MQG -0.02%: first half results were out for the investment bank came in 5% ahead of expectations today, though the stock gave up strong gains into the afternoon. The result was driven by a $2b net profit from their commodities business, and the company lifted guidance for this segment from a small fall for the full year, to a small increase. Banking and Financial Services also came in better than expected but MacCap and the Asset Management arm were weak. The company was largely cautious near term as financial market activity remains constrained.
MM is long and bullish MQG
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