Bond yield movements have been attracting heightened attention recently, with competing narratives buffeting bond markets and the very long end of yield curves rising across the G7. This report examines the key factors currently impacting the US and Australian bond markets, and the outlook for fixed income securities.

…From a Walk to a Jog. Australia’s real GDP grew by 0.6% in the June quarter and 1.8% year-on-year, beating consensus expectations of ~0.4% - 0.5% growth for the quarter. Private demand improved in the quarter led by the household sector. This report looks at Australia’s current economic performance and the broader implications for rate cuts and asset markets.

The Australian market has continued its strong price performance through the August reporting period, with the ASX200 index up 3%. This takes the 12-month total return performance to 15%. This report looks at the implications of the August reporting data for the upcoming performance of Australian equities, and where opportunities are set to lie.

In this report, we review ‘the good, the bad and the ugly’ from the past week of reporting – including detailed reviews of results from CSL, James Hardie and Stockland – and provide the rationales for recent changes to the Focus Portfolio.

Tech is by a wide margin the best performer since the market’s April lows. Market concentration, or “Tech leadership” has been a periodic concern in recent years. This report explores the Tech sector’s rising prominence amongst US equities, and whether or not the market is seeing the re-emergence of a bubble in the wake of the AI boom.

We’re pleased to announce that Wilsons Advisory will be merging with Canaccord Genuity, bringing together two highly respected, Australian advisory firms – a strategic step that increases our capabilities and expands the ways we can support you.

The August 2025 reporting season has now passed the halfway mark, with results from the major banks taking centre stage last week. In this report, we explore each of the banks’ latest results, while we also provide summaries of major Focus Portfolio results from outside the Financials sector, including CSL and Evolution Mining.

US inflation surprised in both directions last week, with headline surprising to the downside while core inflation surprised to the upside. Market pricing for a September cut firmed, while the US equity market jumped.  This report looks at the implications of Trump’s tariffs and the latest inflation data for rate cuts by both the US Fed and the Reserve Bank of Australia (RBA).