The ~6% drawdown in the ASX 200 has been accompanied by a far sharper pullback in the local IT sector, which is now down ~25% from its recent highs. This report highlights buying opportunities from the recent ASX tech pullback, with a focus on TechnologyOne and Xero.

The Australian market has seen a ~7% pullback from its all-time October highs. This report explores the outlook for ASX equities over the next 12 months, in light of both domestic and global conditions.

Following the major banks’ results over the past month, our cautious sector stance and underweight positioning remain unchanged.  This report provides an updated view of the sector and outlines our preferred bank exposures.

Despite the uncertainty this year, with the Trump Administration’s sweeping policy changes, geopolitical flashpoints, and a record US government shutdown leaving a blackout of data on the US economy of late, equity markets have rallied further. Coming on top of earlier gains, this may have left the US market offering less potential now than other markets around the world, and this report examines the risk of this.

During AGM season there have been several prominent themes, including healthy consumer demand, an improving supermarket sector outlook, ongoing strength in domestic housing, and emerging AI tailwinds benefiting select companies. This report explores each of these key themes in detail.

The latest US reporting season confirms that profitability remains a supportive pillar for the equity market. The Q3 season has delivered strong absolute growth and upgrades relative to consensus. This report examines the outlook for US equities heading into 2026, in light of strong earnings and profit performance, as well as the AI-focused capex acceleration.

Australia’s headline CPI for Q3 2025 rose by 1.3% q/q, significantly above the consensus estimate of 1.1%. The print was also more than 60bps above the RBA's most recent estimate of 0.7% q/q. This report looks at the shift in the outlook for rate cuts from the RBA, in light of the surprise inflation figures from the third quarter. It also examines the likely impact on Australia’s asset markets and exchange rate.

While rare earths dominated last week’s US-Australia critical minerals deal, recent policy efforts have focused on a broader set of China-dominated metals, including aluminium. This report outlines our positive outlook for aluminium and explains why we are shifting our preferred exposure from South32 to Alcoa.