Capital Markets, Financial

BGC Partners eyes new platform to trade US Treasuries

BGC Partners plans to launch a new platform to trade US Treasuries early next year, in a bid to return to a market in the middle of evolution, according to people familiar with the plans.  The company, spun out of Howard Lutnick’s Cantor Fitzgerald in 2004, sold eSpeed, the second-largest interdealer platform for trading Treasuries, […]

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Financial

Sales in Rocket Internet’s portfolio companies rise 30%

Revenues at Rocket Internet rose strongly at its portfolio companies in the first nine months of the year as the German tech group said it was making strides on the “path towards profitability”. Sales at its main companies increased 30.6 per cent to €1.58bn while losses narrowed. Rocket said the adjusted margin for earnings before […]

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Currencies

Renminbi strengthens further despite gains by dollar

The renminbi on track for a fourth day of firming against the dollar on Wednesday after China’s central bank once again pushed the currency’s trading band (marginally) stronger. The onshore exchange rate (CNY) for the reniminbi was 0.28 per cent stronger at Rmb6.8855 in afternoon trade, bringing it 0.53 per cent firmer since it last […]

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Currencies

Nomura rounds up markets’ biggest misses in 2016

Forecasting markets a year in advance is never easy, but with “year-ahead investment themes” season well underway, Nomura has provided a handy reminder of quite how difficult it is, with an overview of markets’ biggest hits and misses (OK, mostly misses) from the start of 2016. The biggest miss among analysts, according to Nomura’s Sam […]

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Property

Spanish construction rebuilds after market collapse

Property developer Olivier Crambade founded Therus Invest in Madrid in 2004 to build offices and retail space. For five years business went quite well, and Therus developed and sold more than €300m of properties. Then Spain’s economy imploded, taking property with it, and Mr Crambade spent six years tending to Dhamma Energy, a solar energy […]

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Categorized | Equities

Banks lead falls after Spanish downgrades


Posted on April 30, 2012

Share prices across Europe fell yesterday, reversing gains last week, after Spain slid into recession.

“This is a rolling crisis that goes up and down. Markets were generally up last week and they are down this week,” Karen Olney, strategist at UBS, said.

    The FTSE Eurofirst 300 index inched down 0.8 per cent to 1,043.28.

    In Madrid, the Ibex 35 tumbled 1.9 per cent to 7,011 after the government released first-quarter data revealing the Spanish economy contracted 0.3 per cent from the previous quarter.

    Banks led the decline as Standard & Poor’s downgraded 11 of Spain’s largest banks.

    Banco Santander
    , Europe’s largest bank by market capitalisation, shed 2.5 per cent to end at €4.72, while shares in BBVA
    fell 2.2 per cent to €5.11.

    In Paris, the CAC 40 slipped 1.6 per cent to 3,212.80 with tech companies leading the decline.

    STMicroelectronics
    , the parent company of ST-Ericsson, fell 5 per cent to €4.29 after Moody’s changed its outlook for the company to negative, affirming its Baa1 rating.

    In Frankfurt, the Xetra Dax fell 0.6 per cent to 6,761.19 despite gains for Adidas
    .

    The German sports goods group’s shares climbed to a record after it raised its profit forecast on strong performance in China.

    The shares jumped nearly 5.3 per cent to close at an all-time high of €63, as the company announced better than expected first-quarter results, with revenues up 17 per cent to €3.8bn.

    Retailer Metro
    ’s shares also rose 2.6 per cent to €24.38.

    However, shares in BASF
    , the world’s biggest chemical maker, fell sharply, down 4.7 per cent to €62.19.

    ABB
    dropped after ING cut its price target for the company’s share price from SFr20 to SFr19. The Swiss electrical engineering group fell 3.8 per cent to SFr16.54.

    Telenor
    was among Europe’s biggest gainers as shares rose 5.2 per cent to NKr105.2 after the Norwegian telecoms company said it had written down the rest of its NKr3.9bn business in India.

    This is the second writedown Telenor has made since India’s Supreme Court revoked its mobile licence in India.