"Many investors big ...from Invincible

"Many investors big and small, institutional and private, are at a loss to explain what the heck is going on with global, and especially US, stock markets" 😏#StockMarket#

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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.

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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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