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Westpac Banking Corporation’s (ASX:WBC) London-based senior economist, James Shugg, has predicted a series of rate cuts amid what he believes is an imminent global catastrophe.
According to the Australian, Mr Shugg told a Westpac conference yesterday to expect the Reserve Bank of Australia to cut rates by 25 basis points three times next year, in March, May and August.
Mr Shugg reportedly said he has never been as scared about the outlook for global economy at any time in his 25 years as an economist.
Mr Shugg also believes there is now a serious and considerable risk that we will see the collapse of European financial markets and eurozone and one or more of the 17 members leaving the euro currency.
Westpac reported a net profit of $7.1 billion in the 2011 financial year.
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Last
$38.73 |
Change
0.250(0.65%) |
Mkt cap ! $132.4B | |||
| Open | High | Low | Value | Volume |
| $38.40 | $38.82 | $38.27 | $112.4M | 2.907M |
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| No. | Vol. | Price($) |
|---|---|---|
| 1 | 629 | $38.63 |
Sellers (Offers)
| Price($) | Vol. | No. |
|---|---|---|
| $38.75 | 10000 | 1 |
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| Last trade - 16.11pm 15/09/2025 (20 minute delay) ? |
| WBC (ASX) Chart |