Our Aussie share market is having another difficult session on Wednesday, and the selling is starting to look more persistent.
At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is down 0.38% to 8,637 points.
That leaves the benchmark index on track for its fourth straight daily decline. It also adds to a weak month for investors, with the ASX 200 finishing higher on just 6 trading days over the past month.
The index is still up about 4.46% over the past year, but the shorter-term picture looks much weaker. Over the past month, the ASX 200 is now down 3.61%.
Here's what's dragging the market lower.
Image source: Getty Images
CBA sell-off hits the banks
Commonwealth Bank of Australia (ASX: CBA) is doing most of the damage on the ASX 200 today.
CBA shares are currently down 9.64% to $155.03 after the bank released its latest quarterly update.
The bank reported an unaudited quarterly cash profit of $2.7 billion, down 1% on the prior quarter. It set aside more money to cover possible bad loans, with its loan impairment expense rising to $316 million.
The selling has also spread across the other major banks.
Westpac Banking Corp (ASX: WBC) is down 3.11%, National Australia Bank Ltd (ASX: NAB) is down 1.50%, and ANZ Group Holdings Ltd (ASX: ANZ) is down 1.54%.
Investors are also digesting the Federal Budget, with analysts assessing what changes to negative gearing and the capital gains tax (CGT) could mean for investor lending growth.
Miners provide some support
Nonetheless, the fall could have been worse without support from the big miners.
BHP Group Ltd (ASX: BHP) is up 3.47% to $61.855, while Rio Tinto Ltd (ASX: RIO) is 2.68% higher to $190.39, and Fortescue Ltd (ASX: FMG) is up 1.87% to $22.32.
That has helped cushion the broader market, but it has not been enough to offset the pressure from the banks.
There are also some strong individual moves.
Aristocrat Leisure Ltd (ASX: ALL) is up 12% after reporting a stronger half-year result and expanding its share buyback program by $1 billion. The company also lifted its interim dividend to 50 cents per share.
On the other side, Zip Co Ltd (ASX: ZIP) is down 4.68% to $2.345 after confirming it must rebrand its Australian products and services following a court ruling.
Wages data adds to the mix
Investors also had fresh economic data to consider.
The Australian Bureau of Statistics (ABS) said wages rose 0.8% in the March quarter, matching the previous two quarters. Annual wage growth eased to 3.3%, down from 3.4% a year earlier.
That's not a shocking result, but it does come at a time when investors are already watching inflation and interest rates.
