K: Financial and Insurance Services

RBA likely to hold as no vote drives down Aussie

roymorgansocial Leave a comment

Original article by Jacob Greber
The Australian Financial Review – Page: 8 : 7-Jul-15

The shadow board of the Reserve Bank of Australia estimates that there is a 57 per cent chance that the central bank will leave the cash rate unchanged on 7 July 2015. Shadow board chairman Timo Henckel says the economic outlook for China is a bigger issue for Australia than the debt crisis in Greece. The Australian dollar’s fall below $US0.76 in the wake of Greece’s referendum will be welcomed by the Reserve Bank.

CORPORATES
RESERVE BANK OF AUSTRALIA, AUSTRALIAN NATIONAL UNIVERSITY, UNIVERSITY OF MELBOURNE, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ

ASX back on track after a scorching quarter

roymorgansocial Leave a comment

Original article by Vanessa Desloires
The Australian Financial Review – Page: 25 : 7-Jul-15

Australia’s benchmark S&P/ASX 200 Index shed 5.5 per cent in June 2015, which Chris Caton of BT Financial Group attributes to the debt crisis in Greece. Meanwhile, Deutsche Bank estimates that the Australian sharemarket is trading at around fair value again, with the price-earnings ratio now at 15.25 times. The market had peaked at 16.5 times earlier in 2015.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, BT FINANCIAL GROUP PTY LTD, DEUTSCHE BANK AG, WOOLWORTHS LIMITED – ASX WOW, SEEK LIMITED – ASX SEK, NINE ENTERTAINMENT COMPANY HOLDINGS LIMITED – ASX NEC

IOOF pays out compensation to 57 clients

roymorgansocial Leave a comment

Original article by Adele Ferguson, Sarah Danckert
The Australian Financial Review – Page: 14 : 7-Jul-15

IOOF CEO Chris Kelaher will appear before a Senate committee on 7 July 2015 to answer questions over allegations of misconduct at the financial services group. Meanwhile, IOOF has indicated that 57 clients have been paid a total of $A2.8m in compensation since mid-2013, after lodging complaints about its financial planners. A number of IOOF’s authorised financial planners have also been banned from working in the sector during the last decade.

CORPORATES
IOOF HOLDINGS LIMITED – ASX IFL, AUSTRALIAN WEALTH MANAGEMENT LIMITED, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, AUSTRALIAN SECURITIES AND INVESTMENTS COMMISSION, CONSULTUM FINANCIAL ADVISERS PTY LTD, MFS PREMIUM INCOME FUND, MY ADVISER PTY LTD, BRIDGES FINANCIAL SERVICES PTY LTD, PLAN B FINANCIAL SERVICES LIMITED, LONSDALE FINANCIAL GROUP LIMITED, ORD MINNETT GROUP LIMITED, THE WEALTH MANAGERS

Australian dollar dips below US75c for first time since 2009

roymorgansocial Leave a comment

Original article by Mark Mulligan
The Australian Financial Review – Page: 24 : 7-Jul-15

There was renewed support for "safe-haven" currencies on 6 July 2015, in response to the outcome of the referendum in Greece. The Australian dollar reached an intra-day low of $US0.7453 before rising to $US0.7504 late in trading. The debt crisis in Greece also weighed on the euro, which reached a low of $US1.09 early in Asian trading. National Australia Bank’s Ray Attrill says the euro and the Australian dollar could come under further downward pressure.

CORPORATES
NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, EUROPEAN CENTRAL BANK, INTERNATIONAL MONETARY FUND, GREECE. MINISTRY OF FINANCE, BARCLAYS BANK PLC

No evidence retirees are wasting super

roymorgansocial Leave a comment

Original article by Jacob Greber
The Australian Financial Review – Page: 3 : 7-Jul-15

A Productivity Commission report estimates that retirees’ superannuation balance would be bolstered by at least 10 per cent if they were not able to access their super until the age of 65. The report also refutes the widely-held view that members of the Baby Boom generation are reorganising their finances or spending their super payout on expensive holidays in order to qualify for the age pension.

CORPORATES
AUSTRALIA. PRODUCTIVITY COMMISSION, AUSTRALIAN LABOR PARTY, AUSTRALIA. DEPT OF THE PRIME MINISTER AND CABINET

All eyes on Greece as markets await result

roymorgansocial Leave a comment

Original article by Rose Powell
The Australian Financial Review – Page: 22 : 6-Jul-15

Australia’s benchmark S&P/ASX200 Index shed 0.14 per cent in the week ended 3 July 2015. The debt crisis in Greece and the country’s referendum referendum are likely to be the key issue for investors when trading resumes on 6 July. Meanwhile, Stephen Walters of JP Morgan expects the Reserve Bank to leave the cash rate unchanged on 7 July, while Rob Rennie of Westpac forecasts that the Australian dollar will fall below $US0.75 in the near-term.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, JP MORGAN AUSTRALIA LIMITED, RESERVE BANK OF AUSTRALIA, WESTPAC BANKING CORPORATION – ASX WBC, UBS GLOBAL ASSET MANAGEMENT (AUSTRALIA) LIMITED, UNITED STATES. FEDERAL RESERVE BOARD

Strong start to year buoys optimism

roymorgansocial Leave a comment

Original article by Joyce Moullakis
The Australian Financial Review – Page: 19 : 6-Jul-15

Data from IRESS shows that equity trading volumes on the Australian Securities Exchange and Chi-X Australia have totalled around $A1.5bn so far in 2015. This compares with about $A1.2bn for the same period in 2014. Bruce Rolph of Citigroup expects trading volumes to remain strong in the second half of the calendar year, citing factors such as the potential for greater mergers and acquisitions activity and the August reporting season.

CORPORATES
IRESS LIMITED – ASX IRE, ASX LIMITED – ASX ASX, CHI-X AUSTRALIA PTY LTD, CITIGROUP PTY LTD, PATERSONS SECURITIES LIMITED, DEUTSCHE BANK AG, UBS HOLDINGS PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, JP MORGAN AUSTRALIA LIMITED, MACQUARIE GROUP LIMITED – ASX MQG, GREENSTONE LIMITED, IVE GROUP LIMITED, CARTER HOLT HARVEY LIMITED

ANZ tipped to exit Asia banks

roymorgansocial Leave a comment

Original article by James Eyers
The Australian Financial Review – Page: 21 : 3-Jul-15

The ANZ Bank currently has a lower common equity tier 1 capital ratio than its peers, although at 8.7 per cent it is comfortably above the minimum requirement. However, Andrew Triggs of Deutsche Bank expects ANZ to offload some of its stakes in Asian banks in order to lift its capital ratio. He estimates that selling stakes in three of these banks – as well as the Esanda business – could boost ANZ’s capital ratio to more than 10 per cent.

CORPORATES
AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, DEUTSCHE BANK AG, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, ESANDA FINANCE CORPORATION LIMITED, PT PANIN BANK, AMBANK BERHAD, BANK OF TIANJIN COMPANY LIMITED, SHANGHAI RURAL COMMERCIAL BANK, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, CLYDESDALE BANK PLC, GREAT WESTERN BANK, UBS HOLDINGS PTY LTD, BLOOMBERG LP

Medibank flexes muscles, axes Calvary

roymorgansocial Leave a comment

Original article by Tim Binsted
The Australian Financial Review – Page: 23 : 2-Jul-15

Negotiations between Australian-listed Medibank Private and Calvary Health Care have failed, prompting Medibank to end its contract with the private hospital group. Medibank and ahm members who use Calvary’s hospitals from 1 September 2015 may incur out-of-pocket expenses as a result, although Medibank will continue to pay some of its customers’ costs. Calvary has indicated that it is keen to resume discussions with Medibank.

CORPORATES
MEDIBANK PRIVATE LIMITED – ASX MPL, AHM HEALTH INSURANCE, CALVARY HEALTH CARE LIMITED, MORGAN STANLEY AUSTRALIA LIMITED

Late rally ends dismal three months for ASX

roymorgansocial Leave a comment

Original article by Vanessa Desloires
The Australian Financial Review – Page: 28 : 1-Jul-15

The Australian sharemarket posted solid gains on 30 June 2015, with the S&P/ASX 200 adding 36 points to close at 5,459. Newcrest Mining was down 0.8 per cent at $A13.02 and Slater & Gordon was five per cent lower. However, the Commonwealth Bank advanced 0.5 per cent to end the session at $A85.15 and Kathmandu Holdings rose by 25.6 per cent to finish at $A1.57 in response to a takeover bid. The S&P/ASX 200 fell by 4.8 per cent in June and 7.3 per cent during the fourth quarter of 2014-15.

CORPORATES
STANDARD AND POOR’S ASX 200 INDEX, NEWCREST MINING LIMITED – ASX NCM, SLATER AND GORDON LIMITED – ASX SGH, COMMONWEALTH BANK OF AUSTRALIA – ASX CBA, KATHMANDU HOLDINGS LIMITED – ASX KMD, TELSTRA CORPORATION LIMITED – ASX TLS, BHP BILLITON LIMITED – ASX BHP, RIO TINTO LIMITED – ASX RIO, FORTESCUE METALS GROUP LIMITED – ASX FMG, AUSTRALIA AND NEW ZEALAND BANKING GROUP LIMITED – ASX ANZ, WESTPAC BANKING CORPORATION – ASX WBC, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, EVOLUTION MINING LIMITED – ASX EVN, NORTHERN STAR RESOURCES LIMITED – ASX NST, CMC MARKETS PTY LTD, ST GEORGE BANK LIMITED, CAPITAL ECONOMICS LIMITED, BRISCOE GROUP LIMITED, INTERNATIONAL MONETARY FUND, STANDARD AND POOR’S ASX ALL ORDINARIES INDEX, SHANGHAI COMPOSITE INDEX, NIKKEI 225 INDEX