Westpac Fall 1% After Early Rise on Earnings Report

        0132 GMT [Dow Jones] In another worrisome sign for Australian banks and the broader market, Westpac (WBC.AU) turns down 1% after initially rising 0.8% after reporting first-half cash earnings 3% above consensus. This follows a similar reaction for ANZ (ANZ.AU) after results last week, and an 8% fall in Bank of Queensland (BOQ.AU) since it traded ex-dividend on April 24. "What worries me is that the 'shock' of bank sector downgrades to "hold" and the reaction/debate it generated suggests many Australian investors have become too bullish/complacent," Bell Potter managing director Charlie Aitken says. NAB (NAB.AU) is due to report Thursday. Australia's S&P/ASX 200 was last up 0.1% at 5465 after an early rise to 5486.4. (david.rogers@wsj.com; Twitter: @DRWSJ)
        (END) Dow Jones Newswires

        May 04, 2014 21:33 ET (01:33 GMT)