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An expanded US-China trade war during President-elect Donald Trump's second term could reduce China's GDP growth by two percentage points, according to Macquarie Group Ltd. Trump's proposal to raise tariffs on Chinese goods to 60% may lead to an 8% decline in exports and significantly impact business confidence and capital expenditures.
The ASX 200 is down 24 points (-0.55%) at 8140 as markets await the US election and the RBA's decision to maintain interest rates at 4.35% for the eighth consecutive meeting. Despite a decrease in headline inflation, underlying inflation remains high, prompting the RBA to defer rate cuts until targets are met.In the banking sector, major banks fell following a downgrade of Westpac, while the mining sector saw gains amid hopes for fiscal stimulus from China's NPC meeting. The ASX 200 is currently positioned between key support at 8110-8100 and resistance around 8350-8360, indicating potential for significant movement.
A group of banks led by Deutsche Bank AG is facing challenges after being unable to sell a portion of an $875 million term loan for the acquisition of protein bar brand FitCrunch. The debt remained unsold before 1440 Foods finalized the purchase on November 1. Jefferies Financial Group, Macquarie Group, and BNP Paribas also provided financing for the deal.
Macquarie Group Ltd. is positioning itself for a significant expansion in the data center sector, following its recent sale of AirTrunk. With 4.3 gigawatts of data center capacity globally, nearly a third of its asset management investments are in digital infrastructure, indicating a strong focus on future growth in this area.
Macquarie Group has reduced its interim dividend to $2.60 and extended its $2 billion share buyback program, leading to a 4% drop in its share price to around $221.74. Despite challenges in its commodities trading division, experts see potential buying opportunities, particularly if the stock approaches the $210 mark, as the company aims for recovery in the second half of the year. Investors are advised to monitor market conditions closely for strategic entry points.
Macquarie Group Ltd. reported a net income of A$1.61 billion ($1.06 billion) for the six months ending September 30, up from A$1.42 billion a year earlier. However, this figure fell short of the A$1.74 billion average estimate from analysts, as subdued volatility impacted its commodities and global markets business.
The ASX 200 rose 29 points (0.36%) to 8250, marking a potential third consecutive day of gains amid lighter trading volumes. Key upcoming events include US tech earnings and Australian Q3 inflation data, with expectations that a lower trimmed mean inflation could prompt an RBA rate cut. Notable stock movements included ZIP surging 12.37% after a strong Q1 update, while major banks and mining stocks also saw gains ahead of their quarterly reports.
Macquarie Group Ltd. has unveiled its new 40-storey global headquarters in central Sydney, affectionately nicknamed 'The Minion' due to its domed roof featuring the bank's circular logo, reminiscent of the characters from the Despicable Me franchise. This building adds to the bank's reputation as the 'Millionaires' Factory,' known for producing top talent in Australian finance.
The ASX 200 is up 9 points (0.14%) at 8227 after recovering from a morning dip to a two-week low of 8183.6, driven by buying in major banks and the property sector as US debt concerns linger. The IT sector continues to decline, with Wisetech Global leading losses, while Fortescue's production update shows an 11% drop in iron ore shipments.
Hyundai Motor India Ltd. has received a wave of buy ratings from analysts following a lackluster trading debut. The company now boasts six positive recommendations from firms including Nomura and Macquarie, while only one sell-equivalent rating has been issued by Emkay Global.
Macquarie Group Limited
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The information provided herein is generated by experimental artificial intelligence and is for informational purposes only.
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