ANZ - A a good set of earnings numbers and the market will probably maintain consensus but there is nothing here to suggest there will be upgrades. We are still of the cautious camp and note ANZ is talking up the medium term - ie. don't expect anything flash in the fourth quarter or early in the new financial year. We wrote for CBA that the biggest risk is a race to the bottom in terms of residential mortgage pricing for the majors and this remains the case for ANZ too. Like CBA, asset quality is strong which sees bad debt charges falling. ANZ luckily has an international diversification strategy which needs to ramp up in the fourth quarter to offset any domestic earnings pressure. On balance a neutral result. More at (VIEW LINK)
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