It’s the summer of lull – Accendo Markets

It’s the summer of lull – Accendo Markets

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

“Equities remain mixed, and to a certain extent rangebound. The FTSE holds its sideways channel, digesting the recent rally. The DAX outperforms after a breakout from the range since yesterday lunch. Poor China/German trade data dented sentiment, but a weaker USD helping commodities and positive corporate results keep the longer-term uptrend alive. The UK FTSE100 is just above breakeven, thanks to Oil majors (higher oil price, ex-div Thurs), STAN (post results rebound) and a trio of AZN, GSK and DGE ahead of ex-divs on Thursday. Hampering progress are BATS, VOD and RB (defensives, post-bounce profit taking), RIO (iron ore price drop), HSBC (profit taking in HK) and PPB & IHG (results). Germany’s DAX is higher, despite EUR strength, thanks to Deutsche Post (results; trade barometer), Siemens (new train order), RWE (Bloomberg article on industry growth) offsetting weakness for HeidelbergCement (German trade data?). The FTSE 100 trades 7515-7535, waiting to make a break. The DAX 30 has bounced off 12225. Dow Jones Futures retest 22,110 after breaking above yesterday’s falling highs. Gold is rallying back towards falling highs resistance at $1267.”

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