If you average backwards it looks better, but I worked purely off the half just completed. My reasoning for that is that last year the market outlook was tentatively positive and trending upwards, whereas more recently that sentiment seems to have reversed so I would expect all the market-facing components of MQG earnings to be challenged rather than supported by the macro environment.
What the earnings look like going forward is obviously the key question that we don't know the answer to.
MQG Price at posting:
$158.89 Sentiment: Hold Disclosure: Held
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