We enter 2026 cautiously neutral, with the US labour market at its most vulnerable since the GFC, offset by incredibly positive investor sentiment and more accommodating macro-economic policy.
The correlation between job openings, an indicator of labour demand, and the stock market has fractured.
Despite President Trump’s best efforts, the US remains the dominant and growing source of global final demand.
The RBA is grappling with a phenomenon that looks less like traditional rate setting and more like quantum mechanics.
We were busy in Q4 making several changes to client portfolios, discussed in the investment section of the quarterly.
To view the full quarterly, see below