2332 GMT - Australian bank stocks have no fundamental support that Citi analyst Brendan Sproules can see, whatever happens to local interest rates. Citi keeps sell ratings on all major, regional and business banks in its coverage, and Sproules thinks it is probably just a matter of time before investors' 2024 rotation from materials into financials is reversed. He wonders whether 2025 is the year in which this occurs, telling clients in a note that lenders' asset quality is continuing to deteriorate, costs remain stubbornly high, and that rate cuts would be negative for revenue expectations. He prefers Westpac and Commonwealth over other lenders due to their exposure to retail over business banking. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
January 16, 2025 18:32 ET (23:32 GMT)
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