The Match Out: ASX snaps winning streak with banks under the pump

Red returned to the screen today with broad based weakness across the ASX. The banks came under pressure after Westpac’s 1H25 numbers mildly underwhelmed while a sharp pullback in Oil prices put the Kibosh on the energy stocks. It’s been a very good run in the market from the 7th April low of 7169, with the ASX 200 up ~1000pts / 15%, some consolidation of the move now likely in our view.

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Afternoon report 30/05/2025 16:47

The Match Out: Sell in May (& go away) not the go this year, ASX gains 3.8%!

The final trading day of the month carried the ASX to a 3.8% gain over the period and now within ~200pts of all-time highs with investors brushing off tariff risk and shifting focus back to fundamentals.

Morning report 30/05/2025 10:18

What Matters Today: ETF Friday focuses on Fixed Income ETFs

The ASX 200 closed marginally higher on Thursday, and as we enter the last trading day of May, the index is up +3.5% with only the utilities sector dragging the chain. Although it's been a stellar month, yesterday's performance was a touch disappointing considering the global tailwinds.

Afternoon report 29/05/2025 17:16

The Match Out: ASX creeps higher as U.S trade court trumps tariffs… for now

The local market edged higher today after opening mildly weaker, lifted by strength in energy and tech stocks. A strong result from Nvidia pre-market sparked bullish sentiment toward AI enabling a +1.9% jump in NASDAQ futures, while the U.S Court of International Trade ruled against the Trump-imposed tariffs, fuelling ~30pt lift on the ASX mid-morning.

Afternoon report 29/05/2025 10:46

The Match Out: ASX cools, Goodman reconfirms guidance, MinRes cuts production

The market opened on the firm side, pushing to a new high in this recent recovery, before sellers took control post a very mildly hotter monthly inflation read. It actually felt more like index selling that dominated today, shown through both the financials and materials being the weakest links, with selling persisting throughout the afternoon.

Morning report 29/05/2025 09:39

What Matters Today: The Energy Sector is warming up nicely

The ASX 200 failed to build on a strong session on Wall Street, finishing down 0.1% on Wednesday, with weakness in the banks more than offsetting broader buying, as over 55% of the main board closed higher.

Morning report 28/05/2025 09:46

Portfolio Positioning: The Path of least resistance remains up

The ASX200 advanced +0.6%, closing at a three-month high, on Tuesday. The index was trading lower into lunchtime before the S&P 500 futures got the proverbial “bit between its teeth,” pushing higher after Japan indicated it’s considering a reduction in bond issuance.

Afternoon report 27/05/2025 16:59

The Match Out: Stocks continue to climb the wall of worry

The direction of least resistance remains on the upside, with the ASX adding another 0.5% in what should have been a quiet day of trade. No noise (from Trump) is good noise, though it seems when noise does come out, the market is digesting it much better, on the expectation it will ultimately get diluted. Our premise going into and through the tariff meltdown was that this was a strategy rather than a policy, which is proving to be the case, though the market is becoming complacent as it trades only ~250pts below it’s all-time high.

Morning report 27/05/2025 09:45

What Matters Today: It’s Nvidia week: Have the “Data Centre/AI” names bottomed?

The ASX200 ended flat in a surprisingly quiet session on Monday, considering the market uncertainty around tariffs towards the EU and Apple, plus the recent volatility with the longer-dated bonds.

Afternoon report 26/05/2025 17:29

The Match Out: ASX flat, Uranium & Gold the place to be today

A weaker open was implied by SPI Futures, though an easing in time frames by President Trump towards the EU following a ‘nice talk’ between the two saw US equity futures rally, dragging our market with them. Uranium stocks the place to be today, and while news broke during our trading session on Friday (about Trumps executive orders to fast track Nuclear), the moves were undercooked, so, some further upside played out today. We think this is a material change in ‘vibe’ towards the sector that could be the catalyst to see the term contracting market fire back up.

Morning report 26/05/2025 09:38

Macro Monday: Bond yields weigh on US stocks as the ASX goes marching on

From the US to Japan, long-term borrowing costs for the world’s biggest economies are surging as investors question governments' ability to cover massive budget deficits.