0038 GMT - Australian banks' share prices are being driven higher by disappointment elsewhere rather than lenders' performance and outlook, Jarden analysts write in a note. They reckon that machine-driven flows are behind a recent resurgence that has driven shares of the country's four largest lenders up by between 6.5% and 19% so far this month. The Jarden analysts point out that the sector's valuation multiples now sit between 20 and 28 times earnings, which is far in excess of a very long-term average 12 times earnings. This presents large risks, they add. (stuart.condie@wsj.com)

(END) Dow Jones Newswires

February 17, 2026 19:38 ET (00:38 GMT)

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