Ill winter US winds blow warm for Macquarie
Macquarie Group has updated its financial results forecast stating it now expects the Group’s result for the year ended 31 March this year to be up approximately 5% to 10% on the back of increased short-term client demand driven by the extreme weather events in North America.
The company has announced to the Australian Securities Exchange (ASX) that extreme winter weather conditions in North America “have significantly increased short-term client demand for Macquarie’s capabilities in maintaining critical physical supply across the commodity complex and particularly in relation to gas and power”.
Macquarie’s Commodities and Global Markets (CGM) business physically ships gas on the majority of major pipelines across the US and over time has built capacity to support clients in delivering power and physical commodities to help them meet the unexpected needs of their customers,” it said.
However, the company said the short-term outlooks remained subject to a range of uncertainties and nominated the pandemic, the uncertain speed of the global economic recovery and global levels of Government support for economies.
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