Investment Watch is a quarterly publication produced by Morgans that delves into key insights for equity and economic strategy.

This publication covers

Economics - Tariffs and uncertainty: Charting a course in global trade
Asset Allocation
- Look beyond the usual places for alpha
Equity Strategy
- Broadening our portfolio exposure
Fixed Interest
- A step forward for corporate bond reform
Banks
- Post results season volatility
Industrials
- Volatility creates opportunities
Resources and Energy
- Trade war blunts near term sentiment
Technology
- Opportunities emerging
Consumer discretionary
- Encouraging medium-term signs
Telco
- A cautious eye on competitive intensity
Travel
- Demand trends still solid
Property
- An improving Cycle

US President Donald Trump’s “liberation day” tariffs have rattled global markets. Since the pronouncement, most global indices have been down by over 10%. The scope and magnitude of the tariffs are more severe than we, and the market, expected. These are emotional times for investors, but for those with a long-term perspective, we believe short-term market volatility is a distraction that is better off ignored.

While the market could be in for a bumpy ride over the next few months, patience, a well-thought-out strategy, and the ability to look through market turbulence are key to unlocking performance during such unusual times. This quarter, we cover the economic implications of the announced tariffs and how this shapes our asset allocation decisions. We also provide an outlook for the key sectors of the Australian market and where we see the best tactical opportunities.


Morgans clients receive exclusive insights such as access to our latest Investment Watch publication. Contact us today to begin your journey with Morgans.

      
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Disclaimer: The information contained in this report is provided to you by Morgans Financial Limited as general advice only, and is made without consideration of an individual's relevant personal circumstances. Morgans Financial Limited ABN 49 010 669 726, its related bodies corporate, directors and officers, employees, authorised representatives and agents (“Morgans”) do not accept any liability for any loss or damage arising from or in connection with any action taken or not taken on the basis of information contained in this report, or for any errors or omissions contained within. It is recommended that any persons who wish to act upon this report consult with their Morgans investment adviser before doing so.

News & Insights

In a lively presentation to the Economic Club of New York, Federal Reserve Bank of Chicago President Austan Goolsbee highlighted tariffs as a minor stagflation risk but emphasized strong U.S. GDP growth of around 2.6%, suggesting a resilient economy and potential for a soft landing.
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This discussion simplifies the US business cycle, highlighting how tariffs are projected to lower growth to 1.8% in 2025, reduce the budget deficit, and foster an extended soft landing, boosting equities and commodities through 2027.
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Michael Knox dives into the robust U.S. economy, the effects of proposed tariffs on inflation and Federal Reserve decisions, and how tariff funds and corporate tax reductions could boost job growth and stock market performance in 2026, though markets may stabilise in the short term.
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News & Insights

Investment Watch is a quarterly publication for insights in equity and economic strategy. US President Donald Trump’s “liberation day” tariffs have rattled global markets. Since the pronouncement, most global indices have been down by over 10%.
Find out more