16 Sept

Proactive Investors

• Accendo Markets said of the Deutsche news: “This is never good news for a sector so intricately linked, especially when aimed at making an example of Europe’s largest (it’s almost equivalent to its market cap!), suggesting that an end to all those years of litigation is a way off yet.” It added: “RBS is suffering most today because it remains in the firing line stateside for its own RMBS mis-selling and actions in the run-up to the financial crisis.”
• http://www.proactiveinvestors.co.uk/companies/market_reports/165991/UK Index -100-falters-rbs-biggest-loser-after-deutsche-fine-165991.html

15 Sept

Marketwatch

• “Looming central bank updates … continue to burden investors desperate for more stimulus to keep the accommodative policy market party going or at least signals that tighter policy is not imminent,” said Accendo Markets analysts Mike van Dulken and Henry Croft in a note. “All the while, macro data remains mixed, and concerns grow about both a waning potency of existing stimulus and fresh options running dry,” they said.

• http://www.morningstar.com/news/market-watch/TDJNMW_20160915128/update-european-stocks-edge-up-as-oil-turns-higher.html

14 Sept

Guardian

• Antofagasta has added 19.1p to 499.8p while Anglo American is 31.6p higher at 815.4p. Mike van Dulken, head of research at Accendo Markets, said: Copper proxy Glencore is top of the UK 100 pile this morning thanks to the bottoming out and rebound from $4600 a tonne over of the last month, seeing the price of the red metal challenge September’s highs just shy of $4,700 and a bugbear 2-month trend of falling highs. The latest leg up maintains the 2016 trend of rising lows from the January depths of the global commodity rut, helped yesterday by supportive data from China and in spite of additional US dollar strength that normally serves to hinder.
• https://www.theguardian.com/business/marketforceslive/2016/sep/14/UK Index -climbs-after-miners-recover-and-in-line-uk-jobs-data

13 Sept

Telegraph

•  Mike van Dulken, of Accendo Markets, said: “A more positive market today comes after the Fed’s Brainard maintained a dovish stance which was a relief to investors concerned about a more hawkish consensus forming and the Fed pulling the rate hike trigger again next month. Add to this some positive China data overnight and risk appetite is decidedly more prevalent. Although if we are to pick holes in the latter, August Industrial Production, Retail Sales and Investment may have seen growth over the last year accelerate but year to date growth was unchanged suggesting help from stimulus earlier in the year may be petering out.”
• http://www.telegraph.co.uk/business/2016/09/13/UK Index -100-snaps-losing-streak-and-pound-hovers-above-133-ahead-of/

12 Sept

This is Money

• Henry Croft, Research Analyst at Accendo Markets, said: ‘Associated British Foods shares are the worst performer on the UK Index this morning, despite what on the surface looks like a positive trading update.  ‘Investors will like the sound of 2016 operating profit but on the one hand its balance sheet now suffers from a £200m hole (previously a surplus) on its pensions scheme as well as a likely higher debt by year end.  He added: ‘Even worse, perhaps, is the forecast for sales at its flagship Primark brand to be down 2 per cent like-for-like due to bad weather and FX moves.   ‘A mid-September heatwave could even make things worse for Primark delaying the start of the all-important Autumn/Winter season and those big ticket purchases. Is the food/ingredients side of the business enough keep the shares in fashion?’

• http://www.thisismoney.co.uk/money/markets/article-3784983/AB-Foods-shares-drop-despite-upping-forecasts-weak-Primark-sales-surprise-200m-pension-deficit.html