Asia markets tentative ahead of Opec meeting

Wednesday 2.30am GMT Overview Markets across Asia were treading cautiously on Wednesday, following mild overnight gains for Wall Street, a weakening of the US dollar and as investors turned their attention to a meeting between Opec members later today. What to watch Oil prices are in focus ahead of Wednesday’s Opec meeting in Vienna. The […]

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Banks, Financial

RBS emerges as biggest failure in tough UK bank stress tests

Royal Bank of Scotland has emerged as the biggest failure in the UK’s annual stress tests, forcing the state-controlled lender to present regulators with a new plan to bolster its capital position by at least £2bn. Barclays and Standard Chartered also failed to meet some of their minimum hurdles in the toughest stress scenario ever […]

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Barclays: life in the old dog yet

Barclays, a former basket case of British banking, is beginning to look inspiringly mediocre. The bank has failed Bank of England stress tests less resoundingly than Royal Bank of Scotland. Investors believe its assets are worth only 10 per cent less than their book value, judging from the share price. Although Barclays’s legal team have […]

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Currencies, Equities

Scary movie sequel beckons for eurozone markets

Just as horror movies can spook fright nerds more than they expect, so political risk is sparking heightened levels of anxiety among seasoned investors. Investors caught out by Brexit and Donald Trump are making better preparations for political risk in Europe, plotting a route to the exit door if the unfolding story of French, German […]

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Dollar rises as markets turn eyes to Opec

European bourses are mirroring a tentative Asia session as the dollar continues to be supported by better US economic data and investors turn their attention to a meeting between Opec members. Sentiment is underpinned by US index futures suggesting the S&P 500 will gain 3 points to 2,207.3 when trading gets under way later in […]

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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.