Another Australian major bank, ANZ, is taking a $1.2B (Australian) write-off on global loans, primarily in the US. The Australian market is down 0.6% led by lower banking shares, ANZ slumped 11%. On Fri, Australian banks sold off after NAB reported a similar $1B write-off. Tokyo & Korean markets are trading higher.
Two banks in the west failed on Fri, but there were no runs on them. FDIC is getting practice handling failed banks. These bring the total to 7 failures, starting with IndyMac 10 days ago. Also, this week preliminary GDP figures for Q2 will be reported, 2% is the expected annual rate. Since that is up, it will not signal a recession. Try telling that to housing & auto companies.
No comments:
Post a Comment