trip of central bank updates yet to come this week, markets have taken another leg lower.’
• http://citywire.co.uk/money/UK Index -and-pound-fall-as-brexit-campaign-strengthens/a921055

Telegraph

•  Mike van Dulken, of Accendo Markets, said: “The negative market open comes with another down day for Asia, building on US losses as markets continue to fret about Global growth (China) and the prospect of a UK exit from the EU, with the latest polls suggesting the Leave campaign in the lead. Note the UK’s widely read Sun newspaper nailing such colours to its mast.  “Markets  dislike uncertainty and so the outcome of Fed, BoJ and BoE policy meetings this week is also weighing even if nothing special is expected. Then again, we’ve come to expect the unexpected.” 
• http://www.telegraph.co.uk/business/2016/06/14/UK Index -100-slides-towards-6000-and-pound-falls-as-brexit-fears-dri/

CityAM

• “Oil is under pressure from global growth fears and a strong US dollar ahead of US stockpile data,” Mike van Dulken, head of research at Accendo Markets, said.
• http://www.cityam.com/243245/oil

13 Jun

Guardian

• “Shares in Microsoft were understandably suspended from trading in the lead-up to this bit of news, given that the traditional reaction to such an announcement often involves a shareholder exodus from the predator,” pointed out Augustin Eden, research analyst at Accendo Markets, who described LinkedIn as “professional networking/dating/narcissism website”. “With this deal lightening Microsoft’s coffers to the tune of $26bn, make that an exodus of biblical proportions.”
• https://www.theguardian.com/technology/2016/jun/13/linkedin-bought-by-microsoft-for-262bn-in-cash

News.Markets

• Mike van Dulken, head of research at Accendo Markets, makes a similar point, noting that the “US markets closed down, with the Dow Jones down triple digits after the latest Brexit polls suggested a heightened prospect of a UK exit from the EU; the VIX volatility index spiked to its highest since end-February and commodities and tech weighed after Microsoft (NASDAQ:MSFT) fell on its $26 billion deal to buy LinkedIn (NYSE:LNKD).
• https://news.markets/shares/brexit-fears-send-equity-volatility-soaring-19590/

The Australian

• Accendo Markets research head Mike van Dulken said the Australian market was playing “negative catch-up” after a trading holiday on Monday. Mr van Dulken said the outcome of the outcome of US, Japanese and European central bank Fed, policy meetings this week was also weighing “even if nothing special is expected”.
• http://www.theaustralian.com.au/business/markets/stockmarkets-worst-day-in-4-months/news-story/44afdc83b21e8eb696cef3213537947f#

MarketWatch

• On Tuesday, stocks fell, in part, on “the prospect of a U.K. exit from the EU, with the latest polls suggesting the Leave campaign in the lead. Note the U.K.’s widely read Sun newspaper nailing such colors to its mast,” said Mike van Dulken, head of research at Accendo Markets, in a note. The chance of Britons voting in favor of exiting the European Union has come to be referred to as Brexit. “Markets dislike uncertainty, and so the outcome of Fed, Bank of Japan and Bank of England policy meetings this week is also weighing, even if nothing special is expected. Then again, we’ve come to expect the unexpected,” van Dulken said.
• http://www.marketwatch.com/story/UK Index -100-heads-for-4th-straight-loss-as-brexit-keeps-up-the-pressure-2016-06-14

GetSurrey

• As you might expect, opinion has been mixed. Mike van Dulken of Accendo Markets, responding to a Financial Times editorial on the decision, tweeted: “It’s a suit for me every day – Sorry JP Morgan.”
• http://www.getsurrey.co.uk/news/uk-world-news/end-sharp-suits-killer-heels-11468579

Telegraph

• Mike van Dulken, of Accendo Markets, said: “It’s no surprise to see last week’s winners (Fresnillo; FRES and Randgold Resources; RRS) topping the UK Index again this morning. Markets remain cautious with sovereign bond yields at highs (even negative), UK Index equities have fallen back to May lows and the safe havens Silver and Gold maintain their strong rebounds. “Last week’s cocktail of concerns related to global growth and Brexit failed to be countered this weekend, with China data (on investment particularly) failing to provide impetus for a sentiment turnaround and recent polls suggesting the Leave camp’s efforts continuing to pay off.”
• http://www.telegraph.co.uk/business/2016/06/13/UK Index -100-falters-and-pound-slumps-to-eight-week-low-on-brexit-fe/

Guardian

• Mike van Dulken of Accendo Markets says that “risk aversion” is rife this morning: Investors continue to fret over global growth with China weekend data failing to inspire and the IMF sounding the alarm (again) over a Chinese corporate debt bubble. Anxiety persists about the risks of a UK vote to leave the EU (Brexiety?) and traders prepare themselves for a hat-trick of central bank updates this week – from the US Federal Reserve (Wednesday), the Bank of Japan and the Bank of England (both on Thursday).
• https://www.theguardian.com/business/live/2016/jun/13/pound-and-shares-hit-by-brexit-and-growth-fears-business-live

Business Insider

• That’s a view confirmed by Mike van Dulken of Accendo Markets, who said in a morning email a little earlier that: “$50 could be a tough level to surpass for Crude. While Brent is currently in a consolidation pattern (mid-downtrend) around $50, WTI has dropped back below to trade around $48.5.”
• http://uk.businessinsider.com/oil-slips-in-early-trading-on-monday-june-13-2016-6