ASX:WBC

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New Zealand Shares Flat Despite Hopes of US-Iran Peace Talks; Winton Land Secures Approval for Ayrburn Screen Hub Under Fast-Track Act

New Zealand shares ended flat on Tuesday while most Asian stocks saw gains as investors hope for a US-Iran peace agreement.The S&P/NZX 50 Index was little changed to close at 13,017.26.Dialogue between the US and Iran is "still alive," even after the failed negotiations that took place in Islamabad, Pakistan, according to a Monday Reuters report, citing sources familiar with the matter.Also, US President Donald Trump said on Monday that Iran "called this morning" and wants to make a deal, but he will not agree to an agreement that does not forbid Iran from having a nuclear weapon, according to a Monday Reuters report."The failed weekend talks did not produce a deal, but they also did not close the door on diplomacy, and that is enough for equities to keep pushing higher for now," said Charu Chanana, Saxo's ⁠chief investment strategist, as quoted by Reuters in a separate report.In domestic news, the share of first home buyers' property purchases in New Zealand in the March quarter was over 27%, buoyed by lower house prices, reduced mortgage rates, and policy measures, Cotality said.In corporate news, Winton Land (NZE:WIN, ASX:WTN) received conditional approval from the expert panel for the Ayrburn Screen Hub under the Fast-track Approvals Act, with the decision now subject to a 20 working day appeal period.Westpac Banking (NZE:WBC, ASX:WBC) will boost credit provisions for customers in energy-intensive sectors due to the volatility and economic uncertainty created by the Middle East conflict.

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Asia153d ago

NZX Midday Sector Update: Distribution Services Rise, Finance Declines

Distribution services shares gained the most on New Zealand's Exchange, rising almost 2% by midday Tuesday.Shares of Vulcan Steel (NZE:VSL, ASX:VSL) rose nearly 2% in recent trade.Meanwhile, the finance sector fell 1%.Westpac Banking (NZE:WBC, ASX:WBC) was down almost 2% in recent trade.

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Asia153d ago

Australian Banks Take 'Decisive Action' to Disrupt Transactions Supporting Illicit Tobacco Trade, Austrac Says

Australia's banks took "decisive action" to disrupt the financial flows supporting the country's illicit tobacco trade after Austrac and the Illicit Tobacco and E-Cigarette (ITEC) Commissioner asked them to strengthen monitoring and reporting under their existing anti-money laundering and counter-terrorism financing obligations, the regulator said in a Tuesday statement.They asked lenders to scrutinize high-risk transactions linked to tobacco retailers, including cash deposits and EFTPOS activity, according to Austrac Chief Executive Brendan Thomas.Almost 90% of banks and authorized deposit taking institutions responded to Austrac's request, per the statement, and around 20% of the reporting entities exited high-risk customers with exposure to illicit tobacco, while others imposed enhanced controls and monitoring arrangements to manage identified risks.Commonwealth Bank of Australia's (ASX:CBA) shares gained about 1% in recent Tuesday trade, ANZ Group Holdings' (ASX:ANZ, NZE:ANZ) Australia shares shed 1%, and Westpac Banking's (ASX:WBC, NZE:WBC) Australia shares fell 2%.

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Asia153d ago

ASX Preview: Australian Shares to Rise on Renewed US-Iran Talks Optimism; Qantas Airways Raises Fiscal 2026 Fuel Cost Forecast

Australian shares are poised to rise on Tuesday after oil markets were shaken by escalating Middle East tensions, as the US moves to restrict shipping through the Strait of Hormuz.US President Donald Trump said Iran had reached out to restart negotiations after failed weekend talks in Islamabad, Pakistan, as investors weighed the risk of further disruption to global energy supplies.Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average rose 1%, 1.2%, and 0.6%, respectively.In the macroeconomy, Australia's wages rose 0.8% in the March quarter while employment added about 23,000 jobs, pointing to a steady but gradually cooling labor market with wage growth stabilizing near a new baseline, Commonwealth Bank of Australia (ASX:CBA) said in a Monday report.In corporate news, Qantas Airways (ASX:QAN) now expects fuel cost for the second half of fiscal 2026 to be AU$3.1 billion to AU$3.3 billion, as February jet refining margins peaked at about $120 per barrel.Westpac Banking (ASX:WBC, NZE:WBC) will boost credit provisions for customers in energy-intensive sectors due to the volatility and economic uncertainty created by the Middle East conflict.Australia's benchmark index fell 0.4% or 34.6 points to close at 8,926 on Monday.

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Asia153d ago

Westpac Banking to Boost Credit Provisions for Customers in Energy-Intensive Sectors

Westpac Banking (NZE:WBC, ASX:WBC) will boost credit provisions for customers in energy-intensive sectors due to the volatility and economic uncertainty created by the Middle East conflict, according to a Tuesday filing with the Australian and New Zealand bourses.Interest rate volatility had an impact on treasury and markets net interest margin, which fell to 7 basis points in the fiscal second quarter of 2026 from 15 basis points in the fiscal first quarter, per the filing. At the same time, a 6% depreciation of the New Zealand dollar weighed on both revenue and costs.The increase in credit provisions is expected to result in a credit impairment charge of 10 basis points of average gross loans, while the ratio of collectively assessed provisions to credit risk-weighted assets is expected to rise to around 129 basis points, the bank said.Westpac, which reports half-year 2026 results on May 5, said a notable item related to transaction costs for the sale of its RAMS mortgage portfolio lowered its reported net profit after tax by AU$75 million.

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Asia153d ago

Westpac NZ Rolls Out Microsoft AI Tool to Support Customer Conversations

Westpac Banking's (ASX:WBC, NZE:WBC) Westpac NZ has launched a Microsoft platform with built-in AI to support conversations with customers and reduce contact center wait times, the company said Tuesday.Westpac NZ said it is "the first major company in New Zealand" to roll out the Microsoft Dynamics 365 Contact Centre as a Service platform, which will automatically furnish a customer's relevant banking profile and other information for representatives who are talking with a customer."We expect to deploy the product to all our contact centers by August, meaning configuration, delivery, testing and full deployment will have been completed within the space of one year," said Russell Jones, Westpac NZ's chief information officer.

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