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Accendo Press Quotes – Week Ending 27 May
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- Mike van Dulken of Accendo Markets wonder if Yellen might play it cool at Harvard: In focus today will likely be Fed Chair Yellen’s speech after the European close, especially after her colleagues (mostly non-voters) were out in force this week swaying expectations about a Summer rate hike. Note, however, Yellen is only receiving an award from Harvard so may well swerve explicit mention of US monetary policy to avoid adding fuel to the fire.
- “A slightly weaker dollar plays in favour of commodities and their extractors, be they miners or drillers,” said Mike van Dulken, head of research at Accendo Markets. “An array of recent concerns appear to have been stowed away by bulls who remain fixated on re-igniting this week’s rally.”
- Prices have rebounded from historically low levels around $26 a barrel in February due to “a drop in U.S. oil stockpiles on top of falling U.S. output and global supply problems,” explained Mike van Dulken, head of research at Accendo Markets.
International Business Times
- “While oil prices continue to tick higher, note that the prospect of an Opec-led deal to control output looks ‘dead,’ even as Iran approaches pre-sanctions production levels – which it had previously said would make it more at home to participating in discussions,” said Michael Van Dulken, head of research at Accendo Markets.
- Clothing and general merchandise performance remains unsatisfactory as difficult trading conditions persist, which leaves everything on the shoulders of a stronger performing but much lower-margin food segment,” Accendo Markets head of research, Mike van Dulken, said. “A troubled retail division has become a major issue as the core customer base ages and it likely struggles to entice a younger demographic more likely to buy online.”
- ‘More margin-hampering short-term investment in pricing and employees required to deliver a successful turnaround are weighing on sentiment,’ said Mike van Dulken, head of research at Accendo Markets. ‘Shareholders are clearly checking out from 2016 highs, preferring to await proof of turnaround before adding them back to the basket.’
- Analysts covering yesterday’s disappointing final results from Marks & Spencer had fun with puns in their brokers’ notes. “Management ‘socks’ it to investors with a ‘pants’ update” said Mike van Dulken, head of research at Accendo Markets. The chain’s shares – which plunged more than 8 per cent in early trading – were left holding the “blue-chip wooden spoon,” he added, after a near 20 per cent decline in profits from booking £200m in charges.
- The shares were flat. Accendo Markets’ head of research Mike van Dulken said this demonstrated “impressive resilience despite news that full-year net profit growth is set to slow and after management delivered an uncharacteristically downbeat update, highlighting terrorism worries potentially pushing falling ticket prices even lower and a rising oil price requiring prudence”
- “Les cours du brut ont baissé au cours du week-end après que le décompte des puits en activité (par le groupe de services pétroliers) Baker Hughes est resté stable vendredi, ce qui indique que l’offre continue d’être un facteur important pour le pétrole”, relevaient Michael van Dulken et Augustin Eden, analystes chez Accendo Markets. “Alors que les incendies au Canada et l’instabilité politique ailleurs ont soutenu les prix dernièrement, le problème toujours présent de la surabondance mondiale demeure”, poursuivaient les analystes.
- “Investors appear content to continue believing in Ryanair’s tradition for conservatism regarding targets, preferring to focus on solid passenger stats and improved profitability from higher load factors, passengers willing to shell out for and endless list of zero costing extras and legendary cost management,” explains Mike van Dulken, head of research at Accendo Markets. “Regarding the latter, good news comes from the company being able to lock in lower fuel costs to a much higher percentage than normal. Markets look to be buying into the usual upgrade coming later in the year.”
This is Money
- Mike van Dulken, at Accendo Markets, said: ‘Crude prices have eased over the weekend after the Baker Hughes Rig Count stayed flat on Friday, indicating that supply continues to be a major driver for oil.’ He added: ‘While wildfires in Canada and political instability elsewhere have buoyed prices of late, there remains the ever present global oversupply issue. ‘Of course, it’s still possible that the lows plumbed by oil earlier in the year were severely overdone. Note $50 still the major hurdle.’
- (http://www.thisismoney.co.uk/money/markets/article-3604353/UK Index -LIVE-Footsie-slips-Treasury-warns-Brexit-spark-year-long-recession.html)
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Prepared by Michael van Dulken, Head of Research