|Bid||18.50 x 1800|
|Ask||18.58 x 1200|
|Day's Range||18.50 - 18.90|
|52 Week Range||16.41 - 21.11|
|Beta (3Y Monthly)||0.69|
|PE Ratio (TTM)||10.89|
|Forward Dividend & Yield||1.32 (6.70%)|
|1y Target Est||19.15|
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Westpac Lenders Mortgage Insurance Limited and other ratings that are associated with the same analytical unit. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
The big shareholder groups in Westpac Banking Corporation (ASX:WBC) have power over the company. Institutions will...
(Bloomberg) -- Japan’s 10-year bond yield slipped to the lowest since July 2016, shrugging off an attempt by the central bank to stem its decline amid a global debt rally. New Zealand’s benchmark rate also fell to a new record low.The JGB yield dropped two basis points to minus 0.255%, as growing fears about world growth and the U.S.-China trade war drive investors to haven assets. The Bank of Japan, widely seen as having a yield target range of about 20 basis points from zero for the benchmark, cut its purchases of 5-to-10 year bonds at Friday’s operations.The world’s negative-yielding bonds have surged to a record $16.7 trillion, while a key part of the U.S. Treasury curve inverted this week, signaling an expectation for the American economy to tip into a recession. With markets pricing in further easing by major central banks, investors including Janus Henderson are continuing to pile into debt.“BOJ’s action came as yields were getting too low,” said Takafumi Yamawaki, head of local rates and FX research at JPMorgan Chase & Co. in Tokyo. “It is difficult for the BOJ to achieve everything, such as monetary expansion guideline, steepen yield curve, boost yield levels and keep the 10-year range. At some point, the BOJ will have to give up something.”READ: Yields Sinking Below Target Puts Spotlight on BOJ’s ResponseNew Zealand’s 10-year bond yield fell as much as 3 basis points to 0.98%, the first time it has dipped under 1%.“Major global central banks are easing, and the fall in global yields will ripple to New Zealand,” said Imre Speizer, head of New Zealand strategy at Westpac Banking Corp. in Auckland. The nation’s central bank could cut rates by 25 basis points to 0.75% in November, he said.New LowsTreasury 30-year yield hit a record low this week, while the 10-year fell below the 2-year rate. Thursday’s U.S. retail sales figures, which showed the consumer remains in fine form, barely had any market impact with investors waiting on clarity about U.S.-China trade and the Federal Reserve policy outlook.The BOJ cut purchases in the key five-to-10 year maturity zone by 30 billion yen ($282 million) from its last operation, its first reduction since December. It has been gradually tapering its outright bond purchases, with the recent focus largely being on steepening the yield curve.“Global yields are sinking or approaching zero, adding momentum for Japanese investors to return to super-long Japanese government bonds,” Kazuhiko Sano, chief strategist at Tokai Tokyo Securities Co., wrote in a note before the operations. “Against this backdrop, it’s unlikely that the drop in yields will stop even when the 10-year yield at minus 0.25% serves as a milestone.”To contact the reporters on this story: Chikako Mogi in Tokyo at firstname.lastname@example.org;Ruth Carson in Singapore at email@example.comTo contact the editors responsible for this story: Tan Hwee Ann at firstname.lastname@example.org, Shikhar BalwaniFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
Moody's Investors Service ("Moody's") has completed a periodic review of the ratings of Westpac Banking Corporation and other ratings that are associated with the same analytical unit. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS. This publication does not announce a credit rating action and is not an indication of whether or not a credit rating action is likely in the near future.
(Bloomberg) -- Terms of Trade is a daily newsletter that untangles a world embroiled in trade wars. Sign up here. The Bank of Thailand unexpectedly cut its benchmark interest rate Wednesday for the first time in more than four years to boost the economy, and said it sees more room to ease as global risks surge.The Monetary Policy Committee voted five to two to cut its key rate by a quarter-percentage point to 1.5%, the central bank said in a statement. Just two of the 29 economists in a Bloomberg survey expected the cut, while the rest forecast no change.The central bank earlier had resisted rate cuts, voicing concern about consumer debt and risks to financial stability. However, the economic outlook has deteriorated sharply in recent months amid escalating U.S.-China trade tensions, a worsening drought and a surging currency, which is hurting exports and tourism. The baht has gained about 8% against the dollar in the past year, the best performer in Asia.“Sluggish exports and domestic consumption will make it very tough for the Thai economy this year,” said Prapas Tonpibulsak, chief investment officer at Talis Asset Management Co. in Bangkok. “We expect more cuts by the central bank through 2020 because it must keep easing monetary policy to make it more effective.”The baht was trading down 0.1% at 3:29 p.m. in Bangkok. The benchmark SET index gained as much as 0.7%, its biggest advance in more than two weeks.What Bloomberg’s Economists SayThe Bank of Thailand’s rate cut on Wednesday should help slow appreciation pressures on the baht. The central bank, though, sounds wary that more work might need to be done. Indeed, we expect more measures to be rolled out, barring a stabilization in the baht against trading partner currencies, especially the yuan.Click here to read the full report.\-- Tamara Mast Henderson, Asean economistCentral banks across Asia are easing policy to boost growth and keep pace with the U.S. Federal Reserve, which cut its benchmark rate by 25 basis points last week. New Zealand and India cut interest rates earlier Wednesday -- in both cases by more than forecast -- while the Philippine central bank is expected to cut its key rate Thursday after inflation reached a two-year low in July.In its decision, the Bank of Thailand noted the economy was expected to slow and inflation could come in below target. The currency’s impact on the economy could be heightened amid global trade tensions, the bank said, adding that it would evaluate whether more steps were needed to restrain the baht.Sunthorn Thongthip, a strategist at Kasikornbank Pcl, said sectors that will benefit most from Wednesday’s cut include the property market, infrastructure funds, utilities and smaller banks, while big banks could be negatively impacted.“The depreciation might not be enough to really improve the outlook for exports,” he said.Thailand’s new government, which took office in July, wants fiscal and monetary policy to be synchronized to protect the economy against trade tensions.“This should stem some of the appreciation pressure, which the central bank was trying to do with other measures that proved to be ineffective,” said Prakash Sakpal, an economist in Singapore at ING Groep NV, who expects another quarter-point cut this year. “It’s not just required for arresting the currency appreciation but also for greater policy accommodation, given that there’s no clarity yet on fiscal stimulus.”Frances Cheung, head of Asia macro strategy at Westpac Banking Corp. in Singapore, said Thailand’s real policy rate remains relatively low. The central bank “probably would take time to gauge the transmission first before considering the next move,” she said.(Recasts lead, adds analyst comments throughout.)\--With assistance from Tomoko Sato, Chester Yung, Lilian Karunungan, Anuchit Nguyen, Siraphob Thanthong-Knight, Michelle Jamrisko and Margo Towie.To contact the reporter on this story: Suttinee Yuvejwattana in Bangkok at email@example.comTo contact the editors responsible for this story: Sunil Jagtiani at firstname.lastname@example.org, Michael S. Arnold, Nasreen SeriaFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- China took steps to limit weakness in the yuan, providing some stability to global financial markets in the wake of Monday’s rout, and said it won’t depreciate the currency to be competitive.The People’s Bank of China on Tuesday set the daily currency fixing stronger than analysts expected and announced the planned sale of yuan-denominated bonds in Hong Kong. The moves, which came after the U.S. labeled the country a currency manipulator, helped drive the yuan up 0.2% a day after it sank the most since 2015. The central bank also rejected the accusation it manipulates the yuan."China wants the currency to have two-way flexibility, but it doesn’t want the market to be too panicked,” said Larry Hu, head of China economics at Macquarie Securities Ltd. in Hong Kong. The PBOC will let the fixing be more market-based unless it needs to restore confidence in the currency, he said.China on Monday allowed the yuan to fall past 7, a key level defended by the authorities in the past, and pinned the blame on U.S. protectionism. While a weaker currency would help offset the impact of higher tariffs on Chinese goods, an uncontrolled decline could cause instability in its markets as well as spur capital flight -- something officials have sought to avoid in recent years.S&P 500 Index futures rose 1%. They fell almost 2% earlier Tuesday after the Treasury Department formally labeled China a currency manipulator, while the MSCI Asia Pacific Index trimmed declines by more than half to 0.8%. The yen slid 0.4%. Treasuries erased gains after 10-year yields hit the lowest since October 2016.The PBOC set its daily reference rate at 6.9683 per dollar, stronger than the 6.9871 level forecast in a Bloomberg survey of 19 traders and analysts. The yuan last traded at 7.0340 per greenback, while the offshore rate rose 0.4% to 7.0698.China’s central bank will sell 30 billion yuan ($4.2 billion) of bills in Hong Kong on Aug. 14, according to a PBOC statement Tuesday. The move typically drains liquidity offshore, making it more costly to short the Chinese currency."The PBOC is sending signals that it would like to mitigate yuan depreciation," said Frances Cheung, head of Asia macro strategy at Westpac Banking Corp. in Singapore. "The offshore yuan had faced resistance around 7.1 intraday a few times. I expect it to hover around this level near term."Analysts took an ax to their yuan forecasts after Monday’s plunge. Strategists at Bank of America Corp. lowered their year-end forecast to 7.3 per dollar from 6.63, based on their expectation that China wants a weaker currency to soften the impact of higher tariffs. Citigroup Inc. said the yuan may tumble to 7.5 if tensions escalate.Trump TweetThe U.S.’s manipulator announcement followed a declaration by China’s central bank chief, Yi Gang, that his nation wouldn’t use the yuan as a tool to deal with trade disputes. “I am fully confident that the yuan will remain a strong currency in spite of recent fluctuations amid external uncertainties,” Yi said in a statement. President Donald Trump called the yuan’s plunge below the symbolic level of 7 per dollar “currency manipulation” in a tweet.Under the designation, Treasury Secretary Steven Mnuchin “will engage with the International Monetary Fund to eliminate the unfair competitive advantage created by China’s latest actions,” the department said in a statement.The PBOC said the recent yuan depreciation was decided by the market, not manipulated by China, according to a statement."The PBOC had the fixing stronger than 7 to correct herding behavior yesterday," said Stephen Chiu, a strategist at Bloomberg Intelligence. “It’s a message to the U.S. -- we aren’t manipulating the currency weaker. If markets drive dollar-yuan rate even higher and out of hand, I don’t think the PBOC will sit there doing nothing."\--With assistance from Claire Che.To contact the reporter on this story: Tian Chen in Hong Kong at email@example.comTo contact the editors responsible for this story: Sofia Horta e Costa at firstname.lastname@example.org, Richard Frost, David WatkinsFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
(Bloomberg) -- President Donald Trump has rejected, for now, the idea of aggressive currency intervention that could give the U.S. an edge with its trading partners by weakening the dollar, according to two people familiar with the matter.The decision came earlier this week at a White House meeting focused on trade. Part of the agenda included a discussion of Trump’s concerns about the impact of a strong dollar, the people said.During the Tuesday meeting -- which the White House didn’t include on Trump’s public schedule -- officials weighed proposals to publicly talk down the dollar’s value or weaken the greenback by intervening in currency markets using Treasury’s $94 billion exchange stabilization fund, the people said. They asked not to be identified discussing the confidential discussions.The internal debate was revealed on Friday by Trump’s top economic adviser, Larry Kudlow, who told CNBC that the administration had “ruled out” a currency intervention. He rejected the assertion that Trump wanted to weaken the U.S. dollar. Navarro v. Mnuchin, KudlowThe president, though, has repeatedly raised concerns recently about the value of the dollar relative to trade competitors. He tweeted this month that Europe and China are playing a “big currency manipulation game” and called on the U.S. to “MATCH, or continue being the dummies.”During the meeting, White House trade adviser and China hawk Peter Navarro was among the officials advocating for a currency intervention, the people said, while Kudlow and Treasury Secretary Steven Mnuchin opposed the idea. But one person familiar with the meeting said Trump hasn’t made a firm decision not to intervene in currency markets at some point and that the option remains under discussion.The White House has held multiple meetings about the strength of the U.S. dollar and how to address it, several people familiar with the matter have said. ‘Dependable Dollar’“Just in the past week we had a meeting with the president and the economic principals, and we have ruled out any currency intervention,” Kudlow told CNBC in an interview on Friday. “The steady, reliable, dependable dollar is attracting money from all over the world.”The Bloomberg dollar index extended its gains after Kudlow’s remarks, touching a one-month high. Kudlow said Trump is concerned that foreign countries may be manipulating their currencies lower to try to gain short-term trade advantage.“That, we do not like,” he said. “But it’s not a question about bringing down the dollar.” Wall Street has produced a stream of analysis recently on the prospects of intervention, in which the White House instructs Treasury to sell dollars to drive the greenback’s price down. Historically, the Federal Reserve has partnered with Treasury in interventions, though it has policy independence and isn’t obliged to join in.“If the White House rules it out, it is important,” Jens Nordvig, the founder of research firm Exante Data LLC, said Friday. “What is a bit unclear is if Trump is fully behind this, and for how long. I would certainly not rule it out; it would be different if Trump said it clearly himself.”Related story: Wall Street FX watchers unconvinced by Kudlow assurancesMnuchin has called a strong dollar is good for the U.S. economy in the long term and said he wouldn’t advocate for a weak-dollar policy in the near future.“I do believe in a strong dollar, which signifies a strong U.S. economy, a strong stock market and particularly because of the president’s economic policies, we have growth in the U.S. that has outpaced everywhere else,” Mnuchin said earlier this week.“There have been doubts about the administration’s stance on the strong dollar policy and FX intervention,” said Richard Franulovich, head of foreign-exchange strategy for Westpac Banking Corp. in New York. “Encouragingly, Kudlow is pushing back against the idea of intervention.”Read more: White House Knows It Needs the Fed to Make a Dent in the Dollar(Updates with details on Trump meeting from first paragraph.)\--With assistance from Vivien Lou Chen.To contact the reporters on this story: Saleha Mohsin in Washington at email@example.com;Shawn Donnan in Washington at firstname.lastname@example.org;Katherine Greifeld in New York at email@example.comTo contact the editors responsible for this story: Margaret Collins at firstname.lastname@example.org, Alex Wayne, Ros KrasnyFor more articles like this, please visit us at bloomberg.com©2019 Bloomberg L.P.
The main aim of stock picking is to find the market-beating stocks. But in any portfolio, there will be mixed results...
In yesterday's column I introduced the concept of "Goga stocks" in honor of Goga Bitadze, the Georgian prospect who was overshadowed by Duke's Zion Williamson at NBA Draft media day. Well, Goga was selected 18th in last night's draft by the Indiana Pacers, and he is about to become a very wealthy 19 year old. As for finding Goga stocks -- high-yielding names that will act as ballast for the shorts in my new entity, Excelsior Capital Partners -- perhaps the young man's story is insightful in more than one way.
Could Westpac Banking Corporation (ASX:WBC) be an attractive dividend share to own for the long haul? Investors are...
Moody's Investors Service has assigned the following definitive ratings to the notes issued by Liberty Funding Pty Ltd in respect of Liberty Series 2019-2. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS.
Australia's second-biggest lender Westpac Banking Corp posted its lowest half-year profit since 2013 on Monday, as interest income shrank along with the housing market, and costs rose as the bank compensated customers for botched service. "Regulatory activity is intense, economic growth has slowed, consumer and business demand has softened, house prices have fallen and competition has increased," Chief Executive Officer Brian Hartzer said at an earnings presentation. Westpac's result rounds up a downward trend in profitability at the Big Four, which also includes Commonwealth Bank of Australia, Australia and New Zealand Banking Group Ltd and National Australia Bank Ltd (NAB).
Moody's Investors Service says that the execution of the Series 2008-1M WST Trust Amendment Deed 2019-2 on 24 April 2019 (the Amendment) will not, in and of itself and as of this time, result in the downgrade or withdrawal of the ratings of the Class A1 and Class B Notes issued by the above mentioned trust. "IMPORTANT NOTICE: MOODY'S RATINGS AND PUBLICATIONS ARE NOT INTENDED FOR USE BY RETAIL INVESTORS.