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Australian bank Macquarie’s Q1 profit climbs in a softening market – Reuters

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The logo of Australia’s biggest investment bank Macquarie Group Ltd adorns a desk in the reception area of its Sydney office headquarters in Australia, Oct. 28, 2016. REUTERS/David Gray

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July 28 (Reuters) – Australian investment bank Macquarie Group (MQG.AX) flagged a higher quarterly profit on Thursday and said all its business units felt the headwinds of inflation and market volatility but its diversified structure would still bring opportunities.

Macquarie did not give first-quarter profit numbers and said trading conditions had deteriorated but its exposure to volatile energy markets and unlisted infrastructure – which came with built-in “inflation protection” – may create a buffer.

Investors cheered the bank’s resilience, sending its shares higher.

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The limited trading update that did not include forecasts and came ahead of its annual meeting later in the day underscores Macquarie’s record of defying economic turbulence with a diversified global operation that enables it to …….


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