RBS share drop accelerates on stress test flop

Stressed. Shares in Royal Bank of Scotland have accelerated their losses this morning, falling over 4.5 per cent after the state-backed lender came in bottom of the heap in the Bank of England’s latest stress tests. RBS failed the toughest ever stress tests carried out by the BoE, with results this morning showing the lender’s […]

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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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Categorized | Currencies

US stocks extend all-time highs helped by retailers

Posted on November 22, 2016

Wall Street’s main equity gauges finished at all-time highs for the second straight day highlighting investors’ risk appetite. Stocks were lifted by gains in shares of retailers and telecoms even as the rally in oil prices cooled.

The S&P 500 shed as much as 0.2 per cent before climbing back to finish the day 0.2 per cent higher. The Dow Jones Industrial Average rose 0.4 per cent and passed a psychological mark of 19,000 for the first time. Meanwhile, the tech-heavy Nasdaq Composite was up 0.3 per cent.

Gains in the S&P 500 were fueled by a string of positive earnings announcements by retailers ahead of the key year-end holiday season. Dollar Tree shares jumped after the the bargain retail chain reported better-than-expected growth in same-store sales and raised its earnings outlook for the upcoming holiday shopping season. Urban Outfitters, which will report results after the bell and VF Corp, the company behind Northface and Timberland, were also higher.

Meanwhile, a rally in metals prices helped lift shares of mining companies, such as Freeport-McMoRan, which rose 5 per cent.

Verizon shares rose 2 per cent and led the gains in the Dow.

Crude oil prices fluctuated after staging strong gains on Monday. Brent crude, the international benchmark, rose 0.4 per cent to $49.11 per barrel, while US crude fell 0.6 per cent to $47.49 a barrel.

US bonds were also mixed. The yield on the 10-year Treasury, which moves opposite to price, fell 0.5 basis points to 2.31 but the yield on the 2-year note rose 0.8 basis points to 1.08 per cent. The dollar index, which measures the buck against a basket of peers, was flat at 101.04.