NAB Morning Call

Wednesday 27th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB President Trump posted an open letter to the Fed’s Lisa Cook saying she was removed from her position, effectively immediately. Legal proceedings will almost certainly follow, particularly ss she has not yet been charged with any crime, but, as NAB’s Taylor Nug...

Tuesday 26th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The initial excitement over a seemingly dovish Jerome Powell on Friday has subsided at the start of the week. Bond yields are rising, and equities are falling. NAB’s Rodrigo Catril says Powel was really quite hawkish in his tone, with a weak jobs report or higher...

Monday 25th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Fed chair Jerome Powell surprise markets on Friday when his speech at Jackson Hole had a decided dovish tilt to it. Bond markets reacted but, as NAB’s ray Attrill explains, it didn’t move pricing too much for a September cut. The question is whether more will foll...

Friday 22nd August 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . UIS trade policy has been turbulent, to put it mildly, since Liberation Day in April. Tariffs have moved up and down, some geographic, others sectoral. The reasons have fluctuated, from  stopping fentanyl, to trade imbalance,...

Friday 22nd August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US equities closed in the red again today, with losses more broad-based than earlier in the week. In part it’s a response to Walmart’s results, which showed increased revenue but a cut in earnings, suggesting they were losing margin, perhaps because of tariff impa...

Thursday 21st August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Tech stocks lost ground again overnight, for no immediately apparent reason, unless it’s still down to comments earlier in the week from OpenAI’s Sam Altman that some people are going to get their fingers burned. NAB’s Rodrigo Catril is back with Phil to talk th...

Wednesday 20th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB NAB’s Ray Attrill says the RBNZ is expected to cut rates today, even as an upswing inflation is expected in their revised forecasts. One central bank that might not cut at all for the remainder of the year is the Bank of England, with fresh CPI data out later e...

Tuesday 19th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Having met with Zelensky and Putin separately, President Trump is now aiming for a three-way meeting to try and reach peace in Eastern Europe. The odds are still quite low, though, because it is unlikely Ukraine and Europe will want to surrender territory as part...

Monday18th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US retail sales remain resilient, but the same can’t be said for China. But the worry from Friday in the US is that inflation expectations are ticking higher. Meanwhile Japan’s GDP was firmer than anticipated, supporting the case for a BoJ hike, but when? NAB’...

Friday 15th August 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . The Japanese economy woke from years of stagnation to an inflationary environment that gave businesses the opportunity to raise prices and for workers to demand more money. It provided a growth opportunity that had been missing from the...

Friday 15th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB NAB’s Rodrigo Catril joins Phil on this morning’s podcast. Phil suggests there are three signs that tariffs are having an impact. First, producer prices were up more sharply than expected in the US. Second, the UK trade deficit fell sharply. And European industria...

Thursday 14th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Equities are rising, and not just in the US. In fact, the MSCI World Equities Index hit a record high overnight. But  bonds are the story today, says NAB’ s Gavin Friend, with 10year Treasury yields down 5 basis points. Markets have got a cut from the...

Wednesday 13th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets have looked at the latest inflation data from the US, assumed companies are largely swallowing the cost of import tariffs, which removes the excuse for the Fed to hold off cutting rates in September. NAB’s Ken Crompton says markets are close to fully pr...

Tuesday 12th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There’s been very little market movement despite some surprising news. First, President Trump announced a 15% tariff on exports from NVIDIA and AMD for AI chips headed to China. NAB’s Sally Auld says it’s a surprising move that a restriction supposedly on nationa...

Monday 11th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB This will be a very significant week and NAB’s Ray Attrill joins Phil to talk through it. For a start, we’ll be getting US inflation data tomorrow, to help answer the question around the impact of tariffs. One man who doesn’t believe it’s an issue is Stephen Miran...

Friday 8th August 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Cath Carver is NAB’s Head of Corporate and Institutional Banking. She’s been in the role for a year but is close to clocking up ten years with the bank, with a long track record in finance and banking before that. Towards the end of this...

Friday8th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB As of yesterday, US imports were hit with an average 15% tariff. Time will tell who is feeling the hurt the most, but on today’s podcast we hear about the impact on the auto industry, and German industrial production. China meanwhile saw exports rise again. On today...

Thursday 7th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US equities are up at the close. Helped by an announcement that Apple will invest heavily domestic production. It seems investors have forgotten weaker ISM and jobs data over the last week. India has been hit with another 25bp in tariffs for purchasing oil f...

Wednesday 6th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The S-word has been used a bit overnight as the US ISM Services number showed falls in employment, new orders and rising prices. But, as NAB’s Skye Masters points out, the counter to that is the PMI number for the same month, which rose substantially. So, pick y...

Tuesday 5th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Has Friday’s jobs data been forgotten about? Phil puts the question to NAB’s Rodrigo Catril, pointing out that there’s very little movement in bond yields. But there’s been no retracement either and auctions this week will test the mettle of investors as to whethe...

Monday 4th August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There were sharp market moves on Friday after all the shenanigans in the US. NAB’s Ray Attrill tells us how markets responded to a far weaker than expected non-farm payrolls report, that included two substantial reductions in the numbers for the prior two mont...

Friday 2nd August 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . NZ Super Fund is New Zealand’s sovereign wealth fund (SWF), that has earned a reputation for delivering the strongest returns of any SWF globally. So what’s their secret and how do they perform against private funds? Brad Dunst...

Friday 1st August July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Yesterday the US President warned there will be no delays on tariffs ahead of the August 1 deadline. Hours later he announced a 90-day delay for Mexico but warned that Canada’s support for Palestine would make a deal difficult. NABs Ken Crompton talks about how non...

Thursday31st July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB If anything, the Fed was sounding slightly hawkish at today’s meeting, says NAB’s Tapas Strickland, erven though two dissenters voted for a rate cut. The fear and uncertainty around the inflationary impacts of tariffs is part of the problem, and markets are now seeing a...

Wednesday 30th July 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Oil is the big mover overnight as President Trump confirms Russia has just 10 days to end the war before he imposes secondary tariffs. US equities have fallen. Meanwhile, it seems likely that China will have longer to reach an agreement. Meanwhile, US consumer confide...