The major banks are dragging down the rest of the Australian market.
Westpac led the pack, falling 1.75% to $32.48, followed by the NAB, down by 1.5% to $32.11, the ANZ 1.26% to $31.48 and the Commonwealth weathering the storm better than the rest at 0.43% down to $81.67.
The weakening in bank stocks came after Australia’s financial regulators announced a joint operation against risky home lending, mostly investment and interest-only loans.
And this morning, the Westpac Consumer confidence index fell 5.7%, indicating the most pessimistic population in about three years, and softer retail spending ahead.
Wall Street was flat to weaker overnight, with the S&P 500 closing just 0.02% down.