Money
Australia’s CommBank splashes cash to investors as profits jump
Australia’s Commonwealth Bank has announced a $6 billion share buyback and dividend hike following a jump in profits
The banking giant’s profits rose by a fifth from last year’s pandemic-affected levels.
CommBank on Wednesday delivered full-year cash profits of $8.65 billion – that’s a a 20 per cent annual increase.
Australia’s biggest bank has become latest financial firm to return some of its excess capital to shareholders.
CBA will launch a $6 billion share buyback, saying it was well-placed to support customers while returning excess capital.
In a sign of the board’s relative optimism on the economy, it lifted the final dividend to $2, up from 98c last year, at a time when dividends were capped by the regulator due to coronavirus pandemic.
“The continuing strength of our businesses, combined with a focus on customer needs, digital engagement and consistent operational excellence has contributed to a strong financial result this year,”
chief executive OF COMMBANK Matt Comyn.
Australia’s banking giants reveal similar news
Competing banking firms, National Australia Bank (NAB) and ANZ Bank have also unveiled share buybacks in recent weeks.
Lenders are right now holding billions of dollars more in capital than required by regulators, following asset sales and last year’s moves to retain earnings.
The Commonwealth Bank’s profits were driven sharply higher by a $554 million fall in its charges for impaired loans – a benefit that goes straight to the bottom line.
Money
Markets tumble as Trump tariffs, Greenland rhetoric and Europe backlash collide
U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.
U.S. stocks plummet over 800 points amid renewed tariff threats and political tensions from Trump, sparking global trade concerns.
U.S. equities took a sharp hit as markets reacted to renewed tariff threats and heightened political rhetoric from President Donald Trump. The Dow plunged more than 800 points, with the S&P 500 and Nasdaq also sliding as investor nerves rattled risk assets.
The sell-off highlights growing concern around global trade tensions and geopolitical uncertainty, with markets struggling to price in what comes next for U.S. economic leadership and policy direction.
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Money
Gold hits record highs as investors flee risk
Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.
Gold surges amid global uncertainty, with February futures rising 1.71% to $4,674.20 per ounce, signaling safe-haven demand.
Gold is shining brighter than ever as investors flock to safe-haven assets amid global uncertainty. U.S. gold futures for February delivery jumped 1.71% to $4,674.20 per ounce, while spot gold rose 1.6% to $4,668.14.
The surge comes as geopolitical tensions continue to worry traders, prompting a rush into metals perceived as stable and secure. Analysts say gold is proving its status as the ultimate hedge during turbulent times.
Investors are closely watching markets as gold sets new benchmarks, signalling growing caution across the financial landscape.
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Money
Markets edge higher as 10-year yields hit new highs
Major stock indices rise slightly; 10-year Treasury yield hits 4.23% amid Fed Chair speculation, affecting small and mega-cap stocks.
Major stock indices rise slightly; 10-year Treasury yield hits 4.23% amid Fed Chair speculation, affecting small and mega-cap stocks.
All major stock indices are starting the week slightly higher, giving investors cautious optimism. Analysts are keeping an eye on movements in small caps and mega-cap tech stocks amid these early gains.
The yield on the 10-year Treasury note has climbed to 4.23%, the highest since last September. This follows Kevin Warsh emerging as the frontrunner for the next Federal Reserve Chair, sparking speculation on future monetary policy.
Rising yields could trigger a pullback in small-cap stocks, while investors may pivot toward mega-cap tech, expected to deliver strong earnings growth. Overall, the market is likely to see a neutral to slightly bearish trend next week due to overbought conditions.
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