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Australian Shares Dip as Westpac Weighs on Banks Ahead of RBA Decision
Westpac fell more than 5% after forecasting slower housing credit growth and a 20% drop in mortgage applications, dragging the financials index lower.
- On Monday, Australian shares slipped as Westpac shares slid more than 5%, their biggest intraday drop since March 30, weighing on the financials sub-index despite offsetting gains in miners.
- Westpac's quarterly update reported a 20% fall in mortgage applications, with the lender forecasting investor housing credit growth would halve next year, explaining the sharp market reaction.
- Shares of Commonwealth Bank of Australia, ANZ, and National Australia Bank fell between 1.3% and 2.4%, while mining giants BHP Group and Rio Tinto gained above 1% each, lifting the broader market.
- The Reserve Bank of Australia's interest rate decision arrives on Tuesday, with Commonwealth Bank of Australia's FY26 results following on Wednesday, providing twin tests of the financial sector.
- Commonwealth Bank of Australia's FY26 results will focus on net interest margin, credit quality, and dividend payouts as the cash rate sits at 4.35% following three increases this year.
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11 Articles
11 Articles
Australian shares dip as Westpac weighs on banks ahead of RBA decision
·London, United Kingdom
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ASX 200 Drops 0.7% As Wall Street Tech Selloff And CBA Earnings Weigh On Australian Shares
The ASX 200 fell 0.68% as tech stocks declined and investors focused on corporate earnings, including Commonwealth Bank's results. Rising oil prices partially offset losses in the communication services sector.
·New York, United States
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ASX Dips Amid RBA Stance, Housing Debate
The Australian share market experienced a downturn near noon AEST, with the ASX 200 index falling 0.6 per cent. Investors were seen digesting recent hawkish comments from the Reserve Bank of Australia alongside a flurry of corporate earnings results. Online employment giant Seek saw its shares tumble 14 per cent, contributing significantly to the broader market slide. Adding to the sector-specific pressures, ASX Ltd. is also facing a reported la…
Coverage Details
Total News Sources11
Leaning Left0Leaning Right2Center5Last UpdatedBias Distribution71% Center
Bias Distribution
- 71% of the sources are Center
71% Center
C 71%
R 29%
Factuality
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