The AUD has struggled to gain any real traction today, however locally traders have seemed more interested in whether the ASX 200 could make it eight days in a...

Chris Weston

Pepperstone

The AUD has struggled to gain any real traction today, however locally traders have seemed more interested in whether the ASX 200 could make it eight days in a row of gains. Unfortunately (for the bulls) the index has found good sellers and it seems the investment banks can be partially to blame for this, with Citigroup taking the cleaver to Westpac and National Australia Bank's (NAB) rating, lowering them to a 'neutral' and 'sell' call respectively. Morgan Stanley went slightly further and said in a research note that it sees a 70% to 80% chance that NAB will fall in the next 60 days. It feels the 1H14 earnings result on May 8 will 'highlight revenue headwinds in business banking and an end to the era of positive cost surprise'. Perhaps this note is gaining traction given NAB is the underperformer. (VIEW LINK)


Chris Weston
Chris Weston
Head of Research
Pepperstone

Highly accomplished financial markets professional, with experience at a number of top-tier global institutions on both the buy and sell-side. A natural communicator with a strong ability to analyse macro-economic trends, capital flows and market...

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