The Commonwealth Bank has lifted its quarterly profit to $2.4 billion.
HERE are seven things making news in business and finance around the world today.
1. SYDNEY — Australia’s largest lender, the Commonwealth Bank, has lifted its quarterly cash profit four per cent to $2.4 billion after a further drop in bad debts.
CBA said growth in deposits was strong in the three months to September 30, home lending was growing consistently, and domestic business lending grew at mid-single digit levels.
2. NEW YORK — US stocks drifted lower on the eve of the highly anticipated jobs report, seen as a litmus test for a Federal Reserve increase in interest rates.
Stocks “lack conviction” ahead of Friday’s October jobs report, said Charles Schwab analysts in a market note.
3. LONDON — The Bank of England has trimmed its growth outlook due to slowing emerging markets, leaving London stocks in the red while eurozone stocks gained ground.
While the BoE sees the British economy slowing to 2.5 per cent growth in 2016, from 2.7 per cent this year, and a bout of negative inflation, it gave no indication about increasing monetary stimulus and left its key interest rate at a record-low 0.50 per cent.
4. HONG KONG — Major Asian markets mostly shrugged off Wall Street’s negative lead, with Shanghai performing especially strongly and Japan Post shares soaring again in Tokyo.
China’s ruling Communist Party issued guidelines for its 2016-2020 development plan on Tuesday, including calling for liberalisation in its capital markets and foreign exchange regime, following a high-level meeting last week.
5. WASHINGTON — US unions, politicians and interest groups have questioned the long-awaited text of a landmark US-backed Pacific trade deal, setting up a potentially long and difficult path to ratification by the United States, the biggest of the 12 partners.
6. WASHINGTON — The 12 countries of the ambitious trans-Pacific Partnership free-trade deal have announced a parallel agreement to avoid currency manipulation, a particular worry of the United States.
7. LONDON — The Bank of England has trimmed its forecast for British economic growth this year, warning about potential risks from a slowdown in emerging markets.
[Source:-news.com.au]