2025 is halfway over - so how are the global markets holding up, and what can investors expect for the second half of the year?
Several key markets have delivered decent returns so far, but Trump's 'Liberation Day' delivered a turbulent period.
Milford Asset Management's Jeremy Hutton explained further.
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Speaker 1 (00:09):
You're listening to a podcast from news Talk zed B.
Follow this and our wide range of podcasts now on iHeartRadio.
Speaker 2 (00:16):
Jeremy Hasson Milford Asset Management is with me. Hey, Jeremy.
Speaker 3 (00:20):
Good evening, Heather.
Speaker 2 (00:21):
So halfway through the year already flies by, so it's
probably a good time to check in on the global
share markets. How are our investments going so far?
Speaker 3 (00:30):
Yeah, in twenty twenty five, at at a headline level,
you'd look at some of the key global markets yet
to date, you've got the SMP five hundred that's up
five percent, the Tech Focus Nasdaq that's up seven the
Aussie two hundred that's up five And you take some
of that performance and you say those are half decent returns,
and in a normal year after six months you'd be
pretty happy. But of course, if you look more into
(00:52):
the detail, there has been a lot of news and
a lot of noise out there, and this was led
effectively by the fifteen the nineteen percent fall in the
SMP five hundred post Trump's Liberation Day. But despite this,
and despite the ongoing trade tensions, high tariffs, Middle Eastern conflict,
there's been a subsequent incredible twenty four percent rebound back
(01:15):
in the SMP five hundred back to record market highs.
So a few comments i'd make you know, investors have
become very accustomed to buying the dip in this post
COVID world, and that strategy seems to have worked again here.
And then finally, you know, staying calm, sticking to your strategy,
not panicking and selling at the wrong time has also
proven to be a good strategy here again.
Speaker 2 (01:36):
But so, what's going on with the local market, because
it's been lagging.
Speaker 3 (01:40):
Yeah, correct, the Indetex fifty that's down to zero point
two percent year to date, so it is lagging the
key pairs who are up around five As mentioned earlier,
the INSIDEX that did fall two post liberation Day, down
nine percent through April and May, and our market does
tend not to have the same size moves or volatility
as global markets, just given the makeup of some of
(02:02):
the companies in our index. The INCDTEX has bounced back
a little bit, but it hasn't quite recovered all the
losses from that fall, unlike global markets which have fully recovered.
Speaker 2 (02:13):
So tell me what's been leading the z X so far?
Speaker 3 (02:17):
Interestingly, there is there is a common theme so far
this Yeah, some of the food and agri names have
have been really strong and leading the charts this year.
So A two Milk that's the current leader on the
z X infant formula into China that's up thirty seven
percent after a very strong result in February. They'll have
some updated numbers in August two which will be widely followed.
(02:40):
Fishing Business Sanford that's up thirty six percent yet to date.
The new CEO there, David Mayer, that he's working wonders already,
Fonterra as we know, strong Dairy that's up twenty eight percent.
Scales that's Apple and pet food business doing really well,
up twenty percent. And then finally Turner's Automotive that's up
twenty eight percent in twenty twenty five so far. That
(03:01):
so that's continuing. It's really strong past few years.
Speaker 2 (03:04):
And what's not been doing so well.
Speaker 3 (03:07):
Yeah, despite some of those win above, it does depend
on their relative size in the index to see how
it impacts the market as a whole. And unfortunately we've
had some larger companies like Rhyme and Healthcare with its
big capital Rays that's down forty eight percent, Sky City
down thirty eight percent, Spark down sixteen and Auckland Airport
down ten percent as well. And given there some of
(03:29):
our largest companies in the index index, it does drag
the whole market down, but it does show that there
are always pockets of strength out there and always pockets
of weakness in every market.
Speaker 2 (03:40):
Brilliant stuff, Jeremy, thanks for running us through to appreciate it.
Jeremy Hutton, Milford Asset Management.
Speaker 1 (03:44):
For more from News Talk st B, listen live on
air or online, and keep our shows with you wherever
you go with our podcast on iHeartRadio.
You're listening to a podcast from news Talk zed B.
Follow this and our wide range of podcasts now on iHeartRadio.
Speaker 2 (00:16):
Jeremy Hasson Milford Asset Management is with me. Hey, Jeremy.
Speaker 3 (00:20):
Good evening, Heather.
Speaker 2 (00:21):
So halfway through the year already flies by, so it's
probably a good time to check in on the global
share markets. How are our investments going so far?
Speaker 3 (00:30):
Yeah, in twenty twenty five, at at a headline level,
you'd look at some of the key global markets yet
to date, you've got the SMP five hundred that's up
five percent, the Tech Focus Nasdaq that's up seven the
Aussie two hundred that's up five And you take some
of that performance and you say those are half decent returns,
and in a normal year after six months you'd be
pretty happy. But of course, if you look more into
(00:52):
the detail, there has been a lot of news and
a lot of noise out there, and this was led
effectively by the fifteen the nineteen percent fall in the
SMP five hundred post Trump's Liberation Day. But despite this,
and despite the ongoing trade tensions, high tariffs, Middle Eastern conflict,
there's been a subsequent incredible twenty four percent rebound back
(01:15):
in the SMP five hundred back to record market highs.
So a few comments i'd make you know, investors have
become very accustomed to buying the dip in this post
COVID world, and that strategy seems to have worked again here.
And then finally, you know, staying calm, sticking to your strategy,
not panicking and selling at the wrong time has also
proven to be a good strategy here again.
Speaker 2 (01:36):
But so, what's going on with the local market, because
it's been lagging.
Speaker 3 (01:40):
Yeah, correct, the Indetex fifty that's down to zero point
two percent year to date, so it is lagging the
key pairs who are up around five As mentioned earlier,
the INSIDEX that did fall two post liberation Day, down
nine percent through April and May, and our market does
tend not to have the same size moves or volatility
as global markets, just given the makeup of some of
(02:02):
the companies in our index. The INCDTEX has bounced back
a little bit, but it hasn't quite recovered all the
losses from that fall, unlike global markets which have fully recovered.
Speaker 2 (02:13):
So tell me what's been leading the z X so far?
Speaker 3 (02:17):
Interestingly, there is there is a common theme so far
this Yeah, some of the food and agri names have
have been really strong and leading the charts this year.
So A two Milk that's the current leader on the
z X infant formula into China that's up thirty seven
percent after a very strong result in February. They'll have
some updated numbers in August two which will be widely followed.
(02:40):
Fishing Business Sanford that's up thirty six percent yet to date.
The new CEO there, David Mayer, that he's working wonders already,
Fonterra as we know, strong Dairy that's up twenty eight percent.
Scales that's Apple and pet food business doing really well,
up twenty percent. And then finally Turner's Automotive that's up
twenty eight percent in twenty twenty five so far. That
(03:01):
so that's continuing. It's really strong past few years.
Speaker 2 (03:04):
And what's not been doing so well.
Speaker 3 (03:07):
Yeah, despite some of those win above, it does depend
on their relative size in the index to see how
it impacts the market as a whole. And unfortunately we've
had some larger companies like Rhyme and Healthcare with its
big capital Rays that's down forty eight percent, Sky City
down thirty eight percent, Spark down sixteen and Auckland Airport
down ten percent as well. And given there some of
(03:29):
our largest companies in the index index, it does drag
the whole market down, but it does show that there
are always pockets of strength out there and always pockets
of weakness in every market.
Speaker 2 (03:40):
Brilliant stuff, Jeremy, thanks for running us through to appreciate it.
Jeremy Hutton, Milford Asset Management.
Speaker 1 (03:44):
For more from News Talk st B, listen live on
air or online, and keep our shows with you wherever
you go with our podcast on iHeartRadio.
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