Wry & Dry #27-25 Top Gun Pete. Cyclone election. Trumpersterland.
The first circumnavigation of Australia since Matthews Flinders in 1802 was well underway last week. A fleet armada flotilla of two of Emperor Eleven’s armed tugboats and a mobile 7-Eleven ship were last spotted off south-western Australia.
The media wet their collective beds: “the barbarians are at the gate!” was the wailing. Well, 300 kilometres from the gate.
Reporting season: Steadfast, Cleanaway and Emeco
Reporting season concluded last Friday amid relatively soft conditions in the market. Uncertainty regarding Trump and tariffs and a gradual unwind in the momentum we have seen in pockets of global equities has put pressure on the ASX.
This week, we saw improvements in Australian GDP growth rates, as reported by the ABS. When combined with slightly higher house prices, employment strength and stable credit growth, there remains significant uncertainty regarding the scope and timing of future RBA interest rate cuts through 2025. The economy may not need cuts despite the pain inflicted on mortgaged households.
This week’s Investment Matters, we will highlight the results for Worley, Cleanaway, Emeco, and Steadfast.