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Australia’s banking selloff has become a broader ASX problem. In the last fortnight, Commonwealth Bank, NAB and Westpac have each fallen more than 10%, wiping out a significant part of the gains that had helped push the ASX 200 to a record closing high earlier in the month.
The broader market has weakened alongside them. The ASX 200 closed at a record 9,227.8 on 5 August, then fell to 9,070 by 18 August, even as strong healthcare earnings and higher oil prices supported other parts of the market.
All four major lenders have reported weaker mortgage applications since the May budget, with declines ranging from 12% at ANZ to 20% at Westpac. That puts a more serious question in front of investors: is the housing slowdown beginning to undermine the loan growth and earnings outlook that have supported Australian bank shares?
For Australian traders, the focus is now on whether slower mortgage demand remains a short-term adjustment or becomes a more sustained earnings problem for the ASX’s biggest financial stocks.