AU Evening Wrap: Australia Shares Slip 0.85%, But Extend Run of Weekly Gains

Bendigo Bank, an Australian regional lender, has reported a 2.3% decrease in cash earnings for the current fiscal year-to-date. The unaudited cash earnings after tax for the ten months ending in April were approximately AUD 464 million (USD 310.0 million). Additionally, the bank's net interest margin (NIM), which represents the difference between what the bank earns on loans and its funding and other costs, was 1.87% post-revenue share arrangements, while its NIM pre-revenue share arrangements stood at 2.30%.

In a significant effort to stimulate the struggling property sector, China has implemented bold policy changes by easing mortgage rules and urging local governments to purchase unsold houses. On Friday, financial regulators announced that they would remove mortgage rate floors for both first and second homes, according to an official notice. The People's Bank of China also decreased the minimum downpayment ratios for first-time homebuyers to 15% and 25% for second-home purchases. These measures are among the most significant policy adjustments made so far to aid the property sector.