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Macquarie posts ‘record’ quarter on improved overall market conditions -Breaking


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(Reuters] – The Australian financial conglomerate Macquarie Group reported on Tuesday that the quarter-quarter profit contribution of its market-facing business increased significantly, due to higher crude oil prices.

According to the Sydney-based company, profit numbers are not disclosed in quarterly updates. However, it stated that a better market environment resulted in an improved quarter.

Strong hedging activity and strong trading activity aided Australia’s biggest asset manager. Volatility and price changes in commodities markets were also elevated during the quarter.

Shemara Wikramanayake, Chief Executive Officer, stated that “we continue to keep a cautious attitude, with a conservative approach capital, financing and liquidity that positions our well to respond to current circumstances.”

Strong investment realizations in infrastructure, which include green energy and business services, were also beneficial to the company.

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