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Accendo Press Quotes – Week Ending 4 May 2018
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- “The higher open comes “as traders prepare for the outcome of US-China trade talks (so far so good says US Trade Sec Mnuchin) and gear up for this afternoon’s US jobs report, which has potential to revive hawkishness about Fed rate hikes if wage growth is strong, pushing USD higher and GBP lower,” said Michael van Dulken, head of research at Accendo Markets.
- http://www.iii.co.uk/alliance-news/1525419281590881100-3/london-market-open-iag-and-hsbc-top-and-tail-UK Index -100-us-jobs-ahead
- “The question remains whether Smith & Nephew can improve revenues here enough,” said Accendo Markets analyst Artjom Hatsaturjants. “After all, cutting guidance so early in the year implies quite a disappointment”.
- “This [higher London open] derives from potential for a hawkish Fed statement to keep upward pressure on USD and thus downward pressure on GBP (in addition to that from Westminster and Brexit) to assist UK blue-chips,” said Michael van Dulken, head of research at Accendo Markets.
- Investors were “gobbling up” news of a “smorgasbord of positive Q1 results”, said Artjom Hatsaturjants, analyst at Accendo Markets. “Investors are clearly ignoring concerns about spending to bolster delivery capabilities, which could yet risk dragging Just Eat into an intense price competition with rivals such as UberEats and Deliveroo, at the expense of profit margins,” he added.
- “Helping sentiment is fresh GBP weakness. This is derived from political uncertainty, both from a shift in Brexit influence within Theresa May’s Cabinet (replacement Home Secretary Sajid Javid being pro-Breixit while Amber Rudd, who resigned following an immigration scandal, is anti) and continued difficulties with the North Irish border,” Accendo Markets said.
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Prepared by Michael van Dulken, Head of Research