Australian Stocks: What Happened Today?

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This story features NATIONAL AUSTRALIA BANK LIMITED.
For more info SHARE ANALYSIS: NAB
The company is included in ASX20, ASX50, ASX100, ASX200, ASX300 and ALL-ORDS

Download related file: afternoon_report_2013-03-13

The analyst principally responsible for the production of this research report is: Howard Humphreys, Director & Lead Research Analyst, Seismic Research

China leads markets lower on property curbs

Chinese stocks led regional markets down today amid concerns that curbs to control the nation’s property market will undermine economic growth, but will have little effect on home prices. Strict ownership laws in Beijing (introduced in 2011) that require new arrivals to wait five years before purchasing a home have been largely unsuccessful. Rents in Beijing have jumped 23% since 2010, while demand for rental accommodation surged 82%. Beijing’s home prices have increased 4.9% over the same period.

The yen rose for a second day today, sending the Nikkei lower, after the Democratic Party of Japan said yesterday it will vote against Kikuo Iwata, Prime Minister Shinzo Abe’s nominee for the post of deputy governor of the Bank of Japan.

On the local market today National Australia Bank ((NAB)) led a 1.5% slump in financials, dropping 1.9% after unveiling a plan to save $800 million of costs.
 

To read today's report in PDF in full, see link at the top of this story.

(For a more comprehensive summary of last night’s market action see FNArena’s Overnight Report.)

Analyst Certification: Any views expressed in this research report by Seismic Research Solutions Pty Ltd (‘Seismic Research’) accurately reflect the personal views of the analyst(s) about the subject securities or issuers and no part of the compensation of the analyst(s) was, is, or will be directly or indirectly related to the inclusion of specific recommendations or views in this research. The analyst principally responsible for the preparation of this research report receives compensation based on overall revenues of Seismic Research and has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

Disclaimer: This document is intended solely for informational purposes and solely for the particular person to whom it was provided by Seismic Research Solutions Pty Ltd (‘Seismic Research’, ABN: 96 143 340 194). This document should not be relied upon by any other person. All statements contained herein are subject to change without notice. This document is not an offer to buy or sell any financial instruments. This document contains general advice only. In preparing this document, Seismic Research has not taken into account any recipient’s investment objectives, financial situation or particular needs of the reader. Seismic Research is not acting as advisor or fiduciary in providing this document, the reader should not make an investment decision on the basis of this document. Although we believe that the information this document contains is accurate and reliable, Seismic Research has not independently verified the information contained in this document, which is derived from publicly available sources. Seismic Research is an Authorised Representative of an Australian Financial Services Licence holder (AFSL: 338 943). Authorised Representative number: 389 109.

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