NAB Morning Call

Friday 12th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB A major coordinated market reversal took place overnight as Donald Trump posted a dramatic Truth Social message stating that a comprehensive US-Iran peace deal is "just about done," prompting an immediate unwind of trades built on escalating tensions. NAB's Ray Attrill joins Ph...

Thursday 11th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Oil prices are higher again as the US and Iran tit for tat measures pick up a pace, with more rhetoric from the US President. The question global banks are asking, is how are rising oil prices impacting core inflation? The Fed seems is expected to wait, even with headline inf...

Wednesday 10th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB There hasn't been a strong market reaction to the downing of a US helicopter near the Strait of Hormuz yesterday, even though Donald Trump has talked retaliation. Instead, markets seem to have focused more on the fact that some oil tankers have successfully made their way th...

Friday 5th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB A blowout U.S. non-farm payrolls report has injected definitive hawk-ish certainty into central bank paths, while a hyper-volatile tit-for-tat missile exchange between Israel and Iran leaves the outlook for the Gulf structurally unsettled. Phil and NAB’s Rodrigo Catril work thro...

Friday 5th June 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Phil talks to Tim Jordan, Commissioner at the Australian Energy Market Commission (AEMC),on how the energy grid is adapting to volatile fossil fuel prices and the massive surge in electricity demand driven by artificial intelligence. While...

Friday 5th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Tonight's highly anticipated U.S. non-farm payrolls data follows a week of highly conflicting signals from the American labour market. So, what will today’s data reveal about underlying economic momentum? Also, can the market’s rampant "buy the dip" equity mentality survive a po...

Thursday 4th June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB An exchange of fire in the Gulf aw a resurgence of risk-off sentiment in global markets, driving Brent crude back toward $98 a barrel and weakening the Australian dollar. The unfolding crisis highlights Warsh’s Dilemma ahead of his first Fed meeting: while much of the world do...

Wednesday 3rd June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB More signs of global cooling. NAB’s Ray Attrill looks ahead to today’s Q1 GDP for Australia, with expectations dialled down following a surprising slide into a trade deficit yesterday. It shows how domestic growth was already slowing and tracking below RBA forecasts well befo...

Tuessday 2nd June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Phil Dobbie and NAB’s Sally Auld delve into a turbulent market session where geopolitical theatre and conflicting macroeconomic signals pulled global asset classes in opposite directions. Crude oil spiked toward $98 a barrel early in the session before cooling down to just ove...

Monday 1st June 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Phil Dobbie and NAB’s Taylor Nugent check the pulse of a global market that remains suspended in a cautious holding pattern. Friday’s wave of optimism—which pushed the S&P 500 and Nasdaq to fresh all-time highs and drove Brent crude down near the $90-a-barrel mark—has run in...

Friday 30th May 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . While the market's attention has been transfixed by oil and gas, the closure of the Strait of Hormuz has triggered a secondary, far more dangerous shock for Australian food security: a massive fertilizer crisis. Phil sits down with Paddy R...

Friday 29th May 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB NAB’s Rodrigo Catril joins Phil to discuss the latest reports that U.S. and Iranian negotiators have finalized a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran's nuclear program. This crucial step, which would see the Strait of Hormuz graduall...

Thursday 28th May 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB A softer-than-expected Australian headline inflation print sent the Aussie dollar sliding half a percent to 71.4 US cents. NAB’s Gavin Friend cautions that while the headline cooling is welcome, the trimmed mean core rate remains stubbornly high, meaning the RBA cannot yet aff...

Wednesday 27th May 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Despite ongoing optimism around a potential peace deal, the U.S. literally "fired up" tensions by launching missile strikes against targets in southern Iran and mine-laying vessels in the Strait of Hormuz. That sent Brent Crude prices highr, back over $100, whilst WTI fell. I...

Tuesday 26th May 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB Phil is joined by NAB’s Ken Crompton to discuss how global markets are holding onto optimism despite Donald Trump shifting his rhetoric, stating he will only settle for a "great deal or no deal at all" regarding Iran. Despite thin holiday trading with the US and UK closed, equi...

Monday 25th May 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB diplomatic signals from the U.S. and Iran. While Donald Trump and Marco Rubio teased an imminent breakthrough that briefly sent Bitcoin surging 2%, the administration subsequently walked back the timeline, advising negotiators "not to rush". Ray notes that while both sides have...

Friday 23rd May 2026 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 sits down with NAB’s Gareth Spence and JBWere’s Glen Bertram to unpack the ramifications of the federal budget's aggressive pivot away from established property tax incentives. The panel deconstructs how ditching the 50% cap...

Friday 22nd May 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services - NAB NAB’s Ken Crompton discusses the unexpected softening in the Australian labour market, where the unemployment rate climbed to 4.5% alongside a loss of 19,000 jobs. Ken points out that this surprising shift shows firms are pausing hiring plans due to global headwinds and the ongo...

Thursday 21st May 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There were strong moves in positive sentiment today as several vessels sailed through the Strait of Hormuz, accompanied by hopes of some sort of deal with Iran. Brent Crude dropped in price and bond yields fell, particularly in Europe. NAB’s Gavin Friend says yields had...

Wednesday 20th May 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The worry from just about everywhere is that when there’s a supply shock, companies are quicker to pass on the costs to their customers than they would in ordinary times. The RBA said as much in a paper yesterday. NAB’s Ray Attrill says that’s why NAB now expects...

Tuesday 19th May 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB A stark geographic division has opened up in global markets as US and European assets move in entirely opposite directions. Phil talks to NAB's Skye Masters about this pronounced division, noting that while inflation fears have sent US equities tumbling and pushed 10-yea...

Monday 17th May 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Just when markets were hoping for a diplomatic breakthrough, it’s clear the Chinese leader sees it as America’s problem. Donald Trump’s blunt dismissal of the latest Iranian proposal has sent global markets into a dramatic tailspin. Phil talks to NAB’s Sally Auld about Fr...

Friday 15th May 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . In this weekend edition of the NAB Morning Call, Phil talks to former Etihad CEO James Hogan, now Chairman at consulting firm Knighthood Global Limited. They explore the aviation industry’s resilient response to the Middle East conflict an...

Friday 15th May 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB China has tried to establish the upper hand at the Beijing Summit by warning of the Thucydides Trap – a phenomenon where a rising dominant power challenges the old guard, It invariably ends in war. It was a bold way to kick off a summit, where Iran seems to have had...

Thursday 14th May 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Is Donald Trump readying himself for a deal that will see him forego arms sales to Taiwan in exchange for China helping end the confict with Iran? It’s one interpretation of what might come from the summit in Beijing, but NAB’s Ray Attrill is doubtful anything too comns...