Westpac, ANZ warn

Cripes, again, again, again:

Fourth warning in the past six months or so. And it is still not over.

Then there is ANZ this morning:

The headline number is a little better than consensus but on falling loan loss provisions and job losses. That ain’t going to last. And Mr Elliott is hardly upbeat about credit growth.

I’m not sure how the market will take these today but beyond your nose they’re not good.

David Llewellyn-Smith

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal.

He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.

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    • DominicMEMBER

      Desperate times call for desperate measures. The thing with provisions is that they are determined ‘internally’ if you know what I mean.

  1. In a retreating landscape you wonder whether the Harvard Business School number one playbook rule becomes under promise then over deliver. That would be just as beneficial in the executive bonus world.

      • Buy for owner occupier purposes, not for investment. Expect a constant grind lower.

      • @Gavin thank you. I’m hoping to buy for oo at some stage but what I’m interested in hasn’t fallen much so it’s still not worth it. I’m reasonably certain it will fall but I’m going to have to be patient and have nerves of steel

    • proofreadersMEMBER

      Yep, time to bet the house by going long on bank shares – to the moon!!!!!!!!!!!!!!!!!!