Portfolio Positioning: Don’t fight bullish bond yields

Yesterday was a tough day at the office for stocks with the ASX200 falling -1.2% on broad-based selling which resulted in 80% of the main board closing lower at the indexes lowest close since July. The market opened on a bearish note following losses across US & European bourses but this time a mixed bag of corporate results wasn’t enough to stem the tide and stocks extended losses over the day to close on the session low, back under the psychological 7000 level. The markets painting a fascinating picture on 2 levels with bond yields still the controlling factor:

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Afternoon report 08/09/2025 16:55

The Match Out: Stocks drift lower, market is losing steam

The ASX drifted lower on Monday despite a strong showing from technology, with ex-dividend names and weakness in banks and energy offsetting gains. There was a defensive undertone to the session – aside from strength in tech and lithium it wasn’t enough to outweigh pressure in banks and energy. Gold remains the standout macro theme into September with ETF flows at records, though local gold equities continue to lag – a trend we’ve written about in recent notes. The market more broadly continues to oscillate around the 8850 level, with breadth softening.

Morning report 08/09/2025 09:03

Macro Monday: Will the “Goldilocks Scenario” prevail for stocks?

U.S. job growth slowed sharply last month as unemployment climbed to its highest level since 2021, raising fears the labour market may be entering a deeper downturn. Hiring was once again led by health care, but outside that sector, total employment has fallen in three of the past four months.

Weekend report 06/09/2025 08:18

Weekend Q&A: US Jobs Report raises more questions than it delivers answers

The ASX200 was whacked 160-points on Wednesday after hotter-than-expected GDP figures tempered rate cut expectations, but by Friday’s close, the market had recovered over 80% of the fall. Nerves increased throughout the week into Friday night's pivotal US Job Report, but after the release, markets remained uncertain as Fed rate cuts looked a given following the weak numbers, but concerns started to percolate around the health of the US economy.

Afternoon report 05/09/2025 17:23

The Match Out: ASX grinds higher in a ‘quiet’ session

The ASX moved higher on Friday though it was one of quietest sessions in recent memory trading in a narrow ~15pt range beyond the open, with next to no news flow to drive individual share prices in the wake of the blockbuster reporting season just gone.

Morning report 05/09/2025 09:38

ETF Friday: Looking at ETFs for Defence exposure

The ASX 200 rebounded strongly on Thursday, closing up +1%. The banks led the gains, with the “Big 4” up an average of nearly +2%, while the retail and tech names played strong supporting roles.

Afternoon report 05/09/2025 20:59

The Match Out: ASX flips the switch, rebounds after heavy selloff

The ASX rebounded strongly today, recovering some of the ground lost in its sharpest one-day fall since April yesterday. A softish open relative to the finish, the index opened +40pts higher but rallied through the day, with some profit taking around midday before another surge in the second half of the session, closing within 5pts of its high.

Morning report 04/09/2025 09:13

What Matters Today: Three Portfolio moves flashing on our radar

The ASX200 hit a buyers' air pocket on Wednesday, leading to its worst day in 5 months when a weak session on Wall Street combined with a strong local GDP print of +1.8% year on year, above the 1.6% expected by economists.

Afternoon report 05/09/2025 17:24

The Match Out: ASX whacked as hotter than expected growth tempers rate cut expectations.

A poor session for local stocks as stronger-than-expected GDP numbers dimmed hopes of another near-term RBA rate cut. Gold extended its record-breaking run, but tech weakness and pressure on the big banks dragged the index lower.

Morning report 03/09/2025 09:40

Portfolio Positioning: The Bull Market feels tired, for now

The ASX200 slipped 0.3% on Tuesday, with over 65% of the main board closing lower, led by the consumer discretionary and staples sectors. With reporting season behind us, the local market feels tired and lacklustre after its +26% rally from its panic “Liberation Day” April low.

Afternoon report 02/09/2025 17:04

The Match Out: Stocks drift lower on little news

A second session where stocks drifted lower on very little news flow, with the US market closed overnight for Labor Day and economic + company data thin on the ground.