National Australia Bank (NAB) reported a drop in profit, with the bank's cash earnings falling to $1.7 billion for the half-year, down from $1.8 billion a year earlier, according to its latest financial results. The decline was attributed to increased competition in home lending and higher funding costs, amid ongoing Middle East uncertainty.
The Australian share market slipped on Monday, with the ASX 200 falling 0.5% to 8,690 points, ahead of the Reserve Bank of Australia's (RBA) interest rate decision due Tuesday. On Friday, the index had closed 0.7% higher at 8,730 points.
Wall Street closed mixed on Friday, with the S&P 500 up 0.3%, the Dow Jones down 0.3%, and the Nasdaq rising 0.9%. European markets also showed mixed results, with the DAX and FTSE 100 both closing slightly lower.
The Australian dollar edged up 0.1% to 72.10 US cents. Investors are closely watching the RBA's decision, with most economists expecting the central bank to hold the cash rate steady at 4.35%.
