Earlier today, Canaccord Genuity’s Chief Investment Strategist, Tony Brennan, delivered a keynote presentation at the RIU Explorers Conference, providing a deep dive into the global economic landscape and its implications for resource sector investors.
Addressing a packed audience of industry leaders, investors, and analysts, Brennan’s presentation, “Navigating Uncertainty”, examined how the global economy is stabilising but remains exposed to significant risks that could influence capital markets and commodity prices in the year ahead.
“Inflation is moderating, interest rates are beginning to ease, and economic growth has been relatively steady,” Brennan noted. “However, we’re now facing a fresh set of challenges, including shifting US policies, uncertainty around global monetary direction, and the risk of stretched equity valuations.”
Key Takeaways from Brennan’s Presentation
- Inflation Nearing Targets – Inflation levels are trending toward central bank targets, paving the way for interest rate cuts in key economies.
- Economic Growth Holding Firm – Global purchasing managers’ indices (PMIs) indicate resilience, particularly in services, offsetting weaker manufacturing activity.
- Rising Uncertainty – Policy shifts in the US could trigger inflationary pressures, while broader economic uncertainty remains high, particularly in Europe and emerging markets.
- US Stock Market Dominance – The US now accounts for two-thirds of the global equity market, with the top ten S&P 500 stocks making up more than a third of the index, raising concerns over concentration risks.
- Commodity Markets Remain Steady – Despite economic fluctuations, commodity prices have generally moved sideways, reflecting underlying supply and demand stability.
Brennan emphasised that while optimism has lifted following the recent US election, policy-driven inflation risks and stretched valuations in equity markets could drive volatility in the months ahead.
“The US stock market has been the clear outperformer over the last decade, but current valuations—particularly for mega-cap stocks—suggest that investors should be cautious,” he said. “For resource investors, the focus should be on where capital is flowing and how macroeconomic trends impact commodities and exploration financing.”
With more than 2,000 attendees engaging with 150 ASX-listed resource companies over the course of the conference, Brennan’s presentation provided essential context for investors navigating the complex global landscape.
The RIU Explorers Conference continues over the next two days with presentations from leading exploration and mining companies, shaping discussions on Australia’s resource sector and its role in global markets.
About the 2025 RIU Explorers Conference
The RIU Explorers Conference is one of the largest junior exploration events in Australia with the 2025 line up the busiest yet featuring presentations from more than 100 resource companies, 150 exhibitors while over 2,000 conference delegates are expected to be in attendance.
Companies presenting and exhibiting will feature those exploring and/or mining for commodities ranging from precious metals (gold and silver), base metals (copper, nickel and zinc) through to battery metals (cobalt and lithium)
Contact details:
Chapter One Advisors
David Tasker / Colin Jacoby
M: +61 433 112 936 / +61 439 980 359
E: dtasker@chapteroneadvisors.com.au / cjacoby@chapteroneadsvisors.com.au
