NAB Morning Call

Friday 28th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB President Trump has made some more sharp moves on tariffs. The date for Mexico and Canada is now back to the middle of next week, and a further 10 percent is to be imposed on China at the same time. Phil asks NAB’s Gavin Friend about the market reaction and how much...

Thursday 27th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB President Trump has his first cabinet meeting and announced delays on the introduction of tariffs for Mexico and Canada (now April 2nd) and revealed how much Europe will be paying (25%) although he was a bit nonspecific on some of the detail. Nab’S Ray At...

Wednesday 26th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB This morning the Aussie dollar is down whilst safe haven currencies have risen, as markets start to assess the risk of US tariffs. A lot of f the moves in the last 24 hours relate to Trump’s comments that Canada and Mexico are due to see their 25% import from...

Tuesday 25th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There’s a bit of buying the dip, says Sally Auld, NAB’s Chief Economist in waiting, on today’s podcast. The S&P tested 6,000 before rising sharply back and finishing well up on the day. Markets seem to be largely ignoring a spate of softer data, to which we...

Monday 24th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Friedrich Merz is likely to be the new Chancellor in Germany, but the exit polls show his CDU/CSU alliance will need to negotiate with other parties to form government and stave off the influence of the far right AfD. NAB’s Rodrigo says that could take some time. Mea...

Friday 21st 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 . Germans will head to the polls on Friday. It seems highly likely that the centre-right CDU/CSU will gather the most votes, but over the last few months the right win populist AfD have been closing the gap. Dr Simon Toubeau, Assoc...

Friday 20th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It’s not all good news from the US. Although Walmart reported strong profit growth yesterday the outlook is less certain, and there are indicators that their customer base is a section of US society that is suffering. The dollar is weaker today and shares, generally...

Thursday 20th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets reacted strongly to comments from the ECB’s Isabel Schnabel who questioned whether they have already gone as far as they need to. She wonders whether the policy rate is restrictive anymore. NAB’s Skye Masters talks about the market reaction to that, and oth...

Wednesday 19th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The RBA cut rates yesterday, but is the first one in this cycle also the last one for a little while? Governor Michele Bullock said successive cuts wasn’t the lay-down misère that markets had been expecting. NAB’s Taylor Nugent talks through the decision, the fore...

Tuesday 18th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The whole European defence issue is becoming very complicated. Phil makes sense of it all with NAB’s Tapas Strickland on the day that US and Russian delegations meet in Saudi Arabia to discuss a cease fire deal, without Ukraine present. Worried about their ongo...

Monday 17th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB You’d have thought, perhaps, that the threat of tariffs on any country charging GST on US imports (most OECD countries) would have had a string market reaction at the end of the week, but it didn’t. Phil asks NAB’s Ray Attrill whether markets have stopped believing h...

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 Phil talks with NAB's CEO, Andrew Irvine, discussing the uncertainty of international trade and the slow road to lower inflation. What impact does he think a global trade war (if it gets to that) could have on Australia? And what can w...

Friday 14th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB President Trump has announced that his reciprocal tariffs could start as soon as April. The surprise has been that he is not just looking at the topline balance of trade. He considers a VAT imposed on American goods as an impost that needs to be countered. That could...

Thursday 13th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Donald Trump posted on Truth Social that the Fed should lower interest rates to go hand in hand with tariffs, adding, “lets Rock and Roll, America!!!” It hasn’t unnerved Jerome Powell who was giving his testimony the House Economics Committee. His case for moving c...

Wednesday 12th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The Trump administration is pushing ahead with 25% tariffs on all steel and aluminium. Australia still hopes it will be exempt, but there are no guarantees and, in any case, NAB’s Taylor Nugent argues there will be second-order impacts as the tariffs hit China. Th...

Tuesday 11th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Tariffs could be back, with Donald Trump warning of 25% tariffs on all steel and aluminium imports into the US. That would hit Mexico and Canada particularly hard, just as they thought they were off the hook (for now at least). But NAB’s Gavin Friend says there...

Monday 10th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Today China’s retaliatory measures against the US take effect and it seems unlikely that the event will pass without comment and threats from the US President. NAB’s Taylor Nugent says Trump might also elaborate on his plans for other regions, such as the EU. Meanwhi...

Friday 31st Janaury 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Last year was a stellar year for growth. Kylie Willment, chief investment officer at Mercer, says they provided a 14 percent return for their superfunds in2024. She highlights a number of opportunities for this year. including growth i...

Friday 7th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Non-farms payrolls data is released later today in the US. NAB’s Taylor Nugent talks through some of this week’s other jobs-related data ahead of this key release. Meanwhile, good and bad news from the UK. The Bank of England cut rates by 25bp. Two members of the boar...

Thursday 6th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The US President veered away from talking about trade today and there seems to have been little market response to his thoughts on the Middle East. Instead, the focus is on the Fed and the labour market. The ADP Employment Report showed a surprising rise in new jobs...

Wednesday 6th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets have responded favourably to the news that tariffs have not gone ahead against Mexico and Canada although there is still a chance that there will be measures taken in relation to both countries strong balance of trade. It's likely if that happens that the E...

Tuesday 5th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Is Donald Trump’s bark worse than his bite? At the last moment President Trump has stalled tariffs on Mexico for a month to give them time to negotiate a deal. As yet, no similar reprieve for Canada but, as NAB’s Ray Attrill points out, it has moderated the reac...

Monday 4th February 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Now tariffs are real, well, they will be tomorrow, with 25% imposed by the US on imports from Mexico and Canada, and 10% on those from China, do we need to rethink expectations for global growth, inflation and monetary policy? Phil asks NAB’s Tapas Strickland how the...

Friday 31st Janaury 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 doesn’t take a genius to work out that the high price of housing is a function of supply and demand. Supply just isn’t keeping up with the growth in the population. But is that the only reason? Phil presents some alternative theorie...

Friday 31st January 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The ECB cut rates as expected but, in line with other central banks lately, prefers not to map out their expectations for further cuts. NAB’s Ken Crompton says the market is fairly certain that more cuts will follow. Meanwhile, NAB has brought forward the timing of th...