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Westpac result has RBA rate cut written all over it

Monday 5 November 2018

WBC has just delivered the worst of the three bank results. Headline numbers met expectations (after Friday’s second profit warning!):

But under the hood there is pressure all over. The second half saw EPS fall -10%:

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About the author

David Llewellyn-Smith is Chief Strategist at the MB Fund and MB Super. David is the founding publisher and editor of MacroBusiness and was the founding publisher and global economy editor of The Diplomat, the Asia Pacific’s leading geo-politics and economics portal. He is also a former gold trader and economic commentator at The Sydney Morning Herald, The Age, the ABC and Business Spectator. He is the co-author of The Great Crash of 2008 with Ross Garnaut and was the editor of the second Garnaut Climate Change Review.