It’s Monday the 29^th September 2025. Today, US President Donald Trump’s decision to place 100 per cent tariffs on pharmaceuticals imported into the US has sent global drug companies into a tailspin, and in Australia, put further pressure on one of the worst performing sectors on the ASX. The S&P/ASX 200 Health Care index, which is the third biggest on the bourse, is trading close to a 52-week low and down 18pc this year. CSL has been the worst performing large cap on the bourse, while other healthcare stocks have also struggled, not because of tariffs, but because of poor performance.

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News in brief

Prime Minister Anthony Albanese said there will be no attempt at constitutional change, such as a referendum, while he is running the country. His comments came after meeting King Charles III at Balmoral. Albanese told the ABC’s Insiders program that instead, the government is concentrating on cost of living, and making a real, practical difference to people’s lives.

The Qantas board has lifted the bar for long-term executive incentive plans, saying shares will only vest if the airline’s reputation score improves from average to strong or excellent by 2028.

Employment platform SEEK has unveiled its latest list of hot jobs – the roles that are currently most in demand on the site. And administration and office support comes in at number one. See the full top ten list later in the newsletter.

The price of silver has hit a 14-year high, up 55 per cent this year, and has outpaced gold, which is up 43pc. It is now worth $US45 an ounce, its highest level since April 2011. While it is a reflection of safe-haven buying, just like gold, and a falling US dollar, silver has the added benefit of being very useful in industry.

Hundreds of coffee shops the size of shipping containers are springing up along US roadways to serve Americans who want a drive-through caffeine fix.  A record 59 per cent of US consumers who bought a cup of coffee last year, picked it up at a drive-through.

Fear-o-meter

US tariffs are the least of the healthcare sector’s worries. Health stocks in Australia, as a group, are trading near 52 week lows. Notwithstanding some incredible companies over the years – CSL, Cochlear, Resmed – it is a critical point for the sector.

The irony is it should be a golden period for healthcare – there’s an ageing population in Australia and globally, there is a prevalence of chronic diseases and there is rising healthcare spending.

But global players are doing a better job aggressively adopting AI for drug discovery, clinical trial optimisation and supply chain resilience, according to analysts.

Also size matters because it allows diversification. Aussie healthcare companies and biotechs focus on treatments for specific ailments – they’re not diversified.

Add in that Australia’s market size is small and to succeed companies need to play in Europe or the US, and it is tough environment for healthcare stocks.

Fear & Greed Q+A today

On the bumper week ahead for the economy, including why the Reserve Bank will keep rates on hold tomorrow afternoon:

 

"I don't think anybody is [expecting a cut], and I don't think we're going to get one for a few obvious reasons. One is, and as the RBA has been saying in its recent public commentary, there are some tentative hints of better economic news... the retail sector's a little bit better. Building approvals are picking up a little bit. The GDP result that we saw a few weeks ago was a little bit stronger. So they're looking at that and saying, well, hang on, we've got 75 points of rate cuts already in the system. They're yet to have their full effect on the economy. Let's just take a time-out tomorrow afternoon with our announcement of no change in rates, and the governor can explain that at a press conference, and let's wait and see what happens to the economy after that."

Greed-o-meter

SEEK has revealed a list of the roles currently most in demand on the employment platform. SEEK says this comes at a time when job applications are sitting at record highs.

Source: SEEK

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