6 October 2025 | Weekly Snapshot
Saward Dawson > Wealth Advisory Insights > Weekly Snapshot > 6 October 2025
Did you know?
There have been over 20 government shutdowns in the USA since 1976? 23 days is the longest, which occurred in 2018, also under President Trump. The current government shutdown started on the 1st of October, so we are only a few days in. The shutdown means that wage payments to non-essential federal employees is suspended. It will result in lower GDP but this will be a temporary issue, so markets should not extrapolate the economic impacts too far into the future.
Market Movements
Markets were surprisingly strong last week in the face of the US government shutdown. The ASX market was among the strongest, up 2.3%. Healthcare was the strongest sector (up 4.6%), which is a reversal on what has been the weakest sector, where year-to-date returns are still down 13.8%. CSL was among the strongest healthcare gainers (up 4.2%) after it stated that they expect little impact from the US pharmaceutical tariffs. Energy was the weakest sector (down 2.0%) driven by oil prices (down 5%) with continued fears of oversupply from OPEC. All the major oil stocks were down as a result, including Origin (down 2.4%). BHP was higher by 0.4%, which masked some volatility resulting from conflicting stories surrounding pricing negotiations between Chinese steel mills and BHP.
In the US, equites markets were higher by 1.1%, also led by healthcare stocks (up 2.6%) including Eli Lilly (up 15.9%). Communication services was the weakest sector (down 1.5%) led by Newscorp (down 8.5%). The government shutdown entered the second week with no signs of an immediate resolution. Freeport McMoran regained some lost territory (up 11%). Unfortunately, 5 underground workers remain missing as a result of the mudflow incident at the Grasberg mine in Indonesia. Safety concerns will continue to complicate the resumption of operations in the meantime.
On economics, domestic building approvals fell 6% month-on-month for August. Eurozone inflation ticked higher to 2.2% but is still at a comfortable range. The RBA held interest rates at 3.6%, which was in line with market expectations, citing continued inflationary pressures.
We will soon kick off the 3Q reporting season in the USA. The below 5-year chart shows a snapshot of the critical elements. The index price (green/red line) is at all-time highs, supported by rising earnings per share (green line). Valuations (or price-to-earnings ratio, blue line) remain elevated at 23x, which shows that markets are factoring in a continuation of the strong earnings environment, with AI stocks leading the way.
Portfolio Movements
Sonic Healthcare CEO to retire.
- Sonic Healthcare announced that Chief Executive Officer Dr Colin Goldschmidt will retire at the company’s Annual General Meeting in November, after 32 years in the role.
- Dr Jim Newcombe will become Managing Director and CEO following the AGM. Dr Newcombe is a pathologist specialising in clinical microbiology. He joined Sonic Healthcare eight years ago and is currently the CEO of Sonic’s largest Pathology operation, which is based in Sydney.
- Shares were higher by 1.7%
CME Group to offer 24/7 cryptocurrency derivatives trading
- CME Group is looking to offer around-the-clock trading for cryptocurrency futures and options from 2026, pending regulatory review.
- “While not all markets lend themselves to operating 24/7, client demand for around-the-clock cryptocurrency trading has grown as market participants need to manage their risk every day of the week,” CME said.
- Cryptocurrency futures and options have reached record volumes at CME Group in 2025. August average daily open interest of 335,200 contracts is up 95% year on year with record notional open interest of around $39 billion.
- CME is a leading global derivatives exchange.
Apple ditching headsets to focus on glasses
- Apple is looking to pause an overhaul of their Vision Pro headset citing weaker customer adoption than hoped. Instead, they will focus on the development of smart glasses to rival recent product launches from Meta.
- Apple is working on at least two types of smart glasses, aiming to unveil them in 2026
- Apple shares were higher by 1.4%.
The Week Ahead
- Tuesday 7 October: USA Trade Balance (Aug) -$61.0b (prior -$78.3b).
- Wednesday 8 October: USA Consumer Credit (Aug) $14.0b (prior $16.01b).
- Thursday 9 October: USA Initial Jobless Claims (Oct 4 ) 227k (prior –No Data– due to US Shutdown).
- Friday 10 October: USA Wholesale Inventories (Aug F) -0.2% )prior -0.2%). China Money Supply M2 YoY (Sep) 8.5% (prior 8.8%)
- Saturday 11 October: USA University of Michigan Sentiment (Oct P) 54.0 (prior 55.1).
Saward Dawson Wealth Advisors Pty Ltd, a Corporate Authorised Representative of Akambo Pty Ltd t/a Accountants Private Advice
The information presented in this publication is general information only, and is not intended to be financial product advice. It has not been prepared taking into account your investment objectives, financial situation or needs, and should not be used as the basis for making an investment decision. Before making any investment decision you need to consider (with your financial adviser) your particular investment needs, objectives and financial circumstances.
Some numerical figures in this publication have been subject to rounding adjustments. Akambo Pty Ltd (including any of its directors, officers or employees) will not accept liability for any loss or damage as a result of any reliance on this information. The market commentary reflect Akambo Pty Ltd’s views and beliefs at the time of preparation, which are subject to change without notice.
