Australian lenders will have to justify their pricey stocks more than ever as they report earnings, now that central bankers are taking away their biggest tailwind. Lower interest rates and increased competition are expected to darken the earnings outlooks of the nation's biggest banks, potentially stalling this year's stock rally. Westpac, NAB and ANZ are due to report full-year results next week.
BHP has been forced to walk back from comments about having "moved on" from its failed Anglo American bid to prevent its hands being tied by the UK takeover panel. BHP Chairman Ken MacKenzie made the comments Wednesday at the company's shareholder meeting in Australia. Anglo shares fell as much as 4.5%, underperforming the wider sector. Core inflation grew by 3.5% last quarter on an annual basis, new data showed on Wednesday, reinforcing the Reserve Bank of Australia's view that price pressures will take time to dissipate and that monetary policy needs to stay restrictive for the time being. The RBA will release a new round of economic forecasts on Tuesday together with its policy decision. Lithium miner Pilbara Minerals is suspending output from its Ngungaju processing plant at the Pilgangoora project in Western Australia, as a price downturn squeezes the sector. The ongoing slump in lithium prices and the ramp up of another processing plant at the project were behind the decision, Pilbara said. The Pilbara Minerals Pilgangoora lithium project in Port Hedland, Western Australia. Photographer: Carla Gottgens/Bloomberg Australia is expected to get drenched by more intense bursts of heavy rain that threaten to rapidly flood cities and swamp crops, as climate change increases the frequency of extreme weather, according to the country's weather bureau and top scientific research body.
The Australian Prudential Regulation Authority released data showing expenses for superannuation funds for the first time on Wednesday. Australia's largest fund, AustralianSuper, notched up total investment expenses of A$700 million in the 2022-23 financial year, while Australian Retirement Trust, the second biggest, spent A$425 million in that period. Fintech company Airwallex, which was founded in Australia, is in talks with investors to raise about $200 million in a new funding round to finance its growth, according to people familiar with the matter. From the boardroom to the workplace, it's been a horrible year for women. And one of the worst places has been Australia, writes Bloomberg Opinion's Andreea Papuc. |
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