Westpac's global markets mirror

Westpac's first-quarter loss clearly shows the impact of global market turmoil and the squeeze between funding costs and political pressure on mortgage rates.

Westpac’s first-quarter trading update provides a clearer and more contemporary insight into conditions in the banking sector, and economy, than yesterday’s Commonwealth Bank result. It also provides a better context for the recent round of small but controversial increases in mortgage rates.

Westpac’s earnings actually fell marginally in the December quarter, mainly because of a $200 million decline in markets related income.

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