The ASX 200 (INDEXASX: XJO)(^AXJO) is expected to open higher today, the USA’s S&P 500 Index (.INX) went up by 0.01% on Thursday.
Australian Dollar ($A) (AUDUSD): 71.24US cents
Dow Jones (DJI): down 0.05%
Oil (WTI): $US63.71 per barrel
Gold: $US1,292 per ounce
ASX Sharemarket News
In ASX sharemarket news, Insurance Australia Group Ltd (ASX: IAG) will be under the spotlight today as investors expect the insurer to make an announcement regarding the legal proceedings that were filed against it.
The Australian Financial Review is reporting that the Federal Court class action relates to alleged misleading and deceptive conduct about the sale of add-on car insurance.
This is one of the issues raised in the Royal Commission, and the lawsuit could involve a decade’s worth of add-on insurance sales.
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The Bank of Queensland Limited (ASX: BOQ) share price could come under pressure again today after the bank reported a drop in profit per share (EPS) of 10%, a dividend cut and a slight decline in the net interest margin (NIM) in yesterday’s half year result.
Some analysts now believe the best course of action would be to merge with one of its regional peers so that it can be more effective in its funding costs and afford to invest in a better digital experience for customers.
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Commonwealth Bank of Australia (ASX: CBA) is reportedly working on a plan to cut more than 10,000 employees out of its workforce, which would save around $2 billion of annual costs, according to The Australian.
CBA is known as having the largest branch network in Australia, so the employee figure quoted could come with some branch closures. If the plan is indeed true it represents an even bigger cut to numbers than peers like National Australia Bank Ltd (ASX: NAB).
The country’s largest bank will be focusing on digital investment to improve the customer experience.
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