Banks to remain a drag on bourse, says brokers

Original article by David Rogers
The Australian – Page: 30 : 8-Jun-18

Shares in Australian banks could come under further downward pressure in coming weeks as a result of tax-loss selling before the end of the financial year. David Cassidy of UBS warns that there is little prospect of a rebound in banks’ earnings in the near-term, and investors should retain "underweight" positions with regard to the sector. Richard Wiles of Morgan Stanley is also bearish about the sector, and recently downgraded share price targets for the sector by an average of seven per cent.

CORPORATES
UBS HOLDINGS PTY LTD, MORGAN STANLEY AUSTRALIA LIMITED, STANDARD AND POOR’S ASX 200 INDEX, AUSTRALIAN PRUDENTIAL REGULATION AUTHORITY, NATIONAL AUSTRALIA BANK LIMITED – ASX NAB, BHP BILLITON LIMITED – ASX BHP, ORGANISATION OF PETROLEUM EXPORTING COUNTRIES, RETAIL FOOD GROUP LIMITED – ASX RFG, TELSTRA CORPORATION LIMITED – ASX TLS, AUSTRALIAN PHARMACEUTICAL INDUSTRIES LIMITED – ASX API, PERPETUAL LIMITED – ASX PPT, MYER HOLDINGS LIMITED – ASX MYR, ISENTIA GROUP LIMITED – ASX ISD, AMP LIMITED – ASX AMP, QBE INSURANCE (INTERNATIONAL) LIMITED, EUROPEAN CENTRAL BANK, CHICAGO BOARD OPTIONS EXCHANGE VOLATILITY INDEX

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