SYDNEY, March 13, 2026, 08:33 AEDT
Shares of Macquarie Group finished Thursday’s session down 2.67% at A$195.75, deepening losses for Australia’s top investment bank as local financial stocks struggled with rising oil prices and renewed rate jitters. The S&P/ASX 200 shed 1.31% to close at 8,629.00.
The decline cuts into gains sparked just a month back. On Feb. 10, Reuters noted shares had jumped 4% to A$221.32 after Macquarie announced stronger profits across its major businesses. But with Thursday’s close, the stock sits significantly lower—right before the Reserve Bank of Australia’s March 17 meeting.
Back in February, Macquarie Chief Executive Shemara Wikramanayake described the December quarter’s trading conditions as “satisfactory” during her investor update. Fast forward to Wednesday—markets had gone ahead and priced in about a 75% chance that the RBA would hike the benchmark cash rate to 4.1% with a quarter-point move next week. Macquarie
“The balance of probabilities has shifted,” said Belinda Allen, who leads Australian economics at Commonwealth Bank of Australia. CBA is now penciling in rate hikes for March and May. Deutsche Bank’s chief economist Phil O’Donaghoe also changed his forecast: “Our base case now is for a hike,” he said. Reuters
Selling swept across the board on Thursday. Australian financials slipped 1.2% early, with Commonwealth Bank losing 0.7%. ANZ gave up almost 2%. Macquarie’s slide deepened through the session: after falling as much as 2.3%, shares closed even lower. Energy, helped by firmer crude, managed a 1.4% gain—one of the few pockets of strength.
Macquarie stands apart from peers like Commonwealth Bank and ANZ, spanning asset management, retail and business banking, commodities, global markets, and advisory. During its February update, the group reported a 3% lift in assets under management, totaling A$736.1 billion as of Dec. 31. Home loans advanced 7%, with deposits up 6%.
Macquarie struck a careful note at the briefing, pointing to inflation, rates, major swings in volatility, and geopolitical risks as key elements clouding its near-term view. Still, the group maintained its capital stood well clear of regulatory floors.
It’s not a clear-cut call in the short term. O’Donaghoe flagged that if the Middle East conflict worsens, the RBA might hold off. Governor Michele Bullock, for her part, has cautioned that a sustained climb in global energy prices could undercut demand and growth, even while driving inflation up.
Risk assets stayed under the gun overnight. All three major Wall Street indexes dropped over 1.5% as Iranian attacks on two oil tankers pushed crude prices close to $100 a barrel, setting up Sydney for another choppy session when markets reopen Friday.
The next move hinges on the RBA call. Macquarie ended Thursday off A$5.38, with attention shifting to the March 17 meeting and oil’s trajectory.
