Australian banks

From Morgan Stanley: NAB has repriced home loans more than peers in the past year and its SVRs are now the highest of the majors, with a ~20bp premium on IPL.

Dalian as adding to overnight gains as Banana Man piles back in: Big Iron is following: Charts now have false breaks from earlier in the week but stocks are probably under-performing the futures move, not least on a further raft of upgrades today.

From Moody’s: Looking ahead, Moody’s expects delinquency rates for Australian prime residential mortgage-backed securities (RMBS) will continue to rise moderately in 2017.

Dalian is open and following its recent pattern has launched again.

Dalian futures tried and failed to rally again this morning.

Not much good news for GMA lately: Recall that the lenders mortgage insurer is still trading at its float price: And today it’s going to sink a long way below it.

Dalian is open and both iron ore and coking coal are under a little pressure.

Dalian futures launched out of the blocks this morning but have been falling ever since: Big Iron is down: More ahead in my view.

From Australia’s last journalist standing, Adele Ferguson, today: The parliamentary inquiry into banking was always going to be entertaining with the big bosses stepping into the arena for a public smack down but it was never expected to descend into biting satire.

Via the AFR: Citigroup is set to limit overseas mortgage lending to elite high net worth clients with minimum deposits or investments of $250,000 because of concerns about its capacity to handle the number of applications following the withdrawal of most other major Australian banks.

Dalian is trading flat today: Big Iron is  mixed: We still appear biased lower.

Via the FT: China’s banking system has surpassed that of the eurozone to become the world’s largest by assets, a sign both of the country’s increased influence in world finance and its reliance on debt to drive growth since the global financial crisis.

Morgan Stanley takes a peak: We think regulators are increasingly likely to cut the 10% IPL speed limit given concerns on housing lending.

Dalian is open and off a couple of percent: Coking coal is up a touch.

Lol: Andrew Thorburn has defended the National Australia Bank’s handling of misconduct and bonuses paid to wealth boss Andrew Hagger, after revealing more than 1100 staff failed to meet its code of conduct last financial year.

By Leith van Onselen In the wake of yesterday’s revelation that the Australian Securities and Investments Commission (ASIC) has charged Westpac for irresponsible lending practices and will immediately commence civil penalty proceedings in the Federal Court, ASIC has revealed that it is investigating 11 lenders for dodgy practices.

From the ABC: “Computer says yes” — regardless of whether you can really afford to borrow the money.

From ASIC: ASIC has today commenced civil penalty proceedings in the Federal Court against Westpac Banking Corporation (Westpac) for a number of contraventions of the responsible lending provisions of National Consumer Credit Protection Act 2009 (Cth) (the National Credit Act).

The irony of it all!

From S&P today: Australia’s financial institutions continue to face risks to their creditworthiness in 2017.

Can we please drain the swamp now?

From the AFR: CBA, the nation’s biggest mortgage lender, is raising rates for the second time in two weeks and reintroducing some fees.

Dalian has opened stable: But Big Iron hasn’t: Perhaps port stocks are upsetting things.