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).

In this report, we provide an ‘around the grounds’ summary of notable results from both the Focus Portfolio and the broader market, with a focus on Communication Services (CAR Group, REA Group), Financials (Pinnacle Investment Management, GQG Partners, Macquarie Group, QBE Insurance) and Consumer Discretionary (JB Hi-Fi).

The Q2 2025 US earnings season is progressing with strong momentum, painting a constructive picture of US earnings. In particular, Magnificent 7 companies have reported well, driving earnings upgrades. Financials have also outperformed earnings expectations, led by recent addition JPMorgan. This report also discusses why we are adding Meta.

After an extended period of resilience, recent data releases suggest the US economy is losing momentum. Q2 GDP confirmed H1 growth of just 1.1% versus last year’s run rate of 2.6% while the non farm payrolls report shocked the market with large downward revisions. This report explores this downshift in economic data, alongside the implications for rate cut decisions from the Federal Reserve and the outlook for US equities.

The ABS released Q2 inflation data on Wednesday, which supports growing expectations that the RBA will move to cut rates by 25 basis points at its upcoming August 12th meeting. This report explores the outlook for the RBA’s interest rate decisions moving ahead, as well as the implications for equities, fixed interest and alternative investments.

With valuations stretched across much of the market, there is little room for error this reporting season, and delivery against consensus expectations will be critical. This report includes a reporting season calendar, a summary of our stock-specific views across the entirety of the Focus Portfolio, and in-depth result previews for three top 20 ASX stocks – WiseTech, Woolworths, and CSL.