BloombergWestpac Banking Corp capped a horror year for Australia’s banks with its worst earnings since the global financial crisis. RIPPLE EFFECTWhile Westpac shares were halted from trading yesterday, the ripples were felt across the banking sector. National Australia Bank Ltd, which is to report its earnings on Thursday, fell 2.53 percent in Sydney trading yesterday, and Commonwealth Bank of Australia declined 1.52 percent. While analysts had been braced for a weak result from Westpac, the outcome was worse than expected across the board. By comparison, when Macquarie Group Ltd, Australia’s largest investment bank, raised A$1 billion in August, it sold shares at just a 2.8 percent discount.

Source: Taipei Times November 04, 2019 15:58 UTC