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Westpac Reports $6.8 Billion Profit as Wall Street Sinks on AI Fears
Westpac Reports $6.8 Billion Profit as Wall Street Sinks on AI Fears
Pinned Mon 2 Nov 2026 at 12:48pmMon 2 Nov 2026 at 12:48pm Market snapshot By Stephen Letts ASX 200: -0.6 to 8,857 points (live values below) ASX 200 (Friday): +0.2% to 8,908 points Australian dollar: flat at 70.27 US cents Asia: Nikkei +0.1%, Hang Seng flat, Shanghai +0.5%, Kospi +1.0% Wall Street (Friday): S&P 500 -1.8%, Dow -1.1%, Nasdaq -2.9% Europe (Friday): Dax -0.9%, FTSE +0.1%, Eurostoxx600 -0.4% Spot gold: +0.9% to $US3,909/ounce Oil: Brent futures -2.1% to $US111.09/barrel, WTI futures -2.4% to
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Westpac Reports $6.8 Billion Profit as Wall Street Sinks on AI Fears
Westpac, Australia's second-biggest lender, reported a profit of $6.8 billion. The bank expects interest rates to remain elevated and property prices to continue falling. The ASX 200 was expected to open flat, after falling 0.6% to 8,857 points in early trading. Wall Street had sold off heavily amid mounting concerns about AI investments. Investors are now watching the Reserve Bank of Australia's upcoming meeting for signals on interest rates.