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Jeremy Hutton: Milford Asset Management Equities Analyst on the current state of the global markets in 2025 · Best of Business

• 0:09
  Speaker 1: You're listening to a podcast from news Talk zed B.
• 0:12
  Speaker 1: Follow this and our wide range of podcasts now on iHeartRadio.
• 0:16
  Speaker 2: Jeremy Hasson Milford Asset Management is with me. Hey, Jeremy.
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  Speaker 3: Good evening, Heather.
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  Speaker 2: So halfway through the year already flies by, so it's
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  Speaker 2: probably a good time to check in on the global
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  Speaker 2: share markets. How are our investments going so far?
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  Speaker 3: Yeah, in twenty twenty five, at at a headline level,
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  Speaker 3: you'd look at some of the key global markets yet
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  Speaker 3: to date, you've got the SMP five hundred that's up
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  Speaker 3: five percent, the Tech Focus Nasdaq that's up seven the
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  Speaker 3: Aussie two hundred that's up five And you take some
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  Speaker 3: of that performance and you say those are half decent returns,
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  Speaker 3: and in a normal year after six months you'd be
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  Speaker 3: pretty happy. But of course, if you look more into
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  Speaker 3: the detail, there has been a lot of news and
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  Speaker 3: a lot of noise out there, and this was led
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  Speaker 3: effectively by the fifteen the nineteen percent fall in the
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  Speaker 3: SMP five hundred post Trump's Liberation Day. But despite this,
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  Speaker 3: and despite the ongoing trade tensions, high tariffs, Middle Eastern conflict,
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  Speaker 3: there's been a subsequent incredible twenty four percent rebound back
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  Speaker 3: in the SMP five hundred back to record market highs.
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  Speaker 3: So a few comments i'd make you know, investors have
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  Speaker 3: become very accustomed to buying the dip in this post
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  Speaker 3: COVID world, and that strategy seems to have worked again here.
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  Speaker 3: And then finally, you know, staying calm, sticking to your strategy,
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  Speaker 3: not panicking and selling at the wrong time has also
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  Speaker 3: proven to be a good strategy here again.
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  Speaker 2: But so, what's going on with the local market, because
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  Speaker 2: it's been lagging.
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  Speaker 3: Yeah, correct, the Indetex fifty that's down to zero point
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  Speaker 3: two percent year to date, so it is lagging the
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  Speaker 3: key pairs who are up around five As mentioned earlier,
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  Speaker 3: the INSIDEX that did fall two post liberation Day, down
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  Speaker 3: nine percent through April and May, and our market does
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  Speaker 3: tend not to have the same size moves or volatility
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  Speaker 3: as global markets, just given the makeup of some of
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  Speaker 3: the companies in our index. The INCDTEX has bounced back
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  Speaker 3: a little bit, but it hasn't quite recovered all the
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  Speaker 3: losses from that fall, unlike global markets which have fully recovered.
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  Speaker 2: So tell me what's been leading the z X so far?
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  Speaker 3: Interestingly, there is there is a common theme so far
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  Speaker 3: this Yeah, some of the food and agri names have
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  Speaker 3: have been really strong and leading the charts this year.
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  Speaker 3: So A two Milk that's the current leader on the
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  Speaker 3: z X infant formula into China that's up thirty seven
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  Speaker 3: percent after a very strong result in February. They'll have
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  Speaker 3: some updated numbers in August two which will be widely followed.
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  Speaker 3: Fishing Business Sanford that's up thirty six percent yet to date.
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  Speaker 3: The new CEO there, David Mayer, that he's working wonders already,
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  Speaker 3: Fonterra as we know, strong Dairy that's up twenty eight percent.
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  Speaker 3: Scales that's Apple and pet food business doing really well,
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  Speaker 3: up twenty percent. And then finally Turner's Automotive that's up
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  Speaker 3: twenty eight percent in twenty twenty five so far. That
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  Speaker 3: so that's continuing. It's really strong past few years.
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  Speaker 2: And what's not been doing so well.
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  Speaker 3: Yeah, despite some of those win above, it does depend
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  Speaker 3: on their relative size in the index to see how
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  Speaker 3: it impacts the market as a whole. And unfortunately we've
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  Speaker 3: had some larger companies like Rhyme and Healthcare with its
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  Speaker 3: big capital Rays that's down forty eight percent, Sky City
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  Speaker 3: down thirty eight percent, Spark down sixteen and Auckland Airport
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  Speaker 3: down ten percent as well. And given there some of
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  Speaker 3: our largest companies in the index index, it does drag
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  Speaker 3: the whole market down, but it does show that there
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  Speaker 3: are always pockets of strength out there and always pockets
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  Speaker 3: of weakness in every market.
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  Speaker 2: Brilliant stuff, Jeremy, thanks for running us through to appreciate it.
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  Speaker 2: Jeremy Hutton, Milford Asset Management.
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