Most ASX listed companies reported FY22 numbers during the month, with earnings beating analyst estimated only slightly. However, earnings estimated have been downgraded as a function of softening global growth.

ASX reporting season beats vs misses (ASX200)

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Central bank movements (interest rates) are impacting markets more so than underlying company fundamentals, as witnessed with the market dropping significantly following the US Fed chief Jerome Powell’s speech indicating that interest rates will rise into next year.

Defensive companies have outperformed high-growth businesses, as the market seeks to protect capital on recessionary fears.

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