NAB Morning Call

Friday 14th November 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . NAB’s biennial Super Insights Survey was published this week, co-authored by Morning Call regulars Ray Attrill and Rodrigo Catril. They join Phil on this week’s podcast to talk about it, alongside Mike Symonds, the director of NAB’s C...

Friday 21st November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB What do equity markets want? NVIDIA yesterday delivered strong earnings and talked up the opportunity. ‘We’ve entered the virtuous cycle of AI’, their CEO said yesterday. After some initial enthusiasm, US shares fell today, including a 1.5% drop in NVIDIA’s pric...

Thursday 20th November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB  Nothing seems to be quite hitting the spot. Our podcast is too early today to bring you the NVIDIA earnings results, which have left equities in no man’s land this week. We did get a chance to glimpse the latest Fed minutes before we hit the stop button thoug...

Wednesday 19th November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets are nervous ahead of NVIDIA earnings around this time tomorrow. The only real moves have been in equities. NAB’s Ray Attrill says, for once, the Aussie dollar hasn’t felt the brunt of the risk-off sentiment. We’ve also been seeing the first splattering of...

Tuesday 18th November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There have been no major market moves overnight as investors wait for the non-farm payrolls data on Thursday and NVIDIA earnings middle of the week. NAB’s Rodrigo Catril joins Phil to talk about how the potential reaction to each, as well as today’s fall in the Yen...

Monday 17th November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB President Trump announced a relaxing on beef tariffs, alongside other food produce, to tackle cost of living pressures for US shoppers. NAB’s Taylor Nugent says it’s not necessarily good news for Australian farmers because it potentially reduces our tariff advantage,...

Friday 14th November 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Historically America’s big-tech firms have seemed like a safe bet for investors. They had strong revenue streams, and they were ploughing profits back into innovative ideas for future revenue growth. That’s changed since the pandemic...

Friday14th November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Sally suggested as much yesterday. Now the recovery in the unemployment rate in Australia yesterday has confirmed it. NAB is not expecting any further easing by the RBA in this cycle. Ken Crompton talks through the numbers that led to this decision – actually, the emp...

Thursday 13th November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It’s hard to imagine the RBA cutting rates anytime soon, after yesterday’s housing loan data showed a sharp rise, including a record for new investment loans. NAB’s Sally Auld says it’s a sign for the RBA that their policy is not as restrictive as they thought it w...

Wednesday 12th November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It was reasonably constructive news from the latest NAB Business Survey according to Taylor Nugent. Confidence fell 2pts in October, but it remains above the long run  average and echoes concerns from Andrew Hauser about rising capacity utilisation. Auss...

Tuesday 11th November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Equity markets have bounced back on the expectation that we are days away from an end to the US shutdown. Phil points out that Polymarket odds shifted from yesterday, when 56% saying it won’t be resolved by November 16th, to now 89% saying it will be! NAB’s Ray Attr...

Monday 10th November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Signs of a weakening global economy are mounting—though with limited US data this week, the picture remains incomplete. Still, the sharp drop in the Michigan consumer sentiment survey and a contraction in China’s October exports suggest more than just a slowdown. Eve...

Friday 7th November 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Australia has for a long time being criticised for being a dig up and ship out economy, and the need to diversify has been talked about for decades. With that in mind, and fresh from the recognition during the COVID emergency of how fr...

Friday 7th November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Normally all eyes would be on the release of the non-farm payrolls data today, but the shutdown has put paid to that. The Fed’s Goolsbee says the lack of data makes it hard to advocate rate cuts ; ‘ when its foggy, let’s just be a little careful and slow down’. The jo...

Thursday 6th November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Europe’s revised PMIs suggest a slow but steady recovery, while U.S. services data came in stronger than expected. There’s plenty to feel optimistic about — despite political turbulence. Donald Trump faces mounting challenges: New York has elected a young Muslim may...

Wednesday 5th November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Those who believed we were on the final furlong in the race to stop inflation, will have to think again. Central banks are concerned, and cuts are being pushed back. NAB’s Ray Attrill points to yesterday’s RBA statement that there are uncertainties about whether th...

Tuesday 4th November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The Australian housing sector is certainly picking up, with prices rising and a sharp increase in dwelling approvals last month, particularly for units. An interesting backdrop for today’s RBA meeting. NAB’s Sally Auld says house prices are not targeted by RBA policy...

Monday 3rd November 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets didn’t have a lot to respond to on Friday, with no big data releases and no major surprises in what reports there were. Earnings probably had the biggest influence at the end of the week, with Amazon reporting 20% growth in AWS, providing further evidence of t...

Friday 31st October 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . There are clear differences between the Australian and New Zealand economies right now, and Phil explores them with BNZ’s Doug Steele and NAB’s Gareth Spence. Doug talks of New Zealand’s rolling recession, with three years of slow GDP...

Friday 31st October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Donald Trump and President Xi have done a deal that staves off the 100% tariff hike, and actually sees existing tariffs fall a little. Phil asks NAB’s Gavin Friend why markets aren’t more excited after what Trump called a ‘truly great’ meeting. Meanwhile uncertainty h...

Thursday 30th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The FOMC cut rates, but the Fed was very divided, with one dissenter wanting a 50bpcut, the other wanting to keep rates on hold. NAB’s Sally Auld gives her take on the mood of Powell’s press conference, that pushed bond yields and the dollar higher. At home yields a...

Wednesday 29th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The S&P hit a new intraday high as markets prepare for the Fed’s assumed cut tomorrow, alongside a swag of tech earnings. NAB’s Ken Crompton talks through how, despite all that hope, consumer confidence slid in the latest Conference Board survey. Today’s CPE da...

Tuesday 28th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The market shift we highlighted yesterday morning continued through the session yesterday and overnight, with gold losing ground, US equities rising and the Aussie dollar the main beneficiary in currency markets. NAB’s Ray Attrill says the ussie was also helped by th...

Monday 27th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Things are about to get very busy. NAB’s Rodrigo Catril joins Phil at the start of a week that should see off the threat of an extra 100%tariff on China. We will also see rate decisions from the Fed, the Bank of Canada and the Bank of Japan. For the Fed, the assumptio...

Friday 17th October 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Earlier this week Donald Trump and Anthony Albanese announced a new rare earths deal and confirmation of the AUKUS defence agreement. The market response was fairly tame. Are we becoming desensitised to the plethora of unilateral deals...