The S&P/ASX 200 Index (ASX: XJO) is having a rather dreadful end to the trading week so far this Friday. At the time of writing, the ASX 200 has lost a painful 1.34% and is back to around 6,560 points. With a fall like that, it's no real surprise to see most of the ASX 200 bank shares are also having a sad day on the markets.
Australia and New Zealand Banking Group Ltd (ASX: ANZ) seems to be copping the worst of it (as seems to be the case more often than not these days). ANZ shares are presently down a nasty 2.14% at $21.46.
Westpac Banking Corp (ASX: WBC) shares have lost 1.76% at $19.59 each., while the National Australia Bank Ltd (ASX: NAB) share price is down 1.63% at $27.84.
The ASX's biggest bank share, Commonwealth Bank of Australia (ASX: CBA), has lost 1.48% at $91.85.
So what might be causing this late-week loss of confidence in the ASX banks today?
Why are ASX 200 bank shares getting smashed on Friday?
Well, it's always possible that the bank shares are just getting caught up in the market's pessimism today. It's not like banks are the only losers this Friday. Other ASX 200 blue chips like BHP Group Ltd (ASX: BHP) and Telstra Corporation Ltd (ASX: TLS) are also down heavily.
But we do have some banking news that could be playing a role here.
As our Fool colleagues over in the United States covered, US earnings season has just kicked off. And, as it always does, it started with the US banking giant JPMorgan Chase & Co. As our colleagues reported, JPMorgan's earnings were a disappointment. Here's some of what was said:
…the bank reported earnings and revenue that missed analyst estimates and then suspended share repurchases for the time being…
JPMorgan reported softer investment banking results than the Street had been anticipating. Nobody expected a good quarter, given the lack of initial public offerings and other issuances, but revenue in investment banking fell short of expectations.
JPMorgan shares fell a nasty 3.49% in last night's (our time) trading session. So these earnings from one of the world's biggest banks may have dented confidence in our own big four this Friday. Either way, it is certainly not a good session for CBA, NAB and the other ASX 200 banks today.
