K: Financial and Insurance Services

Investor rate rises prompt owner-occupiers to switch

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Original article by Clancy Yeates
The Australian Financial Review – Page: 3 : 3-Sep-15

A growing number of home loan customers are alerting banks they have changed their status from investor to owner-occupier. While they had no incentive to do so before, banks are now charging investors higher interest rates for the first time since the 1990s. The industry says the trend may involve thousands of customers, complicating the compilation of official statistics.

CORPORATES
WESTPAC BANKING CORPORATION – ASX WBC, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, YELLOW BRICK ROAD HOLDINGS LIMITED – ASX YBR, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, UBS HOLDINGS PTY LTD

ANZ-Roy Morgan Australian Consumer Confidence Consolidates

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 2-Sep-15

ANZ-Roy Morgan Consumer Confidence rating for Australia rose by 0.3 per cent to 113.3 in the week ended 30 August 2015. This is the third consecutive week where confidence has remained above its long term average. Views on "economic conditions in the next five years" were up 1.8 per cent when compared with the previous week. The outlook for "economic conditions in the next year" fell 4.9 per cent, declining to the lowest level in eight weeks. Consumers’ views of their "financial situation in the next year" rose 3.9 per cent when compared with the previous week.

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

ASX sheds $32b as China fears deepen

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Original article by Vanessa Desloires
The Australian Financial Review – Page: 28 : 2-Sep-15

The S&P/ASX 200 index fell 2.1 per cent or 110.6 points to 5,096.4 on 1 September 2015. The market lost $A32 billion in capitalisation. Investor sentiment was negatively affected by a fall in China’s official purchasing manager’s index, from 50 in July 2015 to 49.7 in August. BHP Billiton declined 2.1 per cent to $A24.65 and Rio Tinto fell 1.8 per cent to $A49.37.

CORPORATES
RESERVE BANK OF AUSTRALIA, STANDARD AND POOR’S ASX 200 INDEX, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, WOODSIDE PETROLEUM LIMITED – ASX WPL, AGL ENERGY LIMITED – ASX AGL, SYDNEY AIRPORT – ASX SYD, QANTAS AIRWAYS LIMITED – ASX QAN, SHANGHAI COMPOSITE INDEX, ASX LIMITED – ASX ASX, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB

Landmark case could cost Visa $20m in fines

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Original article by Patrick Durkin
The Australian Financial Review – Page: 6 : 2-Sep-15

The Australian Competition & Consumer Commission (ACCC) has reached a confidential settlement with Visa. The company was accused of abusing its market power. The settlement will be considered for approval by Federal Court judge Michael Wigney on 3 September 2015. Penalties of up to $A20 million are believed to be sought by the ACCC.

CORPORATES
AUSTRALIAN COMPETITION AND CONSUMER COMMISSION, FEDERAL COURT OF AUSTRALIA, VISA INTERNATIONAL, FEXCO INVESTMENTS AUSTRALIA PTY LTD, PURE COMMERCE PTY LTD, GLOBAL BLUE HOLDINGS AB, PLANET PAYMENTS, JP MORGAN AUSTRALIA LIMITED, WESTPAC BANKING CORPORATION – ASX WBC, TRANSURBAN GROUP LIMITED – ASX TCL

Deutsche says ASX set for strong recovery – and here’s what to buy

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Original article by Stephen Cauchi
The Australian Financial Review – Page: 29 : 1-Sep-15

Deutsche Bank writes in its latest report that a rally on the Australian stock exchange is quite possible if Australia manages to avoid a recession. The company advises investors to buy the big four banks, financial services companies, healthcare stocks, and shares in Harvey Norman, Echo Entertainment, Flight Centre, Boral, Fletcher Building, Stockland, REA Group, QBE and AMP.

CORPORATES
DEUTSCHE BANK AG, UBS HOLDINGS PTY LTD, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, ECHO ENTERTAINMENT GROUP LIMITED – ASX EGP, FLIGHT CENTRE TRAVEL GROUP LIMITED – ASX FLT, BORAL LIMITED – ASX BLD, FLETCHER BUILDING LIMITED – ASX FBU, STOCKLAND – ASX SGP, REA GROUP LIMITED – ASX REA, QBE INSURANCE GROUP LIMITED – ASX QBE, AMP LIMITED – ASX AMP, STANDARD AND POOR’S ASX 200 INDEX

Falling profits hit economy

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Original article by Jacob Greber, Vesna Poljak
The Australian Financial Review – Page: 1 : 1-Sep-15

Company profits fell 1.9 per cent in the three months to June 2015, the fifth straight quarter of profit declines, prompting analysts to conclude the Australian economy is shrinking for the first time since the election of the Abbott Government. Despite fears new concerns about the economy could weigh heavily on investor sentiment, Treasurer Joe Hockey insisted there were positive signs and that the prospect of tax reform and the China free-trade agreement would lift spirits.

CORPORATES
DEUTSCHE BANK AG, UBS HOLDINGS PTY LTD, AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN BUREAU OF STATISTICS, BLOOMBERG FINANCIAL SERVICES, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET, AUSTRALIAN LABOR PARTY, CITIGROUP PTY LTD, RESERVE BANK OF AUSTRALIA, STANDARD AND POOR’S ASX 200 INDEX

ANZ-Roy Morgan Chinese Consumer Confidence Declined to a New Low

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Original article by Roy Morgan Research
Market Research Update – Page: Online : 28-Aug-15

The ANZ-Roy Morgan China Consumer Confidence index fell by 2.5 points to 138.5 in August 2015, which is its lowest level on record. The number of respondents who said that their families are "better off" financially in August 2015 compared with the same time last year fell by 2.3 percentage points to 40.7 per cent. Meanwhile, the number of respondents who expect the Chinese economy to have "good times" in the next 12 months fell by 1.7 percentage points to 57.4 per cent.

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

Calls to limit $21b super fees ‘gouge’

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Original article by Joanna Mather
The Australian Financial Review – Page: 7 : 28-Aug-15

National Seniors Australia has called for rules to force superannuation managers to cut back on fees, which amounted to $A21 billion a year. If funds did not voluntarily moderate fees, the regulator might have to step in, CEO Michael O’Neill said. Grattan Institute CEO John Daley told the National Reform Summit there was insufficient competition in the super industry to drive down fees. He has proposed a plan to save $A5 billion in fees which involves a tender process and a series of no-frills super products.

CORPORATES
NATIONAL SENIORS AUSTRALIA LIMITED, GRATTAN INSTITUTE, SUPERRATINGS PTY LTD, KPMG, AUSTRALIAN LABOR PARTY

Goldman tips high-yielding Australian stocks amid the turmoil

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Original article by Vanessa Desloires
The Australian Financial Review – Page: 22 : 28-Aug-15

Goldman Sachs and Credit Suisse have identified high-yielding Australian equities that would be attractive additions to anyone’s portfolio. Goldman Sachs Asian equity analyst Timothy Moe favours Woolworths, QBE Insurance Group, Amcor, AGL Energy, APA Group, Sonic Healthcare, Coca-Cola Amatil and ALS. Credit Suisse advises investors to buy Asciano, ResMed, Harvey Norman and REA Group.

CORPORATES
GOLDMAN SACHS AUSTRALIA PTY LTD, CREDIT SUISSE (AUSTRALIA) LIMITED, WOOLWORTHS LIMITED – ASX WOW, QBE INSURANCE GROUP LIMITED – ASX QBE, AMCOR LIMITED – ASX AMC, AGL ENERGY LIMITED – ASX AGL, APA GROUP – ASX APA, SONIC HEALTHCARE LIMITED – ASX SHL, COCA-COLA AMATIL LIMITED – ASX CCL, ALS LIMITED – ASX ALQ, ASCIANO LIMITED – ASX AIO, RESMED INCORPORATED – ASX RMD, HARVEY NORMAN HOLDINGS LIMITED – ASX HVN, REA GROUP LIMITED – ASX REA

Big business will have to pay for ASIC

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Original article by Patrick Durkin
The Australian Financial Review – Page: 1 : 28-Aug-15

The Australian Securities & Investments Commission would be funded by a user-pays system under a plan proposed by the Federal Government. Big business, banks and the financial services sector would carry the biggest burden under the plan, with a maximum levy of $A320,000 a year on companies with a market capitalisation of more than $A15 billion. A discussion paper to be released by Assistant Treasurer Josh Frydenberg sets a deadline of 9 October 2015 for submissions.

CORPORATES
AUSTRALIA. DEPT OF THE TREASURY, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, AUSTRALIAN BANKERS’ ASSOCIATION, ASX LIMITED – ASX ASX, UNITED STATES. FEDERAL RESERVE BOARD, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, SUNCORP GROUP LIMITED – ASX SUN, WESTFIELD CORPORATION – ASX WFD, TRANSURBAN GROUP LIMITED – ASX TCL, AMP LIMITED – ASX AMP, BRAMBLES LIMITED – ASX BXB, AMCOR LIMITED – ASX AMC