Bank rebound sends ASX to record high


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In Tokyo, Japanese bank Aozora fell 15 per cent in early trade to extend huge losses from Thursday as investors dumped it and New York Community Bancorp because of fears of bad debt exposure to US commercial property. It was a different story on the ASX – a 1.5 per cent rally in Commonwealth Bank to $115.81 helped lift the ASX 200 index to a new peak. Real estate rebounds “The Australian banks don’t have that exposure,” said Sean Sequeira, chief investment officer at Australian Eagle Asset Management. “Australian commercial real estate has held up relatively well compared to the...