TMS Insights November 2026: Midterm volatility and market opportunity
Two wild nights on Wall Street, yet history suggests the period following US midterm elections has been remarkably strong. In this episode of TMS Insights, Ben and Jeremy unpack the election fallout, Australia's weakening economy and where opportunities are emerging across global markets.
In this episode:
- US markets swung sharply following the midterms, but the 20-year historical record discussed by Ben and Jeremy shows no negative post-midterm years, with average returns of 14.5%.
- Australia's latest interest rate rise adds pressure to an already struggling domestic economy. NAB reported a 13% fall in earnings as bad debt provisions increased, while Wesfarmers flagged a tougher outlook for Bunnings.
- Goodman Group's interest in NEXTDC sent its shares rallying 50%, highlighting the growing value of data centre infrastructure as US communities push back against new developments.
- REA Group delivered 12% quarterly earnings growth despite a challenging housing market, while ResMed beat revenue and margin guidance against a difficult backdrop for US medical technology stocks.
- With oil falling below US$100, 10-year bond yields moving back under 5% and the Australian dollar approaching US$0.69, Ben and Jeremy discuss why opportunities are emerging in high-quality offshore businesses.
Companies discussed: National Australia Bank (NAB), Commonwealth Bank of Australia (CBA), ANZ Group Holdings (ANZ), Westpac Banking Corporation (WBC), Eagers Automotive (APE), Wesfarmers (WES), Goodman Group (GMG), NEXTDC (NXT), Amazon (AMZN), NVIDIA (NVDA), Micron Technology (MU), ASML Holding (ASML), Tesla (TSLA), ResMed (RMD), REA Group (REA), CoStar Group (CSGP), Xero (XRO), WiseTech Global (WTC) and Macquarie Group (MQG).
TMS Private Wealth is a boutique wealth management firm with offices in Sydney and Melbourne. If you'd like a conversation about how your portfolio is positioned, or a second opinion, our team is always happy to talk.
This video is general information only and doesn't take into account your personal circumstances.
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