Risk appetite holds into new week – Accendo Markets

Risk appetite holds into new week – Accendo Markets

Mike van Dulken, head of Research at Accendo Markets commented to clients this afternoon:

Equities have made a very mixed start to the news week, the UK FTSE essentially flat, holding Friday’s breakout, but Germany’s DAX losing ground due to M&A. A waning of Friday’s USD bounce is also hindering sentiment by way of fresh reciprocal GBP and EUR strength. The UK FTSE100 is being supported by Miners (higher metals prices, especially iron ore), DGE (extending rally) and BP (weaker USD, Oil off lows). Dragging on the index are GSK, IMB, BATS and RB as investors shun defensives and PPB on news of a change at the top. Germany’s DAX is lower due to Fresenius Medical acquiring NxStage Medical for $2bn. The FTSE 100 has eased back from its 7540 breakout highs. The DAX 30 have pulled back below 12300. New channel?  Dow Jones Futures remain above 22100, in a rising channel. Gold’s bounce from $1255 late July low is waning.”

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