The United States and the United Kingdom initiated negotiations with a draft trade agreement. For President Trump, it was more than policy; it was a statement, his first significant accord since imposing sweeping tariffs earlier in the year. Wall Street responded with enthusiasm: the Dow surged 254 points, the S&P 500 climbed 0.58%, and the Nasdaq soared nearly 1%.
Behind these numbers were stories. Tech stocks rallied as export restrictions on semiconductors eased, offering a reprieve to an industry accustomed to geopolitical headwinds. Boeing’s shares took flight on whispers of a substantial aircraft deal, signaling confidence in the aerospace sector.
Yet, the optimism was tempered by global tensions. The European Union threatened retaliatory tariffs worth €95 billion, a counterpunch in the ongoing trade skirmishes. In South Asia, the situation escalated dramatically: India’s significant airstrike in Kashmir prompted Pakistan to vow retaliation, adding a layer of geopolitical risk to the markets. The Guardian
Commodities reflected the uncertainty. Oil prices jumped over 3%, gold held steady, and Bitcoin briefly surpassed the $100,000 mark—a testament to the market’s search for safe havens and speculative opportunities alike. Back home, the ASX was poised for a modest uptick, mirroring the cautious optimism abroad.
In the corporate realm, Macquarie Group Limited reported a net profit of A$3.72 billion for FY25, marking a 5% increase year-over-year. The second half of the year saw earnings rise by 30% compared to the first half. The company declared a full-year dividend of A$6.50 (35% franked), with the final dividend increased to A$3.90 per share. Return on equity improved to 11.2%. While the Commodities and Global Markets division faced a 12% decline due to subdued commodity hedging activity, Macquarie Asset Management and Banking and Financial Services delivered robust performances, contributing to a net operating income of A$17.2 billion. Assets under management remained stable at A$941 billion, and the firm maintained a healthy capital surplus of A$9.5 billion, with a CET1 ratio of 12.8%. Notably, 66% of total revenue was generated from international operations. Macquarie also extended its on-market share buyback program to A$2 billion, underscoring its commitment to disciplined capital deployment across global platforms.
News Corporation reported Q3 FY2025 sales of US$2.01 billion, a 1% increase from the previous year. Net income from ongoing operations rose 67% to US$107 million. Digital Real Estate Services, including REA Group, Book Publishing, and Dow Jones, were significant contributors to a 12% increase in total segment EBITDA, reaching US$290 million. Dow Jones revenue grew by 6%, driven by subscription growth and demand for expert information services. REA Group also reported a 6% revenue increase, buoyed by strong residential market performance. In April, News Corp finalized the sale of Foxtel to DAZN, receiving cash and a 6% equity stake in return. Proceeds from the transaction were utilized to strengthen the balance sheet and repay shareholder loans. While news media revenue declined by 8% due to weaker advertising sales, book publishing experienced modest growth. As of March 31, free cash flow for the nine months reached US$539 million. CEO Robert Thomson highlighted asset realignment, cost control, and ongoing digital development as key performance drivers.
QBE Insurance Group reported an 8% increase in gross written premiums for Q1 2025. The company reaffirmed its full-year guidance for mid-single-digit growth and an overall operating ratio of approximately 92.5%. Year-to-date, QBE has absorbed around $420 million in catastrophe claims, including exposures from the Los Angeles wildfires, Queensland flooding, and Cyclone Alfred. A cautiously positioned investment portfolio and favorable interest rates contributed to approximately $350 million in investment income for the quarter. For FY2024, QBE reported a 31% increase in statutory net profit, totaling US$1.779 billion, and declared a record full-year dividend of A¢87 per share. The company noted efficiency improvements across its operations, particularly in North America, and continued progress on strategic initiatives such as portfolio optimization and the implementation of AI-driven underwriting tools. Sustainability remained a priority, with QBE launching new community resilience projects through the QBE Foundation and surpassing its targets for women in leadership roles.
