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☕ Budget day
Good morning. It's the hottest P&L to drop this year, with the Aussie Treasurer expected to show a $4bn surplus in tonight's budget. That compares to the $37bn deficit they guided to as recently as October. Shame the Government isn't an ASX-listed company because otherwise that +$40bn guidance uplift would have put a rocket under its share price.
☕ Contagion continues
Good morning. The European Central Bank followed suit and raised rates by 25bps, while over in the US, the regional banking contagion continues to spread. Attention is mostly on the 59th largest bank, PacWest — but Zions Bancorp (40th), Comerica (41st) and Western Alliance (44th) were also massively sold off by investors too.
☕ Pump and dump
Good morning. A warning to your speccy stock-loving, crypto-shilling mate... a Hotcopper punter who used 13 different accounts and various share bidding strategies to create the illusion of demand was handed a 2.5yr jail term. (although he was released on a good behaviour bond). More below.