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UBS has upgraded Magellan Financial Group's stock rating from Sell to Neutral, while lowering the price target to AUD8.20 from AUD8.85. Analyst Shreyas Patel noted the company's stabilized funds management business and strong balance sheet, with over half of its market cap supported by cash and investments. Despite potential near-term outflows due to a key portfolio manager's departure, the market has likely priced in this risk, and the expanded buyback program is expected to bolster stock performance.
Australia has avoided the steep tariffs imposed by the US, facing only a general 10% tariff while being exempt from higher rates affecting countries like China and Japan. However, challenges loom for Australian beef farmers due to new trade barriers, and potential economic slowdowns in China could significantly impact Australia's resource-dependent economy, particularly in regions like Western Australia. Prime Minister Anthony Albanese criticized the tariffs, while Foreign Minister Penny Wong emphasized the need for a measured response to the disruptions affecting key sectors.
UBS analyst Tom Allen has maintained a Hold rating on Woodside Energy Group (WDS) with a price target of A$26.50, while the shares opened at A$22.72. The analyst consensus is a Moderate Buy with an average target of A$26.86, despite negative insider sentiment due to increased selling activity among insiders. WDS has a market cap of A$43.85B and a P/E ratio of 8.09.
The Reserve Bank of Australia has maintained the cash rate at 4.1%, reflecting easing inflation pressures while acknowledging tightness in the job market. RBA Governor Michele Bullock emphasized that inflation remains the top priority, distinguishing the RBA's stance from that of the U.S. Federal Reserve. Following this decision, the Australian dollar saw a slight increase against the U.S. dollar, with UBS suggesting that the downside is limited to 0.60-0.62 in the short term.
Australian retail tech startup Flagship has secured AU$6 million (US$3.75 million) in seed funding to bolster its expansion in the US, just six months post-launch. The funding round, led by US venture capital firms, follows an earlier AU$2 million round aimed at growth in both Australia and the US.Founded by Simon Molnar, Flagship provides a digital visual merchandising platform utilized by over 600 stores globally. The new funds will enhance US market strategies, support R&D, and integrate AI features, while the company plans to increase its workforce by 25% this year.
AUD/USD has faced a downtrend, stalling at 0.6080 in February, with a crucial need for a breakout from its current consolidation to signal a larger upward movement. The pair's recent failure to surpass 0.6410 has led to a pullback, and if it cannot exceed last week's high of 0.6330, further declines may occur, with short-term support levels at 0.6185/0.6165 and 0.6080.
The Reserve Bank of Australia has maintained its cash rate at 4.1%, prioritizing the return of inflation to its 2-3% target amid economic uncertainties. Concerns over a tight labor market and potential global trade conflicts could impact inflation and economic stability. Analysts anticipate a possible rate adjustment in May, depending on labor market developments.
Citigroup Global Markets Australia has become a substantial shareholder in Pacific Current Group, acquiring 7.1265% voting power as of March 25, 2025, through securities lending agreements. This significant investment suggests potential influence over the company's future decisions.
Morgan Stanley reports that Macquarie Group has achieved exceptional growth in deposits and mortgages, outperforming major Australian banks. The Commonwealth Bank of Australia has shown below-system growth in both areas, while Westpac has underperformed the market average. National Australia Bank exceeds industry benchmarks in household deposits but lags in mortgage growth, and ANZ matches the market in deposits but falls short in mortgages.
Agnico Eagle Mines Limited, a Canadian gold mining company, has been downgraded from Buy to Neutral by UBS, with a price target raised from USD 100 to USD 110. The company operates in Canada, Australia, Finland, and Mexico, with notable sites including the Canadian Malartic complex and Detour Lake. Its exploration projects span multiple regions, enhancing its portfolio in the precious metals sector.
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