Demand for Australia...from Invincible

Demand for Australian banking stocks continues this afternoon with the financial sector up an extraordinary 6.5 percent. The volume is also eye-watering, with 27 million ANZ shares trading, 25.6 million NAB shares, 24 million Westpac shares, and 7.4 million Commonwealth Bank shares changing hands. However, the source of demand isn't clear.

Edited 27 May 2020, 13:45

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Bursa Malaysia's key index FBM KLCI is expected to hover between 1,420 and 1,450 points this week, after a strong last week. But investors would remain cautious on external development, including a potential standoff between the US and China over latest security law in Hong Kong, market observers said. Bursa is closed on Monday and Tuesday.

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It is worth noting that the Fed's interest rate meeting tonight will be the first time since December last year that a "dot map" will be released, providing forecasts of the US economy and interest rates. The forecast, which was supposed to be released in March, was shelved due to a shift to an emergency meeting.

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NAB chief executive Ross McEwan says the government could put some of the $60 billion in savings from the JobKeeper scheme into extended support for hard-hit businesses such as tourism operators and restaurants. In a wide-ranging discussion released by the bank, Mr McEwan also predicted consumers' shift away from using cash during the pandemic was likely to be permanent, as customers flock to digital payments. Amid debate over whether the government should bank the savings from last week's $60 billion costing bungle, or spend the money elsewhere, Mr McEwan said the scheme was playing a "vital" role in helping firms hold onto workers. He highlighted the plight of tourism-linked businesses especially, including hotels, cafes, bars, and nightclubs.

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