Sydney, Feb 23, 2026, 16:56 AEDT — The market has wrapped up for the day.
- ANZ dropped hard, with Australian bank shares pulling back following their strong run in February.
- Fresh doubts over U.S. tariffs sent global risk sentiment into a choppy patch.
- ANZ’s May results date has become the next obvious company catalyst for investors.
ANZ Group Holdings Ltd (ASX:ANZ) dropped 2.3% on Monday, closing at A$39.77 after retreating from last week’s peak levels as investors lightened up on the country’s major banks. Shares finished 93 cents under their previous close of A$40.70, with intraday moves ranging from A$39.565 to A$40.590. (Investing)
This decline is notable: banks have largely carried Australian equities lately, with ANZ among the key momentum plays. When you see a steep pullback like this, it’s often chalked up to profit-taking—or maybe it’s an early signal of risk sentiment turning sour.
The timing wasn’t great, as the broader market slipped. S&P/ASX 200 dropped 0.61%, with IT, healthcare, and REITs pacing the losses, according to Investing.com data. (Investing.com UK)
Overseas news added fuel to the fire. Wall Street futures dropped and the dollar lost ground during Asian hours, with mixed signals around U.S. tariffs sparking what one strategist described as a “sell America” move. “The tariff landscape is now more uncertain than before,” said Rodrigo Catril, senior FX strategist at National Australia Bank. (Reuters)
ANZ wasn’t the only one losing ground. Commonwealth Bank of Australia gave up 0.6%, landing at A$178.53. National Australia Bank edged down 0.9% to A$47.87. Westpac Banking Corp moved 1.2% lower, settling at A$42.04, data from Investing.com show. (Investing)
On the company front, there’s nothing fresh from ANZ this Monday—traders are still reacting to numbers released in February. Back on Feb. 12, ANZ reported a cash profit of A$1.94 billion for the December quarter, the bank’s preferred metric. That figure got a boost from an 8% cut in expenses, while group net interest margin lifted to 1.56%. “Our productivity program aimed at removing duplication and simplifying the bank is well underway,” CEO Nuno Matos said. (ANZ)
Broker reactions zeroed in on expenses after the update. Citigroup’s Thomas Strong pointed out the “beat was largely driven by faster than expected progress on costs.” Jefferies’ Andrew Lyons, meanwhile, flagged margin pressure as the next big question, now that housing growth is coming back. Net interest margin—what banks make on lending versus what they pay out for deposits and wholesale funding—remains sensitive; even slight shifts can meaningfully move earnings. (Reuters)
The rally narrows the margin for mistakes. Sharper mortgage price competition or a shift in credit quality could see bank stocks marked down fast — and ANZ still faces the challenge of boosting returns without handing back its margin.
The currency market was on edge, with the Aussie dollar slipping as traders reacted to the Supreme Court’s tariff ruling and eyed the possibility of new levies. ANZ’s chief economist Richard Yetsenga, speaking on the bank’s podcast, noted the Trump administration would face “much more constrained” options around tariffs. According to Reuters, investors were also positioning ahead of Trump’s State of the Union address on Tuesday. (Reuters)
Come Tuesday, attention turns to ANZ and its rivals, with traders eyeing if the pullback in banks extends past just one session—or if tariff news keeps fueling defensive moves across global markets. Bank multiples, as usual, react quickly to even minor changes in rate-cut bets.
Looking ahead, ANZ’s next set piece isn’t until May: half-year results land on May 7, with the ex-date for the interim dividend coming up May 18, per its financial calendar. (Anz)
