Banking royal commission results looming
The strength of the US employment report for January caught everyone by surprise; it was much stronger than even the most bullish forecast.
The economy gained 304,000 jobs, but it was not all good news — the December number was revised down to a gain of 90,000 jobs from an initially reported gain of 222,000.
However, given that the numbers released in the US quite often appear to be no more than a 'guestimate', it makes one wonder if these are actually worth worrying about.
GDP is much the same when you consider the several revisions made to the initial reported number.
After a muted close to the week on Wall Street, our index futures are trading 20 points higher.
Commissioner Kenneth Hayne’s final recommendations from the banking royal commission will be delivered today.
The Treasurer received them on Friday, and they are not expected to be pleasant reading.
The image shown on the ABC last night of a dour-looking Hayne and a smiling Treasurer gazing at the three volumes of recommendations may be a portent of what lays ahead.
Timing is everything, and the Commonwealth Bank, which releases its half yearly profit result on Wednesday, must be confident that it may go some way to creating a ray of sunshine in an otherwise gloomy week.