Market’s Cough Up Gains

US and European markets reversed yesterday’s gains for a few reasons, including Euro ministers delaying their meeting to approve Greece’s latest band-aid. Also overnight Moody’s downgraded the credit ratings of six Euro zone countries, but who’s keeping count anymore? The main drag on markets was soft US retail sales numbers, which missed expectations by half (albeit half of 0.8%). Nothing earth shattering there, but all news is bad news.

Banks Rub Salt in the Wound

Just days after raising their variable interest rates, two of the Big 4 have rubbed salt into the wound with a combination of redundancies and bumper profits. Yesterday the ANZ announced that it would cut around 1000 permanent jobs over the next four months as its profits are squeezed. The bank told 492 of those workers yesterday.

Meanwhile, across the road the Commonwealth announced a record $3.624 billion profit for the December half. This comes on the back of raising their standard variable interest rate by 0.1% on Monday. It’s all a bit rich really.

Gillard’s Retort

“I don’t have a clear recollection of when the speech was first brought to my attention” says Gillard, in relation to allegations she had her victory speech penned a fortnight before her leadership challenge of Kevin Rudd.

The Other Leadership Spill

Ricky Ponting is to become the first Aussie cricket captain in 28 years to regain the reins of the side after being removed as skipper. The decision to instil Ponting as captain for Friday’s One Dayer in the absence of an injured Michael Clarke is sure to raise the first questions of the revamped selection panel.