TMS July INSIGHTS

This week on TMS Insights, Jeremy and Ben examine a market increasingly driven by macroeconomic forces, including rising bond yields, oil price volatility and their implications for inflation and interest rates. The pair discuss why the US continues to deliver stronger earnings growth than Australia, and how investors can diversify beyond concentrated AI and Magnificent 7 exposure. While on the topic of US earnings, Ben and Jeremy discuss Google's first ever quarter of negative free cash flow (since listing), driven by intense capex. They also assess the outlook for Australian housing, the case for greater offshore diversification, and what investors should expect from the upcoming Australian reporting season. Companies discussed: Google (GOOGL), Tesla (TSLA) and Macquarie Group (MQG).