Australian banks scale record peak on higher-for-longer interest rate boost
** Australian banking sub-index .AXFJ rises as much as 0.6% to touch a record high of 8,593.50
** Gains in line with a broader rally in the ASX200 benchmark index .AXJO, which is also at its all-time peak - a fourth consecutive session of scaling a record level
** Banks are the top performers this year with ~27% gains - set for best year since 2009, if trend holds - sharply outperforming the benchmark index, which is up ~8%
** UBS attributes banks' rally to lower credit charges, capital returns, as well as higher-for-longer interest rates
** Reuters poll shows RBA will keep interest rates at a 12-year high this year; first cut predicted in Q1 2025
** No. 2 lender National Australia Bank NAB.AX at a near 17-year peak of A$39.770
** UBS hikes PT for NAB to A$35.00 from A$32.00, retains "sell" rating
** Third biggest bank, Westpac Banking Corp WBC.AX, at an over 7 year high
** UBS hikes PT for WBC to A$33.00 from A$30.00, retains "neutral" rating
** No. 1 lender Commonwealth Bank of Australia CBA.AX up 0.6% at A$144.830, around 40 cents away from its record level
** Financial conglomerate Macquarie Group MQG.AX up 1% at its all-time high of A$233.910
Reporting by Sameer Manekar in Bengaluru
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