The ASX next run higher may depend on miners doing the heavy lifting

Morgan Stanley’s call for the ASX 200 to reach 9,250 by the middle of next year is plausible, but the logic is narrower than a broad market bull case. The broker is effectively arguing that miners and energy producers can carry the index while housing-linked and consumer-facing names struggle under higher borrowing costs and a war-driven energy shock. The setup is credible. It is also uneven. Investors should read this as a sector leadership call, not a clean all-market recovery story.

Morgan Stanley’s latest Australian market call is bullish, but only in a. . .