A new survey by global banking giant HSBC suggests that fund managers are more bullish on equities today, than they were three months ago, and are maintaining their holdings of Australian equities steady.
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Nicholas Moore, chief executive of Australian investment banking major Macquarie Group says that proposed changes to regulatory framework had created an environment of uncertainty in the banking industry, whilst the investment bank announced a profit forecast that was below market expectations.
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Australian banking major Westpac Banking Corporation has joined its rivals in improving its online trading platform as the lender gears up to grow its client based by as much as 8 per cent during 2010.
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The Australian banking sector can expect a broad based re-rating after CBA surprised the market and issued unaudited profits that were in excess of analyst expectations. Most lenders are now expected to post improved earnings forecasts.
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Australian banking major Commonwealth Bank of Australia (CBA) broke its silence Monday and issued an announcement confirming that the lender does not have a large enough exposure to incur a material loss from a possible default by troubled sovereign holding company Dubai World.
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October was the first month of negative returns for superannuation (super) funds, after seven consecutive months of gains, which is the first suggestion that the recovery in the pension fund industry may be faltering.
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Shares of Australian wealth manager AMP surged over 4 per cent during Tuesdays trading session, driven by speculation that the company itself could be the target of a takeover, after launching an audacious $11 billion joint acquisition attempt with Paris based AXA SA for AXA Asia Pacific Holdings (APH).
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Australian banking major, CBA, in a trading report said its unaudited profits during the first quarter surged to $1.4 billion, boosted by a strong performance in its wealth management unit, and savings wrung out from cost control.
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Australia’s largest banks have emerged from the financial crisis stronger and in better shape than they were prior to the onset of the crisis, with the market value of both Commonwealth Bank and ANZ now exceeding their peak valuations before the crisis began in mid 2007.
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Australian superannuation (super) funds have continue to record impressive gains over the last quarter, returning their levels to that of pre financial crisis according to new research.
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