Updates to include sector moves
** Australia's financials sub-index .AXFJ falls 2.5% to hit their lowest since October 2024
** Falls in sub-index in line with drop in broader benchmark .AXJO, which is down 1.4
** Downward moves in financials is led by largest bank, Commonwealth Bank of Australia CBA.AX, which falls 4.2% to A$147.22
** CBA shares set for their weakest trading session since early August, 2024
** Bloomberg reported the gap between CBA's current share price and analysts' expectations is indicating to weakest return potential among global financials
** Three of the other "Big Four" banks track CBA's slump
** National Australia Bank NAB.AX, Westpac WBC.AX and ANZ Group ANZ.AX drag between 1.1% and 2.9%
** Australian banks have faced criticism for their extremely high valuations, with CBA and the rest of the lending majors trading at a price significantly higher than their earnings
** AXFJ down 3.9% YTD
(Reporting by Rishav Chatterjee in Bengaluru)
((Rishav.Chatterjee@thomsonreuters.com))
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