Accendo Press Quotes - Week Ending 23 Dec

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Accendo Press Quotes – Week Ending 23 Dec

23 Dec

Digital Look

Mike van Dulken and Henry Croft at Accendo Markets said: “The key data point on this shortened UK trading day will be UK Q3 GDP seen confirmed at 0.55% quarter-on-quarter and 2.3% year-on-year, the pace of growth slowing versus last quarter but accelerating over the year from 0.7%/2.1% in Q2. With Services making up around 80% of UK GDP, the index of services reading for October will provide a first suggestion of how the fourth quarter began.”
http://www.digitallook.com/news/market-report-opening/london-open-stocks-flat-in-thin-volumes-ahead-of-christmas-gdp-eyed--2369758.html

22 Dec

Guardian

But Mike van Dulken, head of research at Accendo Markets, isn’t pleased that a rescue might take three whole months. "Risk appetite remains hampered by thinner holiday trading into Christmas as well as talk of a Monte dei Paschi bailout taking a whopping 3-months to complete, taking us well beyond a supposed 31 Dec deadline for shoring up Italy’s knackered banks. An official announcement still eludes markets which understandably want clarity on the issue."
https://www.theguardian.com/business/live/2016/dec/22/italys-monte-dei-paschi-bailout-rescue-bid-business-live?page=with:block-585b81bbe4b06265ff0d5a28#block-585b81bbe4b06265ff0d5a28

21 Dec

Bloomberg

“Whilst an undertone of traditional year-end bullishness remains, the outstanding issue of Monte dei Paschi’s rescue, be it via bailout or recapitalization, remains a hindrance on extension of the current Santa rally,” Accendo Markets analysts Mike van Dulken and Henry Croft wrote in a note.
https://www.bloomberg.com/news/articles/2016-12-21/european-stocks-little-changed-as-industry-rotation-continues

20 Dec

Reuters

Michael van Dulken, at Accendo Markets, said: 'While the clock ticks towards a Wednesday deadline for a key debt-equity swap (and year-end full recapitalisation) of MPS the Italian government has sought parliamentary approval for up to €20billion in public funds (even if it does ramp up national debt) to prop up the bank should a €5billion rescue plan collapse and state aid be required to protect borrowers and avoid a toxic cocktail of sector contagion and further political backlash.'
http://www.thisismoney.co.uk/money/markets/article-4050858/UK Index -LIVE-London-shares-lower-terror-attacks-overnight.html#ixzz4TNG3LnoD

19 Dec

Reuters

Analysts said that uncertainty among Italian banking shares, in particular regarding a share issue from troubled lender Monte dei Paschi (BMPS.MI), was dampening the sector. "We're still waiting to hear whether Monte dei Paschi will be successful in that last-ditch attempt to raise the money it needs," Mike van Dulken, head of research at Accendo Markets, said. "Until we get more clarity, the bank sector is going to be a little on edge."
http://uk.reuters.com/article/uk-britain-stocks-idUKKBN148102

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This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.

Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance. Prepared by Michael van Dulken, Head of Research

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