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That pushed net profit from the bank's institutional unit up 53% to overtake its retail unit, by dollar value, in the year to September, and helped the Melbourne-listed company grow overall profit 14% to A$7.4 billion ($4.7 billion), just missing a Visible Alpha consensus forecast of A$7.56 billion. But analysts expressed concern about a faster-than-expected narrowing of profit margin from the bank's retail unit, the only one of Australia's so-called big four lenders that has persisted with offering cash handouts to lure mortgage customers looking for a cheaper deal. The logo of the ANZ Bank is seen at Lambton Quay, in Wellington, New Zealand November 10, 2022. ANZ CEO Shayne Elliott denied forgoing margin to grow mortgages faster than the market, and challenged comments from other banks that have said they were intentionally slowing mortgage growth while competition eroded profit. ANZ declared a final dividend of 94 Australian cents per share, up from 74 cents a year ago.

Persons: NIM, Lucy Craymer, Shayne Elliott, we've, Byron Kaye, Rishav Chatterjee, Roushni Nair, Lisa Shumaker, Stephen Coates Organizations: ANZ, Westpac, National Australia Bank, midsession, ANZ Bank, REUTERS, UBS, Thomson Locations: Melbourne, Lambton Quay, Wellington , New Zealand, Sydney, Bengaluru

The National Australia Bank Logo is seen on a branch in central Sydney, Australia, February 8, 2018. That has left NAB, ranked third for mortgages but first for business loans, in a prime position as the country's retail lenders look elsewhere for growth. We're not abandoning (mortgages), we're tilting towards our business bank." Larger mortgage rival Westpac (WBC.AX) also posted a higher annual profit on Monday, despite a decline in home loan profit. The company's net interest margin, a closely-watched bank metric of lending interest income minus payouts to deposit accounts, shrank to 1.71% as of Sept. 30, from 1.77% at March-end.

Persons: Daniel Munoz, Ross McEwan, We're, Azib Khan, Roushni Nair, Archishma Iyer, Shounak Dasgupta, Jamie Freed Organizations: National, REUTERS, NAB, SYDNEY, National Australia Bank, Westpac, P, Thomson Locations: Sydney, Australia, Bengaluru

☆ Aussie 'big four' banks hike home loan rates after RBA decision
▼ + stars: | 2023-11-09 | by ( ) www.reuters.com time to read: +1 min

People use Commonwealth Bank of Australia (CBA) bank ATMs in Sydney, Australia May 3, 2018. The National Australia Bank (NAB.AX), ANZ Group Holdings (ANZ.AX) and Westpac Banking Corp (WBC.AX), the other three of Australia's "big four", had hiked their home loan rates on Wednesday by 0.25%. The rate hike by the National Australia Bank (NAB.AX) and ANZ Group Holdings (ANZ.AX) would be effective from Nov. 17, while Westpac Banking Corp (WBC.AX) would raise rates from Nov. 21, the lenders said in separate statements on Wednesday. CBA said its home loan variable rate change would be effective from Nov. 17. Reporting by Rishav Chatterjee and Upasana Singh in Bengaluru; Editing by Savio D'Souza and Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Edgar Su, Rishav Chatterjee, Upasana Singh, Savio D'Souza, Rashmi Organizations: Commonwealth Bank of Australia, REUTERS, Thursday, National Australia Bank, ANZ Group Holdings, Westpac Banking Corp, Reserve Bank of Australia, Wednesday, CBA, Thomson Locations: Sydney, Australia, Bengaluru

☆ Dollar rises for third day before Fed Chair Powell speech
▼ + stars: | 2023-11-08 | by ( Samuel Indyk | ) www.reuters.com time to read: +4 min

"The data side has been very quiet so the main drivers have been the hawkish comments from Fed speakers," said ING FX strategist Francesco Pesole. Focus now turns to remarks from Fed Chair Powell later on Wednesday. DARKENING GROWTH OUTLOOKThe euro fell 0.3% to $1.0670, further weighed by a darkening growth outlook in the euro zone. "The mixed outlook for consumer and investment spending leaves the euro zone very close to recession," said Wells Fargo economist Nick Bennenbroek. "Regardless of whether the euro zone falls into recession, we see enough growth headwinds to suggest that the European Central Bank's monetary tightening is done."

Persons: Dado Ruvic, Jerome Powell, Francesco Pesole, They've, Powell, Matt Simpson, Wells, Nick Bennenbroek, ING's Pesole, Luci Ellis, Samuel Indyk, Rae Wee, Lincoln, Christina Fincher, Alex Richardson Organizations: REUTERS, Reserve, U.S, ING, Central, Reserve Bank of Australia, Thomson

It said it would tender for a new external auditor as part of "best practice for audit firm rotation". PwC has audited Westpac since 2002, before which PwC partners and their ancestor firms had audited the bank since 1968. However, PwC's lead Westpac audit partner assumed the role less than two years ago, in December 2021, according to a Westpac governance statement this month. A PwC Australia spokesperson said the firm understood the board's decision and was proud of its time as Westpac's auditor. Renamed Scyne Advisory, roughly 1,400 of PwC Australia's more than 9,000 staff moved over to the new firm.

Persons: Loren Elliott, PwC, Lewis Jackson, Christopher Cushing, Robert Birsel Organizations: Westpac, Central Business District of, REUTERS, Rights, Westpac Group, PricewaterhouseCoopers, PwC's, Google, Uber Technologies, Facebook, Meta, PwC, Scyne Advisory, Scyne, Thomson Locations: Central Business District of Sydney, Australia, PwC Australia

Renamed Scyne Advisory, roughly 1,400 of PwC Australia's more than 9,000 staff have moved over to the new advisory firm. It said it would tender for a new external auditor as part of "best practice for audit firm rotation". PwC has audited Westpac since 2002, before which PwC partners and their ancestor firms had audited the bank since 1968. However, PwC's lead Westpac audit partner assumed the role less than two years ago, in December 2021, according to a Westpac governance statement this month. A PwC Australia spokesperson said the firm understood the board's decision and was proud of its time as Westpac's auditor.

Persons: Lewis Jackson, PwC, Robert Birsel, Stephen Coates Organizations: REUTERS, Rights, Wednesday, Scyne Advisory, Scyne, Google, Uber Technologies, Facebook, Meta, WESTPAC, Westpac Group, Westpac, PwC's, Thomson Locations: Barangaroo, Australia

☆ Dollar licks its wounds ahead of Fed Chair Powell's remarks
▼ + stars: | 2023-11-08 | by ( ) www.cnbc.com time to read: +3 min

The British pound , which earlier in the week hit a seven-week top against the dollar, was last some distance away at $1.2286. Focus now turns to a speech by Fed Chair Powell later on Wednesday. The euro fell 0.07% to $1.0691, further weighed by a darkening growth outlook in the euro zone. "The mixed outlook for consumer and investment spending leaves the euro zone very close to recession," said Wells Fargo economist Nick Bennenbroek. "Regardless of whether the euro zone falls into recession, we see enough growth headwinds to suggest that the European Central Bank's monetary tightening is done."

Persons: Jerome Powell, Matt Simpson, We're, Powell, Simpson, Wells, Nick Bennenbroek, Luci Ellis Organizations: Federal Reserve, U.S, U.S ., Central, Australian, Reserve Bank of Australia, New Zealand

The results show how Australia's retail banks are leaning into businesses outside their traditional earnings engine of mortgages as higher interest rates raise the cost of repayments, spurring competition which has flattened profit margins. Sydney-listed Westpac said profit from its consumer division, which has just over one-fifth of Australian mortgages, shrank 7% in its full-year to end-September. Westpac gave no profit forecasts but said April-to-September trading was "more challenging" than the previous six months and "this is expected to continue into 2024". "If that does eventuate, interest rates will probably need to be higher than what we're thinking," he said on a call with analysts and media. Westpac declared a final dividend of 72 Australian cents per share, up from 64 Australian cents a year earlier.

Persons: David Gray, Azib Khan, Peter King, We've, Byron Kaye, Roushni Nair, Upasana Singh, Andrew Heavens, Josie Kao, Aurora Ellis Organizations: Australia's Westpac Banking Corp, REUTERS, Westpac, Commonwealth Bank, National Australia Bank, ANZ, Sydney, midsession, P Capital, Thomson Locations: Sydney, Australia, Ukraine, Bengaluru

The funds available for deals are growing as investors including pension funds, sovereign wealth and insurance firms look for meaty returns hard to find in today's equity markets, especially in the beaten-down real estate sector. Australian real estate specialist Qualitas (QAL.AX), whose backers include the Abu Dhabi Investment Authority, has nearly doubled funds under management to A$8 billion ($5.07 billion) since mid-2022, with roughly half the increase since this June. U.S.-based PGIM Real Estate expects to deploy a further $1 billion in the country over the next few years, said its head of Australian real estate Steve Bulloch. Lenders are expanding into residential and commercial construction as banks slow lending or exit, a March report from the Reserve Bank of Australia (RBA) said. JUICY RETURNSInvestors can expect returns from 9% to 11% with the added security of loans pledged against real assets like condos or warehouses, often with a 30% to 40% equity buffer, said Paul Notaras, executive director at Barings Real Estate Australia.

Persons: Stella Qiu, meaty, Steve Bulloch, JUICY, Paul Notaras, Notaras, Qualitas, Andrew Schwartz, Bonds, We've, Schwartz, Lewis Jackson, Rae Wee, Jamie Freed Organizations: REUTERS, Abu, Abu Dhabi Investment Authority, Commonwealth Bank, National Australia Bank, Westpac, ANZ Group, International Monetary, Reserve Bank of Australia, Australia, prudential, Reuters Graphics Reuters, Thomson Locations: Parramatta, Sydney, SYDNEY, Australian, Abu Dhabi, Australia, Qualitas, Singapore

☆ Take Five: You (may) have arrived at your destination
▼ + stars: | 2023-11-03 | by ( ) www.reuters.com time to read: +5 min

No wonder markets see a 70% chance that the Fed's brutal 20-month tightening cycle is over and that rate cuts could begin as soon as June. So watch closely to see if the top central bankers push back against the cut chatter until inflation is truly tamed. Shekel, gold, oil response to the war5/RACE DAY RATE HIKEThe famous Melbourne Cup horse race runs on Tuesday, but some of the shortest odds are on an Aussie central bank rate hike over in Sydney that day. Three-year and 10-year Australian government bond yields have hit their highest since 2011, though backed off slightly on the Fed's hold. The Australian dollar has also rallied strongly against its New Zealand counterpart as rate expectations diverge.

Persons: Marc Jones, Dhara, Kevin Buckland, Tom Westbrook, Lewis Krauskopf, BoE, Horton, Walt Disney, Mittal, shekel, Antony Blinken, Jordan, Luci Ellis, Kripa Jayaram, Riddhima Talwani, Gareth Jones Organizations: Federal Reserve, Fed, ECB, FX, Bank of Japan, Reuters, eBay, Nvidia, UBS, ABN Amro, Allianz, Friday, U.S, Melbourne Cup, Westpac, New Zealand, Thomson Locations: Australia, Gaza, Here's, London, Tokyo, Singapore, New York, Britain, U.S, Europe, Commerzbank, Israel, Gaza City, Iran, Sydney

☆ Australia's Westpac warns of $109 mln hit to fiscal 2023 profit
▼ + stars: | 2023-10-25 | by ( ) www.reuters.com time to read: +1 min

The bank sees an increase in provisions for customer refunds and associated payments and restructuring costs, among others, in fiscal 2023. Westpac reported a net profit attributable of A$5.69 billion in fiscal 2022. The company noted that the notable items recorded in fiscal 2023 are significantly lower than the notable items of A$874 million recorded in fiscal 2022. The net impact of these one-off items will reduce the bank's common equity tier 1 capital ratio by 4 basis points, it added. ($1 = 1.5855 Australian dollars)(This story has been corrected to say Westpac warns of a hit, not lower fiscal 2023 profit, in the headline)Reporting by Roushni Nair in Bengaluru; Editing by Shailesh KuberOur Standards: The Thomson Reuters Trust Principles.

Persons: Loren Elliott, Roushni Nair, Shailesh Organizations: Westpac, Central Business District of, REUTERS, Westpac Banking Corp, Thomson Locations: Central Business District of Sydney, Australia, Bengaluru

☆ Frail yen grazes 150 again as anxiety mounts over Middle East
▼ + stars: | 2023-10-23 | by ( Vidya Ranganathan | ) www.reuters.com time to read: +4 min

Banknotes of Japanese yen and U.S. dollar are seen in this illustration picture taken September 23, 2022. U.S. Treasuries were subdued as investors hunkered down for a European Central Bank meeting and U.S. GDP data later in the week. "Potentially there are two camps out fighting around 150, so that's why dollar-yen doesn't move from here," Yamamoto said. While there was some speculation the BOJ might once again tweak its yield-curve policy band at a scheduled policy review next week, the BOJ had also shown it will not let domestic yields rise sharply, he said. Yields dipped on Friday after the BOJ announced more loans to encourage financial institutions to buy JGBs.

Persons: Florence Lo, Jerome Powell, Masafumi Yamamoto, Yamamoto, Sean Callow, Shri Navaratnam, Simon Cameron, Moore Organizations: U.S, REUTERS, Rights, Hamas, United, European Central Bank, Bank of Japan, Mizuho Securities, Westpac, Brent, ECB, Reuters, Thomson Locations: Rights SINGAPORE, Asia, Gaza, United States, U.S, Tokyo, East

Official data showed China's economy grew 1.3% in the third quarter, accelerating from 0.5% in the previous quarter and topping market forecasts for an increase of 1%. China's yuan hit a one-week high of 7.2905 per dollar, though it then retreated to 7.312. The China-sensitive Australian dollar , was last up 0.24% at $0.6381, while the New Zealand dollar was 0.18% higher at $0.5907. Reuters GraphicsThe euro was steady at $1.0571, while sterling was up 0.1% at $1.2194 after data showed British inflation failed to fall as expected in September. Israel's shekel was pinned to the weaker side of 4 to the dollar, around its lowest since 2015.

Persons: Dado Ruvic, Joe Biden, I'm, Erik Nelson, Wells, Nelson, we're, It's, it's, Imre Speizer, Israel's shekel, Tom Westbrook, Harry Robertson, Shri Navaratnam, Sharon Singleton Organizations: REUTERS, Rights, U.S ., Israel, Wednesday, New Zealand, Westpac, Reuters, Treasury, Bank of Japan, Thomson Locations: Rights SINGAPORE, LONDON, Gaza, China, Wells Fargo, Israel, Iran, U.S, Japan, Tokyo, Singapore, London

☆ Yuan leads rally in Asian currencies on China's economic bounce
▼ + stars: | 2023-10-18 | by ( ) www.cnbc.com time to read: +2 min

Asian currencies caught a boost from better-than-expected Chinese economic data on Wednesday, driving the yuan to a one-week high and putting a dampener on the U.S. dollar which has rallied for weeks on end as U.S. yields have climbed. A blast at a Gaza hospital also kept moves modest and traders on edge at the prospect of a widening conflict. Official data showed China's economy grew 1.3% in the third quarter, accelerating from 0.5% in the previous quarter and topping market forecasts for an increase of 1%. On Tuesday U.S. yields had shot sharply higher after data showed retail sales increased strongly, which had helped the dollar pile pressure on the low-yielding Japanese yen. "Maybe it's hitting the limits of this stage of the rally, and needs a bit of a correction."

Persons: Joe Biden, Woei Chen Ho, It's, it's, Imre Speizer, Sterling Organizations: U.S ., Israel, Wednesday, New, Tuesday, Bank of Japan, greenback, Treasury, Westpac Locations: Gaza, Singapore, New Zealand, Asia

☆ New Zealand election campaign winds down with Labour facing defeat
▼ + stars: | 2023-10-13 | by ( Lucy Craymer | ) www.reuters.com time to read: +2 min

Prime Minister and Labour Party Leader Chris Hipkins speaks at the New Zealand Labour Party’s election campaign launch event in Auckland, New Zealand, September 2, 2023. However, Hipkins, 45 said Labour was starting to see momentum build in the final hours of campaigning. “We are expecting a really huge turnout ... and we’re expecting a really strong result tomorrow night," Hipkins, 45, told reporters. Polls predict that the nationalist New Zealand First Party will hold the balance of power. The party was Labour’s coalition partner in 2017 but has said it will not work with Labour again.

Persons: Chris Hipkins, David Rowland, Hipkins, Jacinda Ardern, we’re, Christopher Luxon, you've, ” Luxon, walkabouts, ”, Kelly Eckhold, Lucy Craymer, Stephen Coates Organizations: Labour Party, New Zealand Labour, REUTERS, Rights, Zealand, Labour, ACT Party, New Zealand First Party, National Party, MMP, Zealanders, “, Westpac, Thomson Locations: Auckland , New Zealand, Hipkins

☆ New Zealand's economy poses challenge for election victor
▼ + stars: | 2023-10-11 | by ( Lucy Craymer | ) www.reuters.com time to read: +5 min

[1/2] Christopher Luxon, Leader of the National Party, speaks at the New Zealand National Party’s election campaign launch in Auckland, New Zealand, September 3, 2023. That will stiffen the challenge for the nation's two major parties, the centre-left Labour Party and the centre-right National Party, to deliver its agenda where rising prices and government debt have been hot-button election issues. At the same time government borrowing costs are increasing and the country’s ballooning current account deficit poses a risk to the country’s credit rating. Kelly Eckhold, chief economist at Westpac New Zealand said tough fiscal choices face an incoming government. ($1 = 1.6551 New Zealand dollars)Reporting by Lucy Craymer Editing by Shri NavaratnamOur Standards: The Thomson Reuters Trust Principles.

Persons: Christopher Luxon, David Rowland, won’t, Kelly Eckhold, ”, Lucy Craymer, Shri Navaratnam Organizations: National Party, New Zealand National, REUTERS, Rights, Labour Party, Bank, Bank of New, National, Statistics New Zealand, Reserve Bank of New, Labour, NZ, Westpac New Zealand, Zealand, Thomson Locations: Auckland , New Zealand, Bank of New Zealand, New Zealand, Zealanders, Reserve Bank of New Zealand

☆ Dollar stalls as dovish Fed tone dials down rate expectations
▼ + stars: | 2023-10-10 | by ( Tom Westbrook | ) www.reuters.com time to read: +4 min

REUTERS/Dado Ruvic/Illustration/File Photo Acquire Licensing RightsSINGAPORE, Oct 10 (Reuters) - The dollar remained steady against major peers on Tuesday, after a pause in its rally following a slight dovish shift in Federal Reserve officials' tone. "If long-term interest rates remain elevated because of higher term premiums, there may be less need to raise the Fed funds rate," said Dallas Fed president Lorie Logan -- a notable shift from previously hawkish rhetoric. Fed Vice Chair Philip Jefferson said the central bank would need to "proceed carefully" given the recent rise in yields. "There are another 13 Fed speakers scheduled this week which could see this theme develop further," said analysts at Westpac. "The idea that the increases in bond yields have done part of the tightening job appears to be gaining traction among some Fed officials," said OCBC rates strategist Frances Cheung.

Persons: Dado Ruvic, Lorie Logan, Philip Jefferson, Frances Cheung, Ken Cheung, Tom Westbrook, Sam Holmes, Simon Cameron, Moore Organizations: REUTERS, Rights, Federal, New, East, Swiss, Palestinian, Dallas, Fed, Westpac, Columbus, People's Bank of, Thomson Locations: Rights SINGAPORE, Asia, New Zealand, Israeli, Israel, Tokyo, People's Bank of China

☆ New Zealand's Economy Poses Challenge for Election Victor
▼ + stars: | 2023-10-10 | by ( Oct. | At P.M. | ) www.usnews.com time to read: +4 min

That will stiffen the challenge for the nation's two major parties, the centre-left Labour Party and the centre-right National Party, to deliver its agenda where rising prices and government debt have been hot-button election issues. “The Reserve Bank will need the government to do its bit if it is to cap the cash rate at the 5.5% it currently suggests,” analysts at Bank of New Zealand said in a note. DEBT, AND MORE DEBTThe biggest challenge for many New Zealanders is mortgage rates. At the same time government borrowing costs are increasing and the country’s ballooning current account deficit poses a risk to the country’s credit rating. Kelly Eckhold, chief economist at Westpac New Zealand said tough fiscal choices face an incoming government.

Persons: Lucy Craymer WELLINGTON, won’t, Kelly Eckhold, ”, Lucy Craymer, Shri Navaratnam Organizations: Reuters, Labour Party, National Party, Bank, Bank of New, National, Statistics New Zealand, Reserve Bank of New, Labour, NZ, Westpac New Zealand, Zealand Locations: Bank of New Zealand, New Zealand, Zealanders, Reserve Bank of New Zealand

☆ NZ central bank holds rates, signals higher hurdle to further hikes; kiwi tumbles
▼ + stars: | 2023-10-04 | by ( Lucy Craymer | ) www.reuters.com time to read: +3 min

View of an entrance to the Reserve Bank of New Zealand in Wellington, New Zealand November 10, 2022. “Interest rates are constraining economic activity and reducing inflationary pressure as required,” the central bank said in a statement. The past RBNZ rate hikes have sharply slowed New Zealand’s economy but recent data showed it was tracking above central bank expectations at 0.9% quarterly growth. The central bank releases a comprehensive update of economic indicators and the forecast official cash rate track when it publishes its quarterly Monetary Policy Statement (MPS), which is due on Nov. 29. “The Bank appears content to wait for restrictive policy settings to fully feed through to the real economy,” analysts at Capital Economics in a note.

Persons: Lucy Craymer, ”, Kelly Eckhold, “ Organizations: WELLINGTON, Reuters, Reserve Bank of New, REUTERS, Bank of New Zealand, New Zealand, Westpac NZ, U.S . Federal Reserve, Capital Economics Locations: Reserve Bank of New Zealand, Wellington , New Zealand, Global, New Zealand

☆ Australia's Westpac fails to sell pacific banking business
▼ + stars: | 2023-10-04 | by ( ) www.reuters.com time to read: +1 min

A woman exits the ground floor of an office building with Westpac logo amidst the easing of the coronavirus disease (COVID-19) restrictions in the Central Business District of Sydney, Australia, June 3, 2020. "Any failure to successfully divest businesses means that we may have sustained exposure to higher operating costs and to the higher inherent risks in those businesses," Westpac had told the market during its interim results in May. The bank would be starting a new brand campaign in the months ahead in both the countries in a move to improve its standing in local markets, Anthony Miller, CEO of Westpac business and wealth division said in a statement. The company said its pacific business was continuing to see growth along with operational recovery post COVID, which presented Westpac an option to invest in the operations. ($1 = 1.5863 Australian dollars)Reporting by Rishav Chatterjee in Bengaluru; Additional Reporting by Ayushman Ojha; Editing by Rashmi AichOur Standards: The Thomson Reuters Trust Principles.

Persons: Loren Elliott, Anthony Miller, Rishav Chatterjee, Ayushman Ojha, Rashmi Organizations: Westpac, Central Business District of, REUTERS, Kina Securities, Thomson Locations: Central Business District of Sydney, Australia, Fiji, Papua New Guinea, Bengaluru

☆ US yields revisit highs, Asia stocks sag on hawkish Fed angst
▼ + stars: | 2023-09-26 | by ( Kevin Buckland | ) www.reuters.com time to read: +3 min

Asia-Pacific stock benchmarks sagged along with gold, while crude oil continued to drift back from 10-month highs. Westpac strategists see risks skewed toward even higher yields in the near term, pulling up the dollar as well. "We expect 10yr yields to establish a new, higher, yield range in coming weeks," with a possible peak around 4.75%, they said. The European Central Bank and Bank of England have also touted higher rates for longer in policy meetings since the middle of the month. Crude oil remained weak amid concerns that fuel demand will be crimped by major central banks holding interest rates higher for longer, even with supply expected to be tight.

Persons: Brendan McDermid, Hong, HSI, Austan Goolsbee, Sterling, Gold, Kevin Buckland, Shri Navaratnam Organizations: New York Stock Exchange, REUTERS, Rights, Treasury, Federal Reserve, U.S, Tokyo's Nikkei, Traders, Westpac, Chicago Fed, Fed, European Central Bank and Bank of England, Brent, U.S . West Texas, Thomson Locations: New York City, U.S, Asia, Pacific, Japan, Britain

☆ Dollar at 10-month top as US yields spike; yen slides
▼ + stars: | 2023-09-26 | by ( Tom Westbrook | ) www.reuters.com time to read: +3 min

U.S. Dollar banknote is seen in this illustration taken July 17, 2022. REUTERS/Dado Ruvic/Illustration/File photo Acquire Licensing RightsSINGAPORE, Sept 26 (Reuters) - The dollar stood by 10-month highs against a basket of major currencies on Tuesday, supported by U.S. bond yields scaling 16-year peaks, while the yen tiptoed deeper into the intervention danger zone. "Few currencies will resist the bullish dollar macro resiliency theme and the euro and Chinese yuan look more vulnerable than most." The yen has slowly but inexorably slid toward the 150-per-dollar mark as policymakers stuck with ultra-easy settings. The yen hit 148.97 to the dollar on Monday and last traded at 148.72.

Persons: Dado Ruvic, Sterling, Jane Foley, Tom Westbrook, Jamie Freed Organizations: REUTERS, Rights, Treasury, U.S, Australia's Westpac, Swiss, Traders, Bank of Japan, Thomson Locations: Rights SINGAPORE, Europe, Asia, U.S, Tokyo

☆ Dollar at 10-month top as U.S. yields spike, yen slides
▼ + stars: | 2023-09-26 | by ( ) www.cnbc.com time to read: +3 min

The dollar stood by 10-month highs against a basket of major currencies on Tuesday, supported by U.S. bond yields scaling 16-year peaks, while the yen tiptoed deeper into the intervention danger zone. "Few currencies will resist the bullish dollar macro resiliency theme and the euro and Chinese yuan look more vulnerable than most." The yen has slowly but inexorably slid toward the 150-per-dollar mark as policymakers stuck with ultra-easy settings. The yen hit 148.97 to the dollar on Monday and last traded at 148.72. "We remain of the view that the dollar is unlikely to weaken significantly until Fed rate cuts are firmly on the horizon," she said.

Persons: Sterling, Jane Foley Organizations: Treasury, U.S, Australia's Westpac, Swiss, Traders, Bank of Japan Locations: Europe, Asia, U.S

☆ Not much exciting about Aussie banks as high costs pressure earnings - Macquarie
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

Australia's "Big Four" banks - among the top seven listed companies in the country - control 75% of the country's A$2 trillion mortgage market. That euphoria is now largely over as high living costs impact borrowers' capacity to repay loans. Macquarie, an investment bank with a small retail banking operation, said banks' cost bases are likely to remain under pressure as more than 70% of their expenses related to personnel. Macquarie added that it expects banks' expenses to grow by around 1% to 7% in fiscal 2023 through to fiscal 2025, with third-biggest lender Westpac Banking Corp (WBC.AX) seen being impacted more than its peers. The regional banks will remain disadvantaged in the current environment as they will have to continue to invest to keep up, Macquarie said, estimating up to 4% higher expenses than consensus.

Persons: Macquarie, Sameer Manekar, Janane Organizations: Macquarie, Westpac Banking Corp, ANZ Group Holdings, CBA, NAB, Adelaide Bank, Bank of Queensland, Thomson Locations: Bendigo, Bengaluru

☆ Not much exciting about Aussie banks as high costs pressure earnings, Macquarie says
▼ + stars: | 2023-09-22 | by ( ) www.reuters.com time to read: +2 min

Persons: Loren Elliott, Macquarie, Sameer Manekar, Janane Organizations: Central Business, REUTERS, Macquarie, Westpac Banking Corp, ANZ Group Holdings, CBA, NAB, Adelaide Bank, Bank of Queensland, Thomson Locations: Sydney, Australia, Bendigo, Bengaluru

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