Commsec Mid Session Upadate
Friday morning has seen the ASX200 maintain the constructive tone that has been a feature of recent days. The index appears to be accepting prices at higher levels on improving volume. At lunch time on Friday the market remains within sight of the best levels of the last fortnight. Equally significant is the fact that multi year highs are a part of the picture, with the index hitting new 5 year highs this morning. This last point is significant when considering the general back drop which is being informed by concern over US debt ceiling negotiations in addition to the debate around Q.E tapering by the Fed.
Most sectors have gained ground with the Exception of Consumer Staples. Financials are flirting with the breakeven level. NAB shares are lower after news overnight that British regulators fined Clydesdale Bank almost £9.0 million ($A15.55 million) for failing to inform customers, following errors in thousands of home loan repayments. The latest in what has been are range of penalties levied on UK financial institutions has seen NAB owned Clydesdale fined almost £9 million by The Financial Conduct Authority (FCA). In 2009 it was revealed that mis-calculations of mortgage repayments resulted in errors on more than 42,500 accounts. Clydesdale's compensation bill for customers has cost more than £42 million including the fine
The week just passed had been quiet for news. Next week sees a number of important economic releases and events that will keep markets occupied. These figures include private sector credit. This figure has the ability to surprise on the upside. Over recent times, despite low interest rates, growth in credit has been soft with households and businesses remaining focused on balance sheet strengthening rather than taking on new debt. Recent house price improvements are suggestive of improving appetites for credit. Retail trade figures are released on Tuesday. Retail spending has been one of the weaker parts of the Australian economic story. Significantly higher utility and petrol prices, and elevated levels of job security concerns are combining to contribute to weak outcomes. But a pick-up is anticipated in August on the back of improving consumer sentiment.
[Kick off your trading day with our newsletter]
More from IBT Markets:
Follow us on Facebook
Follow us on Twitter
Subscribe to get this delivered to your inbox daily
Most Popular Slideshows
- Victoria's Secret Fashion Show 2013: Models' Ramp Walk Aired on Tuesday [PHOTOS]
- Victoria's Secret Fashion Show 2013: Bold, Sexy and Sensuous Lingerie Fashion [PHOTOS]
- Victoria's Secret Fashion Show 2013: Drooling Guys, Conscious Girls, Naughty Jokes on Twitter [SEE PHOTOS]
- Victoria's Secret Fashion Show 2013: Best Pictures From The Sexiest Show Ever [ SEE PHOTOS/VIDEOS]