Westpac Shares in Focus After Bank Drop With RBA Minutes Up Next
Westpac closed at A$35.84 on May 15, up 0.3% for the day but down 4.3% from the prior week, as Australian bank stocks reeled from housing-tax proposals and higher credit provisions. The S&P/ASX 200 financials index fell 4.3% for the week, its worst run in over six months. Commonwealth Bank dropped 10.4% on Wednesday, its largest one-day fall on record. Westpac reported a first-half net profit of A$3.4 billion, up 3% year-on-year.
