It hasn't been a great week for the ANZ (ASX:ANZ) share price so far

What's going on with ANZ shares this week? We take a closer look

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The Australian And New Zealand Banking GrpLtd (ASX: ANZ) share price hasn't had a great week on the markets.

ANZ shares were priced at $28.20 a share at market open on Monday morning. At the time of writing, they are trading at $27.38 a share, down a hefty 3% from Monday's opening price.

That comes in stark contrast to the broader S&P/ASX 200 Index (ASX: XJO). The ASX 200 instead has had a reasonably good week so far (touch wood). It's down 0.04% today so far, but still up 0.84% since Monday morning.

So why has the ANZ share price had such a dreary week?

Well, let's first have a look at what the other ASX bank shares have been up to this week. This might give us a sense of whether it's an 'ANZ problem' or an 'ASX bank problem'.

Starting with Commonwealth Bank of Australia (ASX: CBA), and CBA shares are also down this week. Although, with a 1.64% decline since Monday morning, not by quite as much as ANZ.

Turning to Westpac Banking Corp (ASX: WBC), and we can see that Westpac is faring almost as poorly as ANZ this week. Since Monday, Westpac shares have lost around 2.5% of their value.

National Australia Bank Ltd (ASX: NAB) is also down, but only by 1.6% since Monday.

So there's definitely some malaise going on in the ASX banking share space this week as a whole.

But why?

Why has the ANZ share price had such a poor week?

As we covered earlier in the week, it might have something to do with the ongoing coronavirus lockdowns now gripping Melbourne and Sydney.

On Wednesday, my Fool colleague Mitchell Lawler discussed AMP Capital chief economist Shane Oliver's estimation that the Sydney lockdown alone will cost the economy more than $7 billion in lost activity if it carries on for another four weeks.

He also noted Morgan Stanley's head of research Richard Wiles is forecasting the four major ASX banks will book $700 million worth of lockdown-related impairments for the June quarter.

Banks are highly leveraged to economic growth. Thus, these lockdowns are likely to at least have some impact on the banks' earnings over the affected periods. It's likely it's these factors that are leading to weak performances from the ANZ share price this week, alongside the other ASX banks.

At the current ANZ share price, the bank has a market capitalisation of $$77.9 billion, a price-to-earnings (P/E) ratio of 16.58 and a trailing dividend yield of 3.84%.

Motley Fool contributor Sebastian Bowen owns shares of National Australia Bank Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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