FX.co ★ Australian Shares Slip as CBA Plunges

The S&P/ASX 200 Index decreased by 0.19%, closing at 8,819 on Tuesday. This decline occurred after an initial rise earlier in the day, primarily due to a significant drop in Commonwealth Bank shares, which negatively affected the wider market. Australia's largest bank saw its shares fall by 6.6% as a result of a narrowing net interest margin, linked to the increased holding of cash and low-yield liquid assets. Meanwhile, National Australia Bank experienced a 1.3% decline, while ANZ Group advanced by 0.4%, and Westpac Banking gained 1.3%. Other major decreases were observed in CSL Ltd, a healthcare company, which fell by 0.4%, iron ore producer Fortescue, which dipped 0.2%, and Wisetech Global, a logistics software firm, which decreased by 0.3%. On the economic data side, a private survey revealed a substantial 12.8% rise in Australian consumer sentiment in November, marking the most considerable increase in years. This upswing indicates clearer signs of economic recovery and diminishing external risks.