This episode delves into the market complacency amidst record high equities, the impact of Middle East tensions, and the interplay between inflation and interest rates. It also addresses the near-term risks associated with the upcoming end of the tariff pause and the U.S. budget deficit challenges. Episode released 9 July 2025 Zenith Investment Partners (ABN 27 103 132 672, AFS Licence 226872) is the provider of General Advice (s766B Corporations Act 2001). To the extent that any content of this website constitutes advice, it is General Advice for Wholesale clients only and prepared exclusively for Zenith clients, without taking into consideration the objectives, financial situation or needs of any specific person. It is not a specific recommendation to purchase, sell or hold any financial product(s) and the contents of this website are subject to change or withdrawal without prior notice. Investors should seek their own independent financial advice before making any investment decision and should consider the appropriateness of any advice in light of their own objectives, financial situation, or needs. Investors should obtain a copy of, and consider, any relevant product PDS or offer document before making any investment decision. This website and its contents are subject to copyright and may not be reproduced or distributed without the consent of the copyright owner. This website and its contents have been prepared in good faith and are believed to be reliable, but its completeness and accuracy are not guaranteed. Zenith accepts no liability for any errors or omissions, whether direct or indirect, arising from the use of information contained on this website. Past performance is not an indication of future performance. © 2025 Zenith Investment Partners Pty Ltd. All rights reserved.