Throughout the first half of 2025, we have been more optimistic than the consensus on the ability of equities to absorb and/or look through downside risks. On April 9th, when US President Trump paused the implementation of tariffs, we pivoted back towards risk assets. Since then, we’ve ridden the wave higher without the accompanying fear of doing something wrong. Outside of a US recession, we think there is enough positive tailwinds to offset short term headwinds and that equity fundamentals - namely improving earnings and easier policy settings - will continue support the market as we move deeper into 2H25. Hear our CIO, Jason Todd, discuss his latest thoughts with AusBiz.
