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Macquarie Lowers Profit Forecast on ‘Subdued’ Equity Markets

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Macquarie Group Ltd., Australia’s largest investment bank, cut its second-half earnings forecast as “subdued” equity markets dent trading income.

Profit in the six months to March 31 will drop about 5 percent from A$571 million ($579 million) a year ago, Sydney-based Macquarie said today in a statement. That implies earnings of A$542 million for the period, reversing a forecast in October for profit to increase to about A$647 million.