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

Yen strengthens 1% in morning trade

Posted on November 28, 2016

The yen has jumped in morning trade, eyeing its biggest advance against the US dollar in more than two months and putting pressure on Japanese shares for the first time in more than a fortnight.

The Japanese currency is 1 per cent stronger at ¥‎112.05 per dollar in morning trade on Monday, putting it on track for its biggest gain since a 1.4 per cent advance on September 21.

Much like dollar strength had prompted yen weakness since Donald Trump was elected president of the United States earlier this month, dollar weakness today is the reason behind the firmer yen. The US dollar index was down by one-third of 1 per cent this morning, on track for its biggest drop since November 1.

So far this month, the yen has weakened 6.9 per cent against the greenback. In that time, it has traded as strong as ¥‎101.20 as US election results were pouring out on November 9, and was flirting with ¥‎114 late last week.

Japan’s broad Topix benchmark was down 0.5 per cent, facing its first – and largest – fall since November 9. The index’s 11-session winning streak, which now looks in jeopardy, was one of its longest of the past three decades.