The ASX 200 closed out Wednesday’s session in the green, up 0.31% on the day. The move was driven by a strong performance in the financial sector with Westpac (WBC) and ANZ Group Holdings (ANZ) among the biggest movers.
Banks Lead the ASX 200 Higher
The ASX 200 index closed up 0.31%, with financial stocks leading the advance. Westpac shares rose by 1.7%, while ANZ Group Holdings saw an increase of 1.49%. The ASX 200 Banks Index (XBK) reflected the sector’s overall strength, adding 1.52%.
ANZ Group made headlines with two significant announcements. Firstly, the bank revised its year-end gold price forecast upwards to $3,800 per ounce, anticipating a peak near $4,000 by June 2026. ANZ analysts cited robust investment demand, central bank purchases, a softening U.S. dollar, accommodative monetary policies, and heightened global uncertainties as key drivers for this bullish outlook. Gold prices recently hit a record high of $3,673.95, marking a 38% gain year-to-date. Central bank gold purchases are projected at 900–950 metric tons in 2025, with China’s central bank continuing its buying streak for the tenth consecutive month. ANZ also expects the U.S. Federal Reserve to maintain its easing policy through March 2026. The bank increased its silver forecast to $44.7 per ounce, supported by gold’s gains and strong ETF inflows, as silver hit a 14-year high of $41.65 per ounce.
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ANZ Cuts Jobs Amid Restructure
In a separate announcement, ANZ revealed plans to cut 3,500 jobs, including 1,000 contractor roles, under the direction of new CEO Nuno Matos. The cuts represent roughly 8% of ANZ’s 43,000-strong workforce and are expected to be completed by September 2026. The bank anticipates a restructuring charge of A$560 million (US$369 million) as part of this initiative, which aims to reduce duplication, eliminate non-essential projects, and foster a more performance-driven culture. ANZ assured that most customer-facing roles and positions related to its recent merger with Suncorp Bank would remain unaffected. According to Reuters, Matos emphasized that while the cuts are difficult, they are essential for the company’s long-term health. Despite initial gains following the announcement, ANZ’s share price experienced a brief decline of 0.5%. A detailed strategic review is expected on October 13, 2025.
Globally, markets were buoyed by renewed expectations of a U.S. Federal Reserve rate cut. This sentiment was fueled by recent data suggesting the U.S. job market may be weaker than previously indicated. Major European and Asian indices also experienced gains.
The ASX 200’s performance reflects a complex interplay of factors, including sector-specific developments, company-level restructuring, and broader global economic trends. ANZ’s strategic moves, both in forecasting commodity prices and streamlining operations, will likely be closely watched by markets as they navigate the evolving economic landscape.
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