Australian shares hit six-week low as Macquarie, banks weigh

Published on 11/07/2025 at 12:56 am EST
(Updates to close)

• Macquarie shares drop 5.7%, hit six-month low
• Block's ASX shares down 15.8%
• Qantas falls 6.6% after trimming forecast

(Reuters) -Australian shares closed at their weakest level in more than six weeks on Friday, weighed down by a steep drop in Macquarie after the top investment bank missed profit expectations, while a broader slide in major lenders deepened losses.
The S&P/ASX 200 index fell 0.7% to 8,769.70, its lowest close since September 24 and a second straight weekly loss.
Macquarie tumbled 5.7% to a six-month low afterreportinga first-half profit miss, pressured by weakness in its key commodities and markets trading business.
"We think the market was aware of the risk of a 1H26 miss given the softness in (Macquarie's) first quarter earnings. However, the extent of the miss will still come as a surprise," Citi analysts said in a note.
Macquarie's weakness pulled the broader financials sub-index 1.3% lower on the day, though it still ended the week 1.4% higher, supported by gains in top lenders Commonwealth Bank of Australia and Westpac.
CBA and Westpac fell 1.5% and 1.8%, respectively, on Friday but remained on track to post weekly gains.
The broader resources index slipped 0.7% and lost 2.7% over the week, weighed by a pause in gold's rally and continued weakness in iron ore prices. BHP and Rio Tinto dropped 0.8% and 1.3% respectively.
Technology stocks slid 2.3% to a six-month low, mirroring Wall Street's declines amid concerns over lofty valuations in AI-linked giants.
Local shares of payments firm Block tumbled 15.8% to a five-month low after its third-quarter profit missed estimates.
Flag carrier Qantas Airways shed 6.6%, slipping to a six month-low after cutting forecasts amid lower non-resources corporate demand and higher costs.
New Zealand's benchmark S&P/NZX 50 index closed up 0.2% at 13,599.21 points.
(Reporting by Nichiket Sunil in Bengaluru; Editing by Nivedita Bhattacharjee)

Sumber : Reuters