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Morning sports fans,
WBC figures underwhelmed with a $85m charge from their Insto area knocking the numbers back to $3.77bn and only a 1 c jump in Dividends…bring back Gail!!!
When I announced a profit it was this big!!!!!!
Wall Street bounced hard on Friday but so long ago…must be about 6 inches of rain ago in Sydney…expect a modest recovery to continue but the WBC were a little disappointing for the analysts who were going for growth and an increase in divs..no such luck..still 93 cents and close to 3.8bn for the half isn’t too shabby…that’s nearly $8bn for the year!!!The big four will make $30bn in profit this year!!!!That is a whopping $1200 for every man woman and child in the country…I find that amazing!!!!Anyway the banks have been the driver of the market and they make stagnate with the revelations that they will only gouge us to the tune of $1200 this year!
The playbook for the market is pretty simple really…there is support around 5750m to 5800 and resistance at 6000..a whole lot of resistance..so until either of those two levels are broken that’s the plan…I would be looking to add to banks and US dollar earners in the current weakness…and I do not reckon the RBA will fire another bullet tomorrow…too close to the budget..they may be hoping that the budget is sufficiently confidence building that they can keep their hands in their pockets…not expecting great thing from Jokin Joe or Tone but at least he will stay away from cigars this time…
Idea of the Day
Now I know it is unfashionable at the moment as APRA takes aim at our venerable banking institutions but if you buy them in the next week or so you will get 3 dividends in 13 months…now for Wetpatch thats about $2.80 bucks in divs (fully franked) or 7.4%…now not sure where else you can get that sort of yield but good luck!!!Anyway WBC will probably be weak on the underwhelm buty back foot buying may be rewarded especially for the yield…
Things to make me go mmmmmmm!!!
Don’t forget that the UK goes to the Poles this week…some would say it went a long time ago…but this event is largely being ignored by the City…maybe the Royal Baby will help Cameron but whatever happens it’s gonna be close and deals will need to be done to be the top dog…Scots may emerge as the kingmakers…
The Original and the best House of Cards.
The election has the potential to throw a huge spanner in the UK growth works…Greece is gone!
Quote of the Day
“With the country left outside markets, sharp currency devaluation, a credit crunch, and a forced tighter fiscal stance, the Greek economy would suffer a GDP contraction of unprecedented magnitude, even by Greek standards.”
Ruben Segura-Cayuela, Europe economist at Bank of America Merrill Lynch, on a Greek exit of the eurozone.
Fight of the Century my foot…more like Hype of the Century…and just ridiculous that these guys got paid so much money!!!Now Ali v Foreman different story…
Chelsea crowned Champions…unfortunately England got walloped by the Windies by five wickets ..
MYOB starts today…personally I wouldn’t touch it with a barge pole but there you go.
Sydney house prices…pump up the jam..nearly a million dollar average…no wonder our personal debt levels are the 5th highest in the world and now the Government is planning on selling entry visas for $50,000!!!They would be better off giving them away to the asylum seekers…it costs way more than $50,000 to keep one of them in detention…
Henderson Global Investors offers its Global ¬Equity Income Fund to Australian investors from today.Could be a good opportunity for investors looking to diversify away from Australia.
Fed chiefs out and about talking tosh at the weekend…now I am no economist or expert but I would say that the Fed WILL raise rates in September…only by a token amount and more to send a signal to the market …they certainly will not want to upset any recovery in the US and the globe with too much too soon but a signal needs to be sent that normal service will resume…at some stage…
Now I know everyone is jumping on the China is going to the moon bandwagon cos the Government says it is so …but really!!!This is shaping up as the mother of all crashes to come!!!
The Shanghai Stock Exchange’s daily turnover exceeded that of Wall Street’s New York Stock Exchange for the first time in its history last month.Why go to Macau and the Casinos… last week, another 3.3 million new share accounts were created; 10 times more than normal….going to end in tears and when it does the newbies will look around for someone to blame and the government will feel their wrath…never a good thing in a command and control economy…it seems apparently that the powers that be have decided the best way out of their debt problems is to indlfate the stock market and get investors to pay their way out!!!This will not end well!!
Meanwhile now the US have left.. Some 4,950 Afghan army and police personnel were killed or wounded in the first 15 weeks of 2015, against 2,900 during the same period a year ago…and at least the US Army has arrived in Nepal…late as usual!
Gotta love the things that Charlie Munger says…he is Warren’s right hand man… on Euro strains: “You shouldn’t create a partnership with your drunken, shiftless brother in law.”
WOW numbers on Wednesday and more bank results to come…looks like TLS want sto become a major force in healthcare..well eHealth care anyway..they have spent $130m on acquisitions in the last two years to get into the game by 2020.
Wesfarmers is taking full control of its Coles credit card business after ending a consumer finance joint venture with GE Capital.
Most of Zombieland closed for Labour day on Friday and UK closed Tonight but commodity stocks like Anglo American and Rio Tinto ended nearly 4-5% higher.
Game changer? Tesla building batteries for the home…Renewables are the way and the life…let’s get on board Australia!We have all this free sunshine..well except in Sydney that is …let’s use it …
Why the sun lightens our hair, but darkens our skin?
Why don’t you ever see the headline ‘Psychic Wins Lottery’?
Why is ‘abbreviated’ such a long word?
Why is it that doctors and attorneys call what they do ‘practice’?
Why is lemon juice made with artificial flavouring, and dish washing liquid made with real lemons?
Why is the man who invests all your money called a broker?
Why is the time of day with the slowest traffic called rush hour?
Why isn’t there mouse-flavoured cat food?
Why didn’t Noah swat those two mosquitoes?
Why do they sterilize the needle for lethal injections?
Why are they called apartments when they are all stuck together?
If flying is so safe,why do they call the airport the terminal?
Have a great day