insto - Australian financial markets

After a GFC-induced slump, many Australian financial services professionals are once again looking for jobs overseas. London remains the destination of choice, but with Asia leading the employment market recovery, Hong Kong and Singapore are catching up quickly.

In a new report from Marks Sattin, two thirds of the 2,095 accounting and finance professionals surveyed said they would consider moving internationally for a suitable role.

Australia should not be forced to comply with a worldwide bank assets tax proposed by the International Monetary Fund, as it didn’t have the financial bailouts and financial collapses endured by other economies, Treasurer Wayne Swan said yesterday. Speaking after weekend meetings with G20 finance ministers, Mr Swan said that proposals for a worldwide tax on banks to cover the cost of future industry bailouts would need to recognise "different circumstances in different countries."

Some highlights from this week’s Thomson Reuters “Investment Banking Scorecard” include the following:

• Tech deals dominate record Taiwan M&A activity: Taiwan's Innolux Display Corp agreed to merge with Chi Mei Optoelectronics Corp, a manufacturer of LCD TV panels in a merger valued at US$13.1 billion, including debt. The deal ranks as the largest merger in Taiwan's history. M&A activity in Taiwan totals US$26.1 billion for year-to-date 2009, nearly five times last year's total and the largest annual period for M&A activity in Taiwan on record. High technology mergers account for just over 60 per cent of activity in Taiwan this year, while financials account for US$6.1 billion or 23 per cent.

Another sharp fall in Chinese stocks drove US stocks lower on the last trading day of August.

The S&P500 stocks index fell 8 points or 0.81 per cent to 1,020 while the Dow declined a half a per cent to 9,497. The session was the last in August with the indices posting a monthly gain of about 3.5 per cent

Japanese investment grade debt offerings this week totaled US$7.2 billion in proceeds from 18 issues, the third largest week ever for this activity.  Large issues included US$1.1 billion from Mitsubishi UFJ Trust & Banking, US$1.8 billion from two offers by Nippon Telegraph and Telephone, and US$729.8 million from Honda Motor.   Investment grade volume for Japan so far this year totals US$67.6 billion from 176 offerings, a 15 per cent increase over the same period in 2008 when volume was US$58.9 billion, and the biggest year-to-date start on record.

The equity markets covered a lot of territory in the first three months of 2009. Pundits are hopeful that the dip and rise in March marks the start of a recovery.

Sumitomo Mitsui Banking Corporation, Sydney Branch has completed a A$200 million domestic debut via nabCapital. The issue follows a recently completed roadshow.