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Macro

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

Macro

Tariffs, trade, and tumbling markets: What it means for investors

Liberation day has dampened any positive expectations about the near-term future. Risk markets have gapped lower, with energy and risk-sensitive currencies also having...
Charlie Jamieson
Jamieson Coote Bonds
Macro

Weighing up 'Liberation Day'

Trump’s tariff shock, AI doubts, and global divergence made Q1 brutal for US stocks. Diversification was the only real winner.
Tom Stevenson
Fidelity International
Macro

Navigating the next 46 months of Trump

Donald Trump’s second term was expected to reignite the market strategy of his first – corporate tax cuts, deregulation, and a pro-business stance.(1) While Trump’s...
Billy Leung
Global X ETFs
Macro

US tariffs point to a sharp US contraction & global downturn

The latest US tariffs plus extreme policy uncertainty point to a sharp decline in US output and the risk of a synchronised global downturn
Kieran Davies
Coolabah Capital
Macro

Tariffs: Making the U.S. Exceptional, but not in a good way

The tariffs that the U.S. is imposing on its trading partners will bring about several costs that are important for investors to understand. Some of those costs are...
Ben Inker
GMO
Macro

Liberation Day is here; gold futures surge as Trump slaps 25% tariffs on all cars; 10% on Australia & UK, 20% on EU

AMP’s Shane Oliver tips a 15% market fall from recent highs as Trump eyes the most extreme US protectionist policy in over 100 years.
WLE
WMI
Vishal Teckchandani
Livewire Markets
Macro

A buying opportunity or the prelude to a full-blown bear market?

There’s only one story in global markets this week. What the US President has dubbed Liberation, and others prefer to call Demolition, Day.
Tom Stevenson
Fidelity International
Macro

This region is poised to outperform. Here's where you should be looking

Powerful shifts are shaping fresh investment opportunities. Andrew Swan of Man Group explains the forces fueling this transformation.
Anna Dadic
Livewire Markets
Macro

Germany’s fiscal shift: A boost to Europe, but U.S. edge remains

Heading into 2025, U.S. exceptionalism remained a dominant theme. But tech sector struggles, downward revisions to U.S. economic growth forecasts, and Germany’s...
Seema Shah
Principal Asset Management
Macro

The US economy could contract in Q1 as spending broadly stalls

US GDP could contract in Q1 as consumer spending broadly stalls on higher actual/expected inflation and fears of higher unemployment
Kieran Davies
Coolabah Capital
Macro

March 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

A growth revival: the start of European exceptionalism?

At the start of the year, U.S. exceptionalism, which has prevailed for over a decade, was widely expected to persist. Since then, however, several factors have...
Seema Shah
Principal Asset Management
Macro

Macquarie's Viktor Shvets rewrites rules of investing, warns world on brink of upheaval

The strategist says to forget economic cycles and traditional valuation ratios as excess capital and tech change markets faster than ever.
Tom Richardson
Livewire Markets
Macro

The 2025-26 Budget – pretty uninspiring, with deficits for years

The key things investors need to know about the Budget.
Shane Oliver
AMP
Macro

The Fed looks overly optimistic on the US outlook

IMF analysis suggests that the Fed is too optimistic on the likely impact of initial Trump tariffs.
Kieran Davies
Coolabah Capital
Macro

Tight(er) financial conditions will end the bull market

Since the late-1980s they’ve mostly been lax. But at some point they’ll constrict and remain tight – and the 40-year bull market will end.
Chris Leithner
Leithner & Company Ltd
Macro

'Trumponomics' and the 2025 Global Macro Outlook

Global macro, ‘Trumponomics’ and the 2025 outlook — Chris Watling and Kallum Pickering take a whirlwind tour of the world economy.
Chris Watling
Longview Economics
Macro

The world’s economic and political wellbeing is hostage to Trump's impulses

Things fall apart; the centre cannot holdMere anarchy is loosed upon the world……The best lack all conviction, while the worst are full of passionate intensity.- The...
Bob Cunneen
MLC Asset Management
Macro

US equities sell-off will create opportunities

Tariffs, funding freezes, and government spending cuts have caused investors to reassess the outlook. The chances of stagflation have grown, but policy will stabilise,...
Niamh Brodie-Machura
Fidelity International
Macro

4 key reasons the Aussie Dollar could rise

Aussie Dollar revival or short-lived fling? We reveal four reasons it could rally — and query the pitfalls ahead.
Chris Watling
Longview Economics
Macro

Growth slows, inflation rises, Powell holds rates

At its March meeting, the Federal Open Market Committee decided to keep its benchmark policy rate unchanged at 4.25%-4.50% as expected. The new Summary of Economic...
Seema Shah
Principal Asset Management
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...
+1
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
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