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A200
MM remains bullish towards the ASX 200 into 2027 around 8650
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IVV
MM remains bullish towards the S&P 500 around 7650 into Christmas
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F100
MM is neutral towards the UK FTSE around 10,650
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VGB
We are cautiously bullish – to neutral towards bonds (yields lower)
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SHY US
MM is now neutral towards US 2-year bonds around 4.7%
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VGB
MM is neutral towards Australian 3s around 5%
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WIRE
MM in neutral towards copper ~US$14,500/MT short term
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MM is neutral towards lithium
FXY US
MM is bullish towards the Yen targeting the 140 area for the USDJPY
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PPT
Trade Idea: Buy Perpetual Ltd (PPT) using a limit of $19.75, with stops at $18.60, around 5% risk.
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JDO
MM is bullish towards Judo (JDO) around 80c
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Latest Reports

Morning report

Macro Monday: The ASX 200 is following the 2022 roadmap into October

Last week saw the ASX 200 extend its September pullback to -3.8%, taking the total decline from August’s all-time high to almost -7%. The chart below highlights the uncanny similarities with 2022, when the RBA began aggressively tightening monetary policy, and Australia’s 10-year bond yield surged from around 1.5% to 4%, weighing on equity valuations. We’ve been watching with growing interest as the index continues to track the path of 2022’s “bond tantrum” remarkably closely - rising bond yields are the common denominator in both years.

Weekend report

Weekend Q&A: Rising bond yields continue to weigh on the ASX

The ASX 200 slipped 0.1% last week, its 3rd consecutive weekly decline, but a welcome relief from the aggressive selling earlier in the month. With the Fed rate hike behind us, attention switched to the RBA on the 29th as rising bond yields continue to weigh on risk assets. We anticipate further weakness in the coming week (s), but the index is slowly gaining an air of a market “looking for a low.”

Morning report

ETF Friday: If Banks have bottomed, should we buy the stocks or Bank ETFs?

The ASX 200 surprised many on the open yesterday, “gaping up” around 100 points above where it was “supposed” to open, leaving many scratching their heads, but as Shawn rightly pointed out, it's not the first and won't be the last example of market shenanigans on the expiry of the SPI Futures – particularly quarter end expiry. By the close, the local index still managed to finish +0.4% higher, aided by a more than +1% pop by US Futures in their late trade and an average +2% gain by the “Big Four” ASX banks.

Afternoon report

The Match Out: ASX firms post-Fed as Financials rotate back into favour

The ASX edged higher today, extending yesterday's move, following the Federal Reserve’s move to push the cash rate higher overnight. The Fed delivered the 25bp hike as expected, though commentary pointed to further tightening as Chair Kevin Warsh reiterated a firm stance on inflation. That initially pushed global markets lower, although bond yields subsequently eased and provided some relief for equities.

The Match Out Market Matters 2
Morning report

What Matters Today: Is salt about to disrupt the lithium market?

The ASX 200 eked out a +0.3% gain ahead of the Fed's rate decision, primarily courtesy of a bounce by the miners, while CBA was the largest drag on the local index, slipping 0.6%. It was encouraging to see the selling pressure across the ASX subside, but with markets becoming increasingly hawkish, we feel investors require some “good news” before they take on more risk with global central banks set to start hiking as elevated oil prices continue to stoke inflation expectations.

The Match Out Market Matters 2
Morning report

Portfolio Positioning: September is delivering both weakness & opportunity

The ASX 200 fell another 0.9% on Tuesday, extending September’s decline to 4.5% and pushing the index into negative territory for 2026. The local market has become something of the “ugly duckling” among its global peers, particularly compared with Japan’s Nikkei (+24%) and the US S&P 500 (+12%).

Afternoon report

The Match Out: ASX slides again as Miners and Banks weigh, Tech finds relief

The ASX continued its slide today, falling to a fresh three-month low as banks and miners came under renewed pressure, extending the broader market weakness. The index is now down around 6.5% from its 6 August record high. Macro continues to drive the sell-off; news flow around individual companies is almost non-existent, with oil, bond yields, and expectations for further central bank tightening later this week dominating sentiment.

The Match Out Market Matters 2
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Last week saw the ASX 200 extend its September pullback to -3.8%, taking the total decline from August’s all-time high to almost -7%. The chart below highlights the uncanny similarities with 2022, when the RBA began aggressively tightening monetary policy, and Australia’s 10-year bond yield surged from around 1.5% to 4%, weighing on equity valuations. We’ve been watching with growing interest as the index continues to track the path of 2022’s “bond tantrum” remarkably closely – rising bond yields are the common denominator in both years.

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