Trump’s tariffs & reporting season – Life360, Innovate Access Group
During the past week, Trump tariff uncertainty and mixed economic data created further angst in global markets. Circumstances in which uncertainty increases are almost always associated with lower equity prices.
US markets, including the S&P500 (down 7%) and Nasdaq (down 8%) have borne the brunt of the impact over the past fortnight.
This week, we will highlight the results for Judo Bank and Life 360 plus provide some background to the write-down of our investment in Innovate Access Group.
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.
Reporting season final week – QBE Insurance, Inghams Group and nib Insurance
The semi-annual company profit reporting period concluded today. Overall, this was a very successful reporting season for our portfolio holdings in aggregate. The market’s renewed focus on value, returning to earnings growth and cash flows as the principal drivers of the company’s success was welcomed.
This week’s Investment Matters discussion will concentrate on three significant holdings: QBE Insurance, Inghams Group and nib Insurance. After the reporting season, we will provide more details on the remaining core equities’ positions.