SYDNEY, March 23, 2026, 06:24 AEDT
Macquarie Group (MQG.AX) faces Monday’s Sydney open after finishing Friday at A$194.99, slipping 0.56%. Shares now sit roughly 12% under the A$221.32 peak notched in February following its trading update.
Why does it matter? Macquarie covers a lot of ground: retail banking, asset management, commodities, and advisory. When borrowing costs climb in Australia and global risk appetite weakens, those headwinds can squeeze multiple profit streams simultaneously. Eyes are now on May 8, the date set for the group’s full-year results.
Last week brought a shift in the short-term landscape. The Reserve Bank of Australia bumped the cash rate up by 25 basis points to 4.10%. Macquarie Bank followed suit, announcing its own 25 basis-point hike for variable home-loan reference rates, as well as transaction and savings rates, set to take effect April 2.
The drop on Friday didn’t hit as hard as it did for a few local rivals. Commonwealth Bank slipped 0.97%, National Australia Bank shed 2.25%. The S&P/ASX 200 finished down 0.82%, underscoring weakness across financials more broadly—not just Macquarie.
But February’s upbeat mood has faded. Back on Feb. 10, Macquarie CEO Shemara Wikramanayake told investors the third quarter was “satisfactory.” Shares popped as much as 4% that day, Reuters noted, despite warnings about thinner margins in Banking and Financial Services tied to competition and a changing portfolio mix. Macquarie
Deal risk isn’t going away. Back on March 18, Reuters said Macquarie had pulled out of the bidding for a Kuwait oil pipeline stake—potentially valued at $7 billion—citing the conflict and a shaky outlook. Still, Martin Bradley, who heads infrastructure for Europe, the Middle East and Africa at the firm, insisted Macquarie is still “committed to the region.” Reuters
Not much comfort for global markets heading into the weekend. On Friday, Reuters noted that stocks slipped and bond yields surged, as the war in Iran heightened concerns over stubborn inflation and a potentially tougher stance from central banks—a combination that can hamper trading, financing, and the execution of infrastructure deals.
Investors face a double bind: rising borrowing costs hit domestically, while the Gulf conflict leaves financing markets and infrastructure deals on edge abroad. Macquarie feels the pinch on both ends—tighter margins at home, and higher execution risk overseas.
The stock is lodged near the lower end of Friday’s A$194.99–A$197.69 band, trading far beneath its 52-week peak at A$231.83.
