Macro Monday: Commodities turning lower adds to market headwinds

Equities have really struggled since the short squeeze/optimism fuelled 2-month rally that ran out of momentum in mid-August, in just 3-weeks the US S&P500 has fallen by -9.7%. It’s very easy to blame Jerome Powell’s hawkish rhetoric from Jackson hole for the decline but stocks were already slipping before he spoke and they’ve extended the declines afterwards with the Resources Sector compounding local losses following Chinas lockdown of Chengdu, another drastic attempt by Beijing to achieve Covid-Zero that feels capable of spreading to other cities. It’s very important that subscribers…

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Morning report 01/07/2025 09:28

What Matters Today: Looking in the rearview mirror & through the windscreen into FY26

A slightly shorter report today as we take a deep breath after our busiest day of the year. As the saying goes, there are two certainties in life: “death and taxes”. At MM, we see it big time with investors taking out subscriptions ahead of the EOFY, a great win-win in our opinion.

Afternoon report 30/06/2025 17:22

The Match Out: ASX finishes FY25 up +9.98%, James Hardie (JHX) rallies on takeover approval

A solid final trading session for the financial year was underpinned by strength in the banks early after their U.S counterparts passed financial regulator stress testing with flying colours overnight, though it wasn’t to last with the move reversing through the session.

Morning report 30/06/2025 09:47

Macro Monday: Should we chase stocks into fresh all-time highs?

The most recognised equity index in the world, the US S&P 500, posted new all-time highs on Friday, leaving many fund managers and retail investors apprehensive about chasing the rally into the second half of 2025.

Weekend report 28/06/2025 09:07

Weekend Q&A: The ASX is knocking on the door of all-time highs, with one day to go

The ASX200 finished the week up just +0.1% after Friday's sharp, almost 100-point reversal lower from early highs, led by the banks, taking the index back towards the 8500 level. However, under the hood, not everyone danced as one, with eight of the mainboards' eleven sectors retreating, led by energy and utilities, while the advances by the heavyweight financial and resources were enough to ensure the index closed positive, albeit just:

Afternoon report 27/06/2025 17:10

The Match Out: ASX fades through the day as commodities rip, banks stall

The day kicked off with a promising +50pt open though it was short-lived as a steady rotation from the banks to resources swept through the market after a supposed resolution to US-China trade negotiations was reached triggering a –90pt swing from start to finish as we closed at the low of the day.

Morning report 27/06/2025 12:20

ETF Friday: The lowdown on Leveraged ETF’s

The ASX 200 experienced another quiet session on Thursday as the market followed the choppy consolidation, with an upside bias, that we expected at the start of the month.

Afternoon report 27/06/2025 12:20

The Match Out: ASX trickles lower, Xero (XRO) down 5% post cap raise, WBC joins chorus for a July rate cut

A very quiet session for Aussie stocks today, though the recent trend continued with buying of weakness, although the dip was only small this morning. Xero (XRO) came back online post cap raise, down ~9% early but saw strong buying during the session to recover 50% of its loses.

Morning report 27/06/2025 12:20

What Matters Today: Revisiting Payment stocks as Xero pays $4bn for Melio

The ASX200 struggled to make any meaningful headway on Wednesday, even after the Dow closed up over 500 points and we received a particularly market-friendly inflation print.

Alerts 25/06/2025 17:38

Trade Alert – International Equities Portfolio

MM is buying a new stocks in the International Equities Portfolio

Afternoon report 27/06/2025 12:21

The Match Out: ASX flat, Xero (XRO) makes big bet on the US

The market held on to yesterdays rally today, finishing flat, as strength continued in the banks while the miners lagged as we approach the EOFY i.e. the trends that have persisted in FY25 are extending, however, what comes in FY26 is now firmly on our radar. While it’s hard to see anyone selling CBA before the 30th June and wearing a big tax bill, CBA’s +50% gain this year (relative to its ~4% earnings growth) pushing it up to a ~12% index weight in the ASX 200 is simply extraordinary. They say trees don’t grow to the sky, but CBA is certainly having a good crack, pushing its valuation to ~29x and yield down to 2.5%, closing today at a new record of $191.40!