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Trending On Livewire: Weekend Edition - Saturday 6th September

Markets swung as ASX slipped, US stocks hit records on Fed cut hopes, and gold surged to new all-time highs.
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Livewire Markets

Good morning,

Markets lived up to September’s volatile reputation this week. In Australia, the ASX 200 slumped 2.6% through Wednesday before a late week bounce trimmed losses to about 1.1%. Even a stronger-than-expected June quarter GDP print (+0.6% vs 0.5% est.) couldn’t lift sentiment, as resilient growth only reinforced the view that further rate cuts from the RBA might not materialise. Higher bond yields, driven by fiscal deficit and supply worries, added further pressure.

By mid-week, tone shifted offshore. Weaker U.S. labour data, including a soft JOLTS report, reassured investors that the economy is cooling without collapsing. Yields pulled back, equities rallied, and dovish remarks from Fed Governor Christopher Waller – supported by colleagues highlighting labour-market risks – cemented expectations of a September Fed cut. Markets now see at least two reductions before year-end. Wall Street finished the week with the S&P 500 hitting record highs, underscoring how tightly investors are clinging to the “bad news is good news” trade.

Meanwhile, gold extended its surge, notching a new record above US$3,570/oz and up 36% year-to-date. The rally reflects a potent mix of safe-haven demand, falling real yields, and geopolitical unease.

This week highlighted the knife-edge psychology of markets. Investors are cheering weaker data as it feeds the rate-cut narrative, but the line between gentle cooling and outright recession is fine. In that context, gold’s standout performance is a reminder of the value of balance, and insurance, in portfolios.

Have a great weekend.


Chris Conway, Managing Editor, Livewire Markets


The stocks that can withstand any cycle

It’s always fascinating to draw on history to make sense of markets today. Edinburgh-based Iain Fulton of Amova AM sees striking parallels with past cycles, but argues the new leg of growth is being driven by capex, not consumers. Hyperscaler tech businesses are pouring billions into AI infrastructure, spilling into adjacent sectors like power. For Fulton, quality remains the compass: companies with pricing power, strong returns on capital, and the ability to thrive across cycles. From Netflix to L'Oréal, he’s backing “future quality” as the winning formula. Watch the full interview for his stock picks and insights.

WATCH | READ


Neuberger Berman’s Adam Grotzinger on high-yield investing, rates, and the greenback

The US and global economy are slowing, so investors should position for two more interest rate cuts from the US Federal Reserve this year, according to Adam Grotzinger, a senior fixed income portfolio manager at Neuberger Berman. In this wire, the investment expert also outlines why investors should watch out for rising yields on longer-dated bonds as a sign of stress in the global economy and a clue that all the associated problems with inflation may return. Grotzinger also details why investors should think about the impacts of a potentially weaker US dollar on their future investment returns.

WATCH | READ


Top 3 Wires this Week

Here are the weeks top viewed or liked wires by our subscribers:


Our Experts

Some of the best wires from our Contributors this week:

Morningstar says there are now more than 4,300 ETFs in the US - more than the total number of listed stocks at around 4,200. Frankly, that worries me. What began as innovation is now bordering on excess. And it’s a trend increasingly mirrored here in Australia, where the ASX and CBOE already list 400+ ETFs against about 2,100 companies. Investing is starting to feel like a 10-page restaurant menu. The reality? Many of these funds will fail, shutting down quietly once the marketing buzz fades. Some argue ETFs are distorting price discovery. I disagree. If anything, markets are showing they can still cut big names down to size. Look at CBA and CSL: both down in recent weeks despite the ASX 200 hitting records. My fear is that investors are drowning in choice and losing discipline. The ETF world has become a carnival of distractions. My top tip: stick to your process, stick to your staples, and keep it simple. Because chasing the “chef’s special” rarely ends well.

Vishal Teckchandani, Senior Editor, Livewire Markets


Weekly Poll

ETFs are multiplying fast in Australia and abroad - how do you deal with the flood of choice, and do you see it as risk or opportunity?

a) Too much choice - I stick to tried-and-tested ETFs like VAS & IVV
b) I don’t mind; if there’s an interesting ETF I’ll use it
c) Discipline is harder with so many new options tempting me to switch
d) Most new ETFs are gimmicks that won’t last

VOTE NOW


LAST WEEKS POLL RESULTS

We asked "Do the (ASX) results justify these valuations?"

The poll shows 41% said they are holding but cautious, 40% said valuations look stretched and they are not buying more, 11% expect a correction and are selling, while 8% believe earnings growth supports further buying.

SEE RESULTS BREAKDOWN


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