Australia and New Zealand Banking Corporation

The Australian share market opened higher today led by the financial sector and despite disappointing US economic growth data. US equities slumped on readings on jobs and manufacturing which indicated that businesses and workers still face a tough economy.

The Australian share market continued its losing streak yesterday, falling almost 1% after the financial sector fell on concerns about ANZ Bank's increased debt provisions. The biggest five banks have lost A$29.1 billion in market cap in two days, according to Bloomberg data. Australia's biggest banks may probably continue to suffer in the global economic gloom, while the bad news came amid another horror day for banking stocks.

The Australian share market fell over three per cent on Friday after troubling news from National Australia Bank (NAB) related to losses from investments in risky US mortgages, and a weak lead from Wall Street. But gains on US markets on Friday night are expected to encourage investors to pick up stocks that were oversold during Friday's 3 per cent fall.

Australian financial stocks is likely to continue gains on improved sentiment towards the sector in overseas markets, though weaker oil and metals prices may weigh on resource stocks. Analysts have cautioned that despite recent market gains, overall sentiment was still fragile and a further spike in energy prices or more bad news out of credit markets could trigger a fresh wave of selling.

Wall Street closed sharply higher overnight as another drop in oil prices improved investor sentiment. Wall Street staged a late rally after a mixed session, as a drop in oil prices helped to offset disappointing earnings reports from the likes of Apple and American Express. American Express reported second quarter earnings were below estimates and withdrew its full year earnings forecast.

The Board of Image Resources (ASX: IMA) notes that ANZ no longer holds any securities in IMA on account of the Opes Prime matter. All shares held by ANZ in such a capacity were disposed of in an orderly manner with substantial assistance from IMA's board (refer to IMA ASX announcements on 2 April, 7 April and 8 April 2008).

Australia And New Zealand Banking Group Limited (ASX: ANZ)'s Economic Insight - Comment on RBA Rate Announcement and March Trade Balance - Ms Katie Dean, Senior Economist; Australia And New Zealand Banking Group Limited (ASX: ANZ) present the following audio webcast regarding "ANZ's Economic Insight - Comment on RBA Rate Announcement and March Trade Balance - Ms Katie Dean, Senior Economist". You may also download this audio webcast to your computer or portable audio player.

Australia And New Zealand Banking Group Limited (ASX: ANZ)'s Economic Insight - Comment on April Job Advertisement Numbers - Mr Tony Pearson, Deputy Chief Economist; Australia And New Zealand Banking Group Limited (ASX: ANZ) present the following audio webcast regarding "ANZ's Economic Insight - Comment on April Job Advertisement Numbers - Mr Tony Pearson, Deputy Chief Economist". You may also download this audio webcast to your computer or portable audio player.

Australia And New Zealand Banking Group Limited (ASX: ANZ)'s Economic Insight - Comment on Retail Trade, March 2008 - Ms Katie Dean, Senior Economist; Australia And New Zealand Banking Group Limited (ASX: ANZ) present the following audio webcast regarding "ANZ's Economic Insight - Comment on Retail Trade, March 2008 - Ms Katie Dean, Senior Economist". You may also download this audio webcast to your computer or portable audio player.

Australia And New Zealand Banking Group Limited (ASX: ANZ) - Private Sector Credit Numbers - Dr Alex Joiner, Economist, (ASX: ANZ); Australia And New Zealand Banking Group Limited (ASX: ANZ) present the following audio webcast regarding "ANZ - Private Sector Credit Numbers - Dr Alex Joiner, Economist, ANZ". You may also download this audio webcast to your computer or portable audio player.