Westpac Shares in Focus After Bank Drop With RBA Minutes Up Next
Westpac Banking Corp is set for Monday trade on the ASX with some pressure left from last week’s hit to Australian bank risk. The shares managed a 0.3% rise to A$35.84 at the close on May 15, but that’s still down about 4.3% from the Friday before. No one is talking about Friday’s bounce. The question is if investors are done selling off mortgage-heavy banks after housing-tax talk, bigger credit loss reserves and energy worries from the Middle East. The S&P/ASX 200 edged down 0.1% Friday to 8,630.8, leaving it 1.2% lower for the week; financials tumbled 4.3%, the sector’s worst week in over half a year, Reuters said.
