29 Jul

Digital Look

• Mike van Dulken, head of research at Accendo Markets, said: “A neutral open comes after a mixed Asian session with the Bank of Japan failing to deliver what greedy markets wanted – more stimulus. “We did ask whether it would do little or even hold off until September, like the ECB, in order to see what the BoE does next week and allow the Japanese government to introduce the fiscal stimulus it has announced. Some say a limited offering suggests the BoJ has run out of options. But just because it didn’t move overnight, doesn’t mean it won’t move later. Patience please.”
• http://www.digitallook.com/news/market-report-opening/london-open-stocks-touch-lower-as-boj-disappoints-barclays-gains-after-results–1646672.html

28 Jul

News.Markets

• The BoJ may well do nothing at all, reckons Augustin Eden at Accendo Markets. “With the Fed holding pat yesterday, not giving much away regarding monetary policy, and the Bank of England widely tipped to cut rates next week, might Kuroda & crew hold off on stimulus for the time being?” he writes. “A 2016 US rate rise is still on the cards and a dovish outlook in the UK could see any hawkish surprise there help to weaken the Yen by proxy, negating the need for aggressive stimulus from the BoJ.”
• https://news.markets/market-menu/fridays-market-menu-43-22983/

27 Jul

Daily Mail /AFP

• ANALYST TAKE: “It wants to hike rates but can’t; not while peers are moving in the opposite direction, their own currency-weakening action effectively delivering tighter U.S. policy by sending the dollar higher,” said Mike van Dulken, head of research at Accendo Markets. “So it’s unlikely the Fed can hike again before year-end at the earliest either, which leaves equities grinning at the thought of even lower rates and even looser policy for even longer.”
• http://www.dailymail.co.uk/wires/ap/article-3710167/Asian-stocks-mixed-ahead-Fed-statement.html

26 Jul

CityWire

• ‘A favourable response to discussions sees the UK incumbent obliged to open up its Openreach network to competitors and consult on any investment including plans to spend £6 billion over the next three years,’ said Mike van Dulken, head of research at Accendo Markets. ‘It avoids, however, going as far as calling for a full hiving off of the business from the BT group which was always an extreme and almost certainly expensive possibility. Today’s less-bad news is thus being very well received.’
• http://citywire.co.uk/money/bt-leads-UK Index -higher-on-ofcom-relief/a936335

Proactive Investors

• Mike van Dulken, the head of research at spread betting firm Accendo Markets, said BT shareholders breathed a sigh of relief as Ofcom “opted not to pull the rug out from under its key local network business”. “A favourable response to discussions sees the UK incumbent obliged to open up its Openreach network to competitors (Sky (SKY), TalkTalk (TALK); both shares muted) and consult on any investment including plans to spend £6bn over the next three years. It avoids, however, going as far as calling for a full hiving off of the business from the BT Group which was always an extreme and almost certainly expensive possibility,” van Dulken said.
• http://www.proactiveinvestors.co.uk/companies/news/128627/bt-group-dodges-a-bullet-as-it-is-allowed-to-keep-openreach-128627.html

25 Jul

Telegraph

• Mike van Dulken, of Accendo Markets, said: “A positive opening call comes after a lacklustre session in Asia to start the trading week, with conviction lacking as investors gear up for another week of event-risk. The Fed and BoJ deliver updates on Weds & Friday, respectively, the former potentially offering clues about rate-rise timing, the latter is expected to explain its next move in terms of monetary stimulus.  This while the fallout from the UK’s referendum dominated the week’s G20’s meeting of finance ministers.”
• http://www.telegraph.co.uk/business/2016/07/25/UK Index -100-stutters-and-pound-remains-weak-as-investors-eye-fed-an/