Australia and New Zealand Banking Group are the first of the big four banks to report annual profits. There was not much to like in the result, Net Interest Margin pressure along with headwinds on cost control, means the outlook was downbeat.

Macquarie Group’s first-half result is due today and it has guided the 2019-20 profit will be “slightly down” on 2018-19.

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The market is certain of a dividend cut at Westpac, which reports November 4.

UBS has warned the second-half of 2018-19 will be remembered as the “high watermark” for the sector, ” as the outlook deteriorates in an ultra-low rate environment.

We prefer the short side of CBA.



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