K62 Finance

$A ignores RBA ‘jawboning’ and pushes to eight-month high

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Original article by Vanessa Desloires, Mark Mulligan
The Australian Financial Review – Page: 26 : 18-Mar-16

The Australian dollar was trading at $US0.7591 in late local trade on 17 March 2016. The local currency has been rising for some time and even words of caution by Reserve Bank of Australia assistant governor Guy Debelle failed to affect it. Debelle told a foreign exchange seminar in Sydney that Australia needs a weaker domestic currency.

CORPORATES
UNITED STATES. FEDERAL RESERVE BOARD, BANK OF JAPAN, EUROPEAN CENTRAL BANK, RESERVE BANK OF AUSTRALIA, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA

ANZ-Roy Morgan Australian Consumer Confidence: Back to recent highs, up 1.6pts to 116.4

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 15-Mar-16

The ANZ-Roy Morgan Consumer Confidence rating for Australia rose 1.4 per cent to 116.4 in the week ended 13 March 2016, building on the 3.1 per cent bounce in the previous week. Confidence levels are now back to the highs seen in December, with the negative impact from financial market volatility in January now fully reversed. The subindex for "personal financial situation in the next 12 months" rose by 5.4 per cent to its highest level seen since October 2009. However, the subindex for "economic outlook in the next 12 months" fell 0.4 per cent.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Bank of Qld hit with second class action

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Original article by Georgia Wilkins
The Australian Financial Review – Page: 17 : 15-Mar-16

Law firm Quinn Emanuel Urquhart & Sullivan has launched legal action against Bank of Queensland, alleging that the bank "knowingly assisted" Sherwin Financial Planners in distributing-Ponzi-like products. The law firm is representing investors in the Petersen Superannuation Fund who invested in Money Market Deposit Accounts offered by Sherwin Financial Planners.

CORPORATES
BANK OF QUEENSLAND LIMITED – ASX BOQ, QUINN EMANUEL URQUHART AND SULLIVAN LP, WICKHAM SECURITIES LIMITED, SHERWIN FINANCIAL PLANNERS PTY LTD, FEDERAL COURT OF AUSTRALIA, DDH GRAHAM LIMITED, SHINE LAWYERS, BRISBANE MAGISTRATES’ COURT, PETERSEN SUPERANNUATION FUND

ANZ-Roy Morgan Australian Consumer Confidence bounces to 114.8 (up 3.5pts)

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 8-Mar-16

The ANZ-Roy Morgan Consumer Confidence rating for Australia rose 3.1 per cent to 114.8 in the week ended 6 March 2016. This reverses the fall of 2.6 per cent in the previous week, and the four-week moving average is now trending higher. Last week’s news about the strong economic growth numbers, big gains in the equity markets and a strong Australian dollar were positive factors for consumer confidence. The subindex for the "economic outlook in the next 12 months" rose 11.6 per cent, and the subindex for "economic outlook in the next 5 years" rose 8.3 per cent

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Saxo Bank’s Jakobsen betting on dollar parity

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Original article by Vanessa Desloires
The Australian Financial Review – Page: 31 : 9-Mar-16

The Australian dollar reached an eight-month high of $US0.7485 in local trading on 8 March 2016, compared with a peak of $US1.10 in 2011. Steen Jakobsen, the chief economist at Saxo Bank, is upbeat about the outlook for the currency, forecasting that it will eventually reach parity with its US counterpart for the first time since 2011. He expects factors such as financial market volatility and the trend toward negative interest rates to bolster support for the currency.

CORPORATES
SAXO BANK A/S, RESERVE BANK OF AUSTRALIA, UNITED STATES. FEDERAL RESERVE BOARD

Westpac execs quizzed in rate-rig probe

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Original article by Leo Shanahan
The Australian – Page: 19 & 22 : 8-Mar-16

The Australian Securities & Investments Commission is believed to have interviewed about 25 Westpac employees to date as part of its investigation into allegations that banks manipulated the bank bill swap rate. The ANZ Bank is already the subject of legal action by ASIC over the scandal, while the corporate regulator is said to have identified about 120 Westpac employees and executives that it wants to interview. Westpac has stressed that it is co-operating fully with the investigation.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, ALLENS, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, FEDERAL COURT OF AUSTRALIA, CLSA AUSTRALIA PTY LTD

Citi expects bank dividends to be ‘significantly lower’

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Original article by James Chessell
The Australian Financial Review – Page: 18 : 8-Mar-16

Citi Global Markets’ Sebastien Bland has warned that hedge funds and long-only fund managers in the UK and Europe are not convinced that Australian banks’ dividend payouts are sustainable given their current capital levels. He says hedge funds believe that the banks will need to reduce their dividend payout ratios, but he adds that long-only funds expect the banks to maintain dividends via measures such as dividend reinvestment plans.

CORPORATES
CITI GLOBAL MARKETS, CITIGROUP INCORPORATED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, VARIANT PERCEPTION

ASIC targets more banks over rates

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Original article by James Eyers, Clancy Yeates
The Australian Financial Review – Page: 1 & 8 : 7-Mar-16

Law firm Maurice Blackburn is examining the potential for a class action against the ANZ Bank over allegations of misconduct in setting the bank bill swap. Meanwhile, the Australian Securities & Investments Commission may broaden its legal case to include the Commonwealth Bank, Westpac and National Australia Bank. ASIC launched legal action against ANZ after the bank refused to admit liability, which has thwarted attempts to reach a settlement.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, MAURICE BLACKBURN PTY LTD, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, WESTERN SYDNEY UNIVERSITY, UNIVERSITY OF MELBOURNE

ANZ-Roy Morgan Consumer Confidence dips 3pts to 111.3

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 1-Mar-16

The ANZ-Roy Morgan Consumer Confidence rating for Australia fell by 2.6 per cent to 111.3 in the week ended 28 February 2016. The modest recovery in confidence seen in the previous three weeks proved to be short-lived. Confidence is now back to the levels seen post the financial market volatility in January and below its long run average. The weakness in confidence this week was largely driven by consumers’ views towards the economic outlook. The subindex for the "economic outlook in the next 5 years" fell 7.2 per cent, and the subindex for "economic outlook in the next 12 months" fell 6.3 per cent.

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

Global search for Reserve boss on the cards: Costello

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Original article by James Glynn
The Australian – Page: 19 & 28 : 2-Mar-16

Reserve Bank of Australia governor Glenn Stevens will step down in September 2016, after 10 years in the role. The Federal Government may accelerate the appointment of a successor given that it is an election year. Deputy governor Philip Lowe is widely seen as the leading contender to replace Stevens, but former federal treasurer Peter Costello believes that international candidates should be considered. Martin Parkinson, David Gruen and Warwick McKibbin have been touted as potential successors to Stevens.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN NATIONAL UNIVERSITY, BANK OF ENGLAND, TD SECURITIES, MASSACHUSETTS INSTITUTE OF TECHNOLOGY, BANK OF JAPAN