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1.Market Observations, 8.Was Sticky

30 Mar 2016 (TheAge) – Bad debt charges spook bank investors

(30 March 2016, The Age, BusinessDay, p33, , Senior Reporter, View more articles from Jonathan Shapiro)

‘That the sharemarket wiped $6 billion off the value of ANZ Banking Group after it revealed a $100 million bad debt charge last week shows just how anxious investors are that the credit cycle may have turned darker for the big banks. On Tuesday, the major banks were hit with heavy selling extending losses from Thursday’s rout, falling by between 2.4 per cent and 3.4 per cent. ANZ entered correction mode falling 10 per cent from its recent high over the past five sessions with the other major banks not far behind, falling between 9.4 per cent and 6.2 per cent over the same period.’

Read more at TheAge.com.au

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