Australian Shares

The Market Ear with the charts. AI or die Goldman’s AI winners basket hit a fresh all-time high, while AI-risk names dropped again. Source: GS/Bloomberg The pulse on tech Mag7 names now make up ~15% of US net exposure (up from ~11% in April), but still well below the ~21% peak in mid-2024.

The Israel-Iran war continues to dominate risk markets as the TACO-in-Chief threatens to join in with bunker busters over the weekend to eliminate the Iranian nuclear facilities.

The Market Ear on a rapidly exhausting market.

Overnight saw the Federal Reserve hold fire in their latest FOMC meeting although the reasons were more domestic than foreign macro problems as the Trump regimes tariff tirades are really starting to slowdown the US economy.

The Israel-Iran war continues to dominate risk markets as the TACO-in-Chief threatens to join in with bunker busters and demands unconditional surrender.

The Market Ear on rising stress.

The Israel-Iran war continues to dominate risk markets as Trump runs away from the G7 meeting tweeting out incoherent threats and deals while further strikes against oil tankers and other targets show the conflict spreading.

Overbought, says the Market Ear.

  As the G7 meeting in Canada gets underway, the headlines are still dominated by the Israeli-Iranian war with the potential for a ceasefire pushing European and US stocks higher overnight.

The Israel-Iran war continues to dominate risk markets as the new trading week gets underway here in Asia with share markets quite mixed while there has been a slight bit of strength in USD over the weekend gap, but still far from a proper safe haven bid.

Friday’s session was dominated by the Israeli-Iranian war with an initial flight to safety to USD that then faded, coupled with an actual rise in Treasury yields.

A stronger than expected US initial jobless claims print  – the third week in a row that was well above expectations – gave bond and currency markets a bit of a shakeup but was overshadowed by increased Iranian tensions with the US and the plainly not-a-deal US-China trade deal.

Middle East tensions are dominating risk taking here in Asia with most share markets finishing in the red, not helped by what looks like a “non-deal” deal from the ongoing US/China talks, regardless of what the Trump regime claim has come to pass.

We are approaching the buy-everything blowoff of the rally.

A weaker than expected US inflation print overshadowed the not-a-deal US-China trade talk announcement from the Trump regime that looks almost exactly like a return to the early April settings.

Asian share markets are having a much more relaxed session across the region as speculation of a possibly positive outcome from the US-China trade talks builds although this might be goosed tonight as European and US share futures are slowly taking a dive.

The Market Ear still sees fuel to go higher.

Another light news session overnight as speculation mounts of potential trade deals and tariff pullbacks with US-China talks progressing.

The first session following the release of the latest monthly US jobs print is usually benign and that’s what we had across most risk markets overnight as speculation about what the Federal Reserve will do until the next NFP print calmed down, sending the USD slightly lower against the majors.

Asian share markets are having a buoyant session across the region on the back of the “just okay” US jobs report from Friday night and some further indication that the Federal Reserve is likely to keep easing while the ECB and BOE look set to finish or have already done so.

Friday night saw the release of the latest US jobs print – the non-farm payrolls or NFP for May – which came in on expectations although revisions and internal numbers show building weakness from the start of the year.