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Macro

Understand the fast-changing domestic and global economic forces under the tectonic plates driving our markets.

Macro

US consumers send stagflationary signals about the outlook

The Michigan survey showed consumer unemployment expectations at recession-like levels with a tariff-driven spike in inflation expectations.
Kieran Davies
Coolabah Capital
Macro

US stocks tumble from an expensive starting point

The correction under way in US equities has started from a point of extremely expensive valuations relative to earnings and bond yields.
Kieran Davies
Coolabah Capital
Macro

Back in the high life again

Higher real rates and higher valuations can coexist, even for extended periods. Historically, that is relatively common.(1) With the market largely pricing in a...
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Scott Helfstein
Global X ETFs
Macro

The end of US exceptionalism?

We have up to four years of considerable policy uncertainty from the White House. What does it mean for investors?
Alex Cathcart
Drummond Capital Partners
Macro

February CPI shows we are not yet in the clear

The February CPI print was lower than expected, with the monthly increase in both headline and core CPI the smallest since late 2024, bringing annual numbers down to...
Seema Shah
Principal Asset Management
Macro

There's a long way to go if you want to get bullish on tech valuations

Tech stocks are breaking down, valuations remain high, and momentum has turned.
Callum Thomas
Topdown Charts
Macro

Ninety-nine red flags

Markets underestimated the disruptiveness of Donald Trump’s administration.
Chris Iggo
AXA Investment Managers
Macro

Double Trouble

Growth down and inflation up. The policy mix that may get Trump booted out!
Kellie Wood
Schroders
Macro

February Jobs Report shows a sanguine number... for now

The February jobs report showed a 151,000-worker increase in payrolls, broadly in line with consensus expectations, defying fears of significant cracks in the labor...
Seema Shah
Principal Asset Management
Macro

ECB makes fifth straight rate cut

As expected, the European Central Bank (ECB) cut its policy rates today for the sixth time in this cycle, marking its fifth straight cut. The interest rate on the main...
Seema Shah
Principal Asset Management
Macro

Why I don't think America First means Wall Street First

The Trump trade is fading, with US markets lagging while Europe, China, and Japan surge. As sentiment shifts, diversification is paying off.
Tom Stevenson
Fidelity International
Macro

Are we already past “peak Trump”?

The “Trump trade” is losing its shine - The drawbacks of the new administration’s policy platform are more in focus.
Chris Iggo
AXA Investment Managers
Macro

Why buy gold: The historical appeal - 1560 onwards!

Gold has held value for centuries. This article explores why, how it reacts to money printing, and whether now is the time to invest.
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Chris Watling
Longview Economics
Macro

Markets getting wobbly

Franklin Templeton Fixed Income CIO shares her thoughts on the new US administration’s plans, ideas and actions so far.
Sonal Desai
Franklin Templeton
Macro

What CEOs have been saying during the ASX reporting season

This special edition contains quotes and market announcements from company results throughout February across a wide range of industries.
Robert Miller
NAOS
Macro

February 2025 Podcasts

Below is a summary of the topics we covered on Nucleus Investment Insights this month. See the links for more information.
Damien Klassen
Nucleus Wealth
Macro

7 key charts for investors to keep an eye on

Share markets have been fairly resilient in the face of uncertainty around Trump’s policies. However, nervousness is creeping in.
Shane Oliver
AMP
Macro

Navigating the new world order in global trade

Global trade is entering a new era—tariffs, retaliation, and shifting alliances are reshaping markets. Who stands to gain and who will lose?
EQR
Xinyu Ru
Fawkes Capital Management
Macro

Fortescue’s earnings & dividend miss the mark

The world’s fourth largest iron ore miner disappointed with its half year results, falling short of market hopes with profit and dividend.
FMG
CommSec
Macro

RBA cuts by 25bp, cautious on more cuts given inflation does not return to the 2½% target

The RBA cut rates, but was cautious in signalling more cuts given underlying inflation is no longer forecast to hit the 2½% target.
Kieran Davies
Coolabah Capital
Macro

'We do feel optimistic': RBA cuts rates and delivers positive inflation forecasts

The RBA now forecasts core inflation to fall to 2.7% by June 2025 and stay at that rate through to 2027.
Tom Richardson
Livewire Markets
Macro

Technology sector volatility: Investors spooked by China’s AI startup

AI is a long-term growth story which will support the global economy and provide a wide range of potential investment opportunities
Chris Iggo
AXA Investment Managers
Macro

Trump: Crash or crash through?

Trump has begun an unprecedented attack on the norms of US lawmaking. The scale and scope of the attack are significant and mostly unconstitutional. The two most...
Damien Klassen
Nucleus Wealth
Macro

Stop obsessing about the RBA

Its impact upon stocks – and of stocks upon it – has long been scant. Investors should ignore it and those who try to predict its actions.
Chris Leithner
Leithner & Company Ltd
Macro

Wishful thinking: the Trump administration's "3-3-3" economic plan

US public debt is likely to reach a record share of GDP as tariff revenue and economic growth are unlikely to pay for Trump policies.
Kieran Davies
Coolabah Capital
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