What Matters Today: MM’s top pick from each of our four portfolios!

Overseas stocks experienced a mixed night, and European indices delivered varied performances. The EURO STOXX 50 advanced 0.3%, while the FTSE fell -0.15%. The US market delivered an impressive turnaround after initially plunging on a higher-than-expected inflation print – US August CPI +0.3% MoM versus 0.2% expected. Stocks initially tumbled after the CPI but investors chased shares of mega-cap tech and semiconductor names in afternoon trading with heavyweight Nvidia (NVDA US) closing up +8.2%.

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Latest Reports

Morning report 24/11/2025 09:45

Macro Monday: Hopes of a December Fed cut stem the blood on Wall Street

Division within the Fed has increased in recent weeks, as policymakers deliver increasingly divergent positions ahead of the central bank’s December meeting — all while Chair Jerome Powell remains conspicuously silent. The situation escalated on Friday when New York Fed President John Williams — often viewed as a bellwether for Powell’s thinking — signalled support for a rate cut, even as several other officials argued against easing policy.

Weekend report 22/11/2025 09:16

Weekend Q&A: Volatility soars on uncertainty around valuations in the “AI Trade”

The ASX 200 ended the week down another -2.5% with only the defensive natured consumer staples sector managing to eke out a small gain. It was the local market's worst week since “Liberation Day” with the index closing at its lowest level since June, on a combination of worries around stretched valuations and the direction of interest rates. On Friday, the local bourse closed 7.7% below its all-time high posted in October when the prospect of lower rates was managing to offset lingering fears around frothy valuations.

Afternoon report 21/11/2025 16:44

The Match Out: ASX hit again, WiseTech (WTC) bucks the trend after AGM

The ASX limped into the weekend, chalking up its fourth straight weekly loss. That’s a tough run by any measure, putting November’s losses at ~5% so far — the worst monthly showing since September 2022. Ongoing uncertainty around US interest rates after a slightly stronger-than-expected US labour report showed 119k jobs added vs. 50k expected, while risk off flows have knocked the likes of Bitcoin, now trading $US86k down from $US125k high.

Morning report 21/11/2025 09:58

ETF Friday: Five ETFs to lessen the dependence on the “AI Trade”

The ASX 200 surged over 100-points on Thursday, embracing the “risk on” thematic which cascaded through global markets after Nvidia beat expectations to reignite the “AI Trade”. It was the upbeat nature of the world's largest stock that got the tech sector excited, with Nvidia trading up ~5% in post market trade pushing NASDAQ Futures +1.5% following the result and bullish outlook:

Afternoon report 20/11/2025 17:23

The Match Out: Nvidia results underpin strong bounce back in the ASX

The ASX bounced from six-month lows yesterday, staging a strong move as investors piled back into stocks after Nvidia delivered blockbuster earnings that blew past expectations. The update reignited confidence in the AI thematic, helping the local market snap out of its recent slump - lifting nine of eleven sectors into the green. Unsurprisingly, tech was strong, supported by a rally in US futures, although good moves across the resources saw the material sector claim top stop – only just!

Morning report 20/11/2025 10:04

What Matters Today: Where do earnings meet valuations in the ASX tech sector?

The ASX 200 posted another 5-month low on Wednesday as the banks dragged the index down by 0.25%, offsetting further gains in the materials and energy sectors. Concerns over upcoming US jobs data and Nvidia’s earnings, now the world’s largest stock, cast a long shadow over an otherwise comparatively quiet Australian market, which saw less than 3% of the main board move in either direction by more than 5%.

Afternoon report 19/11/2025 16:58

The Match Out: ASX drifts lower ahead of key Nvidia earnings result

The local market spent the morning stabilising after yesterday’s selloff, with Nvidia’s earnings result tomorrow morning remaining in the focus. Strength across energy, gold and defensive names helped the market keep its head above water for most of the morning, until softness prevailed into the close as investors took risk off the table with a volatile session likely in store for tomorrow.

Alerts 19/11/2025 16:22

Trade Alert – International Equities Portfolio

We are taking a 50%+ profit on a healthcare stock

Morning report 19/11/2025 09:50

Portfolio Positioning: ASX tech stocks drag the market back to its June lows

The ASX200 was unceremoniously clobbered over 160-points on Tuesday, ending the brutal session at its lowest level in five months - the index has now fallen by more than 7% from its October high.

Afternoon report 18/11/2025 17:09

The Match Out: ASX whacked as high-value stocks take a hit. JHX jumps on earnings upgrade

The ASX200 copped a heavy bout of selling today, sliding to a five-month low of 8444 as the market buckled under the weight of RBA inflation commentary this morning, and a thumping sell-off in tech as traders trimmed positions ahead of Nvidia’s make-or-break earnings after-market Thursday morning our time.