ANZ Profit Tops Expectations to Kick Off Closely-Watched Season

The first of Australia’s big four banks has kicked off the new reporting season with a bang. ANZ’s first-half profit exceeded forecasts at a time when analysts say lenders are expected to face greater scrutiny and selling pressure. Over in the US, the stockmarket hit a new record as second-quarter revenue for Apple beat expectations. It all looks rosy, but there could be storm clouds on the horizon. Oil prices hit a wartime high and there’s no sign of a let up, with President Donald Trump saying of Iran: “we’ll see how long they hold out.” - Ben Westcott, Asia Agriculture Reporter

ANZ’s first-half profit surpassed analysts’ estimates as Chief Executive Officer Nuno Matos pushes ahead with his overhaul of the Australian bank. Cash profit from continuing operations climbed to A$3.78 billion in the six months to March 31.