NAB Morning Call

Thursday 15th August 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US shares moved up slightly – except for the Russell 2000 - and bond yields fell a little, after the release of the US Core CPI print overnight. The response was muted because the data came in pretty much as expected. It was anyone’s guess where the RBNZ was hea...

Wednesday 14th August 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Softer than expected producer prices in the US has convinced the markets that the Fed will be ready to cut in September. NAB’s Skye Masters says in an environment where decisions by central banks are so data dependent we are seeing wide shifts in sentiment, particul...

Tuesday 13th August 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US shares and bond markets have remained relatively calm, as we await the latest inflation data from the US (PPI today, CPI tomorrow). There’s plenty of data flow this week, says NAB’s Taylor Nugent, but there’s been nothing so far to move markets. Locally, will the s...

Monday 11th August 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Remember when Pauk Keating talked about the recession we had to have? Markets thought the US was heading the same way last week, but went off the idea as the week progressed. Thoughts of an emergency rate cut were quickly dismissed, but NAB’s Tapas Strickland says ther...

Friday 9th August 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Friday (Aug 9th) is the United Nations' International Day of the World's Indigenous Peoples. To celebrate, the Morning Call looks at how Australia is witnessing a growth in companies established and run by Indigenous Peoples. NAB’s Noel...

Friday 9th August 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There was a sharp turnaround in US equities, with the S&P closing up 2.3%. It seems a lot of weight has been put behind the weekly jobless claims number, which is not normally a data point that would drive markets. But in this climate anything is possible. JBWere’s...

Thursday 8th August 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There is still a lot of volatility around. US shares started the session well, with strong signs that risk appetite was improving. Then came a weak response to a a $42 billion 10-year bond auction. That made markets nervous and US equities closed sharply in the red. N...

Wednesday 7th August 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Is it feasible to expect a sharp recovery from one data set, after the extreme response to last week’s US jobs data? Markets bounced back sharply today, pushing US yields higher, strengthening the dollar and pushing shares back up. Although trade retraced its steps a...

Tuesday 6th August 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US shares took more of a hammering on Monday, although an upside surprise on the Services ISM read stopped things spiralling from bad to worse. Phil talks to NAB’s Tapas Strickland about another day of volatile market action, particularly for Japan, where the Yen rose...

Monday 5th August 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There was a strong response to the weaker than expected US payrolls numbers on Friday, not on the heals of weak manufacturing data. Markets will be sensitive to the Services today, in case it adds another blow to US growth and fuels more inflation speculation. NAB’s Tay...

Friday 2nd August 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 latest Bloomberg New Energy Outlook seems to show that globally we are way off the mark when it comes to reaching Net Zero by 2050. Instead, the report suggests we could still be pumping 25 gigatons of carbon dioxide into the atmosph...

Friday 2nd August 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The US share market has taken a bit of a beating after US manufacturing numbers came in a lot softer than expected. It was another sign of a US slow down that has some clearly wondering whether the Fed will cut more this year. There is no waiting for the BoE. They...

Thursday 1st August 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It’s been a busy session, with US shares shooting higher as the Fe keeps rates on hold but the market reading the fed’s commentary of a September cut even more likely. During the press conference Jerome Powell basically said it was on the table if things carried on as...

Wednesday 31st July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It’s a packed episode of The Morning Call today as Phil gets NAB’s Ray Attrill to take us through the latest GDP and inflation data from Europe, jobs data from the US and, from China, the Politburo’s promise to jump into action and reach 5% GDP, without really saying...

Tuesday 30th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It’s been a quiet session, with shares and bond markets moving very little, as we await the Fed and some high-profile earnings results. We’ve seen very tight trading ranges, says NABs Skye Masters on today’s podcast. The mood music though is one of an anticipated slowdo...

Monday 29th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Get ready for a busy week, with US jobs umbers, Australian inflation, three ig earnings results from US tech giants; and the Fed meets, so does the Bank of England and the Bank of Japan. NAB’s Rodrigo Catril says one will stay on hold, one is expected to lift rates and t...

Friday 26th July 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Things are changing in Japan. After decades of not much happening, suddenly everything is happening. Core inflation is up to 2.6%, the Yen is the weakest in a long time, the stock market has hit highs not seen since the eighties, and the...

Friday 26th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB A sharp turnaround in US optimism it seems, with this week’s disappointing PMIs easily overwritten by an upside surprise on GDP. Jobless claims were also down a little. The response – rising equities and falling Treasury yields. Phil asks NAB’s Rodrigo Catril whether Gol...

Thursday 25th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Bill Dudey, former NY Fed Governor, now Bloomberg pundit, has said the FOMC needs to cut rates next week and it might already be too late to avoid a recession. NAB’s Ken Crompton says this comes from a man who had advocated staying higher for longer. His opinion certai...

Wednesday 24th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Alphabet and Tesla both reported better than expected headline revenue numbers after the US close, but the mood is still cautious. The S&P, Dow and NASDAQ all closed in the red, but a 1% rise in the Russell 2000. JB Were’s Sally Auld talks about the return of rota...

Tuesday 23rd July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB If markets were being driven by Trump-trade, the thought that he might have a more credible contender hasn’t had much impact. But what were we expecting? Phil talks to NAB’s Taylor Nugent about whether, beyond bitcoin, the Trump-trade was a figment of our collectiv...

Monday 22nd July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The breaking news this morning is that Joe Biden is stepping down from the US Presidential race and endorsing Kamala Harris as the Democratic candidate. Phil asks whether they’ll be a market response, or have we already been seeing it. Last week saw the dollar climbing,...

Friday 19th July 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Much of the world is on the road to achieving to net zero by 2050, a target which gets more challenging as each year passes. Australia is on the right path, but it isn’t leading the pack. Why Not? Phil puts the question to Rochel Hoffman,...

Friday 19th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US equity markets fell sharply overnight. It’s not just tech stocks feeling the hurt, the weakness is spread more broadly than that, implying that concerns of an economic slowdown are outweighing the benefits of rate cuts. Rate cuts could be happening more slowly in Euro...

Thursday 18th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It doesn’t take Donald Trump to launch a trade war with China. The Biden administration has threatened further limits on microchip exports to China, which hit tech stocks heavily in the US. NAB’s Taylor Nugent says currencies, meanwhile, have reacted to comments from D...