After months of pessimism, support could be returning for Australian banking stocks after one prominent analyst Thursday said it is time to buy all four of the nation’s big lenders.
Citi analyst Craig Williams raised his recommendations on National Australia
Bank Ltd. (NAB), Australia and New Zealand Banking Group Ltd. (ANZ),
Commonwealth Bank of Australia (CBA.AU) and Westpac Banking Corp. (WBC) to Buy from Hold.
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With the global recession finding a bottom, central bankers must choose one
of two starkly different historical lessons to bring to the mother of all policy debates – the question of when to unwind their extraordinary stimulus measures.
Should they worry about repeating the mistakes that produced U.S. inflation
in the 1970s? Or those that fueled Japan’s deflation in the 1990s?
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Sensex slides, down 0.5% at 15,304.01 vs earlier high of 15,463.09, as profit-taking kicks in after jump of nearly 14% in last 2 weeks; immediate support tipped at 15,225; heavyweight Reliance Industries (500325.BY)
remains weak on 1Q earnings, down 4.5% at INR1,923.20 – biggest percentage loser; profit-booking in autos, banks that rallied last week also weighs, 13 of 30 index issues down; “This weakness was expected after the recent rally but I don’t think we are going to see any sharp fall from these levels,” says Ranjit Kapadia, vice-president, institutional research, HDFC Securities. ONGC (500312.BY) down 3.4% at INR1,088, Tata Motors (500570.BY) down 3.2% at INR361.50, Maruti Suzuki (532500.BY) down 1.4% at INR1,358.