Before the Bell: Australian shares are poised to open lower on Wednesday
Cracks are appearing in China’s financial markets as investors fret about the hefty debt loads of local governments. That’s bad news for commodity exporters, writes Karen Maley.AUD -0.4% to 65.13 US centsIn New York: BHP -1.8% Rio -1.6% Atlassian +1%Spot gold % to $US /oz at ..pm in New York10-year yield: US 3.70% Australia 3.68% Germany 2.
Current assumptions factor in the “worst of all worlds” and overlook opportunities in the uncertainty surrounding the sector, the veteran banking analyst wrote in a note to clients.While banks are facing increased regulation, lower rates and a potential recession, some lenders are in a “zone of attractiveness” that could see their multiples increase by a third, Mayo said.
The investment bank is working on what would be its third round of job cuts in under a year, according to people with knowledge of the plans.: ”Shanghai traders continue to aggressively accumulate silver. Over the last two weeks, the top ten traders long and short in Shanghai have been buying silver at an average clip of +5.5k SHFE lots per day. This highlights that while prices have been pressured by debt ceiling optimism and resilient US data, Chinese traders have remained on the bid.
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