Australian Bank Profits 'Skewed to the Downside' Over Medium Term -- Market Talk

Dow Jones

2025/07/10

0010 GMT - Australian bank earnings look largely locked in for the upcoming earnings season. It's what follows that bothers Macquarie. "We believe medium-term earnings risks remain skewed to the downside as interest rates continue to fall which should drive bank underperformance," Macquarie says. The bank expects Australian interest rates to fall another 125 basis points. Macquarie has neutral calls on NAB and ANZ, and underperform ratings on CBA and Westpac. ANZ appears to have the greatest potential for valuation gains, Macquarie says. Still, the bank remains "cautious ahead of a potential rebasing of earnings expectations and limited visibility into the new CEO's approach to strategy and execution." (david.winning@wsj.com; @dwinningWSJ)

(END) Dow Jones Newswires

July 09, 2025 20:10 ET (00:10 GMT)

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It's what follows that bothers <a href=\"https://laohu8.com/S/MQG.AU\">Macquarie</a>. \"We believe medium-term earnings risks remain skewed to the downside as interest rates continue to fall which should drive bank underperformance,\" Macquarie says. The bank expects Australian interest rates to fall another 125 basis points. Macquarie has neutral calls on NAB and ANZ, and underperform ratings on CBA and Westpac. ANZ appears to have the greatest potential for valuation gains, Macquarie says. Still, the bank remains \"cautious ahead of a potential rebasing of earnings expectations and limited visibility into the new CEO's approach to strategy and execution.\" (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 09, 2025 20:10 ET (00:10 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>","source":null,"html":"<!DOCTYPE html>\n<html>\n<head>\n<meta http-equiv=\"Content-Type\" content=\"text/html; charset=utf-8\" />\n<meta name=\"viewport\" content=\"width=device-width,initial-scale=1.0,minimum-scale=1.0,maximum-scale=1.0,user-scalable=no\"/>\n<meta name=\"format-detection\" content=\"telephone=no,email=no,address=no\" />\n<title>Australian Bank Profits 'Skewed to the Downside' Over Medium Term -- Market Talk</title>\n<style type=\"text/css\">\na,abbr,acronym,address,applet,article,aside,audio,b,big,blockquote,body,canvas,caption,center,cite,code,dd,del,details,dfn,div,dl,dt,\nem,embed,fieldset,figcaption,figure,footer,form,h1,h2,h3,h4,h5,h6,header,hgroup,html,i,iframe,img,ins,kbd,label,legend,li,mark,menu,nav,\nobject,ol,output,p,pre,q,ruby,s,samp,section,small,span,strike,strong,sub,summary,sup,table,tbody,td,tfoot,th,thead,time,tr,tt,u,ul,var,video{ font:inherit;margin:0;padding:0;vertical-align:baseline;border:0 }\nbody{ font-size:16px; line-height:1.5; color:#999; background:transparent; }\n.wrapper{ overflow:hidden;word-break:break-all;padding:10px; }\nh1,h2{ font-weight:normal; line-height:1.35; margin-bottom:.6em; }\nh3,h4,h5,h6{ line-height:1.35; margin-bottom:1em; }\nh1{ font-size:24px; }\nh2{ font-size:20px; }\nh3{ font-size:18px; }\nh4{ font-size:16px; }\nh5{ font-size:14px; }\nh6{ font-size:12px; }\np,ul,ol,blockquote,dl,table{ margin:1.2em 0; }\nul,ol{ margin-left:2em; }\nul{ list-style:disc; }\nol{ list-style:decimal; }\nli,li p{ margin:10px 0;}\nimg{ max-width:100%;display:block;margin:0 auto 1em; }\nblockquote{ color:#B5B2B1; border-left:3px solid #aaa; padding:1em; }\nstrong,b{font-weight:bold;}\nem,i{font-style:italic;}\ntable{ width:100%;border-collapse:collapse;border-spacing:1px;margin:1em 0;font-size:.9em; }\nth,td{ padding:5px;text-align:left;border:1px solid #aaa; }\nth{ font-weight:bold;background:#5d5d5d; }\n.symbol-link{font-weight:bold;}\n/* header{ border-bottom:1px solid #494756; } */\n.title{ margin:0 0 8px;line-height:1.3;color:#ddd; }\n.meta {color:#5e5c6d;font-size:13px;margin:0 0 .5em; }\na{text-decoration:none; color:#2a4b87;}\n.meta .head { display: inline-block; overflow: hidden}\n.head .h-thumb { width: 30px; height: 30px; margin: 0; padding: 0; border-radius: 50%; float: left;}\n.head .h-content { margin: 0; padding: 0 0 0 9px; float: left;}\n.head .h-name {font-size: 13px; color: #eee; margin: 0;}\n.head .h-time {font-size: 12.5px; color: #7E829C; margin: 0;}\n.small {font-size: 12.5px; display: inline-block; transform: scale(0.9); -webkit-transform: scale(0.9); transform-origin: left; -webkit-transform-origin: left;}\n.smaller {font-size: 12.5px; display: inline-block; transform: scale(0.8); -webkit-transform: scale(0.8); transform-origin: left; -webkit-transform-origin: left;}\n.bt-text {font-size: 12px;margin: 1.5em 0 0 0}\n.bt-text p {margin: 0}\n</style>\n</head>\n<body>\n<div class=\"wrapper\">\n<header>\n<h2 class=\"title\">\nAustralian Bank Profits 'Skewed to the Downside' Over Medium Term -- Market Talk\n</h2>\n<h4 class=\"meta\">\n<div class=\"head\" \">\n\n<div class=\"h-thumb\" style=\"background-image:url(https://static.tigerbbs.com/150f88aa4d182df19190059f4a365e99);background-size:cover;\"></div>\n\n<div class=\"h-content\">\n<p class=\"h-name\">Dow Jones </p>\n<p class=\"h-time smaller\">2025-07-10 08:10</p>\n</div>\n</div>\n</h4>\n</header>\n<article>\n<font class=\"NormalMinus1\" face=\"Arial\">\n<p>\n     0010 GMT - Australian bank earnings look largely locked in for the upcoming earnings season. It's what follows that bothers <a href=\"https://laohu8.com/S/MQG.AU\">Macquarie</a>. \"We believe medium-term earnings risks remain skewed to the downside as interest rates continue to fall which should drive bank underperformance,\" Macquarie says. The bank expects Australian interest rates to fall another 125 basis points. Macquarie has neutral calls on NAB and ANZ, and underperform ratings on CBA and Westpac. ANZ appears to have the greatest potential for valuation gains, Macquarie says. Still, the bank remains \"cautious ahead of a potential rebasing of earnings expectations and limited visibility into the new CEO's approach to strategy and execution.\" (david.winning@wsj.com; @dwinningWSJ) \n</p>\n<pre>\n \n</pre>\n<p>\n  (END) Dow Jones Newswires\n</p>\n<p>\n  July 09, 2025 20:10 ET (00:10 GMT)\n</p>\n<p>\n  Copyright (c) 2025 Dow Jones &amp; Company, Inc.\n</p>\n</font>\n</article>\n</div>\n</body>\n</html>\n","isBrief":false,"type":0,"news_type":1,"symbol":"ANZ.NZ","symbol_name":"ANZ Group Holdings Limited Ordinary Shares","start_time":0,"source_url":"https://dowjonesnews.com/newdjn/logon.aspx?AL=N","article_id":"2550664873","we_media_id":"106","thumbnails":[],"rights":null,"url":"https://stock-news.laohu8.com/highlight/detail?id=2550664873","pubTimestamp":1752106200,"columns":[],"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":"0010 GMT - Australian bank earnings look largely locked in for the upcoming earnings season. It's what follows that bothers Macquarie. \"We believe medium-term earnings risks remain skewed to the downside as interest rates continue to fall which should drive bank underperformance,\" Macquarie says. The bank expects Australian interest rates to fall another 125 basis points. Macquarie has neutral calls on NAB and ANZ, and underperform ratings on CBA and Westpac. ANZ appears to have the greatest potential for valuation gains, Macquarie says. Still, the bank remains \"cautious ahead of a potential rebasing of earnings expectations and limited visibility into the new CEO's approach to strategy and execution.\" ","collect":0,"end_time":0,"defaultTopTitle":"","property":[],"viewcount":null,"language":"en","relate_stocks":{"ANZ.NZ":"ANZ Group Holdings Limited Ordinary Shares","BK8062":"综合性银行","BK7511":"ESG概念","NAB.AU":"NATIONAL AUSTRALIA BANK LTD","BK7135":"综合性银行","WBC.NZ":"Westpac Banking Corporation Ordinary Shares","BK4207":"综合性银行","NABZY":"National Australia Bank Ltd. (Victoria, Australia)","CBA.AU":"COMMONWEALTH BANK OF AUSTRALIA","ANZ.AU":"ANZ GROUP HOLDINGS LTD","WBC.AU":"WESTPAC BANKING CORPORATION"},"translate_title":"澳大利亚银行利润中期“偏向下行”——市场讨论","themeId":null,"isJumpTheme":false,"ttsUrl":null,"symbols_score_info":{"WBC.AU":0.9,"ANZ.NZ":0.9,"WBC.NZ":0.9,"CBA.AU":0.9,"ANZ.AU":0.9,"NAB.AU":0.9,"NABZY":0.9},"content_text":"0010 GMT - Australian bank earnings look largely locked in for the upcoming earnings season. It's what follows that bothers Macquarie. \"We believe medium-term earnings risks remain skewed to the downside as interest rates continue to fall which should drive bank underperformance,\" Macquarie says. The bank expects Australian interest rates to fall another 125 basis points. Macquarie has neutral calls on NAB and ANZ, and underperform ratings on CBA and Westpac. ANZ appears to have the greatest potential for valuation gains, Macquarie says. Still, the bank remains \"cautious ahead of a potential rebasing of earnings expectations and limited visibility into the new CEO's approach to strategy and execution.\" (david.winning@wsj.com; @dwinningWSJ) \n\n\n \n\n\n  (END) Dow Jones Newswires\n\n\n  July 09, 2025 20:10 ET (00:10 GMT)\n\n\n  Copyright (c) 2025 Dow Jones & Company, Inc.","kind":"highlight","is_publish_news":true,"is_publish_highlight":false,"is_publish_live":false,"is_publish_wemedia":null,"editions":null,"column":"","sentiment":"0","news_tag":"","news_rank":0,"symbols":[],"gpt_button":0,"need_auth":true,"code":"91000000","status":"200"}}}