Blog

Daily Market Update: 15 October 2025

Australian market edges higher on resource strength
The Australian share market closed slightly higher on Tuesday, supported by sharp gains among gold, silver, and iron ore producers. The S&P/ASX 200 Index (ASX: XJO) rose 16.6 points, or 0.2 per cent, to finish at 8899.4, with only five of the 11 sectors advancing. Gold miners were the standout performers, as Newmont Corporation (ASX: NEM) jumped 4.5 per cent, Northern Star Resources Limited (ASX: NST) climbed 2.8 per cent, and Evolution Mining Limited (ASX: EVN) added 1.9 per cent. Other strong performers included Genesis Minerals Limited (ASX: GMD), Ramelius Resources Limited (ASX: RMS), and Westgold Resources Limited (ASX: WGX), all posting solid gains as precious metal prices reached new records. Silver producers also rallied sharply, with Silver Mines Limited (ASX: SVL) and Sun Silver Limited (ASX: SS1) both up more than seven per cent.

Iron ore miners offset weakness in financials and retail
Iron ore giants also buoyed the local market, as Rio Tinto Limited (ASX: RIO) rose 1.8 per cent after reporting a six per cent increase in quarterly exports, while BHP Group Limited (ASX: BHP) and Fortescue Limited (ASX: FMG) climbed 2.2 and 1.8 per cent, respectively. In contrast, financial and consumer sectors weighed on the index, led by declines in Westpac Banking Corporation (ASX: WBC), National Australia Bank Limited (ASX: NAB), Commonwealth Bank of Australia (ASX: CBA), and Australia and New Zealand Banking Group Limited (ASX: ANZ). Retail sentiment also softened following weaker consumer confidence data, with Wesfarmers Limited (ASX: WES), JB Hi-Fi Limited (ASX: JBH), and Myer Holdings Limited (ASX: MYR) all lower. Among individual movers, SRG Global Limited (ASX: SRG) surged 29.3 per cent after announcing the acquisition of marine contractor TAMS, while Paladin Energy Limited (ASX: PDN) and other uranium miners posted strong gains on higher production.

Global markets mixed amid trade and rate uncertainty
Global equities were mixed as renewed US-China trade tensions and shifting rate expectations unsettled investors. On Wall Street, the S&P 500 Index (NYSE: SPX) slipped 0.2 per cent, the Nasdaq Composite Index (NASDAQ: IXIC) fell 0.8 per cent, while the Dow Jones Industrial Average (NYSE: DJI) rose 203 points. Major US banks including Citigroup Inc. (NYSE: C), Wells Fargo & Company (NYSE: WFC), JPMorgan Chase & Co. (NYSE: JPM), and Goldman Sachs Group Inc. (NYSE: GS) reported better-than-expected earnings, though gains were tempered by renewed trade sanctions from China on several US-linked companies. Federal Reserve Chair Jerome Powell’s comments hinted at a potential October rate cut, providing some support for risk sentiment as investors balanced geopolitical concerns with monetary policy expectations.

for risk sentiment as investors balanced geopolitical concerns with monetary policy expectations.

Australian Indices	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
ASX 200	0.2	-0.6	0.4	4.9	10.5
Financials	-0.6	-1.2	-0.8	2.7	18.1
Resources	2.2	-0.5	5.6	16.1	11.6
Information Technology	-0.9	-2.0	-1.8	3.4	16.1
Global Indices	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
US 500	-0.2	0.2	3.1	7.1	19.3
Europe	0.7	-0.2	2.7	3.5	21.8
Japan	0.8	-0.3	2.0	12.2	22.0
China top 50	2.0	-2.4	0.0	9.1	34.0
India top 50	1.1	1.6	1.6	-2.3	-1.8
Fixed Interest	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
Australian Treasury Bond	0.3	0.8	0.3	1.5	4.9
Australian Corporate Bond	0.1	0.7	0.4	1.8	5.8
US Treasury	0.3	0.7	0.4	3.0	3.8
Cash	0.0	0.1	0.3	1.0	4.2
Commodities & Crypto	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
Gold	3.3	4.1	14.4	22.9	58.9
Silver	3.9	7.0	23.6	32.1	68.8
Crude Oil	-0.2	-3.6	-4.5	-7.3	-3.9
Bitcoin	-0.6	-7.8	-1.0	-7.1	75.8

October 15, 2025

Daily Market Update: 14 October 2025

Australian market update
The S&P/ASX 200 (ASX: XJO) closed 0.9 per cent lower (down 75.5 points) at 8,882.8, marking its weakest day in three weeks amid renewed US–China trade tensions. All but one sector ended in the red, with technology falling about 2 per cent while real estate held flat. On the upside, gold and rare‐earth miners rallied hard – Regis Resources Limited (ASX: RRL) jumped 7 per cent, Lynas Rare Earths Limited (ASX: LYC) rose 2.7 per cent, and Iluka Resources Limited (ASX: ILU) added 2.3 per cent. Meanwhile, among the Big Four banks, ANZ Banking Group Limited (ASX: ANZ) was the standout gainer (up 3.3 per cent) on strong cost‑cutting signals, while Commonwealth Bank of Australia (ASX: CBA), National Australia Bank (ASX: NAB), and Westpac Banking Corporation (ASX: WBC) all fell between 0.9 and 1.9 per cent.

Factors driving volatility
The sharp sell‑off was triggered by President Trump’s escalation of tariffs on China, striking nervousness in an already richly valued market. Yet some investors believe the move is more rhetoric than reality – as Trump’s tone softened later, optimism returned. The local technology sector remained especially vulnerable, dragged by WiseTech Global Limited (ASX: WTC) (–2.5 per cent) and Computershare Limited (ASX: CPU) (–4.1 per cent). On the resource front, gains were broad as markets speculated on mandated “floor” prices for critical minerals and tighter partnerships with the US to challenge China’s dominance. Investors are watching closely for further central bank signals and earnings updates for signs of a sustained reversal.

International market rebound
In contrast, US markets rebounded strongly on Monday as President Trump struck a markedly softer posture on trade, reassuring investors that “it will all be fine.” The S&P 500 (NYSE: SPX) gained 1.6 per cent, the Nasdaq 100 (Nasdaq: NDX) surged 2.2 per cent, and the Dow Jones Industrial Average (NYSE: DJI) climbed about 1.3 per cent (~588 points). Tech and AI‑adjacent names drove much of the upside, particularly Broadcom Inc. (Nasdaq: AVGO), which jumped nearly 10 per cent after confirming an AI partnership.

Australian Indices	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
ASX 200	-0.9	-2.3	-1.0	3.3	9.7
Financials	-1.2	-0.1	0.4	3.6	21.1
Resources	-0.6	-0.1	5.8	17.2	12.1
Information Technology	-1.7	-0.3	0.9	6.2	20.6
Global Indices	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
US 500	1.6	-1.6	1.2	5.6	16.2
Europe	-0.5	-1.1	2.0	3.0	19.2
Japan	-1.5	-1.9	1.5	12.1	19.1
China top 50	-3.5	-0.7	1.3	11.4	30.1
India top 50	0.1	1.9	1.5	-2.4	-2.2
Fixed Interest	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
Australian Treasury Bond	0.3	-0.4	-0.7	0.4	4.0
Australian Corporate Bond	0.2	-0.5	-0.7	0.5	4.7
US Treasury	0.4	0.0	-0.3	2.2	3.2
Cash	0.0	-0.3	0.0	0.6	3.9
Commodities & Crypto	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
Gold	3.0	1.8	10.6	19.1	53.4
Silver	5.6	5.8	22.0	35.9	66.3
Crude Oil	-2.4	-4.5	-5.5	-10.0	-9.0
Bitcoin	-4.5	-6.9	0.9	-2.4	77.9

October 14, 2025

Div 296 gets a makeover, as government reads the room
And just like that, it was all different.

The government’s decision to revise its superannuation tax policy, and the move to tax only realised gains and to introduce tiered thresholds for large balances, was broadly welcomed by the advice industry, which had throbbed with rumours, which had burst into unattributed comments reported in the Australian Financial Review, that there might be changes in the wind…just months after an emphatically re-elected government insisted that its highly controversial ‘Div 296’ super tax proposal would proceed into law.

That would have imposed an additional 15 per cent tax on earnings of superannuation balances above $3 million – unindexed – and introduced the taxing unrealised capital gains.

Had the government – in much of the industry’s view, at least – finally read the room, after months of campaigning from industry groups and stakeholders?

Yesterday, we learned that it had.

The Division 296 tax reforms will index the $3 million threshold and the superannuation tax changes will apply only to realised gains.

“The government’s decision to apply superannuation tax changes only to realised gains is a sensible step, and we commend them for engaging with feedback from across the country,” says Craig Brooke, CEO of friendly society and provider of tax-effective wealth management solutions KeyInvest. “Taxing unrealised gains was never going to be workable in practice or fair in principle.”

The government and the Treasurer have “responded to what was always bad policy,” said Nicholas Ali, head of technical services at Neo Super. The proposed taxation of unrealised gains was particularly bad, he said. “This was poorly designed and catered to the industry funds, who cannot determine realised gains on an individual level. And the indexation of the $3 million threshold should always have been part of the original proposal, as not indexing the cap was going to hit ordinary Australians’ retirement savings in short time.”

Other changes announced yesterday include:
- Member balances above $3 million but below $10 million will be taxed at 30 per cent
- Balances above $10 million will be taxed at 40 per cent, with this higher cap also indexed.
- The tax will apply to defined benefit pensions as well.
- The start date has been pushed back to 1 July 2026 (it was initially proposed for 1 July 2025).
- the low-income superannuation tax offset (LISTO) will be updated to $810 from $500 and the eligibility threshold lifted from $37,000 to $45,000
“Whilst the government is still fiddling with super, it appears less destructive than the previous iteration,” said Ali. “The devil will be in the detail, so we wait to see the fine print on these proposals.”

CPA Australia superannuation lead Richard Webb, echoed these comments, saying that tax on unrealised capital gains “would have been unjust,” and that indexation of super balance thresholds was “vital to protect future generations of workers.” He said the government had listened to the concerns of CPA Australia and other bodies, and the outcomes would “help make Australia’s superannuation system fairer and more equitable,” and “ensure that Australia’s superannuation system remains fit for purpose for future generations.”

The plan to tax unrealised capital gains was “a particularly egregious element of the government’s initial proposal,” said Webb. “Providing certainty and financial stability for this and future generations of retirees is critical. Taxing unrealised gains would have distorted our tax system, which needs broader reform.”

Had the $3 million balance threshold not been indexed, “it would have eventually impacted a greater number of Australians than was acknowledged.”

“Policymakers have a duty to ensure that the spending power of future retirement savings is preserved,” said Webb. “Bracket creep already has a silent eroding effect on personal finances, and allowing further erosion of superannuation savings would have been contrary to the fundamental principles of our tax system.”

Webb also welcomed the changes to the low-income super tax offset (LISTO) scheme announced yesterday, which will mean that more people on low incomes are able to grow their super balances. “Those are positive and long-overdue steps that will help ensure more Australians – especially women and part-time workers – are not left behind when it comes to retirement savings,” he said.

KeyInvest’s Brooke cautioned, however, that the government’s backdown does not remove the need for many investors to rethink how their wealth is structured.

“Even with these improvements, the reality is that more Australians will find themselves constrained by superannuation caps as their wealth grows. This is a defining moment for high-net-worth investors, financial advisers, and family offices to look beyond super,” he said.

“Investment bonds remain one of the few truly flexible, tax-effective alternatives, particularly for those thinking about intergenerational wealth transfer or planning outside of super. “
October 13, 2025
Behind the dollars, private equity is still personal in the lower mid-market

Raised in a trucking family in rural Queensland, Bryan Brown credits his early years working forklifts and running logistics with shaping the way he now relates to company founders. “That background helps with empathy,” he said. “It gives you perspective when you’re partnering with people who built a business from scratch.”

As a partner at Fortitude Investment Partners, Brown focuses on a part of the market that is often overlooked. “Lower mid-market, for us, means companies with $3 million to $20 million in annual earnings,” he said. “We’re usually the first professional capital into these businesses. That comes with its own challenges and a lot of opportunity.”

His approach relies on two powerful forces: aligned incentives and time. “Private equity works because of superhuman incentives for both managers and CEOs,” Brown said. “These people will work far harder than they otherwise might if they believe they can create generational wealth.”

Alignment with management is not a catchphrase at Fortitude, it is the centrepiece of the firm’a approach. “All our great investments have had highly aligned, highly effective management teams,” he said. “It’s not just about finding the right strategy or market. It’s about finding people who will do extraordinary things, because they’re properly incentivised to do so.”

One such example was Nutra Organics, a health supplement business aimed at women aged 25 to 55. “We brought in Oliver Horn, who used to run Swisse Wellness,” Brown said. “Taking someone with that scale of experience and giving them ownership in a $20 million revenue business transformed it. His impact would have been muted in a $500 million company.”

The firm’s deal flow is surprisingly deep. “We think there are about 70,000 SMEs in Australia that meet our criteria,” he said. “That compares with 500 or so at the large end of town. You can access better valuations in our part of the market, and there’s more headroom for transformation.”

Brown doesn’t believe in rigid playbooks. “Some firms try to make every business look like the last one they owned,” he said. “We don’t think that works. SMEs outperform because they’re not like the incumbents. They’re more agile, more aggressive, and more engaged.”

That aggression often accelerates post-deal. “Founders are more likely to lean in once they’ve had some liquidity,” Brown said. “Suddenly they’re not afraid of losing what they’ve built. They hire more, they invest faster. The psychology shifts.”

On product evolution, Brown is cautiously optimistic. “All our deals to date have been through SPVs and single-asset trusts,” he said. “That doesn’t suit every client, and the industry is maturing. We’ve launched an evergreen fund for broader access, but the key is not letting product design dilute your investment discipline.”

October 13, 2025
Global easing deepens as stimulus, not stability, drives the market rally

In his latest quarterly outlook – for the December 2025 quarter – Tim Toohey, head of macro and strategy at Yarra Capital Management, paints a world where extraordinary policy stimulus, not economic strength, continues to underpin asset prices. Despite political turbulence in the United States – including a government shutdown, suspended data releases and the imposition of tariffs as high as 200 per cent on pharmaceuticals – global equity markets have climbed to record highs, with unprofitable growth companies joining Big Tech in the rally, and resources stocks attracting renewed interest on the back of a surging gold price and expansive fiscal and monetary frameworks around much of the developed world that support a switch back into resources.

Toohey argues that the rally’s foundations lie less in optimism and more in the spillover effects of aggressive global monetary and fiscal easing. “Regardless of what you think about Trump’s policies,” he says, “they have induced far greater easing outside the US than otherwise would have been the case.”

To illustrate the point, Toohey notes that there have already been 168 interest rate cuts globally in this cycle – the third-largest easing wave since the early 1990s. While that number remains below the pandemic-era record of 196 cuts, he believes the current cycle is far from complete. The combination of fiscal expansion, boosted military spending and loose financial conditions has created a potent, if uneasy, cocktail for risk assets.

“It seems a rather cynical reason to buy equities,” Toohey observes, “but perhaps the simple addition of all this stimulus is all that really matters – and the rest is being treated as noise.”

Still, beneath the surface of buoyant markets lies a more fragile reality. Much of the recent US growth surprise, Toohey notes, stems from consumption – particularly among higher-income households – even as real income growth stalls and savings remain low. With tariff-driven price pressures still building and business investment slowing, he expects activity to “slow sharply again in Q4.”

That dynamic, he warns, will test whether risk assets can continue to reward easing in an environment of weakening growth, a fragile labour market and stubborn inflation.

One underappreciated feature of the current cycle, Toohey explains, is the structural shift in household balance sheets. US liquid assets are now roughly equal to total household liabilities – a stark contrast to two decades ago, when debt heavily outweighed savings. This means monetary policy now operates differently. Lower rates, instead of boosting spending through cheaper credit, may simply push more cash into equities and crypto as deposit returns fall.

In such a world, Toohey argues, monetary policy becomes wealth-driven rather than cashflow-driven – dependent on asset prices rising enough to sustain confidence and consumption. “If lower interest rates merely see cashed-up households swap deposits for riskier assets,” he notes, “then much of our understanding of monetary transmission comes into question.”

The result may be a “late-cycle melt-up” in equities and alternatives, fuelled by investors chasing returns amid ultra-loose conditions and declining bond appeal. Financial markets, he observes, “have been doing the easing work for the Fed,” with US and Australian financial conditions now far looser than policymakers’ rhetoric might suggest.

That may, paradoxically, limit the scope for further near-term Fed cuts. With hiring slowing but layoffs still contained, Toohey expects the Federal Reserve to tread carefully – and warns that markets could be disappointed by a less dovish stance than futures currently imply. “A modest drawdown in risk assets remains likely in Q4,” he says, “especially given how loose conditions have become.”

Turning to Australia, Toohey’s outlook is notably more optimistic. “Encouragingly, much of our central view has been playing out,” he says, pointing to strong consumer spending, solid housing construction and a gradual rotation from public to private-sector growth.

Financial conditions have eased to neutral levels, consistent with trend growth over the next 12–18 months. While the Reserve Bank of Australia (RBA) has paused its easing bias following a mild inflation surprise in the September quarter, Toohey believes the next rate cut will likely arrive in May 2026 rather than November 2025.

A November rate cut is possible, but he thinks the onus is clearly on the inflation, employment and activity data to surprise materially on the downside in coming weeks – which seems a little less likely given the information at hand.

The recent uptick in monthly CPI, Toohey says, largely reflects base effects and the removal of household energy subsidies rather than genuine price pressure. “It’s convenient for the RBA to pause and assess whether policy is having its desired effect,” he notes, adding that the central bank’s internal conference revealed an increasing focus on the concept of a ‘fiscal R-star’ – a notional fiscal stance consistent with neutral monetary settings.

Toohey highlights that while the RBA has quietly lowered its estimate of the neutral rate, governments’ ongoing fiscal activism may be preventing a sustainable decline. However, Australia’s materially stronger fiscal position than its peer group and its resource exposure mean this issue is less pressing domestically than abroad.

Despite global uncertainty, Toohey remains constructive on Australia’s medium-term outlook. As the public-sector retreats as growth driver and productivity rises, he expects inflation pressures to ease naturally, paving the way for a gradual easing cycle from mid-2026.

“We still have three rate cuts embedded in our forecast for 2026,” he writes, “which should help sustain the pace of Australia’s economic recovery and provide a supportive environment for active investors.”

The third quarter largely played out as Toohey anticipated – with Australian small and micro-caps outperforming, a pause in the ‘steepener’ trade (that is, trades based on the yield curve steepening), and the Aussie dollar grinding higher. He expects similar dynamics to continue into the December quarter, albeit with bouts of volatility.

The key takeaway from Toohey’s outlook is that the global economy remains deeply policy-dependent. Central banks and governments are once again the engines of growth, even as the real economy shows signs of fatigue. The irony, he suggests, is that markets may now need ever-rising wealth effects just to maintain stability.

In a world where stimulus drives sentiment and monetary transmission hinges on asset prices, the line between economic resilience and financial distortion has rarely been thinner.

“Perhaps,” Toohey concludes, “this is simply what a late-cycle world looks like – one where policy, not productivity, is doing all the heavy lifting.”

October 13, 2025
Who borrows in non-bank lending, and why it matters

Non-bank lending has become an essential component of Australia’s financial system, addressing borrower demand beyond traditional banking channels. For investors, it provides opportunities to access income-generating, asset-backed loans — such as property loans supported by mortgage repayments.

Yet some investors may still be unclear about how these loans are generated and what the underlying quality or risks associated with the loans include.

The purpose of this article is to provide some further insight into the sector as it continues to grow. Understanding who uses non-bank finance is essential for investors interested in exploring different income-producing investments for their portfolio.

A short history of non-bank lending in Australia

It’s first useful to understand how non-bank lending has gone from small beginnings to a mainstream source of finance.

Its roots stretch back to the 1980s, when mortgage securitisation and deregulation allowed lenders outside the traditional banking system to access scaleable capital and offer products beyond the conventional bank model.

The Global Financial Crisis of 2008–09 was a pivotal moment. Banks sharply tightened their credit-risk appetite, making approvals more onerous and altering their focus to more straightforward lending. Non-banks stepped in to fill the gap that suddenly appeared, providing disciplined, asset-backed lending closely overseen by major institutional funders, global rating agencies and the Australian Securities & Investments Commission (ASIC). Over the following decade, growth continued to accelerate as regulatory measures, including the Hayne Royal Commission, progressively reshaped major-bank appetite for certain borrowers.

Today, the majority of non-bank lenders operate with institutional and private capital, supported by strong governance, prudent underwriting, and regulatory oversight under ASIC and the National Consumer Credit Protection (NCCP) framework. Their evolution reflects a sector that has adapted to real gaps in the market.

Over that time the proportional rise of SME, SMSF and self-employed borrowers has become a primary market for non-bank lenders, who have developed more tactile income verification methods, introduced SMSF loan options and evolved alternate documentation products to serve them.

Understanding this history is critical to appreciating why high-quality borrowers frequently turn to non-banks that have built a model designed to meet borrower needs the traditional system sometimes cannot meet, or may not meet as well.

Who uses non-bank finance (and why)

Non-bank lenders serve a diverse range of borrowers who need solutions that banks may be too constrained or slow to provide.

For example, recent figures show that 55 per cent of small and medium-sized enterprises (SMEs) intend to use non-bank lenders for their finance needs, compared to just 7 per cent a decade ago.[1]

Take a small business owner who wants to opportunistically buy the small commercial property the business is currently leasing, to reduce costs and simultaneously build long-term wealth. Traditional banks might take weeks to approve such a loan or require stringent documentation locking-in the whole banking relationship, thereby slowing-down the opportunity.

But SMEs aren’t the only example. Self-employed professionals often find their income streams don’t fit neatly into the rigid documentation banks require for a residential mortgage. For example, a physiotherapist running her own practice may earn a strong income over the course of time but with variable monthly or annual cash flows. A non-bank lender can be more flexible in their assessment of this income when she applies for a residential or commercial mortgage.

The demand for this is clear when you consider that Westpac recently announced[2] that following a 30 per cent surge in lending to self-employed customers, it would roll-out changes to make it simpler and faster for them to get a home loan – including cutting the income paperwork required from two years to one. Other majors like ANZ and CBA have made similar moves in an effort to compete with more agile non-bank lenders.

Meanwhile, property investors often require funding when acquiring residential or commercial properties. For example, an investor looking to buy a fully leased apartment block at auction may need fast, reliable financing to secure the property before settlement. A non-bank lender can usually provide approval sooner with a tailored loan structure that fits the timing and income profile of the asset alongside the borrower’s other financial arrangements; when that may not be possible from a major bank, which is constrained by more cumbersome processes and less flexible policy.

Across all these examples, borrowers repeatedly choose to consider non-bank finance options because they need a lender that can move quickly and accommodate a range of structures.

What it means for investors

As well as serving borrowers, non-bank lending equally creates opportunities for investors seeking steady, income-oriented returns through loans secured against assets such as Australian residential and commercial properties.

Unlike equity investments or directly buying residential property, returns come primarily from the borrower’s ability to generate cash flow, not from speculating on the appreciation of the underlying asset or property. Security over the asset provides an additional safeguard, but it is secondary to the quality of the borrower and the income stream.

The strength of this model lies in disciplined underwriting, fit-for-purpose structures, and a focus on borrowers and security properties with proven cash flows, creating predictable, recurring income. This lending model is designed to generate income from borrowers’ mortgage repayments and may offer a different risk-return profile compared with traditional fixed-income investments.

There is significant variation within the asset class, however, and investors are ultimately responsible for conducting their own due diligence and carefully assessing any managers or lending opportunities before making investment decisions.

While non-bank lending can offer attractive returns, investors should be aware of risks including borrower default, investment illiquidity and property market fluctuations. These risks may vary depending on factors such as the asset class, borrower profile and loan-to-value ratio, even within a consistently structured loan portfolio.

The sector’s growth reflects the fact that established, long-lasting players, many of which have been around for more than twenty years, take a highly disciplined approach to lending that fills genuine market gaps. Investors receive income derived from borrowers’ cash flows, with tightly documented security over underlying assets acting as an additional safeguard.

This article is for general information only and does not constitute financial advice. It has been prepared without taking into account your objectives, financial situation or needs. Past performance is not a reliable indicator of future performance. Thinktank’s investment products are available to wholesale investors only (as defined under the Corporations Act 2001 (Cth)).

[1] https://www.scotpac.com.au/media-releases/media-release-broker-demand-grows-as-non-bank-lending-becomes-the-new-normal-for-smes/

[2] https://www.westpac.com.au/about-westpac/media/media-releases/2025/3-july/

October 13, 2025
Exciting themes in current portfolio: IN60 with Rob Hinchliffe from PineBridge Investments

As a global fund manager, Rob Hinchliffe from PineBridge Investments spends a lot of time travelling. Find out what’s always in his travel bag, what he likes most about his job and what’s the best city he’s visited for work.

October 13, 2025

Daily Market Update: 13 October 2025

Weakness in oil, gold, iron-ore for the Australian market
The S&P/ASX 200 Index ended the week down, sliding 11.5 points, or 0.1 per cent, to 8,958.3, amid a broader risk‑off mood driven by weakness in oil, gold and iron ore sectors. Oil and gas names such as Woodside Petroleum Limited (ASX: WPL), Beach Energy Limited (ASX: BPT), and Santos Limited (ASX: STO) all fell, while heavyweight miners BHP Group Limited (ASX: BHP), Rio Tinto Limited (ASX: RIO), and Fortescue Metals Group Limited (ASX: FMG) were also lower following renewed reports of pricing disputes with China. The slide in gold and silver also weighed heavily: gold producers including Newmont Corporation (NYSE: NEM), Northern Star Resources Limited (ASX: NST), Regis Resources Limited (ASX: RRL), Genesis Minerals Limited (ASX: GMD), and Alkane Resources Limited (ASX: ALK) lost ground, as did silver names like Unico Silver Limited (ASX: UC0) and Sun Silver Limited (ASX: SDL). In contrast, technology-related stocks saw some relief, with Xero Limited (ASX: XRO), TechnologyOne Limited (ASX: TNE), Codan Limited (ASX: CDA), and Life360, Inc. (NASDAQ: LIFE360) modestly outperforming.

A sharp decline for US markets

U.S. markets experienced their sharpest drop since April, with the S&P 500 Index (NYSE: SPX) falling around 2.7 per cent after former President Donald Trump vowed a 100 per cent tariff on Chinese goods, escalating trade tensions. Major technology stocks were hit hard, including Nvidia Corporation (NASDAQ: NVDA), down nearly 5 per cent, and Tesla, Inc. (NASDAQ: TSLA), which also fell about 5 per cent. Amazon.com, Inc. (NASDAQ: AMZN), Apple Inc. (NASDAQ: AAPL), Advanced Micro Devices, Inc. (NASDAQ: AMD), Microsoft Corporation (NASDAQ: MSFT), and Meta Platforms, Inc. (NASDAQ: META) all declined as investors rotated out of high-growth tech names amid fears of supply chain disruptions. China responded with promises of retaliation, further unnerving global investors already wary of rising bond yields and slowing growth signals.

Australian Indices	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
ASX 200	-0.1	-1.6	0.2	4.1	11.2
Financials	0.4	-0.7	0.4	2.7	21.5
Resources	-1.9	2.5	9.4	21.6	15.3
Information Technology	1.5	-1.4	0.8	5.3	20.3
Global Indices	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
US 500	-2.7	0.9	4.2	7.4	20.3
Europe	-0.1	-0.8	3.4	2.5	21.2
Japan	-0.9	0.7	2.9	12.1	20.8
China top 50	-0.9	-0.4	3.4	12.9	31.4
India top 50	1.1	0.7	-0.1	-5.1	-2.8
Fixed Interest	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
Australian Treasury Bond	-0.9	-0.8	-0.8	-0.2	3.4
Australian Corporate Bond	-1.3	-0.9	-0.8	0.0	4.2
US Treasury	-0.2	-0.2	-0.1	2.0	3.0
Cash	-0.3	-0.3	-0.1	0.6	3.9
Commodities & Crypto	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
Gold	-1.0	4.1	11.1	21.1	55.3
Silver	1.7	5.0	21.8	34.8	63.0
Crude Oil	-1.7	2.7	-1.1	-1.9	-5.5
Bitcoin	-0.5	0.6	7.2	8.5	100.5

October 13, 2025

INSight #451 with Roy Keenan from Yarra Capital Management

Roy Keenan from Yarra Capital Management shares insights with Mishan Dahia from Atchison on the key tools for risk and liquidity.

October 13, 2025

Daily Market Update: 10 October 2025

The Australian Market Rebounds

The S&P/ASX 200 (ASX: XJO) bounced 0.3 per cent, or 22.2 points, to close at 8,969.8, breaking its three‑day losing streak and edging nearer to its record close of 9,019.10 set on August 21. The All Ordinaries also rose by 0.3 per cent. Strength in the materials sector led gains, helping offset weakness in banks and technology stocks. Top copper miners surged after the red metal hit a 14‑month peak – Capstone added 7.6 per cent, Ero Copper rose 7.2 per cent, Sandfire Resources gained 5.3 per cent, while heavyweight miners BHP Group Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) rose 2.9 per cent and 1.6 per cent respectively.
In contrast, gold and silver miners broadly slipped as investors locked in profits – Newmont Corporation (NYSE: NEM) lost 0.5 per cent, Northern Star Resources Ltd (ASX: NST) fell 0.7 per cent, and Regis Resources Ltd (ASX: RRL) dropped 3.7 per cent. Among banks, only ANZ Banking Group Limited (ASX: ANZ) ended higher (up 1.3 per cent), while National Australia Bank Limited (ASX: NAB), Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corporation (ASX: WBC) all posted declines. In corporate news, Lynas Rare Earths Ltd (ASX: LYC) jumped 5.3 per cent on a US deal, and Brazilian Rare Earths Ltd (ASX: BDR) surged 8.6 per cent on a French supply agreement.

U.S. banks pull‑back U.S. equities slipped as investors paused after recent gains, with the S&P 500 (NYSE: SPX) falling 0.3 per cent, the Nasdaq‑100 (Nasdaq: NDX) down 0.1 per cent, and the Dow Jones Industrial Average (DJIA) dropping 243 points. Market sentiment was dampened by the ongoing U.S. government shutdown, which is delaying key economic data and increasing uncertainty. Heavyweights Apple Inc. (Nasdaq: AAPL), Alphabet Inc. (Nasdaq: GOOGL), Tesla Inc. (Nasdaq: TSLA) and Walmart Inc. (NYSE: WMT) each lost more than 0.7 per cent. By contrast, PepsiCo Inc. (Nasdaq: PEP) gained 4.2 per cent after a strong earnings report, Delta Air Lines, Inc. (NYSE: DAL) rose 4.3 per cent on positive forecasts, NVIDIA Corporation (Nasdaq: NVDA) climbed 1.8 per cent following approval for chip exports to the UAE, and Costco Wholesale Corporation (Nasdaq: COST) advanced 3.1 per cent. Markets remain focused on expectations of 25 basis point cuts from the Federal Reserve (Fed) in October and December amid signs of cooling labour dynamics.

Australian Indices	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
ASX 200	0.3	0.3	2.0	6.2	12.6
Financials	-0.6	0.1	2.2	3.8	22.0
Resources	1.7	0.9	6.1	20.9	13.1
Information Technology	-0.2	-1.2	-0.4	3.7	18.6
Global Indices	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
US 500	-0.3	0.6	3.9	7.3	20.6
Europe	-0.1	0.2	3.3	2.7	22.3
Japan	-0.5	2.1	2.3	10.7	20.2
China top 50	0.8	-2.1	3.1	12.5	29.9
India top 50	-0.9	0.4	-0.2	-5.8	-3.4
Fixed Interest	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
Australian Treasury Bond	0.2	0.0	-0.1	0.9	4.2
Australian Corporate Bond	0.0	0.1	0.1	1.1	5.2
US Treasury	0.2	0.2	0.0	2.7	3.0
Cash	0.0	0.1	0.3	1.0	4.2
Commodities & Crypto	Daily %	Weekly %	1 Month %	3 Month %	1 Year %
Gold	-0.4	4.2	10.8	21.4	56.3
Silver	0.4	3.5	19.0	32.7	62.4
Crude Oil		3.4	0.5	-4.4	-5.8
Bitcoin	-0.1	2.4	9.0	10.8	104.3

October 10, 2025