Friends With Money #213: Mid-year market update

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Volatility has been the major theme in investment markets during the first six months of 2025, but is that likely to continue?

On this episode of the Friends With Money podcast, Money's Tom Watson is joined by Jonathan Shead, Australian head of investments at State Street Investment Management, to discuss the recent performance of equity and fixed income markets and take a look at the months ahead.

01:52 Volatility, macroeconomics and geopolitics

friends with money podcast 213 mid year market update tom watson jonathan shead money magazine

05:48 Equity market performance

08:54 Fixed income insights

11:06 Gold analysis

13:51 Future forecast

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What is the Friends With Money podcast?

Friends With Money is a weekly personal finance podcast by Money magazine, offering expert insights on investing, budgeting, superannuation, property, and other money strategies for everyday Australians.

Where can I listen to the podcast?

You can listen on Apple Podcasts, Spotify, or YouTube (with closed captions available).

Who hosts Friends With Money?

Episodes are hosted by Vanessa Walker and Tom Watson from Money magazine, featuring expert guests and real conversations about money.

Is the podcast suitable for beginners?

Yes! It's designed to be accessible for beginners while still offering valuable insights for seasoned investors.

What topics does the podcast cover?

The Friends With Money podcast covers topics including banking, property, budgeting, superannuation, investing, saving, insurance, employment, travel and more.

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New episodes are released weekly, so you can stay up to date with the latest financial tips and trends.

Can I watch episodes with captions?

Yes, full episodes with closed captions are available on YouTube.

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Boost your financial literacy anytime, anywhere with the Friends With Money podcast from Money magazine. Whether you're commuting, working out, or relaxing at home, this weekly podcast makes it easy to grow your money knowledge on the go.

Each episode dives into real conversations about money - how it's earned, shared, saved, and grown - with tips and insights that make finance simple and relatable. Perfect for beginners and seasoned investors alike, it's your go-to guide for building better financial habits.

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Tom Watson is a senior journalist at Money magazine, and one of the hosts of the Friends With Money podcast. He's previously worked as a journalist covering everything from property and consumer banking to financial technology. Tom has a Bachelor of Communication (Journalism) from the University of Technology, Sydney. Connect with Tom Watson on LinkedIn.

Jonathan Shead is the head of investments, Australia at State Street Investment Management. He has more than 35 years' investment industry experience. Jon joined State Street Investment Management in 2000 and has held roles including Australia head of retirement solutions, APAC head portfolio strategist and he was a member of the global portfolio strategy team. Jonathan holds a Bachelor of Economics from Macquarie University and is a Fellow of the Institute of Actuaries of Australia. Follow Jonathan on LinkedIn.