Sell Calls on Aussie Banks 'Increasingly Consensus' View -- Market Talk

Dow Jones04-22

2328 GMT - An Australian bank rally over the past six months is difficult to justify, Citi analysts Brendan Sproules and Thomas Strong say in a note. Citi reckons easing financial conditions have driven the rally, but credit, inflation and employment data are now inconsistent with an environment where interest rates are likely headed down. Citi says the banks are trading on around a 1.7 times book, with falling returns. It downgrades ANZ and Westpac to sell, from neutral. After moving to a negative call on the sector in January, it now has seven sells across the banks. "Having a sell on the banks is an increasingly consensus call," says Citi. (alice.uribe@wsj.com)

(END) Dow Jones Newswires

April 21, 2024 19:28 ET (23:28 GMT)

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Citi reckons easing financial conditions have ...</p>\n\n<a href=\"https://dowjonesnews.com/newdjn/logon.aspx?AL=N\">Source Link</a>\n\n</div>\n\n\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"CBA.AU","symbol_name":"COMMONWEALTH BANK OF AUSTRAL","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2429957689","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2429957689","pubTimestamp":1713742080,"sourceInfo":null,"weMediaInfo":{"media_name":"Dow Jones","introduction":"Dow Jones publishes the world’s most trusted business news and financial information in a variety of media.","home_visible":0,"id":"106","head_image":"https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99"},"summary":"2328 GMT - An Australian bank rally over the past six months is difficult to justify, Citi analysts Brendan Sproules and Thomas Strong say in a note. 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