ST GEORGE BANK LIMITED
St George Bank's Weekly Economic Insight - Ms Josephine Heffernan, Senior Economist
Wed, 30 Jul 2008 12:00PM
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Ms Josephine Heffernan
Wed, 30 Jul 2008
12:00PM Australia/NSW
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ST GEORGE BANK LIMITED (SGB)
ASX code: SGB
Website: http://www.stgeorge.com.au/
Industry: Banks
Principal Activities:
Provision of banking and other financial services, in particular Retail Banking, Commercial Banking and Group Treasury and Capital Markets, and Funds Management.
Address:
4-16 Montgomery Street, St George House
KOGARAH
NSW
Phone: (02) 9553 5555
Fax: (02) 9236 1899
Executives & Directors
Mr John S Curtis , Chairman, Director
Mr Paul Fegan , Managing Director, CEO
Mr John M Thame , Director
Mr Paul D R Isherwood , Director
Mr Graham J Reaney , Director
Mrs Linda B Nicholls , Director
Mr Richard England , Director
Mr Terry J Davis , Director
Mr Peter Hawkins , Director
Mr Roderic Holliday-Smith , Director
Mr Michael Cameron , CFO
Mr Michael Bowan , General Counsel
Mr Sean O'Sullivan , Investor Relations
Company Podcasts
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Company ASX Announcements
Company ASX announcements can be viewed on the ASX website.
Announcements from the preceding six months are shown below.
Please refer to the relevant stock exchange if any of the above information is incorrect
ST GEORGE BANK LIMITED (SGB) Events
Australia/NSW
ST GEORGE BANK LIMITED (SGB)
| Change of Director`s Interest Notice | Fri, 21 Nov 2008 |
| Dividend Details | Fri, 21 Nov 2008 |
| Executive team announced to lead merged group | Thu, 20 Nov 2008 |
| Letter to Shareholders | Thu, 20 Nov 2008 |
| Paul Fegan announces resignation | Mon, 17 Nov 2008 |
| Resignation of Auditor | Mon, 17 Nov 2008 |
| WBC: Westpac welcomes final approval of the merger | Mon, 17 Nov 2008 |
| Suspension from Official Quotation close of trading 17/11/08 | Mon, 17 Nov 2008 |
| ASX Circular: Merger with St George Bank | Mon, 17 Nov 2008 |
| Amended Constitution | Mon, 17 Nov 2008 |
Please note: This company appears on this website as a result of its listing on the Australian Securities Exchange. Boardroom Radio does not claim any association with any company listed on this site.
INTERVIEW WITH JOSEPHINE HEFFERNAN, SENIOR ECONOMIST OF ST. GEORGE BANK LIMITED (SGB)
“St George Bank's Weekly Economic Insight”
http://www.brr.com.au/event/48793
WEDNESDAY, JULY 30, 2008, 12:00 PM.
BRR Today Boardroom Radio speaks with Jo Heffernan, Senior Economist at St. George Bank regarding the St. George Bank’s weekly economic insight.
10 Welcome to Boardroom Radio, Jo.
SGB Thanks, Terence.
BRR Jo, this week we have seen plenty of volatility in the equity markets and we are waiting on a few announcements out this week regarding some economic
15 data. What are you seeing this week?
SGB Well, it certainly has been a busy time in the stock market. The US stock market had a strong session overnight with all the major industries up more than 2%. Merrill Lynch recovered some lost ground overnight after its announcement late Monday in the US, over $5.7 billion write-down and 8.5
20 billion share issue, raising hopes that the financial sector may be reaching a turning point. Financial stocks are also supported on expectations, but the SEC would extend an emergency rule banning naked short-selling on July 21st at (inaudible) (0:00:51), requiring investors to borrow shares before short-selling to deliver securities by settlement dates. In other news, the US
25 companies still “show strong results” which saw it having its largest price gains in seven years. The lower oil price and better-than-expected economic data were also supportive for the broader stock market in the US overnight. Their Dow is up 2.4%, S&P rose 2.3%, and the NASDAQ was up 2.5%. The KBW Bank Index rose 8.7% for this session and an index for airlines was up
30 11.4%, reflecting the softer oil price overnight. All these stocks have followed the US lead this morning and looks to be having quite a good session. At this stage, the overall stock market is up 1.9% in the ASX 200. That follows three sessions of fairly sizeable losses. So, for the week, the ASX 200 is still down around 3%. Looking at the financial sector, it is doing well this morning here
35 in Australia with the ASX 200 financials up 3.3%. Looking at our week ahead and economic data that could have some impact on the market, in about half an hour, we will have the release of our building approvals data for June. Building approval has been pretty soft recently, and for about the past six months, the trend data has been lower. Market forecasts our building
40 approvals to increase 1%, but that follows a fall of 6.5% in May, and the annual rate is only up about 0.2%. It is still looking very soft there. We also have out on Thursday retail sales data for June as well as retail sales volumes for the second quarter. The monthly retail sales data for June is expected to increase 0.2% according to the market, although here at St.
45 George, we do have a soft forecast. We expect retail sales to actually fall 0.3% with some of the anecdotal evidence that we have seen coming out recently suggesting that retail sales will indeed be soft. Retail sales volumes in the second quarter, market expects a decline of 0.2%. We are looking for a fall of 0.5% and that retail sale volumes data for the second quarter is important data that will feed through to the GDP data for the quarter. In another data, on Thursday, we also have private sector credit released for June. That is released by the RBA and looks at the amount of borrowing that is out there in the market, so that is also important data for the RBA.
5
BRR Jo, thanks very much for that update. How can people get more information from you?
SGB Yes. You can certainly get more information, Terence. If you look at our web site which is www.stgeorge.com.au and if you go into the Economic Reports
10 section of that, a lot of our reports are available there on economic data and currencies and interest rates.
BRR Excellent. Remember, if you have any questions about this broadcast or any others, please feel free to send me an e-mail at brr@brr.com.au or via the
15 Contact Us button on the home page. I am Terence Bell. Thanks for listening to Boardroom Radio.
INTERVIEW CONCLUDED
Contact brr@brr.com.au for more information
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