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Key points
- ASX bank shares are in the red today
- Wall Street bank shares all fell overnight
- Macquarie shares are down 3.62%
ASX bank shares are all falling today, following in the footsteps of their counterparts on Wall Street.
Macquarie Group Ltd (ASX: MQG) is among the biggest fallers among the major banks, down 3.62% at the time of writing. Meanwhile, the Commonwealth Bank of Australia (ASX: CBA) is currently 1.83% lower. For context, the S&P/ASX 200 Financials Index (ASX: XFJ) is also down 1.56% so far today.
Let's take a look at what's happening at Australia's top banks today.
ASX bank shares falling
Australia's banks are all in the red at the time of writing. National Australia Bank Ltd (ASX: NAB) has fallen 1.43%, Australia and New Zealand Banking Group Ltd (ASX: ANZ) is down 1.04% and Westpac Banking Corp (ASX: WBC) is 1.24% lower.
Meanwhile, Bendigo and Adelaide Bank Ltd (ASX: BEN) is 2.3% in the red while Bank of Queensland Ltd (ASX: BOQ) is down 1.45%.
The performance of Wall Street bank shares overnight may be weighing on the minds of Australian investors today.
Leading the pack of US banks downwards was The Goldman Sacs Group Inc (NYSE: GS), which fell 6.97%. Reuters reported the investment bank missed its quarterly profit expectations.
The Bank of America Corp (NYSE: BAC) also fell 3.46% overnight while Wells Fargo & Co (NYSE: WFC) dropped 2.36% and Citigroup (NYSE: C) slumped 2.43%.
Meanwhile, the Australian Financial Review reported Chinese President Xi Jinping has pleaded with western countries not to raise interest rates in a speech to the 2022 World Economic Forum.
The US Federal Reserve is considering fast-tracking interest rate rises this year due to inflation concerns. And as the Motley Fool Australia has recently noted, the Reserve Bank of Australia can take their lead from the US.
Any rate movement from the RBA may lead to Australian retail banks also lifting their interest rates and improving profit margins on loans.
