Macro Monday: The market's animal spirits are waning

The stock market didn’t crash last week, but after 7-months of “risk-on” enthusiasm, cracks have started to emerge. Rich valuations and fresh doubts over the real-world payoff of AI dragged US tech stocks to their worst week since April.

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Alerts 10/03/2026 09:46

Trade Alert – Growth & Income Portfolios

We are adding a stock to the Growth & Income Portfolios

Morning report 10/03/2026 12:00

What Matters Today: How MM sees the Energy Sector as war rages in the Middle East

The ASX200 was hammered on Monday, down 2.9%, taking March’s decline to ~6.5% with the month only one-third complete. It’s remarkable to think the market closed at an all-time high of 9200 just a week ago. Stocks tumbled as the Middle East conflict rattled energy markets, pushing oil up more than 25% higher, at one stage testing US$120/barrel. At the same time, bond markets extended losses on rising inflation fears while the US dollar hit its highest level since January, as risk-off sentiment gripped global markets. There was nowhere to hide on a day when ~95% of the main board retreated, and oil and gas giant Woodside (WDS) could only close 2% higher.

Afternoon report 09/03/2026 17:32

The Match Out: ~25% spike in Oil this morning rattles markets

Morning report 09/03/2026 09:48

Macro Monday: Gulf War propels oil towards $US100, sending investors scurrying for cover

One week in, and the Iran war has already severely disrupted global energy markets, with threats to shipping through the Strait of Hormuz effectively choking oil exports from the Persian Gulf and pushing crude prices to their highest levels in more than two years. As producers cut output and energy prices surge, the conflict is raising global inflation risks and intensifying concerns about energy security, particularly in Europe. The local market initially shrugged off last weekend’s US–Israel strikes on Iran, with the ASX200 closing at an all-time high on Monday. However, that early optimism quickly faded as investors began to acknowledge the conflict could last far longer than first imagined:

Weekend report 07/03/2026 09:54

Weekend Q&A: The US-Iran War takes its toll on global markets

Afternoon report 06/03/2026 16:36

The Match Out: A fitting end to a tough week for markets

Friday delivered more of the same, with the ASX unable to hold Thursday's recovery as a fresh wave of selling hit the materials sector. The culprit this time wasn't just the Middle East - China's state-backed iron ore buyer CMRG effectively banned traders from purchasing new BHP cargoes, sending the Big Australian down sharply and dragging the broader resources complex with it. It was a messy session to end a soft week, though there were some genuine bright spots. Tech continued its strong bounce and MFG added further gains as the Lowy Family's cornerstone stake gave the Barrenjoey merger story more legs.

Morning report 06/03/2026 09:20

ETF Friday: Reviewing Four Asian ETFs as volatility skyrockets across the region

The ASX 200 limped to a +0.1% gain on Thursday, although some heavyweight names traded ex-dividend, including Woodside (WDS), QBE Insurance (QBE), RIO Tinto (RIO), South32 (S32), and BHP Group (BHP, taking roughly 30-points off the index. It was another very polarised affair on the stock/sector front, with plenty of reversion unfolding since Monday's panic sell-off - we’ve seen profit taking in the high-flying miners while bargain hunters have emerged in the battered tech space. Despite the uptick, the ASX200 is still down 2.8% from Monday's recent record high and oil prices have continued higher after Iran denied rumours its officials had sought de-escalation via diplomatic backchannels and on reports of fresh Iranian air strikes on Israel.

Afternoon report 05/03/2026 17:26

The Match Out: Tech feels some love as the ASX bounces back

The ASX bounced back from Wednesday's shellacking, with bargain hunters returning early as strong US economic data overnight kept rate cut hopes alive and reports - later denied - that Iran had approached the US to resolve the conflict briefly lifted sentiment. The index traded as high as 8964 this morning before fading into the close, with BHP and Woodside both trading ex-dividend adding some mechanical drag. All things considered, a solid recovery given the noise still swirling around the Middle East - the bears didn't get the follow-through they were looking for today.

Morning report 05/03/2026 09:40

What Matters Today: Are the “short sellers” right to focus on consumer stocks?

Hedge funds have shifted their short positions away from ASX resource names that benefited from the recent commodities boom, targeting consumer-facing stocks such as Treasury Wine Estates, Domino’s Pizza and Guzman y Gomez amid concerns around weakening household spending. Just six months ago, five of the six most shorted stocks on the ASX were resource plays, including uranium names Boss Energy and Paladin Energy, alongside lithium producers Pilbara Minerals, Liontown Resources and Mineral Resources. Today, traders have pivoted, with Domino’s Pizza now the most heavily shorted stock on the ASX, while Treasury Wine Estates and Guzman y Gomez also feature among the top five most shorted names.

Afternoon report 04/03/2026 16:55

The Match Out: ASX knocked ~2% as resources & banks weigh

The ASX was sharply lower today with the two heavy weight sectors in Resources & Banks copping most selling which created a big impact on the index. BHP alone took ~30 pts from the ASX 200 and the big 4 banks accounted for another ~40pts. It wasn’t all bad news though, Energy did okay and some tech names had a better session as it looks like some selling pressure is drying up, perhaps a rotation from resources back into tech on global growth fears…