The big picture
Australian and global share markets rose last week, with gains concentrated later in the week after the US Supreme Court moved to overturn the Trump administration’s broad global tariffs. Over the weekend the President invoked Section 122 of the Trade Act to reimpose tariffs, a move that is likely to heighten market volatility. The new tariffs are set at a universal 15% rate for trading partners over the next 150 days and have been imposed in response to the Supreme Court ruling that Liberation Day tariffs are not lawful. It is unclear when the previously designed tariffs will be rolled back or refunded and how many times the President can extend the 15% tariffs beyond 150 days.
The Australian reporting season is in full swing with more than one-third of companies that reported so far in February experiencing extreme share price moves, well above historical averages. Negative earnings surprises in particular have been met with outsized market reactions. Australian unemployment held steady at 4.1% in December, strengthening the case for further interest rate rises.
Looking ahead, investors will focus on Nvidia’s (NASDAQ: NVDA) upcoming earnings and guidance as a key gauge of global AI demand that has supported US equities. In Australia, January inflation data is due, with the annual rate expected to ease slightly to 3.7% from 3.8%.
Are there more rate rises on the horizon in Australia?
Watch Portfolio Strategist Damien Boey unpack why exchange rate dynamics may limit future Reserve Bank of Australia (RBA) interest rate hikes and what that means for long-term bonds, REITs and interest rate-sensitive investment opportunities in Australia.
Stock watch
Masimo (NASDAQ: MASI) is a global medical technology company that develops, manufactures and markets non invasive patient monitoring technologies, medical devices and sensors. Last week, Danaher Corporation (NYSE: DHR) agreed to acquire Masimo for US$9.9 billion, or US$180 per share, representing a 38% premium to Masimo’s prior closing price of US$130. The transaction is expected to complete in the second half of 2026. Prior to the transaction we believed that the market was significantly undervaluing the quality of Masimo’s business and the share price premium implied by this deal supports that view.
Autosports Group (ASX: ASG) reported its first half FY2026 result last week, which was in line with expectations. The potential removal of the Luxury Car Tax represents a meaningful catalyst for the company, which would disproportionately benefit from the resulting uplift in demand from lower prices, given it is the largest retailer of prestige and luxury cars in Australia. Autosports’ scale also positions it well to continue to execute on accretive acquisitions, in what is a highly fragmented industry. Management is confident in the acquisition pipeline, and has a well funded balance sheet to continue to execute on it.
In the media
2026 National Shareholder Presentations
The Wilson Asset Management and Future Generation teams look forward to connecting with shareholders across Australia at the 2026 National Shareholder Presentations. Register here and see below for the event dates.
Upcoming Results Webinars
Over the coming weeks, we will be hosting FY2026 Interim Results webinars across all of our listed investment companies (LICs) and Future Generation will be hosting their FY2025 Full Year Results webinars.
Webinars this week:
Wednesday 25 February at 10:30am (Sydney time), WAM Strategic Value (ASX: WAR) FY2026 Interim Results Q&A Webinar. Register here.
Thursday 26 February at 2:30pm (Sydney time), Future Generation Global (ASX: FGG) FY2025 Q&A Webinar. Register here.
You asked, we answered
Q. I’m part of an investor group and we like to invite guest speakers. Do members of your investment team speak to investor groups?
A. Yes, Wilson Asset Management regularly engages with investor groups and we value the opportunity to connect directly with shareholders and the broader investment community.
Members of our investment team are available to speak with investor groups, subject to availability and scheduling. These sessions typically cover our investment philosophy and process, portfolio positioning, market outlook and current themes shaping markets. We are also happy to allow time for Q&A to address topics of particular interest to your group.
If you would like to explore arranging a speaker, please contact our team by emailing [email protected] with details of your group, proposed date, format (in-person or virtual), audience size and preferred topics and we will do our best to accommodate your request.
Index returns performance table
