Australian Share Market Declines for Second Week
The Australian share market closed lower on Friday, marking its second consecutive weekly decline. The S&P/ASX 200 Index dropped by 0.7% to 8,769.7 points.
Macquarie Group Shares Drop Significantly
Shares in Macquarie Group fell 5.7% to $204.77 following the release of its half-year financial results.
"Macquarie's half-year net profit of $1.7 billion for the six months ending September 30 missed analyst forecasts by 10.4 per cent, according to UBS."
Tesla Annual General Meeting Highlights
Tesla held its annual general meeting in Texas, where shareholders approved the highest-ever CEO compensation package for Elon Musk.
"Shareholders approved the highest-ever CEO compensation package for Elon Musk."
Disclaimer
This update is not intended as investment advice. Prices referenced were current around 4:35pm AEDT.
Summary
The Australian market has faced pressure this week, largely due to Macquarie Group's earnings shortfall, amid notable corporate events such as Tesla's CEO compensation approval.
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