The banks had a tough Thursday with WBC slipping -1.2% although when we stand back it’s still in the same range as the last 2 months, as we mentioned yesterday concerns are probably growing that weaker growth and rising unemployment will increase bad debts and weigh on the bank’s ability to grow. Also as we mentioned yesterday 2023 is set to be a competitive year for the banks with a lot of customers rolling off fixed rates, and looking for the best deal i.e. its easy to be wary the sector as the press revel in the interest rate implications moving into next year.
- We believe the banks will again find some buying 1-2% lower, at least this side of Christmas.
MM likes WBC short-term under $23
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