TMS Insights July 2026: Where the earnings growth is
Australia has an inflation problem without the earnings growth. The US has earnings growth without the inflation. In this episode of TMS Insights, Ben and Jeremy unpack a market being moved by macro forces rather than company news, and what that gap means for where capital should sit.
In this episode:
- Consensus is tipping 11% earnings growth for the ASX 200 this reporting season, but strip out resources and it's closer to 3 to 5%, with most of that coming from cost cutting rather than revenue.
- Google has posted its first negative quarter of operating cash flow since listing, all down to AI investment. Ben and Jeremy discuss why the winners of the AI build-out won't just be big tech, and how to get exposure without a one way bet.
- Macquarie's Shemara Wikramanayake steps down after eight years and a 193% total shareholder return, almost double the ASX 200 over the same period, and the stock stays a top holding.
- And the housing market enters price discovery, with auction and listing volumes falling through the floor as buyers and sellers work out what the tax changes mean for values.
Companies discussed: Google (GOOGL), Tesla (TSLA) and Macquarie Group (MQG).
If you'd like a conversation about how your portfolio is positioned, or a second opinion, our team is always happy to talk.
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