NAB Morning Call

Friday 10th July 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . All is not so rosy in China despite the official figures showing continued strong growth. ‘It’s not as becalmed and orderly as the government would have us believe’, says George Magnus.  George is an independent economist and a...

Friday 10th July 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Hostilities continue to escalate in the Gulf yet oil prices have fallen and bond markets rallied. Are we over it? On today’s podcast NAB’s Sally Auld says markets are accepting there wil be low grade military action for some time to come, and oil will continue to trade in a qua...

Thursday 9th July 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB NAB’s Ken Crompton joins Phil to discuss the latest moves in the Gulf, with President Trump declaring the ceasefire is over, with warning of renewed attacks on Iran. But will he push hard at the risk of escalating fuel prices for US citizens? Ken points to the President’s comm...

Wednesday 8th July 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Oil rose a little overnight after Iran fired shots on ships approaching the Hormuz Strait. NAB’s Skye Masters says the price rise was probably capped by the release of the latest IEA forecast, forecasting a fall in demand and a further fall in prices next year. Bond yiel...

Tuesday 7th July 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB With the US back from their 4th July long weekend there’s been renewed interest in buying tech stocks. NAB’s Rodrigo Catril joins Phil to discuss this and more. Including OPEC+ upping oil production – isn’t it a little academic as supplies out of the Gulf are still restrained....

Monday 6th July 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Brent crude is holding on in the low seventies, despite all the uncertainty around Iran. This isn’t where most commentators expected it would land according to NAB’s Ray Attrill. Phil asks what this means for inflation expectations and how much of this was factored into NAB;’s l...

Friday 3rd July 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . The government’s newly minted capital gains tax (CGT) rules threaten to hold back productive investment. That’s the view of veteran fund manager Geoff Wilson, founder of Wilson Asset Management, who says the changes for equities and busine...

Friday 3rd July 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB The non-farm payrolls from the US overnight came in softer than expected, but NAB’s Rodrigo Catril strong enough for the Fed to dismiss concerns about the labour market and focus more of inflation. Phil asks him about the impact of this on bond markets, whilst equities have been...

Thursday 2nd July 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB It’s been a quiet day on the markets. So, for a change, an edition of The Morning Call that doesn’t mention the words Iran or Gulf. Instead, the focus has been on that last panel session at the ECB Forum in Sintra. Kevin Warsh didn’t give anything away on monetary policy, exce...

Wednesday 1st July 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB The Yen fell further again overnight, hitting another 40-year low, but NAB’s Taylor Nugent says there’s no indication of when and if there will be any further currency intervention. US equities push higher and oil falls lower as Iran news falls off the front pages and investo...

Tuesday 30th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB As NAB’s Gavin Friend discusses with Phil, five cities are the focus for markets right now. In Doha, there are high hopes that high-level peace talks are resuming to stabilize maritime transit through the Strait of Hormuz. In Tokyo, markets are on the look out for a currency i...

Monday 29th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Nobody can accuse markets of being overly cynical about peace negotiations, says NAB’s Ken Crompton on this morning’s podcast. Oil fell on Friday despite skirmishes between Iran and Iran as Tehran seeks to reassert its control over the Strait. Most data on Friday were second ti...

Friday 26th June 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Is artificial intelligence on track to save mankind, or is the relentless hype hiding a massive financial crash and an ultimate existential threat? This weekend Phil tackles these profound questions with BCA Research's Chief Global Invest...

Friday 26th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Crude oil prices are marching back up after a Singaporean tanker was fired upon in the Strait of Hormuz. NAB’s Ray Attrill joins Phil to talk through the market response to that and to the sharp move up in Micron stock after the chip maker provided stellar forward guidance. Mea...

Thursday 25th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Oil prices are tumbling, with Brent crude hitting a fresh low near $73 a barrel,, taking significant pressure off global inflation hedges and pushing 10 year Treasury yields down 9 basis points. Phil talks to NAB’s Sally Auld look at how this commodity slide is reshaping cent...

Wednesday 24th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB There have been big global move down in equities yesterday and that continued overnight. NAB’s Taylor Nugent joins Phil to discuss this risk-off mood. There’s no clear trigger except shares rose quickly last week. The Iran situation certainly wasn’t responsible after another...

Tuesday 23rd June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB You might expect that as oil prices fall and the potential for economic growth resumes, big tech would be riding the wave. But, as NAB’s Rodrigo Catril explains today, US share indices have been driven down by two falls in two giants – SpaceX is own over 12% and Alphabet lost...

Monday 20th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB With the US closed for business on Friday what market action there was largely driven by geopolitics. Peace talks in Switzerland start on shaky ground with question marks over whether Iran has closed the Strait of Hormuz. President Trump has turned up the rhetoric, but it could...

Friday 19th June 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Is the Australian property market running out of puff, or are we just seeing the first ripples of a dramatic regulatory shake-up? Phil sits down with Cotality’s head of Australian research, Gerard Burg, to dig into whether the federal gov...

Friday 19th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Vessels have begun navigating the Strait of Hormuz following the formal signing of the U.S.-Iran MoU, with Brent crude at three-month lows near $80 a barrel. Phil asks NAB’s Ray Attrill whether this is as low as we can expect it to go for now, at least until a more definitive p...

Thursday 18th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB A concise and hawkish Federal Reserve decision has shifted global desks. Phil unpacks Kevin Warsh’s first Fed meeting with NAB’s Gavin Friend. I t delivered an unyielding 12-0 vote to hold rates steady alongside a razor-thin official statement that raised inflation forecasts...

Wednesday 17th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB A unanimous, universally expected pause by the RBA yesterday, with Michelle Bullock refusing to rule out future interest rate hikes if inflation remains sticky. Taylor Nugent says NAB's view remains firm that the data flow won't give them the final push needed to squeez...

Tuesday 16th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB There’s been a sharp market response to the apparent agreed memorandum of understanding, electronically signed by Iran and the US, with a formal signing ceremony in Switzerland on Friday. NAB’s Ken Crompton joins Phil to look at the market response, with yields falling, equiti...

Monday 15th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB NAB’s Sally Auld joins Phil to discuss a week where markets are responding to the shifting realities of a proposed U.S.-Iran peace deal. Deep optimism over a potential memorandum of understanding opening the Strait of Hormuz toll-free pushed Brent crude down to $87.30 a barrel...

Friday 12th June 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Japan finds itself performing a high-stakes economic balancing act as the nation navigates its most aggressive structural pivot in decades. In this weekend edition of the NAB Morning Call, Phil Dobbie welcomes Tokyo-based independent macr...