ANZ shares down after record fine, market uncertain ahead of US rate cut

ABC NEWS (Australia)

The local share market fell today, with ANZ one of the main losers following its record fine. And adjusting for inflation, gold prices have climbed above the great bubble of 1980.

Transcript

00:00Investors subtracted about two and a half times the $240 million fine from the value

00:07of ANZ Bank and some of that money seems to have gone into NAB and Westpac.

00:12CSL and Telstra also fell and the market finished a bit lower.

00:16Gold fell slightly over the weekend but had its fourth consecutive weekly gain on expectations

00:21that the US Federal Reserve will lower interest rates.

00:24The price has soared this year as money flows out of the US dollar in the expectation of

00:29an economic slowdown there, if not outright recession caused by the tariffs.

00:34Adjusted for inflation, the price has now gone above the great gold bubble of 1980, also

00:39caused by high inflation and a weak US dollar.

00:42The US Federal Reserve meets on Wednesday for two days and the market is 100% certain that

00:47it will cut US interest rates.

00:49But it's a huge week for central bank meetings everywhere.

00:52There will be 14 of them, a bit like that lucky star song, I've been everywhere man.

00:57America, Canada, UK, Japan, Norway, Taiwan, Brazil, Moldova, Armenia, South Africa, Pakistan,

01:04Mongolia, Eswatini and Ghana.

01:06All this week.

01:07Unsurprisingly, markets are kind of holding their breath to see what happens and the Australian

01:12dollar is holding around 66.5 US cents.

01:15And finally, this graph was in the National Climate Risk Assessment released today by the

01:21Australian Climate Service, which is a partnership between the Bureau of Meteorology, the Bureau

01:25of Statistics, CSIRO and Geoscience Australia.

01:29It shows that the insured losses from catastrophes has tripled in 30 years.

01:35Total losses, including the uninsured ones, are running at 2% of GDP or $38 billion.

01:40And that's finance.

01:41And that's finance.

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