TMS Insights May 2026: Budget night and the US earnings boom
The most consequential budget in more than a decade landed in the same week as one of the best US earnings seasons in recent history. In this episode of TMS Insights, Ben and Jeremy weigh a bond market selling off at home against 17% earnings growth abroad.
In this episode:
- The budget leaves super untouched but rewrites the rules on CGT and negative gearing, and many client structures will need a fresh set of eyes.
- US companies are tracking toward 17% earnings growth for the quarter, nearly double the 30 year average, while the ASX outside resources manages low single digits.
- Commonwealth Bank posts negative profit growth while JP Morgan grows earnings at 12 to 13% on around half the multiple.
- Cochlear delivers one of the strangest big cap downgrades in memory, CSL adds a third, and ResMed trades on its lowest PE in a decade while doing everything right.
- And Macquarie's commodities business turns global volatility into a standout quarter, putting the stock back on the buy list.
Companies discussed: Alphabet (GOOGL), Commonwealth Bank (CBA), JPMorgan (JPM), Cochlear (COH), CSL (CSL), ResMed (RMD), Fisher & Paykel Healthcare (FPH) and Macquarie Group (MQG).
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