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Macro

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

Macro

Navigating a new landscape for dividends

With much of the world in quarantine, dividends are at a crossroads.As much of the global economy remains essentially shut down, many companies face tough choices when...
Matt Reynolds
Matt Reynolds
Capital Group
Macro

Four sectors we're optimistic about

Q1 2020 was a whirlwind of a quarter with capital markets experiencing unprecedented volatility and mass panic sell-offs due to COVID-19....
Rahul Chadha
Rahul Chadha
Mirae Asset Management
Macro

Chart of the day: Australia’s population growth slowest since 1916?

Australia’s faster trend pace of population growth over the past half century has been a key driver of its relatively fast trend economic growth, its recent record run...
Scott Haslem
LGT Crestone
Macro

Home Loan Data Shows the Economic Cost of Lockdowns

Australia’s political leaders are making critical decisions daily. The greatest of these is striking a balance between a potential spike in deaths from Covid-19 and...
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Jonathan Rochford
Narrow Road Capital
Macro

Chart of the day: Trade surplus surprises

The data highlight this week comes tonight post our market’s close. US non-farm payrolls for April are expected to drop a record 22 million (the previous worst was a 2...
Scott Haslem
LGT Crestone
Macro

Clouds loom over Australia’s prosperity in the wake of COVID-19

Australia may become an economic casualty as trading partners the US and China vow to become more self-sufficient in the wake of COVID-19. George Toubia, Chief...
Vishal Teckchandani
Livewire Markets
Macro

Stick to fundamentals, and there will be light at the end of the tunnel

The economic fallout from COVID-19 is different from other financial crises for a number of reasons. It is health rather than financial-market based, and it has...
Mark Arnold
Mark Arnold
Hyperion
Macro

Trump reignites Trade war to deflect U.S. Coronavirus woes

Trump’s appalling mismanagement of the virus means blame must be deflected to China if his polling falls. Speaking at a White House event recently, Trump told...
Damien Klassen
Nucleus Wealth
Macro

Chart of the day: Is our government debt sustainable?

“Nothing is so permanent as a temporary government program.” Milton Friedman, Economist, 1912-2006Policy makers have responded rapidly to the...
Scott Haslem
LGT Crestone
Macro

The Lucky Country - 3 reasons why Australia will emerge better than most

Back in January when the bushfires were raging, I feared Australia’s luck had ran out. But right now, I thank god I live in The Lucky Country! Donald Horne’s original...
Shane Oliver
AMP
Macro

Signs of recovery... but are equities too expensive?

The global community continued to battle the COVID-19 pandemic through April, with an increasing number of economies entering or extending near-entire...
Scott Haslem
LGT Crestone
Macro

Chart of the day: More Aussie jobs lost…but is the pace slowing?

“My model for business is The Beatles: They were four guys that kept each others’ negative tendencies in check; they balanced each other. And the total was greater...
Scott Haslem
LGT Crestone
Macro

Have central banks done enough to save the economy from depression?

In the last month or so, governments and central banks have been the difference between markets continuing to fall and markets starting to find a bit more support....
Pengana Capital Group
Pengana Capital Group
Macro

Consumer stimulus vs Income shock - who wins?

Record declines in employment and hours worked have been met with record policy stimulus. In this note, I delve into the scale of the income shock facing the consumer...
Tim Toohey
Yarra Capital Management
Macro

Don't Dismiss Deflation: Implications for Real Yields and Risk Assets

So much of asset pricing hinges on selecting an appropriate discount rate, which is how we transform future cash flows into a value today. In fixed income we have the...
Chamath De Silva
Chamath De Silva
BetaShares
Macro

Chart of the day: Super funds facing some net inflow pressures?

“The problem with socialism is that you eventually run out of other people's money .” Margaret ThatcherAs of 30 April, the ATO has approved 900,000 superannuation...
Scott Haslem
LGT Crestone
Macro

Chart of the day: A look at the US equities reporting season

With a little over half of the companies in the US S&P 500 index having reported Q1 earnings to date, there are plenty of ways to slice and dice the results. An...
Scott Haslem
LGT Crestone
Macro

Hundreds of Thousands of Small Businesses are Near Death

In looking at the health of the Australian economy and its ability to recover from Coronavirus shutdowns it is easy to focus on the big end of town. The insolvency of...
QAN
Jonathan Rochford
Narrow Road Capital
Macro

Contrary to most predictions, Aussie house prices rose in April (+ analysis)

I cannot remember a time when there was more universal agreement amongst analysts that Aussie house prices are going to plummet. Unusually, the major banks are also...
Christopher Joye
Coolabah Capital
Macro

Chart of the day: So much ominous data

“If investing is entertaining, if you’re having fun, you’re probably not making any money. Good investing is boring.” George SorosThe past couple of days have...
Scott Haslem
LGT Crestone
Macro

The coronavirus is tearing at the fragilities of Italy and the eurozone

‘il Boom’ is how Italians describe the ‘great transformation’ of Italy over the 1950s and 1960s when a poor country turned itself into a modern industrial powerhouse...
Michael Collins
Michael Collins
Magellan
Macro

Chart of the day: Could FX volatility be much lower from here?

“When an investor focuses on short-term investments, he or she is observing the variability of the portfolio, not the returns – in short, being fooled by randomness."...
Scott Haslem
LGT Crestone
Macro

Is the Global COVID-19 Infection Curve Peaking?

We now look to be passing through the current peak of global infections for the coronavirus induced COVID-19 disease according to our live data-tracking systems and...
Christopher Joye
Coolabah Capital
Macro

Chart of the day: COVID-19 deaths per capita - Europe vs. Asia/Australia

"Lockdown, which has resulted in a halt to economic activity, is not sustainable – it is damaging to society, to people's aspiration and to the economy...we need to...
Scott Haslem
LGT Crestone
Macro

The Great Unshackling: Political Capital vs Excess Fear

Discussions on unwinding COVID-related social distancing measures have moved to the fore. Australia’s leaders have managed the crisis relatively well so far. In...
Ken Liow
Realm Investment House
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