NAB Morning Call

Friday 28th March 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . New aged care legislation, which becomes law on July 1st, goes somewhere to fixing the funding crisis that has plagued the aged care industry over recent decades. Residents will need to pay more from their assets and super funds. &n...

Friday 28th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The US share market fell only slight today after yesterday’s announcement that cars and car parts will have a 25% import tariff imposed on them, irrespective of where they come from. Interestingly, US manufacturers seem to have been hit hardest on the share market. Gene...

Thursday 27th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets are clearly not excited about President Trump’s trade agenda. Equities took a hit in this session on news that an announcement on auto tariffs could happen within hours. There have also been rumours about copper could also be targeted, pushing copper pric...

Wednesday 26th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US markets lost their mojo a little in this session. NAB’s Gavin friend says this was in part due to a weaker than expected consumer confidence report from the Conference Board. It showed the lowest number for forward expectations in 12 years. The enthusiasm early in...

Tuesday 25th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The US dollar climbed a little today as US equities rallied, led by the Magnificent Seven. It’s like the good old days of American exceptionalism, but will it last or is it a brief stint of buying the dip? That’s a question Phil puts to NAB’s Sally Auld. Some of the ‘h...

Monday 24th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The clock is ticking close to April 2nd when the Trump administration unleashes its comprehensive tariff program. As Liberation Day nears, NAB’s Rodrigo Catril wonders whether claims of the end to American exceptionalism were premature, with the US dollar manages t...

Friday 21st March 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . APRA plans to phase out bank hybrids (AT1s) by January 2027. So, what exactly are AT1s and why is the regulator so concerned? In short, they are CoCos, contingent convertibles that transfer to equities when a bank capital’s capital...

Friday 21st March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB One of the takeouts from yesterday's FOMC meeting was Jerome Powell's view that the impact of tariffs on inflation is likely to be transitory. NAB’s Rodrigo Catril says markets are still expecting two or more cuts this year as a result. Today he looks at the market reac...

Thursday 20th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The Fed kept rates on hold as expected and, unsurprisingly, cut their growth projections, increased inflation and increased the unemployment forecast  for this year.  But the dot plot has changed very little.  NAB’s Gavin Friend joins Phil to...

Wednesday 19th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There was more market uncertainty today driven largely by geopolitics. Trump and Putin have reached an outline agreement for a 30day ceasefire, but it really hasn’t moved markets. There was more of a concern over the end to the Israel-Hamas ceasefire. Oil is higher a...

Tuesday 18th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Equities had a good session overnight on both sides of the Atlantic, perhaps because there wasn’t much in the way of bad news. The headline number of US retails sales was weaker than anticipated, but NAB’s Taylor Nugent says it wasn’t bad when you looked a little deepe...

Monday 17th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB We know a lot about President Trump’s plan for America First. Today we get to hear China’s plans for growth. NAB’s tapas Strickland says the PBoC and the finance ministry will hold a press conference today about measures being introduced to boost consumption. That boost...

Friday 14th March 2025 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 discovered the extent of Australia’s close relationship with the US. Not that close, it seems with the Trump administration happy to apply a 25 percent tariff on our steel and aluminium exports. Next month, maybe o...

Friday 14th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets behaved in a classic risk-off fashion this session, with equities falling and safe-haven currencies rising. Even the US dollar came to the party.   Why? A day of bad news basically. Phil talks through it with NAB’s Rodrigo Catril. First, tariff tensions. Pr...

Thursday 13th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The Trump administration applied a worldwide tariff on exports of aluminium and steel to the US effective today. The knee jerk response has varied from country to country.  Europe is enacting retaliatory measures, whereas the UK is keeping quiet and hoping f...

Wednesday 12th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Two bits of late breaking news swung markets around towards the Tuesday close in the US. First, a cease fire agreement has been reached with Ukraine in Jeddah, with the US resuming intelligence sharing in the interim. It’s got ot be agreed with Russia, but it was eno...

Tuesday 11th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets are clearly concerned about the direction of the US economy, as bond yields rise and equities fall sharply again. Phil asks NAB’s Tapas Strickland whether there’s an overreaction happening. Surely, if the economy is seen to be struggling, the Trump administrati...

Monday 10th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The downturn in shares, the weaker dollar and rising bond yields are all part of the detox, according to Scott Bessant, as money shifts from government spending to the private sector. So, it’s a temporary setback, he believes. But the Trump administration probably didn’...

Friday 28th February 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 theme for International Women’s Day this year is Accelerate Action - to move faster towards gender equality. It seems progress has slowed lately in Australia. Last year 37 percent of board members in ASX300 companies were wom...

Friday 7th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It’s a difficult high wire act for the ECB right now. They have cut rates as inflation comes down, but they have also forecast less growth. But, Phil suggests, it’s a strange scenario to be cutting rates whilst yields are pushing markedly higher on the back of a sharp ri...

Thursday 6th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB German bund prices have seen the biggest single day fall since the collapse of the Berlin Wall, pushing 10 year yields up30bp.  It’s a similar story all over Europe, whilst movement in the US has been relatively tame. NAB’s Taylor Nugent says it is all on the...

Wednesday 5th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It has been an alarming 24 hours. The US has applied tariffs on Mexico and Canada, added to those already applied to China, and pulled funding for Ukraine’s war effort. Share markets have responded the world over, but not as much in the US as you might expect. NAB’s R...

Tuesday 4th March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Ukraine is behind a world of difference between US and European markets today. European leaders are resigned to the need to spend more to defend Ukraine and Eastern Europe, pushing bond yields higher and equities also rising sharply, led by European defence stocks. In t...

Monday 3rd March 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There were two bits of news to drive markets on Friday, First, that press conference that left us wondering whether a peace deal in Ukraine could ever happen, But the gathering of European leaders on Sunday suggests peace could be brokered, at least between Zelensky and...

Friday 28th February 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 consequences of President Trump’s policies are being felt far and wide. The US now has a transactional based approach, even with its allies on areas such as defence which were considered shared values. So, what are the reperc...