Macquarie Group chief executive Shemara Wikramanayake has expressed confidence that political turmoil in the United States will not trigger a severe slump for markets, but said the investment banking giant is ready to pounce on cheap assets once economies are taken off life support.
“We’ve had challenged elections before in the US and I think that will play out for a period of time but it’s ultimately going to be determined by end of January at the latest,” Ms Wikramanayake told The Sydney Morning Herald and The Age after Macquarie’s posted a 32 per cent slide in half year profits to $985 million. ” There could be a period of uncertainty if Mr Trump challenges the election results but at this stage we’re not seeing the markets factor in huge distress over it.” Read more…..
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The UK has fallen into its worst recession on record because of the coronavirus lockdown, contracting by more than 20% between April and June 2020. It’s the worst slump of any major global economy.