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

Fast Europe Open: Plenty of data

Posted on November 24, 2016

Dollar strength looms large over global markets, as the yen remained week and a number of emerging Asian markets currencies hit multi-year lows.

Japanese stocks were basically the standout in the Asian session as exporters benefited from the weaker yen. The Topix was up 0.9 per cent. Other equities benchmarks were weaker or subdued at best: Australia’s S&P/ASX 200 closed flat, Hong Kong’s Hang Seng was down 0.3 per cent and China’s Shanghai Composite was up by one-quarter of 1 per cent.

Solid US economic data boosted the dollar index on Wednesday, but the greenback was flat in late Asian trade. Still, the euro was down 0.1 per cent at $1.0548 the pound was down 0.1 per cent at $1.2436. Futures tip London’s FTSE 100 to rise 0.1 per cent.

European companies news today includes: Rémy Cointreau Q3, Monte dei Paschi meeting. UK companies reporting include: Severn Trent, Countrywide, Mothercare, HSS Hire, Pets at Home, Hornby.

Today’s economics calendar is pretty full, with a little bit of something for everyone (London times):

  • 07.00: German GDP final reading
  • 07.45: French business and manufacturing confidence
  • 08.00: Sweden confidence
  • 08.00: Spain GDP
  • 09.00: Ifo Germany
  • 09.00: ECB financial stability review
  • 09.30: BBA mortgage approval
  • 11.00: Turkey rates
  • 12.00: GFK consumer confidence Germany
  • South Africa’s interest rate decision is due today