It’s not a good day for ASX bank shares.
The post How are ASX bank shares performing today? appeared first on The Motley Fool Australia. –
ASX bank shares are in the red today
Wall Street bank shares all fell overnight
Macquarie shares are down 3.62%
ASX bank shares are all falling today, following in the footsteps of their counterparts on Wall Street.
Macquarie Group Ltd (ASX: MQG) is among the biggest fallers among the major banks, down 3.62% at the time of writing. Meanwhile, the Commonwealth Bank of Australia (ASX: CBA) is currently 1.83% lower. For context, the S&P/ASX 200 Financials Index (ASX: XFJ) is also down 1.56% so far today.
Let’s take a look at what’s happening at Australia’s top banks today.
ASX bank shares falling
Australia’s banks are all in the red at the time of writing. National Australia Bank Ltd (ASX: NAB) has fallen 1.43%, Australia and New Zealand Banking Group Ltd (ASX: ANZ) is down 1.04% and Westpac Banking Corp (ASX: WBC) is 1.24% lower.
The performance of Wall Street bank shares overnight may be weighing on the minds of Australian investors today.
The US Federal Reserve is considering fast-tracking interest rate rises this year due to inflation concerns. And as the Motley Fool Australia has recently noted, the Reserve Bank of Australia can take their lead from the US.
Any rate movement from the RBA may lead to Australian retail banks also lifting their interest rates and improving profit margins on loans.
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The author has no position in any of the stocks mentioned. Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited and Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.