Australia’s Macquarie sees soft Q1 trading conditions as inflation hurts
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July 28 (Reuters) – Australia’s Macquarie Group (MQG.AX) said on Thursday trading conditions softened amid rising inflation and fears of a recession, although volatility in gas and energy markets helped drive small gains in its markets-facing businesses.
The financial conglomerate, which does not disclose profit figures in quarterly updates, said considering the current economic backdrop, it was maintaining a cautious stance and adopting a conservative approach to capital, funding and liquidity.
The Sydney-based firm benefited from a rally in oil and natural gas prices as Russia’s invasion of Ukraine tightened an already under-supplied market in the recent past. However, the energy market is starting to shed some of those gains as fears