Consumer confidence is back up again. At least, it is according to the weekly ANZ Roy Morgan Consumer Confidence rating.
Commonwealth Bank of Australia [ASX:CBA] was down by 0.65% in early afternoon trading today. The stock was trading at $86.73 a share.
Banks don’t want to pass on the rate cuts. They see credit card interest as a good chance to pinch more profits, during highly competitive conditions.
The Macquarie Group ASX:MQG put out its preliminary final report this morning. The biggest surprise from the report was a huge 27% jump in profit after tax.
On Thursday morning, NAB [ASX:NAB] released its 2015 half year results. It was mostly good news for the bank, which is facing the same competitive pressures.
Shares in Australia’s biggest bank, Commonwealth Bank of Australia [ASX:CBA], copped a belting today. The stock ended on the lows of the day, down 5.85% at $82.98
Shares in Australia’s third-biggest bank, Australia and New Zealand Banking Group Ltd [ASX:ANZ], rose by 2.65% in today’s tumultuous session on the Aussie stock market.
The system we have forces us to rely on bank credit to supply the economy with money. This is why the banks hold so much power...
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