NAB Morning Call

Wednesday 11th February 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Global markets are still grinding higher, but the real action is in bonds and currencies, with US Treasury yields tumbling after flat retail sales and softer price data, and the yen staging the day’s standout move, edging further away from the intervention zone. C...

Tuesday 10th February 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Global markets are in a buoyant mood, with US and European equities pushing higher, the US dollar sliding and lifting the Aussie above 70.9 US cents, and commodities from gold to oil on the rise — but the real story today is at home, where Australia’s household spen...

Monday 9th February 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB A huge week of US data lies ahead — payrolls, CPI and retail spending in the same week for the first time — but for now optimism is winning out, with US equities roaring back on Friday despite lingering worries over the scale of AI investment. The S&P jumped 2%, t...

Friday 6th February 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 weekend we’re looking at Minotaur Capital — the global equities fund run by just two people and a whole lot of AI. Armina “Arms” Rosenberg and Thomas Rice launched the firm in late 2023 with a simple idea: replace the analyst floo...

Friday 6th February 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US markets slid again overnight as tech stocks took another hit, with Alphabet’s hefty AI‑driven capex plans spooking investors, while softer US jobs data raised fresh questions about next week’s non‑farm payrolls and the Fed’s path for rate cuts. Treasury yields fell...

Thursday 5th February 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Tech stocks are sliding again, with AMD’s weak outlook triggering a broader rethink on AI spending and dragging the NASDAQ lower. Ken Crompton says markets are questioning whether AI revenues can keep pace with the investment surge, ahead of Alphabet’s results tonig...

Wednesday 4th February 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The RBA’s widely expected rate hike to 3.85% stole the show, but it was the sharper tone in the Statement on Monetary Policy and Michelle Bullock’s press conference that really moved markets, with the Bank now warning of broader‑based inflation pressures and pushin...

Tuesday 3rd February 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB With markets all but certain the RBA will lift rates today, attention turns to the Bank’s updated forecasts. Meanwhile traders navigate a week without US jobs data thanks to Washington’s partial shutdown. A stronger US dollar, buoyant equities and rising bond yields...

Monday 2nd February 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Today’s episode digs into the market whiplash triggered by President Trump’s nomination of Kevin Warsh as the next Fed Chair — a move that nudged the US dollar higher, knocked the Aussie lower, and sent precious metals into a full‑blown plunge, even as equities and bo...

Friday 23rd January 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Oil has been trending lower lately. Rory Johnston says its primarily down to an expanding oil glut, which the market expects will be ultimately corrected. In the meantime, the impact of the glut has been subsumed by a variety of other...

Friday 30th January 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Microsoft was hammered overnight on fears it’s pushing too hard, too fast on AI investment, a sharp contrast to Meta, which is spending heavily too but can point to AI‑driven ad revenue as proof it’s paying off; add in rising speculation that Washington is preparing t...

Thursday 29th January 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The Fed kept rates on hold, with two dissenters calling for a 25bp cut, but the real question for investors is how long the central bank stays on pause after three cuts already. NAB’s Sally Auld unpacked a statement that kept the door open to further easing but gave...

Wednesday 28th January 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The dollar has weakened again, lifting the Aussie and most majors, while oil, equities and spot gold all pushed higher in a broadly risk‑positive session. Bond moves are mild but yields are edging up across several markets, and silver is having a wild swing lower....

Tuesday 27th January 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The US dollar is on the back foot, falling to its lowest level in four months, the Yen is clawing back territory, precious metals are surging to fresh highs, and the Aussie is the strongest it’s been in years — all setting the stage for a busy week ahead. Attention n...

Friday 23rd January 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Tom Holland, deputy global research director at Gavekal, argues that Donald Trump’s flurry of geopolitical moves — from abducting Nicolás Maduro to threatening Iran and making claims on Greenland — is best read as strategic signalling...

Friday 23rd January 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets faced a whiplash day of geopolitics and data, as President Trump’s abrupt Greenland U‑turn steadies equity markets even while uncertainty keeps gold surging. Phil and NAB’s Skye Masters unpack a stronger Aussie dollar, rising local bond yields, and the surpris...

Thursday 22nd January 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB President Trump used his Davos address to insist there is “no going back” on his push to acquire Greenland, ruling out military action but signalling that more tariffs on Europe look inevitable — a stance that has kept gold at fresh highs even as broader markets rem...

Wednesday 21st January 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets are on edge this morning as the Greenland fallout continues to reverberate through currencies, bonds, metals and equities, with fears that US–European trade and intelligence ties may suffer lasting damage. Tensions escalated as the President revealed a priv...

Tuesday 20th January 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB President Trump’s renewed push on Greenland and fresh tariff threats against Europe have markets bracing for possible retaliation, with EU leaders signalling they may hold firm rather than concede — even hinting at using their anti‑coercion powers, despite German hes...

Monday 19th January 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets open the week a little snowblind, with investors unsure how to process President Donald Trump’s renewed interest in Greenland and the threat of tariffs on European countries that oppose the idea. NAB’s Sally Auld joins Phil to sift through the market reaction,...

Friday 16th January 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Australia’s housing market keeps getting more expensive, yet the real issue isn’t just how many homes we build — it’s how slowly they are changing hands. Dr Nicola Powell, chief economist at Domain, says turnover has become a structura...

Friday 16th January 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The mood in markets has brightened as tensions around Iran appear to have eased, with President Trump signalling a softer military stance, and attention has swung back to stronger‑than‑expected US data — lower jobless claims, upbeat regional manufacturing surveys and...

Thursday 15th January 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB A cautious, uneasy calm hangs over markets this morning, with no ruling yet from the US Supreme Court on tariffs and no military response against Iran, even as the US and UK quietly evacuate personnel from a Qatar base. Equities have stumbled, led by sharp falls in...

Wednesday 14th January 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB A softer run of US inflation has kept hopes of further rate cuts alive, even as markets juggle mixed earnings, fragile consumer sentiment in Australia, signs of recovery in New Zealand, and a surge in Japanese yields driven by election rumours. Commodities are clim...

Tuesday 13th January 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB President Trump has been directing sharp words at Jerome Powell and the Federal Reserve, while the Fed Chair has pushed back, suggesting that any legal action against him is politically motivated. It’s the kind of confrontation with the central bank that many had ant...