The Match Out: ASX down, though showing signs of life

Alerts 20/08/2026 09:46

Trade Alerts – Active Growth & Emerging Companies Portfolios

We are making changes to the Active Growth and Emerging Companies Portfolios today.

Morning report 20/08/2026 09:31

What Matters Today: Does the analogy “Don’t fight the Fed” also apply to the US Treasury as they start buying bonds?

The US yield curve has been steepening sharply, with the gap between 2 and 30-year yields widening to ~111bp from ~69bp in late June. Importantly, this is a bear steepener: long-term yields have been rising much faster than short-term yields, reflecting growing investor concern around US deficits, sticky inflation, elevated oil prices and the enormous supply of government and corporate debt. At the same time, softer economic data and a Fed appearing to be on hold for now are keeping the 2-year yield relatively anchored.

Afternoon report 19/08/2026 17:42

The Match Out: ASX edges lower as tech tumbles; Mirvac & Stockland buck the weakness

The ASX 200 extended its recent pullback for a sixth consecutive decline. The market spent the session firmly in negative territory but recovered from its lows into the afternoon, with seven of the 11 sectors finishing lower as weakness across Technology, Real Estate and Financials outweighed another strong session for Healthcare and Energy and strong results in select Property stocks providing some support.

Morning report 19/08/2026 09:21

Portfolio Positioning: Reporting season finally offers a steadying hand to the ASX

The ASX 200 closed flat on Wednesday, experiencing a quiet day on the index level but anything but on the stock front following a bumper session for FY26 earnings. Only ~30% of the main board closed higher, but when CSL (+17%), BHP (+3%), and Goodman Group (+3%) dance to the same beat, adding 70 points to the ASX 200, it was always going to be a tough day for the bears, even if the crowd was in their camp.

Afternoon report 18/08/2026 17:12

The Match Out: ASX steadies as CSL posts best day in decades, BHP beats on copper strength

The ASX 200 finished around flat on Tuesday after trading between -0.2% and +0.4% in a blockbuster day for reporting with several index heavyweights out with numbers. CSL and BHP provided significant support adding ~56pts to the index between the two giants; without the pair, the underlying session was considerably softer, with the major banks, Staples, telcos and retailers mostly lower.

Alerts 18/08/2026 09:53

Trade Alerts – Active Growth & Income Portfolios

We are making a change to the growth and income portfolios

Morning report 18/08/2026 09:47

What Matters Today: Is Australian retail’s downturn just beginning?

The ASX 200 tried to reverse higher into lunchtime on Monday, only for steady, targeted selling throughout the afternoon to drag the index down by ~0.5%. On the stock & sector level, it was almost a carbon copy of August so far, with the miners again attempting to prop up an index weighed down by the flow-on effects of a softening housing market, where activity has ground to a near standstill since the May Budget. Consumer Discretionary, which we’ll revisit later, led the sell-off, falling 3%, while Financials and Real Estate also came under pressure, both declining more than 1%.

Afternoon report 17/08/2026 17:00

The Match Out: ASX falls as retail and banks weigh, gold and copper lift Materials

The ASX started the week on the back foot, with eight of 11 sectors lower as reporting season drove a sixth decline in seven sessions. Consumer Discretionary was the clear laggard, with a notable result from JB Hi-Fi sending waves through the broader retail complex after weakening sales momentum, while financials also weighed as NAB disappointed with its quarterly amid lower home loan application volumes. Materials provided the major offset, rebounding after three sessions of weakness as gold, copper and lithium rallied.

Alerts 17/08/2026 15:41

Trade Alert – International Equities Portfolio

We are making several changes to the International Equities Portfolio

Morning report 17/08/2026 09:43

Macro Monday: ASX earnings are being outshone by corporate America

The latest US earnings season propelled the S&P 500 to fresh highs last week, delivering the strongest first-half earnings growth since the post-COVID rebound of 2021. Moving forward, consensus expects the 1H26 earnings boom to moderate but remain solidly positive, +10.5% in 1H27 and +15.0% in 1H28 (see orange below), suggesting the market anticipates a sustained, if more normalised, earnings expansion cycle rather than a one-off spike. If we look at the numbers in an even more granular fashion, it's not surprising US indices are posting fresh highs.