Australian banks facing a challenging business enviroment ahead

After a strong rebound last week, Asian markets took the lead of Dow Jones on Friday heading south because White House Economic Advisor Kudlow denied that US and China were close to resolve their trade disputes. As a result, Hang Seng and Nikkei shed 2. 08% and 1.55% respectively. Other markets remained cautiously waiting for the upcoming US mid term election and US Fed to decide the time table for further rate hike. But Dow Jones had put up a good show this morning in spite of all the uncertainties, mainly due to good corporate earning reports. But all eyes will be on the Mid Term Election for sure. As regards to ASX200, it closed 31.1 points lower yesterday and banks were lining up to report to the market, ANZ had done it last week and it pointed to a more challenging business environment next year, Morgan’s Asian Desk Chief, Raymond Chan will shed us some light on this issue.

US Stock Market. Getty Images Source: Getty Images