India’s $1.6tn stock market broke new ground last week, with the benchmark index hitting an all-time high as confidence builds that the government’s reform agenda will strengthen growth and corporate earnings. But the stock market’s 14.9 per cent rally since January 1 has divided opinion among fund managers who disagree over whether Indian equities can make further gains. “The most common question that I am asked by […]
(This version of the story corrects paragraph 10 to show quote was by Interim CFO Bob Blowes, not Robert Morton as previously stated) By Matt Scuffham TORONTO Home Capital Group Inc (HCG.TO) confirmed on Friday it is considering asset disposals to enable it to refinance more quickly and pay off an emergency loan provided by the Healthcare of Ontario Pension Plan. Shares in Canada’s biggest non-bank lender […]
BEIJING British finance minister Philip Hammond said on Sunday Britain is a natural partner for China’s new Silk Road programme, and as it leaves the European Union (EU) it wants more trade with the world not less. China is one of the countries Britain hopes to sign a free trade agreement with once it leaves the EU, and London and Beijing have been keen to show that […]
BP is suing one of its former US oil trading analysts for allegedly stealing company secrets, in a case that shines a light on the importance of proprietary data to the world’s largest oil traders. In a filing in the United States Northern District of Illinois, BP’s trading division alleges that Joseph Giljum, a crude oil analyst at its Chicago office until last month, uploaded “large volumes” […]
Brick makers Forterra and Ibstock hit record highs on Friday after Berenberg tipped them as a way to play the UK’s housing shortage. New home construction should be underpinned in the short term by the Help To Buy subsidy, and over the longer term by government support to bring smaller builders back into the market, Berenberg said. Its team estimated that the UK’s shortfall now stood at […]
Readers are familiar with the various microwave and laser arrays located at the real New York Stock Exchange in Mahwah, New Jersey, both of which we have written about in the past. Microwave tower located next to the NYSE in Mahwah, NJ. This article, however, is not about the familiar antennas off Route 17 in New Jersey. Instead, demonstrating to what lengths the high frequency traders will […]
If you are an investor wanting a safe, unexciting asset to make a bit of money, avoid South Africa’s rand. It is not that you cannot make money trading the currency. You very much can, and you might make it big and quickly. The problem is you can also lose much more than you gain and at a frightening pace. To play the rand, investors need not […]
Greece inched closer to a return to public market finance for at least part of its Sisyphean debt burden this week, with benchmark bond yields dropping to levels seen when the country last issued new debt three years ago. Enthusiasm for the small portion of Greek debt held in private hands and available to trade followed a long-delayed agreement on fiscal and structural reform measures with European […]
NEW YORK/BOSTON Some of the biggest U.S. mutual and hedge funds, including Daniel Loeb’s Third Point and Daniel Och’s Och-Ziff Capital Management (OZM.N), owned stakes in Snap Inc (SNAP.N), parent of the wildly popular Snapchat messaging app, at the end of March, regulatory filings on Friday showed. The filings provide the first definitive snapshot on who bought Snap shares when it went public in early March, in […]
MEXICO CITY General Electric Co (GE.N) Chief Executive Jeff Immelt is keen to double the conglomerate’s purchases from Mexican suppliers next year, the Mexican president’s office said in a statement on Friday, a move that could upset U.S. President Donald Trump. Immelt met with Mexico’s President Enrique Pena Nieto in Mexico City and will spend a few days in Latin America’s No. 2 economy at a time […]
By Yashaswini Swamynathan The S&P 500 and the Dow edged lower on Friday as financial stocks fell, but losses on the Nasdaq were kept in check by a rise in technology shares. With the first-quarter earnings season coming to an end, investors are looking to the Federal Reserve, Trump administration and economic data for fresh trading catalysts. A risk-off sentiment has dominated trading this week after President […]
Profits take a hit at Entertainment One. FT Opening Quote is your early Square Mile briefing. You can sign up for the full newsletter here. Efforts to strengthen Entertainment One’s film division will hit its full-year profits by almost £50m, the company announced today, after it renegotiated one of its main distribution agreements, writes FastFT. Entertainment One is best known for producing television programmes such as Peppa […]
Tech Times reported in February that China has increased its budget for its planned space programs and that the country is already designing an advanced and recoverable spacecraft that will be capable of landing on the moon. Now China has already begun preparations for its planned lunar laboratory in collaboration with the European Space Agency by locking in eight volunteers to live and work in a simulated space environment inside […]
BANGKOK Thailand’s new King Maha Vajiralongkorn attended an annual ploughing ceremony on Friday where sacred oxen predicted a bountiful harvest, auguring well for the world’s second largest rice exporter’s hopes of selling more this year. The royal ploughing ceremony is an ancient Brahminical rite which heralds the start of the new rice growing season. Broadcast on state television, the rite is celebrated in Thailand as a national […]
It’s been a strange day in Washington, as top intelligence officials and even US President Donald Trump appeared to question his own statements on the firing of FBI director James Comey. Andrew McCabe, the FBI acting director, contradicted Mr Trump over the firing of Mr Comey, denying in testimony to the Senate intelligence committee that the ousted chief had lost the support of employees as he insisted […]
A former Foley & Lardner LLP partner used information gleaned from internal client documents to make illegal stock trades, according to charges filed Thursday by the Southern District of New York and the Securities and Exchange Commission. Prosecutors allege Florida real estate lawyer Walter “Chet” Little, who left Foley for Bradley Arant Boult Cummings LLP […] (via WSJ)
Pets at Home hit a record low on Thursday amid fears of a profit warning with its full-year results this month. Morgan Stanley slashed earnings forecasts for Pets at Home’s 2018 financial year to reflect margin pressure, continued weak sales and rising costs. So-called “category killer” specialist retailers need high gross margins to be economically viable because they suffer from low sales densities and slow stock turn, […]
By John McCrank | NEW YORK NEW YORK Goldman Sachs Group Inc (GS.N) will launch a new private stock-trading venue, known as a “dark pool,” on Friday, that is run by exchange operator Nasdaq Inc (NDAQ.O), according to a note to clients obtained by Reuters. Goldman has been refreshing its trading technology to become more competitive in its electronic stock execution business, and hired Nasdaq last year […]
Adjustments to closely tracked corporate bond indices have “clear” trading and pricing impacts, a new study from credit rating agency Fitch showed on Thursday. The US rating agency found that changes to the Bloomberg Barclays US Aggregate Index earlier this year resulted in “dramatic increases” in trading volumes for bonds set to be dropped from the index and that prices for those bonds underperformed larger credits. Bloomberg […]
BT’s own goals cost the boss dearly. FT Opening Quote, with commentary by Matthew Vincent, is your early Square Mile briefing. You can sign up for the full newsletter here. Two months ago, all Paris St Germain had to do to reach the quarter finals of the European Champions League was not concede three goals in the final 2 minutes of their match against Barcelona. Barcelona’s ensuing […]
With passive investing passing the $4tn mark in April, things aren’t exactly looking up for active asset managers. New product launches and investor inflows mean there are now almost 7,000 exchange-traded products managed by 313 providers and total assets of $4.002tn at the end of April, according to fresh figures from ETFGI, an industry data provider. The relentless flood of money into passive investment vehicles is a […]
Snap fell short of Wall Street’s expectations in its first quarterly results as a public company, sending its shares tumbling by almost a quarter in value in after-hours trading to hit a new low. The maker of the Snapchat app reported revenue growth of 286 per cent to $149.6m but analysts had been expecting almost $10m more than that. Losses were also wider than forecasts. Daily active […]
10 May 2017 BP today announced that it has started gas production from the first two fields, Taurus and Libra, of the West Nile Delta development in Egypt. The project was delivered eight months ahead of start-up schedule and under budget. First gas was exported to Egypt’s national grid on 24 March 2017 and the commissioning of all nine wells of the development’s first two fields and […]
Retailers were among Wednesday’s biggest gainers, with Next and AB Foods both in demand on broker upgrades. Next climbed 1.7 per cent to £44.01 on the back of an Investec upgrade to “buy”. Investors have been too preoccupied by Next’s short-term trading and have missed its active estate management, Investec said. Rather than focus on refurbishments, Next has been opening and closing stores to adapt to the […]
