Another big sell off in the USA. Weaker than expected jobs report prompting speculation of a bigger than expected rate cut from the Fed. Add to that Tuesdays weak GDP numbers here in Australia. Iron ore prices on the slide which basically feed the West Coast
So will CBA continue to ignore the realities around it? Do normal valuations not apply - more than twice as expensive as American banks on an earnings and book multiple. Citi Group has a higher dividend yield despite a much lower payout ratio. Wells Fargo has an almost identical dividend yield despite a much lower payout ratio. Warren Buffet has sold 7 billion USD Bank of America shares since July (google it).
I expect CBA will get hit Monday morning. But will it go down to $140 and then just shake off the noise around it and surge again?
When will this share price live in the real world?
CBA Price at posting:
$143.47 Sentiment: Sell Disclosure: Not Held
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