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

Japan’s Topix notches monster 11-day winning streak

Posted on November 25, 2016

They may break out the caps on Wall Street when the Dow Jones rises through thousand-point barriers, but it might be time for Japanese investors to pull out their Spinal Tap t-shirts – because this rally has gone to 11.

Things were looking a bit shaky for the Topix during the afternoon session on Friday. The yen trimmed its early decline, which dragged the Japanese stock market into negative territory, before staging a late recovery. The Topix and the Nikkei 225 finished 0.3 per cent higher on Friday.

The 11th straight session of gains for the Topix index is the Japanese benchmark’s longest winning streak since pulling off 12 in a row from May to early June in 2015, according to Financial Times analysis of daily Bloomberg data. The Nikkei 225 has closed higher for a respectable seven sessions in a row.

Up 12.6 per cent over this period, the Topix has had a much stronger than streaks of equal and longer length. But this run for the Topix ranks quite favourably in the pantheon of market endurance.

Over the past 30 years, there have been only a handful of other stretches that have gone on for longer. Top of the table is the 15-day run from February to March in 1998, followed by 13 sessions from July to August 2009 and then last year’s 12-day streak.

At the moment, this is one of three 11-day winning streaks over the past three decades.

Winding the clock back further to 1949, the limit of the Bloomberg data, there are a total of 10 11-day winning streaks (including this November), four 12-day runs, four 13-day runs, two 14-day runs, three 15 day runs and two 17-day streaks.

Over the past three weeks, the yen has strengthened in only three of 15 sessions. Last Friday, the US dollar index ruled off on a 10-session winning streak, one of its longest on record.

The Topix and the Nikkei 225 both gained 2.9 per cent in a holiday-shortened trading week. It was the third straight week of gains for both equities gauges.