What Matters Today: This time last year, we bought Tech; what’s the plan for 2024?

A year ago, we went overweight the Tech Sector, which, after a few false dawns, eventually proved an excellent value add for portfolios. However, unfortunately, the local market failed to keep pace with the “Magnificent Seven”, i.e. the FANG+ Index hit fresh all-time highs overnight. In contrast, the local tech sector languishes over 35% below its 2021 high. We have now adopted a neutral stance towards US Tech. However, further upside is likely over the coming weeks; we are currently focused on levels to reduce exposure as opposed to increasing.

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Latest Reports

Afternoon report 24/04/2025 16:48

The Match Out: ASX gains while US & China play chicken on trade policy

The ASX charged upward once again today, with 5 out of the last 7 sessions ending higher as investors continue to bank on rhetoric out of the Whitehouse that a deal getting done between the US and China is only a matter of time.

Morning report 24/04/2025 11:55

What Matters Today: As gold plunges, which stocks does MM like & where?

The ASX 200 sprang out of the blocks on Wednesday after the stunning reversal on Wall Street following bullish rhetoric from US President Donald Trump and Treasury Secretary Scott Bessent. The local index may have drifted slightly in the afternoon, but it still closed up over 100 points on broad-based gains outside of the gold sector - more on this later.

Afternoon report 23/04/2025 17:25

The Match Out: ASX moves higher on US-China trade talk optimism

Energy and mining stocks led the ASX higher, driven by hopes that tariffs on China could be less severe than first thought after a softer tone toward negotiations from US Treasury Secretary Scott Bessent overnight. A deal isn’t done, nor have discussions started between the world’s two largest economies, but the market took an inch and ran a mile.

Morning report 23/04/2025 09:41

Portfolio Positioning: Scott Bessent installs market calm after the Easter weekend’s ructions

The ASX200 slipped just 0.03% on Tuesday, a big win considering the Dow tumbled almost 1000 points on Monday night. However, the market internals weren’t as strong, with over 75% of the ASX200 closing lower, but when CBA surges +4.2% and BHP, Westpac & Macquarie play minor supporting roles, the local index will find it hard to fall far.

Afternoon report 22/04/2025 17:31

The Match Out: ASX drops then pops, MQG sells global investment arm

After a four-day break over the long weekend, the ASX returned to trading this morning, following two sessions on Wall Street during its downtime. Australian futures markets remained closed through the break until 9:50am, opening down and trying to digest pent up sentiment from the weekend after US President Donald Trump criticised Federal Chair Jerome Powell for not cutting interest rates.

Morning report 22/04/2025 09:50

Macro Monday, on Tuesday: Trump’s focus on Jerome Powell creates further investor angst

Less than a month after “Liberation Day”, fresh economic data and growth forecasts are set to reflect increased consumer nervousness, both today and moving forward. The International Monetary Fund (IMF) will lower its outlook for economic growth with its updated projections released on Tuesday – the only question being how much.

Afternoon report 17/04/2025 16:46

The Match Out: ASX strong as energy bounces back, commodity stocks impress on quarterlies

A bullish session after a decent hit to U.S markets overnight, particularly the tech sector which was -3.9% weaker amid further U.S tariff and policy intervention. It was a slow and steady move up over the day, opening flat but climbing ~5-10 points hour after hour.

Morning report 17/04/2025 09:38

What Matters Today: Did MM turn neutral towards Gold too early?

The ASX 200 performed well on Wednesday, considering US NASDAQ Futures were down over 2% by 4pm AEST, courtesy of poor news from both sides of the Atlantic before the respective bourses even opened. Global Tech stocks sank on a one-two of bad news for tech goliaths Nvidia and ASML, the last thing the embattled semiconductor sector needed.

Afternoon report 16/04/2025 17:42

The Match Out: ASX climbs then fades, BOQ impresses on margins

The ASX200 tried hard to rally throughout the session shrugging off early weakness in S&P500 futures as tech giant Nvidia announced new licensing requirements for US chipmakers exporting to China could cost the firm $US8bn a quarter causing the stock to trade down ~6% in after-hours trade.

Morning report 16/04/2025 09:54

Portfolio Positioning: It’s “almost” official; here come the RBA Rate Cuts

Yesterday, we heard the minutes of the RBA’s April board meeting, which was notably held two days before “Liberation Day”. The very clear message at the time was they were looking to cut interest rates in May.