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Asia

New Zealand Shares Fall; Freightways Group Appoints David Gibson as Chair

New Zealand shares ended lower on Thursday as Asian markets showed a broad-based decline amid the US Federal Reserve's decision to hold rates and Wednesday's Wall Street sell-off.The S&P/NZX 50 Index fell 1.53% or 213.89 points to close at 13,762.78.On Wednesday, the Nasdaq Composite fell 1.7%, the S&P500 declined 1.5%, and the Dow Jones lost 2.2%.The Federal Reserve held its policy rate steady in a divided decision that included three officials calling for policy tightening. The central bank's Federal Open Market Committee maintained the target range for the federal funds rate at 3.50% to 3.75%, marking its fifth consecutive pause.On the domestic front, the ANZ New Zealand Business Outlook rose to a net 56.1 in July, up from 36.6 in June, while expected own activity rose to 49.3 from 36.9, according to a report from ANZ Research.In corporate news, Freightways Group (NZE:FRW, ASX:FRW) appointed board member David Gibson as chair to succeed Mark Cairns, effective Thursday.

^NZ50ASX:ANZASX:CBAASX:FRWASX:NABASX:WBCNZE:ANZNZE:FRWNZE:WBC
Asia

ACCC Grants Australian Banks Further Interim Authorization for Proposed Joint Venture for Commercial Cash Supply

The Australian Competition and Consumer Commission (ACCC) said Thursday it granted further interim authorization to Australia and New Zealand Banking Group (ASX:ANZ, NZE:ANZ), Commonwealth Bank of Australia (ASX:CBA), National Australia Bank (ASX:NAB), National Australia Investment Capital, and Westpac Banking (ASX:WBC, NZE:WBC) to take further steps towards a proposed joint venture to deal with the supply of commercial cash in Australia.The further interim authorization authorizes the banks to agree and enter into, but not give effect to, various agreements, the regulator said. The authorization begins immediately and may be reviewed at any time.The banks sought authorization to establish a single joint cash pool and bailment structure via an incorporated operating entity for the supply of commercial cash in Australia. Under the proposal, each applicant would acquire a 25% shareholding in the entity and a 25% interest in the cash pool. The ACCC determined that the acquisitions may be put into effect on June 26.

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

Australian Banks Investing in Technology to Address Mortgage Offset Account Failures, Banking Association Chief Says

Australian banks are taking measures to ensure the proper functioning of mortgage offset accounts, including investments in new technology platforms, Australian Banking Association CEO Simon Birmingham said on Wednesday.Birmingham's comments to the media followed an Australian Securities and Investments Commission (ASIC) report that found major banks failed to properly manage offset accounts in the two years through August 2025.During that period, banks paid more than AU$55 million in customer compensation for offset account failures, the ASIC said after reviewing the offset practices of eight banks, including Westpac Banking (ASX:WBC, NZE:WBC), ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Commonwealth Bank of Australia (ASX:CBA), Macquarie Group (ASX:MQG), AMP's (ASX:AMP) AMP Bank, Credit Union Australia, HSBC Bank Australia, and ING Bank (Australia)."This report shows that in well over 99% of cases, mortgage offset accounts are working exactly [as] they should be, but it does demonstrate there are some failures," Birmingham said."It's a very small proportion of mistakes that have happened, and what ASIC's report shows is it's often due to manual system processes in isolated cases, or communications failures in some cases," Birmingham added.

ASX:AMPASX:ANZASX:CBAASX:MQGASX:WBCNZE:ANZNZE:WBC
Asia

Australian Banks Paid Over AU$55 Million in Customer Compensation Over Mortgage Offset Account Failures, ASIC Says

Major Australian banks failed to properly manage mortgage offset accounts in the two years through August 2025, resulting in customers unknowingly paying more interest than was due, the Australian Securities and Investments Commission (ASIC) said Wednesday following a review of the sector's offset practices.During that period, banks paid more than AU$55 million in customer compensation for offset account failures, and further compensation is expected as the extent of the problem becomes clearer, the regulator said.ASIC reviewed the offset practices of eight banks including Westpac Banking (ASX:WBC, NZE:WBC), ANZ Group Holdings (ASX:ANZ, NZE:ANZ), Commonwealth Bank of Australia (ASX:CBA), Macquarie Group (ASX:MQG), AMP's (ASX:AMP) AMP Bank, Credit Union Australia, HSBC Bank Australia, and ING Bank (Australia).It found deficiencies in how all banks set up, monitored, and managed offset accounts, which are marketed as a simple way to save on mortgage interest over the life of a home loan. Banks struggled to readily identify customer offset account requests and were slow to fix issues, while their detection of failures was inconsistent."Some banks are not getting the basics right," ASIC Chair Sarah Court said, noting that some offset failures went undetected until the ASIC started investigating them.The Australian Banking Association did not immediately respond to a request for comment from.

ASX:AMPASX:ANZASX:CBAASX:MQGASX:WBCNZE:ANZNZE:WBC
Asia

Property For Industry Refinances Bank Facilities, Updates Green Finance Framework; Shares Up 3%

Property For Industry (NZE:PFI) completed a refinancing of its bank facilities with ANZ Group (ASX:ANZ, NZE:ANZ) unit ANZ Bank New Zealand, Bank of New Zealand, Commonwealth Bank of Australia (ASX:CBA), and Westpac Banking's (ASX:WBC, NZE:WBC) New Zealand unit, according to a Friday filing with the New Zealand bourse.The refinancing consolidated and restructured a number of facilities, resulting in a revised maturity profile with the facilities now due in July 2029, 2030, and 2031, per the filing.Following the refinancing, total committed bank facilities fell to NZ$600 million from NZ$675 million, the company said.Property For Industry also implemented a new facility structure that enables it to adjust commitments between green and non-green debt tranches, subject to certain conditions, with aggregate tranche limits remaining equal to their total facility limit.Adjustable green tranches give the company more financing flexibility, it said, adding that "all significant new developments will target a 5 Green Star rating."Property For Industry shares gained nearly 3% in recent Friday trade.

ASX:ANZASX:CBAASX:WBCNZE:ANZNZE:PFI
Asia

NZX Midday Sector Update: Producer Manufacturing Rises, Finance Struggles

Producer manufacturing shares gained the most on New Zealand's Exchange, rising past 4% by midday Tuesday.Skellerup Holdings (NZE:SKL) shares rose almost 6% in recent trade.Skellerup on Tuesday increased its fiscal 2026 net profit after tax guidance to between NZ$64 million and NZ$65 million from a previous range of NZ$57 million to NZ$62 million.Meanwhile, the finance sector fell past 1%.Shares of ANZ Group Holdings (NZE:ANZ, ASX:ANZ) dropped by almost 2% in recent trade.

^NZ50ASX:ANZNZE:ANZNZE:SKL
Asia

Credit Growth Forecast to Half by 2027, Tighten Bank Funding, Jefferies Says

Credit growth is forecast to halve by 2027, which will tighten rather than ease bank funding, and revised deposit modelling shows the sector's loan-to-deposit ratio rising, driving banks to compete more aggressively for a shrinking pool of funding, Jefferies said in a Thursday note.Recently acquired deposit pricing data points to a second half of fiscal 2026 spread tailwind, but deposit scarcity dominates thereafter.Commonwealth Bank is expected to remain the primary deposit beneficiary, reflecting its scale and long-dated hedge book.The investment firm assigned a buy rating to National Australia Bank (ASX:NAB) with a price target of AU$44.96 per share. It assigned hold ratings to both ANZ Group (ASX:ANZ, NZE:ANZ) and Westpac (ASX:WBC, NZE:WBC), with price targets of AU$33.71 per share and AU$34.95 per share, respectively.Commonwealth Bank of Australia (ASX:CBA) was assigned an underperform rating with a price target of AU$144.40 per share.

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

ANZ Group Commits AU$250,000 in Funding to 2026 Seeds of Renewal Program; Shares Down 3%

ANZ Group Holdings (ASX:ANZ, NZE:ANZ) committed AU$250,000 in funding to help support remote, rural, and regional communities across Australia via its 2026 Seeds of Renewal program, according to a Wednesday statement from the bank.The funding will focus on four key priority areas: financial wellbeing, housing access, environmental sustainability, and projects that help local communities to thrive.The bank's Australian and New Zealand shares each fell 3% in recent trading on Wednesday.

ASX:ANZNZE:ANZ
Asia

New Zealand's FMA to Ensure Banks Prioritize Consumer Needs in Products

New Zealand's Financial Markets Authority (FMA) will focus on ensuring that banks and non-bank deposit takers prioritize consumer needs when developing new products or redesigning existing ones while keeping in mind the capabilities and limitations of their systems and processes, according to FMA's Financial Conduct Report published on Tuesday.The report sets out the watchdog's regulatory priorities for the 2026 to 2027 financial year, covering specific sectors and cross-sector themes.FMA acknowledged that financial institutions review products and services, with most doing so both reactively and proactively. But in some cases, the absence of negative reporting is taken as confirmation that consumers are being treated fairly. It also saw cases where communication with consumers about changes to products and services following reviews was inconsistent.The regulator plans to increase its understanding of how banks and non-bank deposit takers ensure that their provision of transaction account services complies with the fair conduct principle and minimum fair conduct program requirements over the next 12 months.It said it would engage with banks and non-bank deposit takers to understand how complaints data is used. The regulator's focus is on ensuring that boards and executives regularly use the themes and trends in complaints data as an input into decisions to improve product and service offerings.

ASX:ANZASX:CBAASX:HGHASX:WBCNZE:ANZNZE:HGHNZE:WBC
Asia

New Zealand Shares Rise; APRA Starts Consulting on Proposed Changes to Banks' Credit Risk Capital Settings

New Zealand shares closed higher on Monday while Asian markets digested the US and Iran's agreement to halt renewed hostilities.The S&P/NZX 50 Index rose 0.37% or 50.32 points to close at 13,545.56.Iran and the US have agreed to halt recent hostilities in the Gulf and renew talks over their dispute regarding the Strait of Hormuz, according to a Sunday Reuters report, citing a US official.In domestic news, the seasonally adjusted number of filled jobs across New Zealand industries rose 0.3% month on month to 2.4 million in May, following a 0.1% decrease in the previous month, data from Stats NZ showed.Also, the total enterprise count in New Zealand in May was 598,137, down from 591,693 in the same period last year, according to figures released by Stats NZ.Further, construction cost growth in major New Zealand centers largely stabilized in June, with key cost rates showing minimal movement, QV said in a report.Meanwhile, the Reserve Bank of New Zealand (RBNZ) is expected to raise the cash rate by 25 basis points at its July meeting, according to a report by BNZ Research.In corporate news, the Australian Prudential Regulation Authority (APRA) started consulting on proposed amendments to banks' credit risk capital settings as part of a reform package to bank capital and liquidity settings, the prudential regulator said in a statement.

^NZ50ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

APRA Starts Consulting on Proposed Changes to Banks' Credit Risk Capital Settings

The Australian Prudential Regulation Authority (APRA) started consulting on proposed amendments to banks' credit risk capital settings as part of a reform package to bank capital and liquidity settings, the prudential regulator said in a statement on Monday.Key proposals include allowing a lower risk weight for large domestic public infrastructure exposures and for high-quality unrated corporate exposures, subject to certain criteria, and adjusting criteria to allow for more exposures to qualify for the lower 100% risk weight for residential property development, the regulator said.APRA plans to finalize credit risk capital changes in the second half of the year for a proposed effective date of April 1, 2027, per the statement.ANZ Group (ASX:ANZ, NZE:ANZ) shares rose marginally in morning trade in Australia.Commonwealth Bank (ASX:CBA) shares rose 1%, while National Australia Bank (ASX:NAB) were up nearly 1%.Westpac Banking (ASX:WBC, NZE:WBC) shares were up almost 1%.

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

ANZ Group Expands Saturday Branch Trading to 27 Locations Across Australia

ANZ Group Holdings (ASX:ANZ, NZE:ANZ) said it will extend Saturday trading to 27 branches nationwide from June 27, including major shopping center locations in Victoria, Queensland and New South Wales, in a move designed to improve access to in-person banking services, according to a Monday statement by the bank.The move gives professionals, families, and small business owners greater flexibility to access specialist services like home loans and relationship banking outside standard weekday hours.The bank said over-the-counter cash transactions will not be available, but staff will assist customers in using automated teller machines for deposits and withdrawals.

ASX:ANZNZE:ANZ
Asia

Banks, Insurers Expected to Build Resilience Against Geopolitical Risk, APRA Chair Says

The Australian Prudential Regulation Authority (APRA) plans to write to banks, insurers, and superannuation trustees in order to ensure these entities better integrate geopolitical risk into governance, risk management, and crisis preparedness practices, according to a speech on Wednesday by the regulator's chair, John Lonsdale.The letter will set out the regulator's minimum expectations for how boards and senior management strengthen readiness for geopolitical shocks. Entities are expected to manage geopolitical risk through APRA's existing prudential framework, including prudential standards on governance, risk management, operational risk, resolution and recovery, and exit planning.The regulator also plans to write to a "selected group of larger entities with heightened exposure to geopolitical shocks," asking them to undertake targeted readiness assessments.It identified six key focus areas for entities to uplift their monitoring and response capabilities regarding geopolitical risk. APRA said it wants to see evidence of scenario analysis, capital and liquidity planning, as well as to see operational resilience embedded in risk management practices to support continuity of critical operations across a range of geopolitical scenarios.The regulator also highlighted the risk of insider threats and foreign interference, as well as political risks, including the need for financial institutions to rapidly implement sanctions.

ASX:ANZASX:CBAASX:IAGASX:NABASX:QBEASX:WBCNZE:ANZNZE:WBC
Asia

Australian Bank Majors Face a Step Lift in Capital Strain After Years of Strong Home Loan Growth, Jarden Says

Australian banking majors face a step lift in capital strain following recent policy changes and decades of high loan volumes to fund home buying that contributed to a surge in house prices, Jarden said in a late Monday note.During the last 30 years, AU$2.4 billion of credit was directed to fund home buying, more than double the AU$1.1 billion extended to productive uses in business, according to the note.Home loan risk weights started at 50% in the 1990s, troughed at 14% in 2014, and are now averaging roughly 23%, Jarden said. ANZ Group (ASX:ANZ, NZE:ANZ) has a home loan risk weight of 24%, Commonwealth Bank of Australia (ASX:CBA) 22%, National Australia Bank (ASX:NAB) 26%, and Westpac Banking (ASX:WBC, NZE:WBC) at 20%."We see a change in mix of required macro capital allocation," the equity research firm said in relation to banks supporting productive investments instead of relying on housing loans. It also questioned whether the banks' dividend payout ratios are too high, as the policies were implemented when home loan growth regularly exceeded corporate lending growth.Jarden believes major bank share prices remain expensive even after some retracing, and are not priced for any negative regime change.It maintained an overweight rating and Au$35.50 price target on ANZ, while keeping a sell rating on the other three banks. Commonwealth Bank's price target remains at AU$90, National Australia Bank's at AU$29, and Westpac's at AU$31.

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

Australian Banks Boost Business Lending in Wake of Sustained Margin Compression in Mortgage Sector, Fitch Says

Sustained margin compression in the highly competitive mortgage sector drove Australia's major banks to boost their business lending over the past three years, Fitch Ratings said in a note on Monday.This rapid expansion is considered a source of heightened asset-quality risk through the cycle, particularly if macroeconomic conditions weaken further, the ratings firm added. It expects impaired loan ratios to rise across the sector over the next 12 months in the wake of higher interest rates, persistent inflation, and a moderate increase in unemployment.Westpac Banking (ASX:WBC, NZE:WBC) saw 39% business loan growth over the three years to March 31, leading the pack. National Australia Bank (ASX:NAB), however, retained the highest business loan concentration at around 40% of total loans.The banks' "aa-" asset-quality scores are sustained by strong collateral positions, but a prolonged macroeconomic deterioration or loosening of underwriting standards could accelerate credit stress.

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

New Zealand Banks Used Fraud Intelligence Exchange to Recover NZ$10 Million of Stolen Funds, Banking Association Says

Banks in New Zealand used the Fraud Intelligence Exchange (FIX) system to recover roughly NZ$10 million in stolen funds during the past nine months, the New Zealand Banking Association said Monday."It's worth noting that the NZ$10 million only relates to FIX, which is just one tool banks use to help recover customer scam losses," said Roger Beaumont, the association's chief executive.FIX also revealed nearly 5,000 money mule accounts, which are domestic bank accounts scammers use to transfer stolen funds, sometimes without the knowledge of the account owner.ANZ Group's (NZE:ANZ, ASX:ANZ) New Zealand shares added about 2% in recent Monday trade, while its Australian shares gained 1%. Westpac Banking's (NZE:WBC, ASX:WBC) Kiwi and Australian shares each rose 1%. Shares of Commonwealth Bank of Australia (ASX:CBA), which owns ASB Bank in New Zealand, jumped past 1%.

ASX:ANZASX:CBAASX:WBCNZE:ANZNZE:WBC
Asia

Australian Shares Rally; Magellan Financial Gets ACCC Approval for Barrenjoey Merger, Plans Group Rebranding

Australian shares rallied on Friday, following stocks on Wall Street higher, as investors reacted to rising hopes of a peace agreement to end the conflict in the Middle East.The S&P/ASX 200 Index jumped 1.98%, or 170.80 points, to close at 8,804.US President Donald Trump said the US had cancelled planned strikes against Iran, and that the US and Iran could sign a peace agreement as soon as ​this weekend. He said negotiations with Tehran had advanced to the highest ⁠levels of Iran's leadership. Brent oil futures fell to around $88 per barrel.Overnight, the S&P 500 rose 1.8%, the Dow Jones Industrial Average gained nearly 1.9%, and the Nasdaq Composite rose 2.5%.On the domestic front, the number of seasonally adjusted filled jobs in Australia was unchanged from initial data, according to a report released by the Australian Bureau of Statistics. Filled jobs rose 0.6% to 16.2 million in the March quarter, following a 0.3% increase in the December 2025 quarter. Total jobs rose 0.7% to 16.5 million, while job vacancies were up 5.2% to 344,000.In company news, Magellan Financial Group (ASX:MFG) said the Australian Competition and Consumer Commission approved the company's merger with Barrenjoey Capital Partners. Magellan expects to complete the merger in early July, and it plans to seek shareholder approval at an Oct. 22 meeting to change its name to Barrenjoey Group.Monash IVF Group (ASX:MVF) now expects fiscal year 2026 underlying net profit after tax of AU$17 million to AU$18 million. It earlier guided for a full fiscal year underlying net profit after tax of AU$20 million. The outlook cut is driven by lower-than-expected activity in the Australian assisted reproductive technology market in the fiscal second half.Lastly, ANZ Group Holdings (ASX:ANZ, NZE:ANZ) said that ANZ Bank New Zealand Chief Executive and ANZ Bank group executive Antonia Watson will retire, effective Sept. 30. ANZ Bank New Zealand Chief Risk Officer Ben Kelleher was named as her successor, subject to Reserve Bank of New Zealand non-objection and other regulatory engagement.

ASX 200ASX:ANZASX:MFGASX:MVFNZE:ANZ
International

Australian Bank Funding Gap Expected to Decline Around 14% Over Next 12 Months, BofA Securities Says

The bank funding gap in Australia is expected to decline around 14% over the next 12 months to around AU$1 trillion by June 2027 from around AU$1.2 trillion, as tax changes lead to slower credit growth, BofA Securities said in a Thursday note.Changes to capital gains tax and negative gearing are expected to materially slow investor mortgage lending. Investors accounted for around 40% of mortgage flows over the past year. Consecutive central bank hikes and negative sentiment have weighed on the housing market, with house prices expected to remain flat this year.The recent strength in deposit growth is expected to continue. Slower credit growth should reduce banks' demand for high‐quality liquid assets, which has been a key support for semis. A narrower bank funding gap implies reduced bank bill issuance.Banks have reduced their reliance on wholesale funding in recent years, while deposits as a proportion of total funding improved to 67.5%, the note said. Commonwealth Bank of Australia (ASX:CBA) has the strongest customer deposit base, with deposits accounting for 79.4% of funding.

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC
Asia

ANZ Signs Two-Year Impact Partnership With First Nations Foundation

ANZ (ASX:ANZ, NZE:ANZ) said it has entered into a two-year impact partnership with First Nations Foundation (FNF), a national organization dedicated to improving the financial literacy, economic empowerment, and long-term financial well-being of First Nations peoples, according to a Tuesday statement.The partnership advances a key commitment under ANZ's 10-year Australian First Nations Strategy, Fuelling the Fire, to invest in First Nations-led financial education and wellbeing initiatives, the statement added.The company's shares fell 2% in recent Tuesday trade.

ASX:ANZNZE:ANZ
Asia

Market Chatter: Australian Banks Face Weaker Loan Growth, Higher Losses as Housing Outlook Clouds, Says Morgan Stanley, The Australian Reports

Australian Banks will be impacted by the changed property tax concessions, which will "fundamentally alter" the outlook for housing mortgage growth, which is expected to grow by just 3% in fiscal 2027, well below recent trends, according to a Friday report in The Australian, citing Morgan Stanley Analyst Richard Wiles.Morgan Stanley has cut its price targets for all major banks by around 6%, the report said.Owner occupiers will not be able to fill the gap left by expected flat investor loan balances in fiscal 2027, said Wiles.Morgan Stanley expects weaker loan growth, new margin headwinds, higher loss rates, and greater scrutiny of capital buffers, resulting in further downgrades for major Australian banks, the report added.According to the report, ANZ (ASX:ANZ, NZE:ANZ) is Wiles' top pick, while NAB (ASX:NAB), Commonwealth Bank of Australia (ASX:CBA), and Westpac (ASX:WBC, NZE:WBC) are rated underweight.Shares of ANZ, WBC, CBA, and NAB were down almost 1% each in recent Friday trade.(Market Chatter news is derived from conversations with market professionals globally. This information is believed to be from reliable sources but may include rumor and speculation. Accuracy is not guaranteed.)

ASX:ANZASX:CBAASX:NABASX:WBCNZE:ANZNZE:WBC

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