A question you might want to ask yourself after reviewing the SP graph's of the major Australian banks, is why has the ANZ been smacked down a lot harder than the rest of them ?
The reason seems to be ANZ's higher exposure to Asian markets - now seemingly downplayed since the retirement of CEO Mike Smith and China's slowdown. New management have specifically revoked the previously ambitious target for Asian earnings. Dairy exposure, while significant to the NZ business is much less so in the ANZ Group lending portfolio.