NAB Morning Call

Friday 30th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The US Appeals Cout has determined that Trump’s tariffs can stay, for now, but it remains a battle the President will have to fight. Kit seems markets had assumed he’d find a way to impose his tariffs anyway otherwise we would have seen more significant market moves. Th e...

Thursday 29th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB NVIDIA results show the chip manufacturer has beaten estimates on revenue, but has fallen behind on gross margin and EPS. Nonetheless, their share price was initially up in after-hours trade. It comes after a session that saw sharp falls in US and European equities...

Wednesday 28th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB In the US investors left for the long weekend with the sudden news of a major tariff hike on European goods just a week away. They were back at their desks on Tuesday morning with the news that that wasn’t happening - not this week anyway. The result has been a ju...

Tuesday 27th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB European equities rose on Monday on the back of the news that the imposition of higher tariffs on Europe have been pushed back a month. Does that also mean the result will be lower than the threatened 50 percent? NAB’s Rodrigo Catril talks about how the Trump techni...

Monday 26th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB President Trump on Friday said that negotiations were not moving with the EU and he would impose a 50 percent tariff on the EU from this coming weekend. We’re hearing now that EU President Ursula von der Leyen has spoken to the President and believes a good deal can be do...

Friday 16th May 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . We made the call to our listeners, what would you like to ask NAB CEO Andrew Irvine? This week Phil puts your questions directly to him, with topics ranging from the health of the global economy, this week’s RBA decision and NAB’s earnings...

Friday 23rd May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US bond yields rose higher still this session, before retracing their steps. Interestingly they started falling after the House passed the Big Beautiful Tax Bill, even though that is expected to add significantly to the US government deficit, which is seen as one of...

Thursday 22nd May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There was another weak bond auction in the US overnight, pushing yields ever higher. NAB’s Tapas Strickland says there is a risk premium being applied to US bonds, from concerns over tariffs and, perhaps more significantly, rising government debt. The Big Beautiful Bill...

Wednesday 21st May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Bond yields fell significantly in Australia yesterday after the RBA’s rate cut. NAB’s Sally Auld says markets were divided as to what the central bank would do - some even thought they would keep rates on hold. NAB made the call for a 50bp cut, whereas u...

Tuesday 20th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Fairly tepid moves across equities, bonds and currencies today with very little data and not much in the way of big announcements. The Deal of the Day probably goes to the UK and EU, who have agreed to less in the way of checks and bureaucracy for British food exports, i...

Monday 19th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There’s a lot of talk going on right now and President Trump is at the centre of most of it. Phil talks to NAB’s Ray Attrill about a plethora of negotiations that could influence markets this week. First, the Trump call to Putin, followed by a call to Zelensky. Can he bre...

Friday 16th May 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . It’s been a frantic week of deal making by the US President. Was this always part of the plan? To create a destabilising set of circumstances that whets the appetite for deals with the US? Phil asks Michael Feller whether that was the plan...

Friday 16th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Softer retail sales and slower growth in produce prices has upped expectations for the speed of Fed cuts this year, pushing bond yields lower today. It’s been a curious session, with NAB’s Ray Attrill saying equities, bonds and the dollar seem to be acting independent of...

Thursday 15th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Equity markets were a little more restrained today, perhaps because there were no big announcements to drive the enthusiasm. Tech is the exception, that continues to move up. And deals with Japan and South Kores are close, apparently.  NAB’s Tapas Strickland s...

Wednesday 14th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There’s no denying, President Trump and his team are out to do deals and, right now, markets seem to be loving in. NAB’s Skye Masters talks through today’s market action, which has seen a significant rise in tech stocks, helped by news that restraints on the sale of NV...

Tuesday 13th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets were taken aback by the size and immediacy of tariff cuts announced Monday between China and the US. Although we did highlight it as a possibility in yesterday’s podcast. NAB’s Gavin Friend says it wasn’t just the size of the tariff cuts, down to 30% on China and...

Monday 12th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US Treasury Secretary Bessent said there had been ‘substantial progress’ in the negotiations with China over the weekend. Maybe the US is feeling the pressure, with stores warning of supply shortages. China, meanwhile, according to trade data on Friday, is exporting more,...

Friday 9th May 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 commercial real estate (CRE) market has struggled post-COVID, with working from home and online shopping both taking a chunk out of demand for properties. But the tide is starting to turn, with investment picking up and a stronger focus...

Friday 9th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets have seen the positive side of the US-UK trade deal. It’s a sign that deals can be done to reduce tariffs, but NAB’s Ken Crompton wonders whether sentiment is running ahead of itself. Although there are some carves out for sectors, including steel, the UK base tari...

Thursday 8th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US equity markets took a hit when the Fed announced no change in interest rates, even though it was expected by just about everyone. Then shares picked up as Jerome Powell gave his press conference, in which he talked up the current state of the US economy and said they...

Wednesday 7th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The US President has made it clear there won’t be negotiations back and forth on tariffs, he’ll simply make the call. NAB’s Sally Auld says that accounts for most of the uncertainty in markets today, with big falls in equities again. The US dollar is weaker again, with...

Tuesday 6th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There’s much less enthusiasm in the markets today, with US equities finishing deeply in the red at session lows, finishing a nine-day winning streak. There’s no readily apparent reason, except perhaps for concerns the scope and timing of US trade deals. The Taiwanese...

Monday 5th May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There was a risk-on Friday, as the price of equities rose, and repricing of Fed rate cut expectations saw bond yields rising too.  NAB’s Tapas Strickland says there are two reasons for this optimism. First, the continued hope that some sort of truce will be found...

Friday 2nd May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Australian house prices are back on the rise, but how sustainable is this growth considering global economic uncertainty. Or will any potential external factors be more than offset by falling interest rates? Core Logic’s Eliza Owen joins Phil to discuss what’s been ha...

Friday 2nd May 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It’s been a session heavy on news and data, largely seen as positive, particularly inequity markets although they lost some of their gains towards the US close. NAB’s Rodrigo Catril says two things were driving shares higher. First, yesterday’s string earnings results for...