AU Evening Wrap: Australia Shares Slip 0.85%, But Extend Run of Weekly Gains
Market Performance
Australia's $S&P/ASX 200(.XJO.AU$ closed 0.85% lower at 7814.4, but still completed its longest streak of weekly gains this year. The benchmark index fell through the session following a soft lead from U.S. equities, giving back about half the gains made on Thursday. It still rose 0.8% across five days for its fourth consecutive weekly gain, finishing about 1% short of the record close it set in March.
Ten of eleven sectors finished lower Friday, with the materials sector kept afloat by iron-ore miners $BHP Group Ltd(BHP.AU$, $Fortescue Ltd(FMG.AU$ and $Rio Tinto Ltd(RIO.AU$.
Tech and health were the two worst performing sectors, while the heavyweight financials fell 0.7%. Lenders $National Australia Bank Ltd(NAB.AU$, $ANZ Group Holdings Ltd(ANZ.AU$, $CommBank(CBA.AU$ and $Macquarie Group Ltd(MQG.AU$ lost between 0.1% and 1.3%.
Top News
Bendigo and Adelaide Bank Report a Decline in Cash Earnings for the Year-to-Date
Bendigo Bank, an Australian regional lender, has reported a 2.3% decrease in cash earnings for the current fiscal year-to-date. The unaudited cash earnings after tax for the ten months ending in April were approximately AUD 464 million (USD 310.0 million). Additionally, the bank's net interest margin (NIM), which represents the difference between what the bank earns on loans and its funding and other costs, was 1.87% post-revenue share arrangements, while its NIM pre-revenue share arrangements stood at 2.30%.
China Implements Bold Measures to Revive Property Sector by Easing Mortgage Rules
In a significant effort to stimulate the struggling property sector, China has implemented bold policy changes by easing mortgage rules and urging local governments to purchase unsold houses. On Friday, financial regulators announced that they would remove mortgage rate floors for both first and second homes, according to an official notice. The People's Bank of China also decreased the minimum downpayment ratios for first-time homebuyers to 15% and 25% for second-home purchases. These measures are among the most significant policy adjustments made so far to aid the property sector.
Source: Dow Jones Newswires, AFR, ASX
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