What Matters Today: Has the Fed killed off the bull market in Tech?

Tech stocks traditionally don’t like rising interest rates, although, as the chart below illustrates, it’s not a perfect science. Over the last 12 months, the sector has roared ahead as a number of the mega-caps showed they could deliver earnings in a tough economic backdrop. Plus, they’ve been anticipating “peak interest rates”, but the Fed’s recent hawkish commentary has raised questions about the timing of this view into Christmas and beyond.

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Morning report 02/02/2026 09:16

Macro Monday: Crowded Trades unravel again when the music stops playing

Recent years have seen a sharp rise in crowded trades as momentum investing has come into vogue. But as so often happens when the music stops playing, conviction can evaporate in an instant. In the blink of an eye, trillions can be wiped out as investors and traders stampede toward the same narrow exit.

Weekend report 31/01/2026 09:42

Weekend Q&A: Gold plunges the most since the GFC after Trump announces his Fed pick

The ASX 200 ended the short week up just +0.2%, but the volatility over the 4-days was more than many months! The energy and materials sectors were again the top performers, but Friday's savage 100-point reversal dented many of the previous high flyers, while the rate-sensitive consumer discretionary and tech sectors fought over the wooden spoon, again. This week is likely to be a very different market following the confirmed nomination of Kevin Warsh to be the next Federal Reserve Chair, taking over from Jerome Powell. Warsh is seen as more inclined than other finalists to guard against rising price pressures, a stance that would translate into monetary policy that is supportive of the US dollar. That saw the $US push up nearly 1% sending Gold & other commodities sharply lower. Gold experienced a top-to-bottom $US900/oz plunge overnight which will have the miners on the back foot on Monday,

Afternoon report 30/01/2026 17:25

The Match Out: Hot money flips out of resources as Gold pulls back, ASX +1.8% for the month

The ASX reversed earlier gains in the final session of the month, dragged lower by an accelerating sell-off in gold and other resource stocks as hot money headed for the exits. The rally in this part of the market has been impressive, however when stocks and commodities start to go parabolic, aggressive, short, sharp pullbacks become more likely, and we’ve certainly seen that play out today. Using BHP as the proxy for the sector, the stock hit a new all-time high above $52 early on, before reversing to close lower. Golds were hit harder with Newmont (NEM) trading at $190 yesterday before closing ~$173 today.

Morning report 30/01/2026 09:43

ETF Friday: How MM sees the resources ETFs in the current buying frenzy

The ASX 200 recovered from early steep losses yesterday to end Thursday's session down just -0.1%, the reverse of Wednesday's price action. It was another session of polarised performance, although most eyes on trading desks were glued to the prices of copper and gold, whose volatility was almost unprecedented. In the early afternoon, Chinese property stocks surged over +10% after Beijing News confirmed that authorities have softened the strict borrowing rules that had worsened China’s property crash. The impact on the related stocks of the ASX was huge. BHP Group (BHP) reversed early losses to advance +1.80%, while Sandfire Resources (SFR) surged, closing up +5.2% after copper popped 7% in a couple of hours following the news.

Afternoon report 29/01/2026 16:44

The Match Out: Choppy session ends mildly lower, Energy stocks rally

The ASX was lower on Thursday, with a firmer Aussie dollar and rising rate expectations combining to pressure risk assets. The main drag came from some pockets of the resource sector, particularly rare earths, after reports suggested the Trump administration may back away from a proposed price floor mechanism, a policy support that had been a key pillar behind the sector’s rerating since mid-2025.

Morning report 29/01/2026 16:29

What Matters Today: The AI Conundrum – Casualty, Beneficiary, or Disruptor?

The ASX 200 reversed early gains on Wednesday to end the day down -0.1%. A “hotter” than expected CPI accelerated the selling after 11.30 am as fears of an RBA rate hike next week intensified throughout the day.

Afternoon report 28/01/2026 17:19

The Match Out: CPI comes in hot, ASX shrugs it off

The ASX surrendered early gains and finished mildly lower after a hotter-than-expected December CPI reading firmed market expectations of a February rate hike from the RBA.

Morning report 28/01/2026 09:30

Portfolio Positioning: The President propels the Aussie through 70c & gold to new highs

The ASX200 leapt out of the gate on Tuesday following strong trading by miners on overseas bourses, and it didn’t look back, closing up +0.9%, at its highest level since October when the index posted its all-time high. The charge higher by the local materials sectors is unrelenting, with yesterday’s +1.7% gain taking the sector up +10.8% year-to-date, and we’re still in January! The gains by some well-known names in 2026 have put the mining bulls in dreamland.

Afternoon report 27/01/2026 17:01

The Match Out: Resources keep on firing, ASX climbs to 3-month high

The ASX closed higher after a day off, buoyed by a powerful rally in precious and base metals stocks, with gold climbing to yet another all time high, now seemingly setting a new record every day, and Copper stocks chipping in too. While geopolitical noise remains in the background, the session had a risk-on feel as the rotation into resources showed no signs of slowing down with the index closing at its highest level since October.

Morning report 27/01/2026 09:37

Macro Monday (on Tuesday): Japan becomes the new market focus

Japan’s bond market has rattled global financial markets several times in recent years, and risks appear to be resurfacing. The most memorable yen carry-trade unwind since COVID started after the Bank of Japan (BOJ) raised interest rates in 2024. The BOJ’s first rate hike came in March 2024, when it ended negative interest rates and lifted the policy rate to just 0–0.1%.