Explore the latest developments concerning Markets today: Banks.
Markets today: Banks weigh down ASX, Sunrise Energy jumps after Pentagon deal
Australia’s sharemarket has started the week on the back foot after a dip in mortgage applications raised questions about coming bank earnings.
The S&P/ASX200 fell 31 points on Monday, down 0.3 per cent to 9232.6, as the broader All Ordinaries lost 21.1 points, or 0.2 per cent, to 9424.
Westpac tumbled more than 5 per cent after its third-quarter mortgage applications slumped by a fifth following May’s federal budget announcement, raising concerns about how banks would fare this earnings season.
Traders had been bracing for budget-related volatility to hit the market, likely starting with the banks, IG market analyst Tony Sycamore said.
“Impacts on property prices, credit growth and removing investors from the market, that’s going to flow through to the banks,” Sycamore said.
Westpac mortgage applications plunge 20pc after budget, rate hikes
Westpac is forecasting a sharp slowdown in demand from property investors, telling shareholders that total mortgage applications had slumped by a fifth since Labor made sweeping changes to tax concessions in May.
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