The ASX200 leapt out of the gate on Tuesday following strong trading by miners on overseas bourses, and it didn’t look back, closing up +0.9%, at its highest level since October when the index posted its all-time high. The charge higher by the local materials sectors is unrelenting, with yesterday’s +1.7% gain taking the sector up +10.8% year-to-date, and we’re still in January! The gains by some well-known names in 2026 have put the mining bulls in dreamland.
Japan’s bond market has rattled global financial markets several times in recent years, and risks appear to be resurfacing. The most memorable yen carry-trade unwind since COVID started after the Bank of Japan (BOJ) raised interest rates in 2024. The BOJ’s first rate hike came in March 2024, when it ended negative interest rates and lifted the policy rate to just 0–0.1%.
The ASX 200 bounced +0.8% on Thursday, driven higher by a robust banking sector - the financials contributed 80% of the index's 66-point gain. The gold sector dominated the losers' enclosure as the precious metal lost its shine following Trump's more balanced speech from Davos, which notably stated that the US wouldn’t invade Greenland or impose tariffs on European nations in February.
The ASX 200 slipped another 0.4% on Wednesday, its third consecutive decline, which was not enough to take the index into negative territory for the year, but it's trying hard. After a brief attempt to bounce on Tuesday, the growth stocks returned to the losers enclosure while the resources delivered another standout performance to mitigate the day's decline.
The ASX200 retreated another -0.7% on Tuesday, leaving the index up only +1.2% for 2026 - not too bad considering the current geopolitical tensions unsettling markets. Selling wasn’t particularly broad-based in yesterday’s session, with over 40% of the main board closing higher, but when the “Big Four” banks and BHP Group (BHP) find themselves in the naughty corner, the local bourse is always going to struggle.
Monday saw the ASX 200 open softly and drift lower to close down -0.3% following President Trump's threats to impose levies on countries opposing his plans to take control of Greenland. Conversely, safe-haven demand pushed gold to fresh all-time highs near $US4,700, while silver surged more than 4%, also notching new record highs. Not surprisingly, gold stocks followed suit, but if MM is correct, it’s time to consider taking some money off the table in precious metals.
It is still early, but so far the year has been encouraging for global equity investors, with stocks pushing higher through January as markets look to extend a fourth consecutive year of solid returns. However, bulls are facing their first crucial test of 2026 with Greenland tensions growing and quarterly US earnings about to start.
Firstly, from James, Shawn & the MM Team, we wish you a happy and safe festive season. Many thanks for being a wonderful group of members, and your ongoing support throughout the year. It's been a year of two halves for the ASX and MM in many ways, but we’re finishing on the right foot across all portfolios. In todays note, we’ll run through portfolio performance, in a lighter style Christmas Eve report. A reminder, if you are considering investment options in 2026, all Market Matters Portfolios are now open for investment, via Market Matters Invest Direct, including the International Equities Portfolio which has had a stellar year, up over 25%. We will continue to work hard in 2026, building on a solid 2025.
The ASX 200 surged to a 5-week high on Monday, closing up +0.9% as the traditional lack of selling during the festive season was met with fairly aggressive buying across the miners, who spent much of the day jockeying for position on the leaderboard. Interestingly, even as gold and silver surged to new all-time highs and copper flirted with its equivalent milestone, it was the uranium names that won this particular race:
With a few trading days remaining, 2025 is shaping up to be one of the most polarised on the performance front in decades - the materials sector is up +28%, while tech is down -21% and healthcare is off -24%. The ASX200 is up ~6% (10% inclusive of dividends) camouflaging the volatile activity on both the stock and sector levels.
Japan’s bond market has rattled global financial markets several times in recent years, and risks appear to be resurfacing. The most memorable yen carry-trade unwind since COVID started after the Bank of Japan (BOJ) raised interest rates in 2024. The BOJ’s first rate hike came in March 2024, when it ended negative interest rates and lifted the policy rate to just 0–0.1%.
The ASX 200 bounced +0.8% on Thursday, driven higher by a robust banking sector - the financials contributed 80% of the index's 66-point gain. The gold sector dominated the losers' enclosure as the precious metal lost its shine following Trump's more balanced speech from Davos, which notably stated that the US wouldn’t invade Greenland or impose tariffs on European nations in February.
The ASX 200 slipped another 0.4% on Wednesday, its third consecutive decline, which was not enough to take the index into negative territory for the year, but it's trying hard. After a brief attempt to bounce on Tuesday, the growth stocks returned to the losers enclosure while the resources delivered another standout performance to mitigate the day's decline.
The ASX200 retreated another -0.7% on Tuesday, leaving the index up only +1.2% for 2026 - not too bad considering the current geopolitical tensions unsettling markets. Selling wasn’t particularly broad-based in yesterday’s session, with over 40% of the main board closing higher, but when the “Big Four” banks and BHP Group (BHP) find themselves in the naughty corner, the local bourse is always going to struggle.
Monday saw the ASX 200 open softly and drift lower to close down -0.3% following President Trump's threats to impose levies on countries opposing his plans to take control of Greenland. Conversely, safe-haven demand pushed gold to fresh all-time highs near $US4,700, while silver surged more than 4%, also notching new record highs. Not surprisingly, gold stocks followed suit, but if MM is correct, it’s time to consider taking some money off the table in precious metals.
It is still early, but so far the year has been encouraging for global equity investors, with stocks pushing higher through January as markets look to extend a fourth consecutive year of solid returns. However, bulls are facing their first crucial test of 2026 with Greenland tensions growing and quarterly US earnings about to start.
Firstly, from James, Shawn & the MM Team, we wish you a happy and safe festive season. Many thanks for being a wonderful group of members, and your ongoing support throughout the year. It's been a year of two halves for the ASX and MM in many ways, but we’re finishing on the right foot across all portfolios. In todays note, we’ll run through portfolio performance, in a lighter style Christmas Eve report. A reminder, if you are considering investment options in 2026, all Market Matters Portfolios are now open for investment, via Market Matters Invest Direct, including the International Equities Portfolio which has had a stellar year, up over 25%. We will continue to work hard in 2026, building on a solid 2025.
The ASX 200 surged to a 5-week high on Monday, closing up +0.9% as the traditional lack of selling during the festive season was met with fairly aggressive buying across the miners, who spent much of the day jockeying for position on the leaderboard. Interestingly, even as gold and silver surged to new all-time highs and copper flirted with its equivalent milestone, it was the uranium names that won this particular race:
With a few trading days remaining, 2025 is shaping up to be one of the most polarised on the performance front in decades - the materials sector is up +28%, while tech is down -21% and healthcare is off -24%. The ASX200 is up ~6% (10% inclusive of dividends) camouflaging the volatile activity on both the stock and sector levels.
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