00:00Our central bank met today, probably reminiscing about how they jacked up interest rates to
00:07try and take heat out of the economy.
00:09Well it worked and inflation fell, meaning prices were rising more slowly.
00:14But inflation has started lifting again and rates still aren't down to a natural resting
00:18level.
00:19As you can see from this graph of the market's expectations about rates, a shock lift in
00:24unemployment made it more likely, before that inflation kick essentially killed off any
00:29chance of a cut when it's announced tomorrow.
00:32That means everyone is unhappy, which is the Reserve Bank's preferred setting.
00:36US markets didn't move much, about 60% of its top 500 companies have beaten expectations
00:43in third quarter results released so far, which is why indices are near record highs.
00:48Crude oil prices lifted after the OPEC cartel announced a hike in production next month,
00:53meaning more juice.
00:55And our dollar inched up in trading against major currencies.
00:59Westpac is selling the mortgage portfolio of its brand Rams for $21 billion.
01:05Investors thought it was better to have the cash than the debts, as well as multiple probes
01:10and a class action hanging over its head.
01:12Westpac posted a $7 billion profit for the full year.
01:15Westpac is now our second most valuable bank, overtaking NAB by a billion dollars.
01:21Which is a lot of money, unless you're an Australian bank that writes home loans, and
01:25then it's not that much.
01:27And that's finance.
01:27Westpac is now our firstborn bank that was a $10 billionixon project.
01:46And that's what we need to do next year.
Comments