Macquarie warns of US recession as energy hedges drive up profits
Australia’s largest investment bank expects a recession in the US and headwinds in Europe from inflation and the energy crisis, as it profited from volatility in global energy markets.
Macquarie Group said on Friday its energy and commodities business drove revenue in the first six months of its financial year ending next March as its clients sought to hedge their exposure to gas, power, oil and minerals prices, which have been hit by the war in Ukraine.
The financial services company said net operating income rose 11 per cent year on year to A$8.6bn ($5.6bn) during the six months up to September, while pre-tax profit grew 11 per cent to A$3bn.
This story originally appeared on: Financial Times - Author:Nic Fildes
