Macro Monday: Rising bond yields have tempered enthusiasm for stocks

scroll

OPINION
ACTION

Latest Reports

Weekend report 26/09/2026 08:37

Weekend Q&A: The ASX underperforms its global peers

Afternoon report 25/09/2026 17:05

The Match Out: ASX lower as Tech extends slide, Netwealth (NWL) hit with class action

e ASX 200 closed lower today, trading in a fairly tight range through the day, as technology stocks extended their recent slide for a fourth consecutive session and consumer discretionary came under further pressure, falling to a near four-month low. On the positive side, Consumer Staples firmed and Financials held up reasonably well, the two sectors doing the defensive work in what has been a difficult week shaped by rising rate expectations.

Morning report 25/09/2026 09:16

ETF Friday: Evaluating 3 leveraged ETFs for a potential Christmas rally by the ASX 200

Early weakness saw the ASX 200 make fresh 3-month lows on Thursday following a soft session on Wall Street. The banks and miners finally danced to the same tune, but unfortunately it was a bearish one, which caused ~90% of the day's decline, led by BHP Group (-1.7%), Westpac (-1.8%), and Commonwealth Bank (-0.7%).

Afternoon report 24/09/2026 17:10

The Match Out: ASX falls as September hike bets firm at 93%, Soul Patts hits record high

The ASX endured another difficult session today, and while the index encouragingly bounced ~60pts from the lows of the session after softer employment data partially pared back rate hike bets, a move higher in the cash rate remains almost fully priced in for next week’s RBA meeting.

Morning report 24/09/2026 09:42

What Matters Today: Five ‘recovery stocks’ we like if the ASX enjoys a Christmas rally!

The ASX 200 battled to a 0.1% gain on Wednesday, with BHP alone contributing about twice the index’s overall advance from a points perspective, masking underlying weakness in financials. At the stock and sector level, it was almost as if the market had tuned into yesterday’s MM webinar, “Investing in a 5% World,” with investors voting with their feet and compressing the valuations of long-duration growth stocks as bond yields remained elevated.

Afternoon report 23/09/2026 17:13

The Match Out: ASX flat as copper hits record highs and banks soften; A2M surges on Mattera acquisition

The ASX finished little changed on Wednesday as weakness across utilities, energy and the banks was offset by a strong session in the lithium and copper names as copper hit a record US$6.92/lb overnight, providing a strong backdrop for the resources sector. M&A continues to be a dominant driver for single-stock moves, though the broader market remained largely macro-driven, balancing stronger commodity prices against ongoing concerns around higher rates.

Alerts 23/09/2026 14:44

Trade Alert – International Equities Portfolio

We are adding a new position to the International Equities Portfolio

Morning report 23/09/2026 09:12

Portfolio Positioning: The ASX 200 is looking for, or has found, a low

The ASX 200 experienced a choppy session on Tuesday before eventually closing up +0.3%, taking the index into positive territory for the week. The miners contributed more than 50% of the day's advance, but it was a relatively quiet affair considering the impressive gains in Europe and the US overnight. The tug of war at the pointy end of the market remains fairly evenly balanced, with investors only prepared to buy either the banks or miners on a day-to-day basis, appearing to use the other to fund the purchases.

Afternoon report 22/09/2026 16:37

The Match Out: Tech leads, but the ASX gives back early gains

The ASX 200 finished modestly higher today, but the headline gain masks another fairly mixed session. The index jumped ~50 points at the open following a strong lead from Wall Street and renewed enthusiasm around the AI trade and a drop in Oil prices, before handing back some of those gains as the day progressed.

Morning report 22/09/2026 09:23

What Matters Today: Is it time for the Consumer Staples contrarian trade?

The ASX 200 recovered well from an early 0.6% dip to close flat on Monday, with 45% of the main board managing to advance. Gains by the banks cancelled out losses by the miners, leaving the index evenly balanced into the close. Australian tech stocks, which are primarily software names, continued to underperform, falling 1.6% and extending their decline in 2026 to more than 25%. To put the disappointing performance into perspective, the US software sector is marginally higher for the year.