Macquarie Shares Surge With Investors Eyeing RBA Decision
Macquarie Group Ltd. ended Friday up 2.8% at A$242.44, climbing A$6.60 as the stock joined a wider rally in Australian shares. Investors bought back in, sending the S&P/ASX 200 about 2% higher for its strongest session since April. Macquarie now trades just below its recent highs. Macquarie isn’t a straightforward bank stock and the latest move shows why. Its earnings link to everything from retail banking to asset management and commodities trading, plus infrastructure and private credit. So, relief over rates feeds into different parts of the valuation: funding, sentiment, asset sales and appetite for financials. Reuters said banks gained in Friday’s rally. IG’s Tony Sycamore put the market strength down to “a continued run of softer domestic data” that