K62 Finance

Westpac accused of fixing market

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Original article by Leo Shanahan
The Australian – Page: 19 & 23 : 6-Apr-16

Westpac may face financial penalties of up to $A18m if allegations that it attempted to manipulate the bank bill swap rate are proven. The Australian Securities & Investments Commission’s statement of claim identifies 16 separate occasions on which the banking major is said to have engaged in such activity. The ANZ Bank is already subject to legal action by ASIC for manipulating the bank bill swap rate, while the Commonwealth Bank and National Australia Bank are being investigated.

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

RBA budget day cut ‘close’

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Original article by Vanessa Desloires
The Australian Financial Review – Page: 8 : 4-Apr-16

The consensus of economists polled by Fairfax Media is for the Reserve Bank of Australia to leave official interest rates unchanged on 5 April 2016. However, about 25 per cent of the 12 economists expect the cash rate to be reduced on 3 May, when the Federal Government will also hand down the Budget. Some economists suggest that the recent rise in the value of the Australian dollar will prompt a rate cut.

CORPORATES
RESERVE BANK OF AUSTRALIA, FAIRFAX MEDIA LIMITED – ASX FXJ, NOMURA AUSTRALIA LIMITED, AMP CAPITAL INVESTORS LIMITED, UBS HOLDINGS PTY LTD, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, HSBC AUSTRALIA HOLDINGS PTY LTD, ST GEORGE BANK LIMITED, CAPITAL ECONOMICS LIMITED, UNITED STATES. FEDERAL RESERVE BOARD

Business Confidence rises again in March – up 2.4pts to 115.7

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 31-Mar-16

A Roy Morgan Business Single Source survey has found that Australian business confidence rose by 2.4 points to 115.7 in March 2016, and it has now risen 5.1 points over the last two months. The rise in business confidence comes after steady improvement on the Australian sharemarket in March, after the All Ordinaries Index dropped in both January and February to start the year amid global economic concerns. The level of business confidence in March is clearly positive for the economy overall and just below the five-year average of 116.6. The weakest indicators are the performance of the business compared to a year ago (+7) and expectations of economic conditions in Australia over the next 12 months (+11).

CORPORATES
ROY MORGAN RESEARCH LIMITED, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX

ANZ-Roy Morgan Australian Consumer Confidence has modest fall to 116.0

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 22-Mar-16

The ANZ-Roy Morgan Consumer Confidence rating for Australia fell 0.3 per cent to 116.0 in the week ended 20 March 2016, following a strong 4.5 per cent rise over the previous fortnight. Confidence is now sitting three per cent above its long run average, and the four-week moving average is on an upward trend. The sub-index on "economic conditions in the next 12 months" rose 3.3 per cent and is now sitting just a touch below its long run average. The sub-index on "economic conditions in the next 5 years" rose 2.7 per cent.

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

ANZ-Roy Morgan Australian Consumer Confidence has modest fall to 116.0

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Original article by Gary Morgan
Market Research Update – Page: Online : 22-Mar-16

ANZ-Roy Morgan Consumer Confidence is virtually unchanged this week at 116.0, and Roy Morgan Government Confidence has increased slightly to 103.5, both signs that Australians believe the economy is going well, which augurs well for the Turnbull Government heading towards this year’s federal election. However, support for the L-NP Government has fallen in recent weeks – this week’s Morgan Poll shows the ALP 50.5 per cent cf. L-NP 49.5 per cent on a two-party preferred basis – as the Government introduced reforms to change the Senate voting system and make it impossible for micro-parties to get elected to the Senate. In addition to forcing these contentious reforms through the Senate, Turnbull has gone back on his promises of tax cuts and this has resulted in a drop in support for the Government. Although Turnbull is using the restoration of the Australian Building & Construction Commission as a potential trigger to call an early election, the election will be fought on economic issues and taxation.

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

Dump complex regulation, urges former Bank of England boss

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Original article by Adam Creighton
The Australian – Page: 19 & 23 : 22-Mar-16

Ex-Bank of England governor Mervyn King says global regulation of the banking sector should be streamlined as it has become too complex. He argues that banks should be subject to a leverage ratio of no more than 10-15, while deposits should be backed by safe and highly liquid assets. King also questions the status of central banks as so-called lenders of last resort, arguing that they should instead be "pawnbrokers for all seasons".

CORPORATES
BANK OF ENGLAND, NEW YORK UNIVERSITY, DEMOCRATIC PARTY (UNITED STATES)

ANZ-Roy Morgan New Zealand Consumer Confidence Rating – Slight fall in March to 118.0

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 18-Mar-16

The ANZ-Roy Morgan New Zealand Consumer Confidence Index has fallen to 118.0 in March 2016, compared with 119.7 in February. However, consumer confidence remains in line with the historical average. The Current Conditions Index dipped three points to 120.8, and the Future Conditions Index fell from 116.7 to 116.2.

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

RBA give exporters no relief on $A

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Original article by Jacob Greber
The Australian Financial Review – Page: 5 : 18-Mar-16

The Australian dollar has risen above $US0.76 for the first time in eight months and this trend is bad news for exporters. Tourism operators, services providers and education companies cannot count on a corrective action from the Reserve Bank of Australia. A decline in the unemployment rate, which fell from six per cent to 5.8 per cent in February 2016, will make the central bank less willing to cut the official interest rate.

CORPORATES
RESERVE BANK OF AUSTRALIA, RESERVE BANK OF NEW ZEALAND, UNITED STATES. FEDERAL RESERVE BOARD, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

$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