Start your day with the NAB Morning Call for the latest overnight key economic and market information straight from our team of expert market economists and strategists. This includes perspective on overnight news and market price action and the forces shaping movements in Australian and global markets in the days ahead. Hosted on Acast. See acast.com/privacy for more information.
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Weekend Edition: Moving up the renewables value chain
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Friday 26th April 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. Australia is well placed in terms of natural resources for the green energy transition. We are already one of the world’s largest exporters of lithium, in-demand for the production of batt…
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Wednesday 24th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Is stagflation on the horizon for America? It’s a question Phil puts to NAB’s Rodrigo Catril after we saw slower growth and rising prices in data out on Wednesday. Could slow growth impact the euphoria around the Magnificent Seven?…
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PMIs show narrowing US-Europe gap, Inflation Day for Australia
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Wednesday 24th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB PMIs showed some strength in Europe, but were generally weaker than expected in the US. NAB’s Taylor Nugent says it’s the US numbers that generated a market reaction because it adds to the leading indicators that challenge the noti…
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The Equities Strike Back (for now)
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Tuesday 23rd April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The force of AI is strong it seems. It’s certainly pushing equities back up again in the US ahead of earnings results for several of the Magnificent Seven later this week. Meanwhile, bond markets and currencies have calmed down, alth…
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Is there a tech correction going on?
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Monday 22nd April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The magnificent seven have been taking a hit in the US share market. NAB’s Ray Attrill says the forward-guidance for Netflix wasn’t received well, and four more of th large tech stocks report this week. Meanwhile, there were further s…
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The Weekend Edition: Europe needs a confidence boost
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Friday 19th April 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. This week we saw the divide between European despondency and American exceptionalism widen a little further. The IMF upgraded their US growth forecasts, whilst nudging Europe’s a little lo…
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Next Fed move, backend of the year, unless it’s up!
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Friday 19th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Fed speakers are increasingly pushing expectations for cuts further back in the year. John Williams even suggested he’d entertain the idea of a rate rise if it was warranted. That’s coming from one of the more dovish members of the FO…
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UK inflation slows, but not enough. Aussie employment numbers today.
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Thursday 18th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Markets were mixed overnight. The dollar lost a bit of ground, AUD and NZD outperformed, bond yields fell, while US equities have continued to struggle. The only geopolitics to speak of came from Joe Biden talking upping the need to…
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It’s taking longer, says Powell
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Wednesday 17th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB There’s been a significant shift in sentiment from central bankers at the IMF meeting in Washington. Jerome Powell, who had previously seemed happy to accept rate cuts relatively soon, is now signalling it will take longer. IMF for…
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US retail moves markets, not the Middle East
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Tuesday 16th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The latest retail numbers showed the resilience in the US economy. NAB’s Ray Attrill says its surprising given the fall in household savings, but there are more people in work feeding the spending habit. These stronger than expected …
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Drone attack. Will Israel retaliate?
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Monday 15th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB How markets respond to the Middle East situation this week really depends on whether Israel retaliates. The expectation of the weekend’s drone attack on Israel by Iran pushed the US dollar higher, bond yields lower and caused some dam…
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Weekend Edition: The "women with money" opportunity
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Friday 12th April 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. Financial advisors could be missing a trick. So many of them are men, used to dealing with men, yet the customer base is shifting. High net worth women are accumulating their own assets, f…
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Europe is getting ready, without being triumphant
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Friday 12th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Christine Lagarde said a few members of the ECB were ready to cut rates now, even as the ECB President announced that, for now, rates will stay on hold. Was this the strongest suggestion yet that a June cut will happen? Phil asks NAB’…
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US CPI surprise. The last mile just got longer
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Thursday 11th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB US inflation is not coming down quickly. There’s been a lot of evidence for that lately and the latest CPI numbers can be added to the list. The response from markets have been quite pronounced, with a significant rise in yields, a …
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Two central banks and lots of unhappy small businesses
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Wednesday 10th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB US CPI numbers are out today along with a couple of meetings of central banks - the Bank of Canada and the RBNZ. NAB’s Taylor Nugent talks through the expectations for both those meetings, although clearly both are expected to be o…
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Treasury yields hit year highs on creeping doubts about Fed easing
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Tuesday 9th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB 10 year Treasury yields hit a year to date high overnight as markets continue to push back expectations for the number and timing of FOMC cuts this year. NAB’s Ray Attrill says the Fed’s Goolsbee described the US economy as being in a…
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US payrolls too hot for the Fed?
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Monday 8th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB US non-farm payrolls showed many more new workers than expected last month, but an increase in the participation rate meant the unemployment rate actually fell. Phil asks NAB’s Rodrigo Catril why the numbers have pushed back market exp…
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Weekend Edition: China’s future – on its terms
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Friday 5th April 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. China is forecasting GDP growth of 5 percent this year. The China Daily suggested last week that the economy was on track to see sustained growth of 4.5 percent each year until 2035. Just h…
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Australia’s housing problem, US markets choppy ahead of jobs numbers
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Friday 5th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The latest building approvals for Australia show just how bad the housing situation is becoming. NAB’s Rodrigo Catril says it’s a structural problem that adds to the difficulties the RBA faces in slowing inflation. He talks through the…
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Powell waits whilst service sector softens
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Thursday 4th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Jerome Powell spoke at the Stamford Forum overnight, reiterating that the Fed was prepared to wait before cutting rates. JBWere’s Sally Auld says markets are now stating to come to terms with the fact that a June cut is almost certai…
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Yields rise over expected Fed delays
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Wednesday 3rd April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Bond yields continued to rise in the US overnight, with Europe playing catch-up as it returns from a long Easter weekend. NAB’s Ken Crompton talks through the adjustment markets are making to their rate cut expectations from the Fed…
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Hopeful data suggests US is heading for ‘no landing’
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Tueday 2nd April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The US manufacturing ISM this morning was stronger than expected. Phil asks NAB’s Ray Attrill if we are seeing more soft-landing evidence from the US, with the Core PCE deflator read on Friday showing prices are rising just 2.8% year o…
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Weekend Edition: Bronwyn Curtis on central banks and growth
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Friday 22nd March 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. Bronwyn Curtis OBE is an Australian economist living in the UK with an illustrious career in finance. She’s headed Currency and Fixed Income at Deutsche Bank, then later at HSBC, as well a…
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A scramble to the quarter end
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Thursday 28th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB A early Easter this year is creating the potential for extra volatility the last day or two of the quarter. Even though the Core PC deflator numbers are out at the end of the week, the markets are closed on Friday. That means market…
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Break the glass and get ready for inflation numbers
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Wednesday 27th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB It’s been a session low on significant data and low on market moves. Bond markets have managed to absorb sizeable auctions however, and equities have bounced back as we approach month end and the US inflation data at the end of the…
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Controlling the Yuan and the Yen
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Tuesday 26th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The CNY climbed higher today, as the PBoC set a higher reference rate, reversing expectations that perhaps authorities were willing to see the currency drift a little lower. NAB’s Rodrigo Catrl talks through the moves, and the warnin…
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Easing hopes and a falling Yuan
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Monday 25th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The CNY fell sharply on Friday after Chinese authorities set the daily reference rate weaker than expected. NAB’s Taylor Nugent talks through the consequences and repercussions of an approach that might be less contained. Meanwhile ma…
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Weekend Edition: The Great Education Bounce Back
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Friday 22nd March 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. Foreign students are back and more than ever. Julie Hare, education editor at the AFR, says its more than just a rebound and catch-up from COVID. Something has shifted. So, what does that …
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Bad Apple, Swiss Surprise, English Hawks fly
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Friday 22nd March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Equity markets ushed higher, presumably on expectations of looming rate cuts by various central banks. NAB’s Gavin Friend in London says a move in August is still expected by the Bank of England, as the two hawks who voted for a rise …
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Fed feels its way slowly
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Thursday 21st March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Inflation has eased, but not enough yet says Jerome Powell, as the Fed keeps rates on hold, and Fed members point to a slightly higher long-term nominal rate. NAB’s Taylor Nugent dissects the announcement and the press conference, b…
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Wednesday 20th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB With the RBA and bank of Japan out of the way, markets are readying themselves for the FOMC tomorrow, with yields drifting a little lower today in anticipation. NAB’s Ken Crompton says the RBA has removed its tightening bias – now,…
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Tuesday 19th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Two central banks meet today, but the outcomes seem predictable. The end of negative rates by the Bank of Japan seems to have been well signalled, and the RBA continues its restrictive policy settings. NAB’s Skye Masters says we cont…
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One move out of six this week?
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Monday 18th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB This week we hear the interest rate decisions from the RBA, the Fed, the BOE, the Bank of Japan, Norge’s Bank and the Swiss National Bank. Will any of them move rates? NAB’s Rodrigo Catril looks at what to expect and when, including t…
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Weekend Edition: Aussie agriculture, scaling up to thrive
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Friday 18th March 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. A pandemic, water shortages, labour supply issues, the cost of finance, China’s slow recovery, climate change. It seems like the agricultural sector faces massive headwinds, but NAB’s Lea …
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The lengthening last mile
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Friday 15th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Reality is starting to bite. Pesky inflation is taking longer to come down, even as other data is showing slower economic growth. NAB’s Ken Crompton says its only one day, but stronger producer prices and slower retail growth is your …
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Hungry for US bonds, wage wins in Japan
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Wednesday 13th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Another big auction overnight showed strong appetite from investors for long-dated US bonds. NAB’s Gavin Friend says the resilience in US data refuses to give up and the timeline for when the Fed will cut rates continues to get pus…
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US inflation hotter than expected
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Wednesday 13th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB US inflation came in hotter than expected ion data out overnight, but NAB’s Taylor Nugent says it was only marginally above expectations, rounding just makes it seem worth. It’s not changing expectations for a June cut, he says. Th…
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Last minute nerves ahead of US inflation
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Tuesday 12th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB US CPI is out today. A core monthly read of 0.3 percent is expected. JBWere’s Sally Auld says that’s too high to meet the Fed’s target so we’ll need to see CPI down to 0.2 percent over successive months before they can be certain the…
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The US jobs numbers that surprised, then didn’t
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Monday 11th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB US payrolls data was initially a surprise on Friday. NAB’s Ray Attrill says there was an initial algo-driven market response, before the human s stepped in on realising that substantial downward revisions in the previous two months me…
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Weekend Edition: Equality Japanese Style
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Friday 18th March 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. You would be right in assuming that equality for women is less prevalent in Japan than it is in Australia. There are 200 listed companies on the Nikkei who don’t have a single female board…
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All eyes back on June with hopes of no payrolls surprise
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Friday 8tth March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB NAB’s Gavin Friend says you only need to look at the falls we’ve been experiencing in yields lately to recognise that there’s a renewed acceptance that rates will be cut, probably by the middle of the year, in the US and Europe. At th…
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Aussie bounces, ECB likely to stick
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Thursday 7tth March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The Aussie dollar has led the major sin currency gains today. NAB’s Skye Masters says it follows a fall n the US dollar, with the DXY at its lowest level in over a month. The rise in the Aussie happened despite a lacklustre GDP repo…
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US caution amidst stock shocks and services slowdown
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Wednesday 6tth March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The US ISM services index showed a larger than expected slowdown. As NAB’s ray Attrill describes, that’s driven interest in bonds, helped by another fall in US equities, driven by falls in tech stocks. Here’s also been a rise in Bi…
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Is Xi Jinping still Mr 5 percent?
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Tursday 4th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB US shares have taken a rest for now. Perhaps a $1.8 billion fine on Apple over music streaming has reminded big tech investor that regulators have power. Today, NAB’s Ken Crompton talks through the impact of yesterday’s GDP partials f…
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Will weaker US data speed-up cuts?
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Monday 4th March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The US Manufacturing ISM was weaker than expected don Friday, with new orders, production and employment all contracting. Phil asks NAB’s Taylor Nugent whether this accounts for a fall in front end yields on Friday and whether its impa…
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Weekend Edition: Stage 3 tax cuts, not exactly tax reform
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Friday 1st March 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. This week Kate Griffiths from the Grattan Institute warns that the recent budget surplus is hiding the fact that the long-term balance between Australia’s tax intake and the expectations fo…
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‘As expected’ brings a sigh of relief
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Friday 1st March 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Markets were relieved that the US PCE deflators came in in-line with expectations. But, as JBWere’s Sally Auld points out, the six-month annualised rate is ticking up a little, hence the desire by th Fed to see more data before committ…
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RBNZ is done with hikes, Aussie retail will bounce back today
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Thursday 29th February 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Markets responded sharply to the RBNZ hold decision yesterday, even though it was largely expected. The tone from the press conference that followed left most assuming there would be no more hikes, even if it’ll take a while for …
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All quiet at the casino, all eyes over the ditch
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Wednesday 28th February 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Japan’s inflation is down, but not quite as much as expected. That’s raised expectation from some that the BoJ will use this as a reason to lift rates. Phil asks NAB’s Taylor Nugent whether they need to. Japanese exports seem to…
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Tuesday 27th February 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Tomorrow is looking a lot more interesting than today, with Australian CPI and the RBNZ. Overnight though, we had more talk from the ECB, including a curious comment from the Bank of Greece Governor, seemingly reinforcing the sugg…
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