TMS Insights May 2025: The bounce nobody reported
Markets have recovered everything they lost after Liberation Day and then some, but you wouldn't know it from the headlines. In this episode of TMS Insights, Ben and Jeremy get back to what actually moves markets: earnings and rates, both looking better than they did.
In this episode:
- US CEOs remove guidance without changing it, cautious about what's coming but optimistic about today, while Microsoft's Azure result shows AI demand accelerating.
- Nearly two thirds of the ASX 200 present at the Macquarie conference, and the wave of expected downgrades never arrives.
- Fund managers crowd into defensives like Soul Patts, Woolworths and Telstra, which may be exactly the wrong direction from here.
- A majority government settles markets, and the proposed super tax, with its world-first tax on unrealised gains, becomes the industry's biggest talking point.
- And why the only sensible response to the $3 million super changes is to wait for actual legislation before doing anything at all.
Companies discussed: Microsoft (MSFT), Alphabet (GOOGL), Amazon (AMZN), Visa (V), Block (XYZ), Macquarie Group (MQG), NAB (NAB), Washington H. Soul Pattinson (SOL) and REA Group (REA).
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