0112 GMT - Australian bank stocks' perceived status as safe havens from tariff-driven turmoil may not protect valuations if margins and earnings disappoint, Macquarie analysts warn in a note. They think that offshore investors have stepped up buying since the Trump administration unveiled U.S. tariff plans, but point out that Australia generally is exposed to only limited direct tariff impacts. The Macquarie analysts see downside risk to earnings from lower interest rates in fiscal 2026. With the market pricing in 150 basis points of cuts in the 2025 calendar year, they see material downside to current margin expectations. (stuart.condie@wsj.com)
(END) Dow Jones Newswires
April 28, 2025 21:12 ET (01:12 GMT)
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