{"id":19379,"date":"2019-11-14T07:08:57","date_gmt":"2019-11-14T07:08:57","guid":{"rendered":"https:\/\/thepatientinvestor.com\/?p=19379"},"modified":"2019-11-14T07:08:57","modified_gmt":"2019-11-14T07:08:57","slug":"australia-major-banks","status":"publish","type":"post","link":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/","title":{"rendered":"Australia: Major banks"},"content":{"rendered":"<h2>Summary<\/h2>\n<p>Our review of APRA&#8217;s June 2019 quarterly report on the four major banks &#8212; Commonwealth, Westpac, ANZ and NAB &#8212; concludes that they are collectively priced at a 16.5% premium over fair value.<\/p>\n<p>Technically, the ASX 300 Banks Index ($XBAK) is experiencing secondary selling pressure and a correction is likely.<\/p>\n<p>A correction would reduce the premium over fair value and may present buy opportunities.<\/p>\n<h2>Valuation<\/h2>\n<p>We project:<\/p>\n<ul>\n<li>long-term asset growth at 3.0% p.a. (down from 4.0%);<\/li>\n<li>net interest margins at 1.65% of average total assets (down from 1.70%);<\/li>\n<li>non-interest operating income of 0.5%;<\/li>\n<li>operating expenses at 1.05% (previously 1.10%);<\/li>\n<li>provisions for bad\/doubtful debts averaging 0.2%;<\/li>\n<li>additional equity capital required of $12 billion; and<\/li>\n<li>a 30% tax rate.<\/li>\n<\/ul>\n<p>That delivers a forward PE of 16.9 based on a market cap of $399 billion.<\/p>\n<p>We estimate that the major banks are priced at a 16.5% premium over fair value, based on a 12-year payback period*.<\/p>\n<p><em>*Note to readers: we have simplified our model by removing the margin of safety and use a lower payback period instead.<\/em><\/p>\n<h2>Technical Analysis<\/h2>\n<p>The ASX 300 Banks index retreated below its rising trendline, warning of a correction. Follow-through below support at 7600 would strengthen the signal, with a target of primary support at 6750.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-11-14-xbak.png?w=525&#038;ssl=1\" alt=\"ASX 300 Banks Index\" \/><\/p>\n<h2>Book Growth<\/h2>\n<p>Total assets are the primary engine of bank revenue. Heady growth of the last two decades ended in 2015, when the ratio of total assets to nominal GDP (right-hand scale) started to decline. Nominal GDP also slowed (5.4% p.a. in June 2019) and is likely to restrict future book growth.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-11-05-majors-ta.png?w=525&#038;ssl=1\" alt=\"Majors: Total Assets Annual Growth and compared to Nominal GDP\" \/><\/p>\n<p>Household debt near saturation level, at close to 200% of disposable income, is another headwind to future book growth.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-11-06-aus-hhdebt.png?w=525&#038;ssl=1\" alt=\"Australia: Household Debt to Disposable Income\" \/><\/p>\n<p>Total asset growth of the major four banks slowed to 1.4% for the twelve months ended June 2019 and we have reduced our long-term projection to 3.0% per year.<\/p>\n<h2>Margins<\/h2>\n<p>RBA rate cuts are squeezing net interest margins, currently 1.73%, and we expect a long-term average of 1.65% of total assets.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-11-08-majors-margins.png?w=525&#038;ssl=1\" alt=\"Majors: Income &amp; Expenses\" \/><\/p>\n<p>Expenses declined to 1.09% of total assets but non-interest income, at 0.56%, is falling even faster.<\/p>\n<h3>Non-Interest Income<\/h3>\n<p>Fees and commissions &#8212; the major component of non-interest income &#8212; have suffered the largest falls. Transaction-based fees are the worst performer, while declining credit growth has reduced lending-based fees. The sharp drop in other fees, to 0.19%, is likely to be permanent as banks shed their wealth management operations.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-11-08-majors-fees.png?w=525&#038;ssl=1\" alt=\"Majors: Fees\" \/><\/p>\n<p>We project non-interest income to average 0.50% of total assets in the long-term.<\/p>\n<h3>Expenses<\/h3>\n<p>Operating expenses declined to 1.09% of total assets, as the majors attempt to cut costs in line with income, but personnel costs have proven sticky and are falling at a slower rate.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-11-08-majors-exp.png?w=525&#038;ssl=1\" alt=\"Majors: Operating Expenses\" \/><\/p>\n<h3>Non-Performing &amp; Past Due Assets<\/h3>\n<p>Charges for bad and doubtful debts remain low at 0.09% of total assets but we expect a long-term average of 0.20%.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-11-08-majors-charges.png?w=525&#038;ssl=1\" alt=\"Majors: Charges for Bad &amp; Doubtful Debts\" \/><\/p>\n<p>Impaired loans are falling as a percentage of total loans and advances but past due loans have climbed to 0.6%, reflecting mortgage stress.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-11-08-majors-impaired-pastdue.png?w=525&#038;ssl=1\" alt=\"Majors: Impaired Assets\" \/><\/p>\n<p>Provisions for impaired loans, however, are reasonable at 95.8% of impaired facilities including security held.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-11-08-majors-imp-provns.png?w=525&#038;ssl=1\" alt=\"Majors: Provisions for Impaired Assets\" \/><\/p>\n<h2>Capital<\/h2>\n<p>Common equity Tier 1 capital (CET1) remains low, with a CET1 capital ratio of 10.8% in June 2019, based on risk-weighted assets. CET1 as a percentage of total assets is a low 4.96%.<\/p>\n<p>The Reserve Bank of New Zealand has called for &#8220;<a href=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/03\/14\/aussie-banks-get-a-wake-up-call-from-across-the-tasman\/\">more skin in the game<\/a>&#8220;, asking the big four Australian banks to increase their capital holdings in New Zealand subsidiaries by $12 billion:<\/p>\n<blockquote><p>The RBNZ proposal calls for systemically important banks to hold a minimum of 16% Tier 1 capital against risk-weighted assets, of which 6% would be a regulatory minimum and 10% would act as a counter-cyclical buffer to absorb losses without triggering \u201cresolution or failure options\u201d.<\/p><\/blockquote>\n<p>A similar move by APRA is unlikely but RBNZ presents a problem for the big four banks as they will have to raise additional equity to capitalize their NZ subsidiaries. One alternative is to raise equity through a separate listing of their NZ subsidiaries but this is still likely to dilute returns on equity.<\/p>\n<h3>Return on Equity<\/h3>\n<p>Declining return on assets and increased capital requirements are both exerting downward pressure on return on equity (ROE), from a peak of 20.5% in 2007 to 9.7% in March 2019.<\/p>\n<p><img data-recalc-dims=\"1\" decoding=\"async\" class=\"aligncenter\" src=\"https:\/\/i0.wp.com\/www.incrediblecharts.com\/images\/2018\/2019-11-08-majors-roe.png?w=525&#038;ssl=1\" alt=\"Majors: Return on Total Assets &amp; Return on Equity\" \/><\/p>\n<h2>Management &amp; Culture<\/h2>\n<p>Australian regulator APRA is suffering from regulatory capture. A 146-page <a href=\"https:\/\/www.theaustralian.com.au\/commentary\/apras-samesame-approach-undercuts-reform-zeal\/news-story\/c432058007c2c968afb8e141c41094cf\">capability review<\/a>, stemming from David Murray&#8217;s <a href=\"https:\/\/www.smh.com.au\/business\/banking-and-finance\/murray-inquirys-key-recommendations-20141207-121w56.html\">Financial System Inquiry<\/a> found APRA &#8220;slow, opaque, inefficient, and in urgent need of a culture and leadership overhaul.&#8221;<\/p>\n<h4>Disclosure<\/h4>\n<p>Staff of The Patient Investor may directly or indirectly own shares in the above companies.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Summary Our review of APRA&#8217;s June 2019 quarterly report on the four major banks &#8212; Commonwealth, Westpac, ANZ and NAB &#8212; concludes that they are collectively priced at a 16.5% premium over fair value. Technically, the ASX 300 Banks Index ($XBAK) is experiencing secondary selling pressure and a correction is likely. A correction would reduce &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Australia: Major banks&#8221;<\/span><\/a><\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","_jetpack_feature_clip_id":0,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[40,3799,31],"tags":[208,214,4160,613,4159,2395,2439,3647],"class_list":["post-19379","post","type-post","status-publish","format-standard","hentry","category-australia-nz-countries-regions","category-asx-growth","category-the-fed-banks-interest-rates","tag-anz","tag-apra","tag-book-growth","tag-cba","tag-fee-income","tag-nab","tag-net-interest-margins","tag-wbc"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.9 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Australia: Major banks - the patient investor<\/title>\n<meta name=\"robots\" content=\"noindex, follow\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Australia: Major banks - the patient investor\" \/>\n<meta property=\"og:description\" content=\"Summary Our review of APRA&#8217;s June 2019 quarterly report on the four major banks &#8212; Commonwealth, Westpac, ANZ and NAB &#8212; concludes that they are collectively priced at a 16.5% premium over fair value. 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A correction would reduce &hellip; Continue reading \"Australia: Major banks\"","og_url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/","og_site_name":"the patient investor","article_publisher":"https:\/\/www.facebook.com\/profile.php?id=61572934660810","article_author":"https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","article_published_time":"2019-11-14T07:08:57+00:00","og_image":[{"url":"http:\/\/static.incrediblecharts.com\/images\/2018\/2019-11-14-xbak.png","type":"","width":"","height":""}],"author":"Colin Twiggs","twitter_card":"summary_large_image","twitter_misc":{"Written by":"Colin Twiggs","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/#article","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/"},"author":{"name":"Colin Twiggs","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454"},"headline":"Australia: Major banks","datePublished":"2019-11-14T07:08:57+00:00","mainEntityOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/"},"wordCount":715,"publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"image":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-11-14-xbak.png","keywords":["ANZ","APRA","book growth","CBA","fee income","NAB","net interest margins","WBC"],"articleSection":["Australia &amp; NZ","Australian Growth","Banks &amp; Interest Rates"],"inLanguage":"en-US"},{"@type":"WebPage","@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/","url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/","name":"Australia: Major banks - the patient investor","isPartOf":{"@id":"https:\/\/thepatientinvestor.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/#primaryimage"},"image":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/#primaryimage"},"thumbnailUrl":"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-11-14-xbak.png","datePublished":"2019-11-14T07:08:57+00:00","breadcrumb":{"@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/#primaryimage","url":"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-11-14-xbak.png","contentUrl":"https:\/\/www.incrediblecharts.com\/images\/2018\/2019-11-14-xbak.png"},{"@type":"BreadcrumbList","@id":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/14\/australia-major-banks\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/thepatientinvestor.com\/"},{"@type":"ListItem","position":2,"name":"Australia: Major banks"}]},{"@type":"WebSite","@id":"https:\/\/thepatientinvestor.com\/#website","url":"https:\/\/thepatientinvestor.com\/","name":"The Patient Investor","description":"Smart. 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","publisher":{"@id":"https:\/\/thepatientinvestor.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/thepatientinvestor.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Organization","@id":"https:\/\/thepatientinvestor.com\/#organization","name":"The Patient Investor Pty Ltd","url":"https:\/\/thepatientinvestor.com\/","logo":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/","url":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","contentUrl":"https:\/\/i0.wp.com\/thepatientinvestor.com\/wp-content\/uploads\/2026\/03\/cropped-cropped-patience-bg-1-inverted-400x400-1.png?fit=250%2C250&ssl=1","width":250,"height":250,"caption":"The Patient Investor Pty Ltd"},"image":{"@id":"https:\/\/thepatientinvestor.com\/#\/schema\/logo\/image\/"},"sameAs":["https:\/\/www.facebook.com\/profile.php?id=61572934660810","https:\/\/www.instagram.com\/colin_thepatientinvestor"]},{"@type":"Person","@id":"https:\/\/thepatientinvestor.com\/#\/schema\/person\/d42b18d516a80149d739845749ac6454","name":"Colin Twiggs","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g","url":"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/29a4e13250381b203ea835108c2d5eee4947439713c271ae5ba60afb53194432?s=96&d=mm&r=g","caption":"Colin Twiggs"},"description":"Colin Twiggs is a former investment banker with almost 40 years of experience in financial markets. He founded PVT Capital (AFSL number 546090), which provides income and growth strategies to wholesale clients. Colin also co-founded Incredible Charts and writes the popular Patient Investor newsletter. Using a top-down approach, Colin identifies macro trends in the global economy and then combines fundamental and technical analysis to evaluate opportunities in sectors that stand to benefit. Focusing on interest rates and financial market liquidity as primary drivers of the economic cycle, he warned of the 2008\/2009 and 2020 bear markets well ahead of actual events.","sameAs":["https:\/\/facebook.com\/people\/The-Patient-Investor\/61572934660810\/","https:\/\/www.instagram.com\/colin_thepatientinvestor","https:\/\/au.linkedin.com\/in\/colintwiggs"],"url":"https:\/\/thepatientinvestor.com\/index.php\/author\/investor\/"}]}},"jetpack_featured_media_url":"","jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p9tQ4n-52z","jetpack_likes_enabled":false,"jetpack-related-posts":[{"id":22704,"url":"https:\/\/thepatientinvestor.com\/index.php\/2020\/11\/18\/the-major-banks-anz-cba-nab-wbc\/","url_meta":{"origin":19379,"position":0},"title":"The big four banks: ANZ, CBA, NAB &#038; WBC","author":"Colin Twiggs","date":"November 18, 2020","format":false,"excerpt":"We consider Commonwealth Bank (CBA) to be over-priced relative to its peers and currently hold ANZ (2% of portfolio value) and NAB (1%) in the Australian Growth portfolio. Valuation ANZ We reduced our estimate of fair value for Australia & New Zealand Banking Group (ANZ) to $25.08 per share, maintaining\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":19491,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/11\/27\/national-australia-bank-nab\/","url_meta":{"origin":19379,"position":1},"title":"National Australia Bank (NAB)","author":"Colin Twiggs","date":"November 27, 2019","format":false,"excerpt":"Stock: National Australia Bank Exchange: ASX Symbol: NAB Date: November 27, 2019 Latest price: $26.18 AUD Market Cap: $75.4 bn Fair Value Estimate: $24.70 Forward P\/E: 12.5 Fair Value Payback: 12 Years Financial Y\/E: 30 September Recommendation: Hold Sector: Finance Industry: Major Banks Investment Theme: Dividends & Growth Structural Trends:\u2026","rel":"","context":"In &quot;Australian Growth&quot;","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18588,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/08\/01\/australian-banks-still-overpriced\/","url_meta":{"origin":19379,"position":2},"title":"Australian banks: Still overpriced","author":"Colin Twiggs","date":"August 1, 2019","format":false,"excerpt":"Summary We have just completed a review of Australia's four major banks -- Commonwealth, Westpac, ANZ and NAB -- and conclude that they are collectively overpriced by 23.5 percent. Our review is based on APRA's quarterly reports, where the four banks can be viewed as a collective unit. The ASX\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38352,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/10\/27\/australia-and-new-zealand-banking-group-anz-3\/","url_meta":{"origin":19379,"position":3},"title":"Australia and New Zealand Banking Group (ANZ)","author":"Colin Twiggs","date":"October 27, 2022","format":false,"excerpt":"Stock: Australia and New Zealand Banking Group Exchange: ASX Symbol: ANZ Date: 27-Oct-22 Latest price: A$24.92 Market Cap: A$74.5 bn Fair Value: A$28.67 Forward DY: 5.5% Payback (Years): 13 Financial Y\/E: 30-Sep-23 Rating: HOLD Sector: Financial Industry: Banks Investment Theme: Dividends & Growth Macro Trends: Defensive Summary Australia and New\u2026","rel":"","context":"In &quot;Australian Growth&quot;","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":38666,"url":"https:\/\/thepatientinvestor.com\/index.php\/2022\/11\/09\/national-australia-bank-ltd-nab\/","url_meta":{"origin":19379,"position":4},"title":"National Australia Bank Ltd (NAB)","author":"Colin Twiggs","date":"November 9, 2022","format":false,"excerpt":"Stock: National Australia Bank Ltd Exchange: ASX Symbol: NAB Date: 9-Nov-22 Latest price: A$31.66 Market Cap: A$99.8 bn Fair Value: A$29.67 Forward DY: 4.6% Payback (Years): 13 Financial Y\/E: 30-Sep-23 Rating: HOLD Sector: Financial Industry: Banks Investment Theme: Dividends & Growth Macro Trends: Defensive Summary National Australia Bank Ltd (NAB)\u2026","rel":"","context":"In &quot;Australian Growth&quot;","block_context":{"text":"Australian Growth","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/investment-allocation\/asx-growth\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":18186,"url":"https:\/\/thepatientinvestor.com\/index.php\/2019\/05\/10\/asx-200-and-the-banks\/","url_meta":{"origin":19379,"position":5},"title":"ASX 200 and the Banks","author":"Colin Twiggs","date":"May 10, 2019","format":false,"excerpt":"The ASX 200 retreat below support level at 6350 has been gentle, with a long tail indicating that buying support remains. The Trend Index likewise shows only a moderate decline. Respect of support at 6000 would be a bullish sign. Financials are the largest sector, comprising 32.1% of the ASX\u2026","rel":"","context":"In &quot;Australia &amp; NZ&quot;","block_context":{"text":"Australia &amp; NZ","link":"https:\/\/thepatientinvestor.com\/index.php\/category\/countries-regions\/australia-nz-countries-regions\/"},"img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]}],"_links":{"self":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/19379","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/comments?post=19379"}],"version-history":[{"count":4,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/19379\/revisions"}],"predecessor-version":[{"id":19440,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/posts\/19379\/revisions\/19440"}],"wp:attachment":[{"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/media?parent=19379"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/categories?post=19379"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/thepatientinvestor.com\/index.php\/wp-json\/wp\/v2\/tags?post=19379"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}