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Two Software Recovery Plays

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Commodities

China’s Demand for Coal Surges

China’s new coal power station installations just reached an 18-year high. They’re also the number one builder of solar panels. And wind turbines. As the rest of the world craves it, China holds it: ENERGY

The global order at the crossroads

The US-Iran conflict is now almost six months old. What began with military strikes has developed into a combination of diplomacy and economic warfare. The world is watching the global order redefine itself as countries realign and reposition themselves.

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Technology

Going Winchester

The new era of drone warfare is playing havoc with the West’s ability to defend itself. Now we’re running out of ammo.

Software’s Second Coming

In February, the market decided AI had made software obsolete and sold the sector down the river. Six months later, short sellers are cowering and reporting season is separating the genuinely disrupted from the merely unloved.

No War, No Peace

Trump has swapped bombs for a blockade. But the squeeze is again putting pressure on diesel, which bleeds through to Aussie miners’ bottom lines.

The Line Break

Key trendlines are breaking in some unloved sectors on the ASX. While the signals are all early, it’s worth updating your watchlists.

Small Caps

The debasement trade is back!

US Treasury Secretary Scott Bessent tried to jawbone yields down and that play lasted about a day. Meanwhile, gold and Bitcoin had other ideas. Here’s why I think the debasement trade is back, and where it leads next.

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Market Analysis

Two Software Recovery Plays

The battle between Washington and the bond market is heating up and the economic fallout from the war in Iran is beginning to surface. Murray looks at two US stocks that look ready to rumble.

The Wrong Bubble Pt.2

In part one, I argued the AI build-out looks more like 2008 than 2000. Here is why the hyperscalers keep spending anyway — and the moment that could unwind it.

Macro

Let Her Rip

Two years ago, Trump’s economic whisperer co-wrote a paper accusing party politics of running stimulus into an election. This week, Treasury reached for the exact tool he described. The same paper warns what’s next.

Worst. Budget. Ever

Worst. Budget. Ever. I really don’t know where to start with this one. It is so bad for this country that it’s hard to fathom. So let me start with the positives…

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