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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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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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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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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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 | Currencies

Haven status lifts pound to annual high

Posted on April 30, 2012

The pound hit a fresh annual high against the euro and the dollar, rising above $1.63 for the first time since August as the UK currency benefited from haven demand in Europe.

Sterling rose above €1.23 against the single currency, gaining 0.1 per cent to reach an annual high of €1.2311, its strongest level against the euro since June 2010.

    The pound’s strength surprised markets last week, as the demand for a relative haven in Europe outweighed figures showing the UK had slid back into recession after the first quarter.

    Sterling rose to annual highs against the single currency on three out of five trading days last week. Speculators moved to net long sterling positions last week for the first time since August, data from the US Commodity Futures Trading Commission showed.

    “With tensions in the euro-area unrelenting, it seems fair to conclude that the recent pattern in trade for euro/sterling is unlikely to change,” said Neil Mellor, foreign exchange analyst at BNY Mellon.

    But the pound pared gains later in the session to fall 0.2 per cent against the euro to €1.2264 and 0.3 per cent against the dollar to $1.6227, as the US currency clawed back its losses against other leading currencies.

    The euro fell 0.1 per cent to $1.3220 while the Australian, New Zealand and Canadian dollars and the Swiss franc dipped against the US dollar as risk appetite waned after Standard & Poor’s, the rating agency, downgraded a string of Spanish banks.

    The Australian dollar weakened ahead of a decision by the Reserve Bank of Australia on Tuesday on whether to cut interest rates, with market participants expecting a cut of at least 25 basis points to 4 per cent.

    The Aussie dipped 0.4 per cent to $1.0412. The currency had reached a one-month high against the dollar last week, after gaining strength as markets decided the prospect of a rate cut had been fully priced in.

    “A decision to ease by just 25 basis points could see some further relief gains in the currency,” noted analysts at Credit Suisse.