Quay Mid-Day Market Update
The Australian Share market is deep in the red to start the day, with a weak lead from Wall Street combining with further weakness amongst the financial sector to send stocks lower. Plenty to digest with CBA & Woolworth’s updating the market while we also received Retail Sales data. CBA this morning posting a flat third-quarter cash profit of $2.2 billion which was in line with last year, with its revenue growth similar to the first half. As with ANZ & Westpac its net interest margin was impacted by continued competitive pressures. Home Loan growth was also not as strong as its rivals. An interesting time ahead for the banks in this low interest rate environment, we have already seen Westpac downgraded, so potentially the other banks will suffer a similar fate with the potential that the yield play is dying down with a search for growth to begin. Market Turnover into lunch was very strong at $2.362 billion. For the entire wrap please visit (VIEW LINK)
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