Westpac NZ to review liquidity risk management: ASX poised to open flat

Westpac NZ to review liquidity risk management: ASX poised to open flat


Following a drop from US markets, the Australian share market looks set to open flat this morning. Over in the US, Treasury Secretary Janet Yellen, acknowledged some of their recent economic data has been positive, but did not suggest the fiscal and monetary easing delivered for the pandemic would ease. Iron ore prices rebounded as investors weighed the impact of steel production curbs against longer-term demand for raw materials. Gold declined overnight driven by a higher USD.

Local economic news 

The ABS will release the preliminary international trade report.


Wall Street closed lower overnight: The Dow Jones Industrial Average lost 0.9 per cent to close at 32,423, the S&P 500 fell 0.76 per cent to 3911 and the NASDAQ closed 1.1 per cent lower at 13,227.

European markets closed mixed: London’s FTSE fell 0.4 per cent, Paris also lost 0.4 per cent and Frankfurt closed 0.03 per cent higher.

Asian markets closed lower, Nikkei lost 0.6 per cent, Hong Kong’s Hang Seng also fell 1.3 per cent and China’s Shanghai Composite closed 0.93 per cent lower yesterday.

Taking all of this into equation, the SPI futures are pointing to a 0.03 per cent fall.

Yesterday, the Australian share market lost 7 points to close at 6745.

Company news

The Reserve Bank of New Zealand has instructed Westpac (ASX:WBC) New Zealand to commission two independent reports concerning its risk governance and liquidity risk management. The first report will assess Westpac New Zealand’s risk governance processes and practices applied by the Board and executive management. The second report relates to the effectiveness of the actions WNZL has taken to improve the management of liquidity risk and the associated risk culture, following previously identified breaches of the RBNZ’s Liquidity Policy and potential non-compliance identified through the RBNZ’s liquidity thematic review. Shares in Westpac Banking Corp (ASX:WBC) closed 0.93 per cent lower at $24.43 yesterday


Cash Converters (ASX:CCV) is paying 1 cent fully franked
CI Resources Limited (ASX:CII) is paying 2 cents fully franked
Eureka Group (ASX:EGH) is paying 0.59 cents unfranked
Pacific Smiles Group (ASX:PSQ) is paying 2.4 cents fully franked
Ryder Capital Ltd (ASX:RYD) is paying 3 cents fully franked
Supply Network (ASX:SNL) is paying 8 cents fully franked
Virtus Health Ltd (ASX:VRT) is paying 12 cents fully franked


One Australian Dollar at 7:40 AM was buying 76.26 US cents, 55.51 Pence Sterling, 82.89 Yen and 64.37 Euro cents.


Gold has shed $12.00 to US$1728 an ounce.
Silver has lost $0.67 US$25.09 an ounce.
Oil has dropped $2.94 to US$55.77 a barrel.
Iron Ore futures suggest a 0.2 per cent rise.
Copyright 2021 – Finance News Network

Source: Finance News Network

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