And in currencies, the Aussie dollar is worth 104 US cents this morning. It also buy you 64 British pence.

 

MacQuarie Group says a lack of investor confidence has led to a 24% slide in its annual profit. The firm made $730 million in profit for the 12 months to the end of March. It says falls in customer revenue as a result of volatile markets was broadly to blame for the result. To cut cost, the bank slashed around 1,300 jobs during the period with the largest cuts in its securities division.

 

Well, as figures on the US economy show that economic growth has slowed, the US Commerce Department says businesses have cut back on investment, depressing GDP. Growth is down to 2.2 per cent from 3 per cent in the final three months of last year. And economists say the figure is below estimates of 2.5 per cent. On a positive note, consumer spending is up by 2.9 per cent, the fastest since 2010.