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MarketScreener Homepage  >  Equities  >  Australian Stock Exchange  >  Westpac Banking Corporation    WBC   AU000000WBC1

WESTPAC BANKING CORPORATION

(WBC)
  Report
End-of-day quote. End-of-day quote Australian Stock Exchange - 01/25
21.79 AUD   +0.05%
01/26WESTPAC BANKING : MI Leading Index December (PDF 123KB)
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01/19WESTPAC BANKING : MI Consumer Sentiment January (PDF 134KB)
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Equity investors take stock of best month ever

11/30/2020 | 04:44am EST

* MSCI World Stocks index set for best month on record

* Europe leading with 15% surge

* China official PMI rises to 52.1, tops forecasts

* Dollar and gold out of favour, investors embrace risk

* Oil and industrial commodities lifted by recovery bets

* Sovereign bonds supported by central bank buying

* Graphic: 2020 asset performance http://tmsnrt.rs/2yaDPgn

* Graphic: World FX rates in 2020 http://tmsnrt.rs/2egbfVh

LONDON/SYDNEY, Nov 30 (Reuters) - World shares paused on Monday to assess a record-breaking month as the prospect of a vaccine-driven economic recovery next year and yet more free money from central banks eclipsed immediate concerns about the coronavirus pandemic.

Helping sentiment was a survey showing that factory activity in China handily beat forecasts in November, and the country's central bank surprised with a helping of cheap loans.

Chinese blue chips ended lower but up nearly 6% for the month and, though Europe's traders were reluctant to add to their bumper November, it was not going to detract from a record-busting 15% month.

The rush to risk has also benefited oil and industrial commodities while undermining safe-haven dollar and gold.

"It has been a very, very strong month for markets, especially on the equity side but also on the fixed income side too," said Rabobank's Head of Macro Strategy Elwin de Groot.

The positive developments on vaccines and swiftness with which they are likely to be rolled out had been key drivers.

"And this market still remains very much supported by liquidity from the central banks," De Groot added. With the ECB set to provide more stimulus next month "the market view seems to be, what can possibly go wrong?"

Many European bourses are boasting their best month ever with France up 21% and Italy almost 26%. The MSCI measure of world stocks is up nearly 13% for November, while the S&P 500 has climbed 11% to all-time peaks.

MSCI's broadest index of Asia-Pacific shares outside Japan had ended 1.5% lower on the day but was still up almost 10% for the month.

Japan's Nikkei 225 eased 0.8%, but was still 15% higher on the month for the largest rise since 1994. E-Mini futures for Wall Street's high-flying S&P 500 dipped 0.4%

"Markets are overbought and at risk of a short term pause," said Shane Oliver, head of investment strategy at AMP Capital.

"However, we are now in a seasonally strong time of year and investors are yet to fully discount the potential for a very strong recovery next year in growth and profits as stimulus combines with vaccines."

Cyclical recovery shares including resources, industrials and financials were likely to be relative outperformers, he added.

The surge in stocks has put competitive pressure on safe-haven bonds but much of that has been cushioned by expectations of more asset buying by central banks.

Sweden's Riksbank surprised last week by expanding its bond purchase program and the European Central Bank is likely to follow in December.

German 10-year Bund yield was down 1.1 basis points at -0.598%, its lowest since Nov. 9. The rest of the core market also fell by around 1 bp.

DOLLAR IN DECLINE

Federal Reserve Chair Jerome Powell testifies to Congress on Tuesday amid speculation of further policy action at its next meeting in mid-December.

As a result, U.S. 10-year yields are ending the month almost exactly where they started at 0.84%, a solid performance given the exuberance in equities.

The U.S. dollar has not been as lucky.

"The idea that a potential Treasury Secretary (Janet) Yellen and Fed chair Powell could work more closely to shape and coordinate super easy monetary policy and massive fiscal stimulus that could drive a rapid post pandemic recovery saw the dollar under pressure," said Robert Rennie, head of financial market strategy at Westpac.

Against a basket of currencies, the dollar index was pinned at 91.771 having shed 2.4% for the month to lows last seen in mid-2018.

The euro has caught a tailwind from the relative outperformance of European stocks and climbed 2.7% for the month to reach $1.1967. A break of the September peak at $1.2011 would open the way to a 2018 top at $1.2555.

The dollar has even declined against the Japanese yen, a safe-haven of its own, losing 0.7% in November to reach 103.89 yen, though it remains well above key support at 103.16.

Sterling stood at $1.3334, having climbed steadily this month to its highest since September, as investors wagered a Brexit deal would be brokered even as the deadline for talks loomed ever larger.

One major casualty of the rush to risk has been gold, which was near a five-month trough at $1,771 an ounce having shed 5.6% in November.

Oil, in contrast, has benefited nearly 30% from the prospect of a demand revival should the vaccines allow travel and transport to resume next year.

Some profit-taking set in early on Monday ahead of an OPEC+ meeting to decide whether the producers' group will extend large output cuts. Brent crude futures fell 52 cents to $47.66, while U.S. crude eased 60 cents to $44.93 a barrel.

(Reporting by Marc Jones, editing by Ed Osmond)


© Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
AIMS APAC REIT 0.00% 1.3 End-of-day quote.4.00%
DJ INDUSTRIAL -2.05% 30303.17 Delayed Quote.1.08%
EURO / BRITISH POUND (EUR/GBP) 0.22% 0.8869 Delayed Quote.-0.93%
EURO / US DOLLAR (EUR/USD) 0.01% 1.21006 Delayed Quote.-0.92%
LONDON BRENT OIL 0.27% 55.71 Delayed Quote.8.43%
MSCI WORLD INDEX (STRD, UHD) -2.17% 2694.423 Real-time Quote.2.38%
NASDAQ 100 -2.80% 13112.649836 Delayed Quote.1.74%
NASDAQ COMP. -2.61% 13270.597569 Delayed Quote.5.72%
NIKKEI 225 -1.53% 28197.42 Real-time Quote.4.34%
S&P 500 -2.57% 3750.77 Delayed Quote.-0.14%
WESTPAC BANKING CORPORATION 0.05% 21.79 End-of-day quote.12.49%
WTI 0.47% 52.651 Delayed Quote.9.49%
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More news
Financials
Sales 2021 20 100 M 15 292 M 15 292 M
Net income 2021 5 223 M 3 974 M 3 974 M
Net Debt 2021 - - -
P/E ratio 2021 15,4x
Yield 2021 4,19%
Capitalization 78 924 M 60 660 M 60 046 M
Capi. / Sales 2021 3,93x
Capi. / Sales 2022 3,90x
Nbr of Employees 36 849
Free-Float 99,6%
Chart WESTPAC BANKING CORPORATION
Duration : Period :
Westpac Banking Corporation Technical Analysis Chart | WBC | AU000000WBC1 | MarketScreener
Technical analysis trends WESTPAC BANKING CORPORATION
Short TermMid-TermLong Term
TrendsBullishBullishNeutral
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 15
Average target price 22,45 AUD
Last Close Price 21,66 AUD
Spread / Highest target 24,7%
Spread / Average Target 3,65%
Spread / Lowest Target -30,7%
EPS Revisions
Managers and Directors
NameTitle
Peter Francis King Chief Executive Officer, MD & Director
John McFarlane Chairman
Scott Collary Chief Operating Officer
Michael Rowland Chief Financial Officer
Peter Ralph Marriott Independent Non-Executive Director
Sector and Competitors