Aussie lenders gain as UBS suggests scooping up financials rather than miners
** Shares of Commonwealth Bank of Australia CBA.AX, the country's biggest lender, gain 1.6% to a record high while financial conglomerate Macquarie MQG.AX also touches an all-time high
** Other lenders such as National Australia Bank NAB.AX, Westpac WBC.AX and ANZ Group ANZ.AX rise between 1.1% and 1.8%
** Analysts at UBS suggest that investors buy stocks in financials than in miners as banks are more likely to hold on to their valuations
** Brokerage says banks are currently trading at extremely high valuations and stretched valuations are not unique for Australian lenders
** Adds miners are affected as the economic picture in China continues to deteriorate
** The Australian prudential regulator also proposed to replace bank hybrid bonds with more reliable and less expensive forms of capital to prevent any chances of a financial stability risk
** Australia's financial sub-index .AXFJ up as much as 1.4% and at a record high
Reporting by Rishav Chatterjee in Bengaluru
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