Last week’s “surprise” (90 day) reduction in US-China tariff rates suggests tariffs between the two economies are likely to settle at a significantly lower level than the recent consensus had assumed. This report looks at the outlook for the US economy in the wake of the abrupt easing of trade tensions with China.

The outperformance of Australia’s Big 4 Banks over the last year has been extraordinary considering valuations have been demanding for this entire period while sector earnings growth has remained uninspiring. This report reiterates our cautious sector view and recaps the latest interim results of the banks.

Following the Labor Party’s resounding victory in the recent Federal election, clients are rightly concerned about what may happen to the taxation of their superannuation benefits.

US equity market performance and valuations look somewhat disconnected from the tariff damage that appears to be bearing down on the US economy. In this report, we examine the near and medium-term outlooks for major economies around the globe in the aftermath of Trump’s Liberation Day.

The quarterly rise in March’s headline CPI marked the largest increase since Q3 2023, coming in just ahead of market expectations at 0.9%. However, the Trimmed Mean Measure fell to 2.9%, opening the door for the RBA to make a May rate cut. In this report, we examine the outlook for the RBA’s rate-cutting cycle, in light of inflationary trends and the economic uncertainty surrounding Trump’s tariffs.

Global equity markets remain volatile, with sentiment being whipsawed by hopes of successful trade negotiations balanced against ongoing erratic statements from the Trump administration. In this report, we examine the implications of Trump’s policy uncertainty for the US economy, as well as the prospects for an easing of trade tensions between Washington and Beijing.

The current market environment is plagued by global macro and geopolitical tail risks, which has driven elevated volatility and uncertainty in the outlook for equities. In this report, we explore which high-quality growth companies and defensives offer attractive long-term value. We also provide an update on how the Focus Portfolio is positioned across sectors/styles.

The rapidly evolving global trade environment, particularly between the US and China, has driven significant uncertainty in the outlook for commodity demand. In light of heightened macro risks, we have reduced the Focus Portfolio’s energy sector exposure and increased our overweight to the gold sector.