NAB Morning Call

Wednesday 17th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US retail numbers came in stronger than expected. Phil asks NAB’s Ray Attrill whether this could delay any moves by the Fed? Certainly, equity markets ae banking on cuts coming soon, with the rotation in stocks continuing and another strong session for the Russel...

Tuesday 16th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Equity markets are showing some adjustment to the prospect of a Trump presidency, with oil producers and gun makers doing well, renewables falling and Bitcoin up almost 6% today. Bond markets are still more responsive to Fed-speak. NAB’s S kye Masters gives Phil her tak...

Monday 15th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The assassination attempt against Donald Trump on Saturday is likely to bolster his support, ahead of his GOP official nomination this week. NAB’s Tapas Strickland tells Phil that betting markets have shifted further in favour of a Republican win. So, will we see much ma...

Friday 12th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB NAB has been looking at a variety of high frequency data sources to see how quickly workers are returning to the office. In this edition NAB’s Tapas Strickland says the trend seems to have stalled at 75% of pre-COVID levels. Credit analyst Evy Noble says this is also ref...

Friday 12th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Big market moves to a softer than expected CPI read in the US overnight. Bond yields are lower, the US dollar is lower and a big response in equity markets. Basically tech stocks have been hit hard, whilst industrials have climbed. Rotation is the key word for the day. T...

Thursday 11th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The drive for Joe Biden to step aside continues to dominate the news cycle in America, with actor George Clooney, who held a fundraiser for the President only a month ago, now calling for him to step aside for someone younger. Incidentally, how many Clooney movies can...

Wednesday 10th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Jerome Powell has been speaking to the US congress and says the labour market is no longer an inflationary pressure. So, what does that mean for the timing of rate cuts? NAB’s Skye Masters says there hasn’t been too much change in expectations, with a September cut se...

Tuesday 9th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It’s been a lacklustre day for markets. Equities have moved a little ahead of earnings season which kicks off in earnest later in the week. NAB’s Gavin Friend joins Phil to talk about the new French government, which will take some time to form. Will it be one of such co...

Monday 8th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB France looks like it won’t be veering sharply to the right after a. The exit poll out this morning has Marine Le Pen’s party in third place, so it looks likely the country is heading for a hung parliament. Phil talks to NAB’s Tapas Strickland about how the markets will re...

Friday 6th 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 . In June, according to PropTrack, Australia’s home prices hit new highs, rising for the 18th consecutive month. But, as Eleanor Creagh, senior economist at PropTrack explains, the growth is far from even. There are some cities where pr...

Friday 5th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There are three big political stories today. First, the French election round two could still deliver a majority for Marine LePen’s party. But NAB’s Gavin Friend says markets are not viewing that as such an alarming outcome, saying there’s been a bit of a learning curve a...

Thursday 4th July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The S&P hit new highs as bond yields fell overnight. Markets clearly thought the latest ISM Services number, which came in surprisingly weak, is just the sort of slowdown indicator that will encourage the Fed to act sooner rather than later. JBWere’s Sally Auld talk...

Wednesday 3rd July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US shares rallied late in the session, on the back of comments from Jerome Powell. So what did he say? That’s the first question Phil puts to NAB’s Rodrigo Catril on this morning’s podcast. Meanwhile, Europe's inflation barely moved and unemployment is sticking close t...

Tuesday 2nd July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Treasury yields continue to rise. NAB’s Syke Masters says here are a range of factors at play ,but one is the seeming lack of concern on both sides of politics to address the US government’s rising deficit. In Europe concerns about a National Rally majority eased as almo...

Monday 1st July 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It’s the first day of the third quarter. The unsurprising news from French exit-polls this morning shows a clear win for Le Pen’s National Rally party, securing a third of the votes. NAB’s Taylor Nugent says markets have already priced-in the outcome and there’s been very...

Friday 28th June 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Could central banks push their timing back even further? Emma Lawson says we can’t ignore how economies are slowing, so there’s every chance that market pricing for cuts could move forward. It’s never a straight line, the fixed income str...

Friday 28th June 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There wasn’t a lot of data of significance around overnight, but the combination of a range of weak data prints fuelled some hope that the fed will cut sooner than markets had been moved towards. NAB’s Ray Attrill says a slight overnight rally on Australian bonds was lik...

Thursday 27th June 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Yesterday’s inflation number for Australia was a big surprise, pushing up yields, particularly at the front end, and pushing back expectations for cuts by the RBA. Some commentators – not NAB – are arguing this reinforces the case for a rate rise. But NAB’s Ken Crompto...

Wednesday 26th June 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Canada’s inflation came in hotter than expected in May and that’s pushed up Canadian bond yields overnight, but there’s been limited reaction to that – or anything really – on currency markets. NAB’s Taylor Nugent says the print has pushed back expectations for the Ba...

Tuesday 25th June 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There are three broad themes on today’s podcast. First, a missed day on US equities again, with falls in the S&P and NASDAQ. NVIDIA shares are well down, but even a minor correction is only a deny in their upward trajectory this year. There’s also the divide between...

Monday 24th June 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB PMIs on Friday continued to show the dichotomy between Europe and the US. Even within Europe we saw clear evidence of the weakness within Germany. Phil asks NAB’s Tapas Strickland what these latest PMI numbers mean for central banks. Could the strong US print delay the F...

Friday 21st June 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Markets reacted rather swiftly to the news that President Macron had called a snap election for France, just after his own party had been heavily beaten in the European elections by Marine Le Pen’s Front National.  This week Phil tal...

Friday 21st June 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Europe is in the midst of the group rounds of the Euros, but when it comes to central bank cuts Switzerland is already the champion, with Britain the favourite to cut next. JBWere’s Sally Auld talks through yesterday’s decisions by the Bank of England, the Swiss National...

Thursday 20th June 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The UK, which has seen inflation rise to one of the highest levels, is also one of the first to get it down to target, with the headline rate down at 2% yesterday. Even so, the Bank of England won’t cut rates when they meet today, although perhaps three members of the...

Wednesday 19th June 2024 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The most valuable company in the world is not Apple or Microsoft. It's NVIDIA. Can anyone stop them? Meanwhile, the RBA kept rates on hold but in a way that was more hawkish that expected. NAB’s Rodrigo Catril says the committee even discussed the potential for r...