Sydney, March 2, 2026, 17:00 AEDT — After-hours
Shares in Macquarie Group MQG.AX sank 6.4% to A$199.86 on Monday, erasing A$13.62 from the price in a single day.
Oil prices shot higher while Asian equities tumbled, following U.S. and Israeli strikes on Iran that rattled nerves over possible supply shocks and renewed inflation risks. Brent spiked 6.4%, settling at $77.57 per barrel. Gold, meanwhile, picked up 1.6% and traded at $5,360 an ounce. “Unless de-escalation signals emerge swiftly, we expect a significant upward repricing of oil,” said Jorge Leon, who leads geopolitical analysis at Rystad Energy. Reuters
Investors are weighing if the conflict remains boxed in or starts to spill over into trade, rates, and economic growth. “Middle East tail risks have increased,” said Rong Ren Goh, portfolio manager at Eastspring Investments. Barclays analysts warn the market may not be fully pricing in the risk that containment breaks down. Reuters
Sydney’s S&P/ASX 200 financials index dropped as much as 3.1% early, then steadied to a 2.5% loss by mid-morning. Macquarie tumbled 6.8% at one stage, trading at A$199.02. Commonwealth Bank, Westpac, and National Australia Bank also slid, each falling anywhere from roughly 2% to 3.4% during the same stretch.
S&P/ASX 200 edged higher by 0.03%. Energy, gold, and resources names did enough to counter losses among the banks.
No new filings from Macquarie hit the ASX on Monday, so shares moved on broader macro themes and shifts in sector preference.
Macquarie’s latest trading update, dated Feb. 10, described third-quarter trading conditions as “satisfactory” but pointed to “significant volatility events” and geopolitical factors as potential influences on its short-term outlook. The firm also noted that profit from Macquarie Asset Management got a boost from gains tied to the sale of its North American and European public investments business. Macquarie
Oil’s still under strain. Brent climbed to $82.37 earlier, after Iran moved to block navigation through the Strait of Hormuz—a crucial route for crude and liquefied gas. That’s got refiners and officials reevaluating reserves. “With the retaliatory action now evolving to attacks on oil tankers in the Strait of Hormuz, the threat on oil supplies has substantially risen,” ANZ’s Daniel Hynes said. Reuters
But Macquarie shares aren’t guaranteed to move in just one direction. Should oil prices keep pushing higher and the conflict linger, markets may start factoring in softer growth along with a slowdown in capital markets activity — both of which threaten earnings. On the flip side, a rapid de-escalation could strip away the fear premium just as quickly.
The Reserve Bank of Australia gathers March 16–17, with its decision expected at 2:30 p.m. on day two. A move on rates could directly impact bank valuations and what lenders pay to borrow.
Macquarie’s next big marker is its full-year earnings, landing May 8. Anyone eyeing the stock for dividends should note the ex-dividend date: May 18. Shares bought after then won’t qualify for the upcoming payout.
