Portfolio Positioning: No major surprises in the budget as Chalmers spends big

Overnight, Jim Chalmers delivered his pre-election budget, and not surprisingly, he “splashed the cash.” The government has committed to increasing net spending by over $24bn over the next four years; the Treasurer believes his budget will cut inflation by 0.5% next FY, but financial markets were not convinced. The deficit was forecast to be around $18bn in December; already, 6-months later, the figures jumped by a whopping +55%, while the forecasted 2025 deficit is more than double economists’ previous estimates – why bother!

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Afternoon report 10/07/2025 17:04

The Match Out: ASX follows U.S higher, shrugs off tariffs

Between copper, pharmaceutical and country-specific tariffs sprayed across the globe by U.S President Donald Trump overnight, there was plenty on the macro front for the local bourse to digest today.

Morning report 10/07/2025 09:45

What Matters Today: Can the Utilities Sector Extend its Recent Outperformance?

The ASX200 fell 0.6% on Wednesday, its largest decline in two months, as the market spent its 26th day rotating in a relatively tight 200-point range. However, while the index has been very calm for almost six weeks on the stock level, it's been a very different story with the return of tariff uncertainty and the ever-changing perceptions around the future path for interest rates, spiking volatility across stocks – it’s just been a case of rotation between sectors instead of between stocks and cash.

Afternoon report 09/07/2025 17:42

The Match Out: Stocks hit as Trump ramps up tariffs

A weaker session today as Copper tariff news created some volatility amongst the resources, gold stocks were weak, while rate sensitive areas like property felt the pinch from the RBA reticence to cut rates yesterday.

Morning report 09/07/2025 09:46

Portfolio Positioning: The ASX shrugs off no rate cut in just a few hours!

The ASX200 had plenty of reasons to fall on Monday, but again, come 4 p.m., the bears were left disappointed: Trump is throwing around tariffs again like confetti, the Dow dropped over 400 points, and the almost guaranteed RBA rate cut failed to materialise.

Afternoon report 08/07/2025 18:00

The Match Out: ASX flat, the RBA will cut, just not today!

Alerts 08/07/2025 09:54

Trade Alert – Active Growth Portfolio

We are making two changes to the Active Growth Portfolio today, trimming an existing position and adding a new stock.

Morning report 08/07/2025 09:38

What Matters Today: Is it time for MM to re-enter the Healthcare Sector?

The ASX200 closed down 0.2% on Monday, largely shrugging off weakness across US futures markets as Trump’s tariff deadline moved ever closer. Over 40% of the main board managed to close higher, with most of the major movers on the day being news-led.

Afternoon report 07/07/2025 16:43

The Match Out: ASX subdued ahead of a big week, with RBA decision & Tariff deadlines

No trade in the US on Friday night (Independence Day), so a quiet session to kick things off locally ahead of some key data points this week. The RBA should cut rates tomorrow which would be their first back-to-back move in 6-years, while we await the tariff deadline in the U.S on Wednesday night.

Morning report 07/07/2025 09:22

Macro Monday: Can this week’s tariff deadline rein in the “unloved” bull market?

Donald Trump’s second presidency has been volatile, and it's still less than six months since his inauguration. When Congress approved Trump’s budget mega bill on Thursday, it was the latest of the milestones for the president as he follows through on his unconventional election promises.

Weekend report 05/07/2025 09:44

Weekend Q&A: The ASX200 closes above 8600 for the first time

The ASX200 advanced another 1% last week, closing above the psychological 8600 level for the first time. The healthcare, real estate, and materials sectors all closed up around 3%, while the financial sector was the weakest over the five days, closing down 0.7%. For the market to extend the recent gains, it will need to shrug off high valuations and lack of earnings growth, although, as we saw last week, the resources stocks can do some of the heavy lifting after experiencing a tough 18 months.