NAB Morning Call

Tuesday 10th December 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Beijing has announced more in the way of fiscal and monetary stimulus to get the Chinese economy back on its feet. NAB’s Ken Crompton says it’s still light on the detail, but it caught markets a little off-guard, with nothing expected till later in the week. Th...

Monday 9th December 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB We can expect three central banks to cut rates this week, and one to hold steady. No surprises that the RBA is the one firmly expect to stand pat, but NAB’s Taylor Nugent says a higher-than-expected unemployment rate in Canada saw pricing increase for a 50bpcut by the...

Friday 6th December 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Have Australians who ignored the rise of the Magnificent Seven lost out? NAB’s Gemma Dale says they will have still done pretty well with Australian equities, which have performed better than many other parts of the world, like th...

Friday 6th December 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The US releases non-farm payrolls data later today, but NAB’s Rodrigo Catril says if anything is going to shift expectations for a cut by the Fed this month it will be the upcoming CPI data. Meanwhile words from Jerome Powell, that the economy was doing better than ex...

Thursday 5th December 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Australia’s growth numbers yesterday were a bit slower than most had expected, although in-line with NAB’s expectations. Nonetheless it was below consensus and NAB’s Gavin Friend says that was brought forward expectations for a rate cut, although that could easily s...

Wednesday 4th December 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It was a hectic session for geopolitics but, as NAB’s Skye Masters discusses, it hasn’t had much impact on markets. There wasn’t much of a reaction to the imposition of martial law in Korea, which was shortly afterwards overturned by parliament, but placing a quest...

Tuesday 3rd December 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Will Marine Le Penne push all the way to bring down the Barnier government in France? She said on Monday she would support a n confidence vote in the government but, as NAB’s Rodrigo Catril points out, that would force a more constrained default budget, offering none...

Monday 2nd December 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The US is back at work after a long Thanksgiving weekend for many, back just in time for the week of non-farm payroll and other US jobs data, ahead of the Fed this month. Retail sales numbers will be highlight for Australian data today, with NAB’s Tapas Strickland sug...

Friday 29th November 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . A weak Yen and low interest rates had been fuelling the Japanese Carry Trade, as retail investors – the Mrs Watanabes – prospered from higher returns overseas. They took a hit from the rising Yen in the third quarter of this year,&nbs...

Friday 29th November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The message from the RBA continues to be that there is no rush to drop rates. NAB’s Tapas Strickland highlights a chart presented by Michelle Bullock last night, which showed Australia’s interest rate compared to other leading economies, relative to the expected nomi...

Thursday 28th November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB A weaker dollar, falling share prices and very light trade. It’s close to the end of the month and Thanksgiving today in the US. NAB’s Ken Crompton returns rto the Morning Call to give is take on the market moves overnight on the back of largely unsurprising d...

Wednesday 27th November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB No big surprises in the FOMC minutes out this morning, with the Fed saying it continues to be data dependent, and that could mean a pause, or faster cuts. JBWere’s Sally Auld says markets are still split on whether a cut will happen in December, just as there’s an...

Tuesday 26th November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets have reversed their position a little for the first time since the US election results. NAB’s Rodrigo Catril says it reflects the response to Scott Benson as the likely new Treasury head, who is seen as a more moderate, safe pair of hands, who won’t impose b...

Monday 25th November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Friday highlighted the difference between US exceptionalism and European pessimism. NAB's Ray Attrill explains how PMIs were higher than expected in America, lower than anticipated for the EU. Phil asks how much of the difference is down to anticipated impacts o...

Friday 22nd November 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . The private credit market is growing in volume with no signs of abating. Brad Calleja, Executive Corporate Finance at NAB, says its difficult to put a precise figure on the size of the space because not all deals are visible, but it’s...

Friday 22nd November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Are NVIDIA investors a bit like Oliver Twist? They want more. That’s the take of NAB’s Skye Masters, who joins Phil on the Morning Call. The data was all second tier and none of it changed market expectations around the Fed’s path of rate cuts. US jobless claims were...

Thursday 21st November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There’s no been much in the way of data to give markets any direction. Ahead of the NVIDIA results equities were trading lower, with the US dollar up slightly, and no big moves in oil. Phil asks NAB’s Tapas Strickland why there wasn’t more of aa reaction to events...

Wednesday 20th November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There as a certain amount of nervousness as Ukraine fired into Russian territory overnight and Russia revised its so-called Nuclear Doctrine, which lowers the requirements for a nuclear strike on a foreign power. But NAB’s Ray Attrill says the risk sentiment...

Tuesday 19th November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Oil increased in price today. At first glance you might assume this was a response to the news that President Biden has authorised the use of US weapons to be fired by Ukraine into Russian territory. But NAB’s Rodrigo Catril says prices really rose in response...

Monday 18th November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Just after Friday’s podcast Jerome Powell said the Fed was in no hurry to cut rates, raising doubts as to whether a cut in December was going to happen. Market pricing fell, to the point where it’s now closer to a 50:50 chance. NAB’s Taylor Nugent talks through what...

Friday 15th November 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . How different will the world be after another term of Trump as US President? Will he grow the size of the US economy, or will his policies simply add to domestic inflation, meaning higher interest rates for longer. Will he start a glo...

Friday 15th November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Australian unemployment numbers just don’t want to move. JBWere’s Sally Auld explains why NAB now expects a cut from the RBA to be delayed beyond the first quarter of 2025 and might not even happen next year at all. It’ll be interesting to hear the spin from Fed spea...

Thursday 14th November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The US dollar continues to push higher, with the AUD one of the main casualties. The PBoC is also clearly concerned about the weakness on the CNY. It’s not just the dollar that is staying high - US inflation is taking a while to come down. The CPI number overnight...

Wednesday 13th November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US markets continue to embrace the optimism of a pro-growth Trump presidency, even as equities back off their highs a little in this session. The US dollar, meanwhile, continues to strengthen and the latest Bank of America Global Fund Managers Survey shows investo...

Tuesday 12th November 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The US dollar continues to rise, mid-cap equities are doing well, Bitcoin is pushing higher, so are Tesla shares. With little in the way of new data releases, and the US bond market closed for Veterans Day, most market moves relate to expectations on what Trump...