What Matters Today: Is Australian retail’s downturn just beginning?

Alerts 18/08/2026 09:53

Trade Alerts – Active Growth & Income Portfolios

We are making a change to the growth and income portfolios

Morning report 18/08/2026 09:47

What Matters Today: Is Australian retail’s downturn just beginning?

The ASX 200 tried to reverse higher into lunchtime on Monday, only for steady, targeted selling throughout the afternoon to drag the index down by ~0.5%. On the stock & sector level, it was almost a carbon copy of August so far, with the miners again attempting to prop up an index weighed down by the flow-on effects of a softening housing market, where activity has ground to a near standstill since the May Budget. Consumer Discretionary, which we’ll revisit later, led the sell-off, falling 3%, while Financials and Real Estate also came under pressure, both declining more than 1%.

Afternoon report 17/08/2026 17:00

The Match Out: ASX falls as retail and banks weigh, gold and copper lift Materials

The ASX started the week on the back foot, with eight of 11 sectors lower as reporting season drove a sixth decline in seven sessions. Consumer Discretionary was the clear laggard, with a notable result from JB Hi-Fi sending waves through the broader retail complex after weakening sales momentum, while financials also weighed as NAB disappointed with its quarterly amid lower home loan application volumes. Materials provided the major offset, rebounding after three sessions of weakness as gold, copper and lithium rallied.

Alerts 17/08/2026 15:41

Trade Alert – International Equities Portfolio

We are making several changes to the International Equities Portfolio

Morning report 17/08/2026 09:43

Macro Monday: ASX earnings are being outshone by corporate America

The latest US earnings season propelled the S&P 500 to fresh highs last week, delivering the strongest first-half earnings growth since the post-COVID rebound of 2021. Moving forward, consensus expects the 1H26 earnings boom to moderate but remain solidly positive, +10.5% in 1H27 and +15.0% in 1H28 (see orange below), suggesting the market anticipates a sustained, if more normalised, earnings expansion cycle rather than a one-off spike. If we look at the numbers in an even more granular fashion, it's not surprising US indices are posting fresh highs.

Weekend report 15/08/2026 08:41

Weekend Q&A: The first chapter of the ASX reporting season has been mixed

The ASX 200 fell 1.6% last week, testing 9100 on Friday after threatening to break above 9300 on Tuesday. While the early read from local earnings seasons failed to match their US peers, it was the influential banks and miners that combined to drag the index lower - for the week, heavyweights CBA (-6.1%), Westpac (-6.8%), BHP Group (-2.6%), and RIO Tinto (-5.7%) all weighed on the local bourse.

Afternoon report 14/08/2026 17:15

The Match Out: ASX ends the week lower as Materials weigh, tech rallies to 6-month high

A tough session on the ASX today, capping off a softer week for Aussie equities. The market struggled from the opening bell, though it could have been worse as the index climbed +25pts from the session lows, with the bourse now lower in five of the past six sessions.

Morning report 14/08/2026 09:33

ETF Friday: Are equities benefiting from the recent Federal Budget?

The ASX 200 ended a choppy session on Thursday down 0.2% with reporting again weighing on the index, although losses were fairly muted considering only 30% of the main board closed higher, and Commonwealth Bank (CBA) fell by over 2%. Yesterday saw the banks put in a very mixed performance, with ANZ adding ~16 points to the index while CBA more than offset the good work, taking over 20 points off the ASX 200. It was a refreshing change to see ANZ rally post its result, with the bank less exposed than CBA and Westpac to the current housing slowdown.

Afternoon report 13/08/2026 17:06

The Match Out: Reporting season kicks into gear, ASX closes lower

The ASX 200 finished lower, recovering from a decline of around 0.7% earlier in the session as a blockbuster day of reporting continued to drive a highly mixed market. Breadth was weak for much of the day, with the index improving through the afternoon as some of the pressure on the major banks eased.

Morning report 13/08/2026 10:53

What Matters Today: Is it time to revisit Defence Stocks after Austal’s takeover bid?

The ASX 200 struggled on Wednesday as reporting season weighed on sentiment and the index; it's only early days, but we’re seeing a very different story emerge locally compared to the recent season in the US. The S&P 500's 2Q26 earnings season is essentially complete and has been strong, while the ASX 200's August reporting season has only just begun, but with less than 10% of companies having faced the music, the early signs are not overly encouraging.