NAB Morning Call

Friday 24th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Donald Trump’s sanctions on two big Russian oil producers might be enough to stop India buying from them and could have a profound impact on Putin’s foreign earnings. That’s pushed oil prices higher, whilst equities have been boosted by news that Trump and Xi will mee...

Thursday 23rd October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets were a lot more cautious this session. Some commentary suggests it’s down to Trump’s comments that there might not be a meeting with President Xi this month, but, as NAB’s Ray Attrill points out, in the same breath the US President said he thinks a deal...

Wednesday 22nd October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets were a lot more cautious this session. Some commentary suggests it’s down to Trump’s comments that there might not be a meeting with President Xi this month, but, as NAB’s Ray Attrill points out, in the same breath the US President said he thinks a dea...

Tuesday 21st October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Before you woke up this morning Anthony Albanese was at the White House announcing a  $8.5 billion trade deal with America, giving the US access to the rare earths and critical minerals that will reduce its reliance on China. NAB’s Ken Crompton joins Phil t...

Monday 20th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Donald Trump said he was getting along with China, and he acknowledged his 100% tariff would not be sustainable. That suggests that a deal would be done at APEC, if not before. NAB’s Taylor Nugent says that provided some positive sentiment at the end of last week. Wor...

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 . Latest data from Cotality suggests that the value of Australian real estate could top $12 trillion by the end of the year. The growth isn’t uniform, of course and affordability is still a significant issue. And yet Sydney, the lea...

Friday 17th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Australia’s unemployment rate was higher than expected yesterday. On the podcast today we drill down on the numbers and Phil asks Rodrigo Catril whether it changes NAB’s view on when the next rate cut will happen. Normally today we’d be reporting on US CPI, but its be...

Thursday 16th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB US equities bounced back, despite ongoing uncertainty in US China relations. President Trump has described China’s avoidance of US soybeans as an economic hostile account, but Scott Bessent talked up the likelihood of a truce if China plays its part. NAB’s Sally Aul...

Wednesday 15th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It’s been day 14 of the US shutdown, as both sides dig in. And are we being too optimistic about US China relations? NAB’s Gavin Friend says we shouldn’t assume the TACO trade will see the US backing down on such an important issue. He also discusses with Phil comm...

Tuesday 14th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The release of hostages and prisoners in Israel and Gaza is the good news story of the year, but markets are still more concerned about the outcome of trade negotiations between the US and China. Equities have bounced back, and the Aussie dollar has regained some gro...

Monday 13th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets threw a bit of a hissy fit on Friday over US threats of 100% tariffs on China, and the meeting between Xi and Trump supposedly cancelled. But how much of it is hot air? If you look at the latest gambling odds from Polymarket, there’s only an 11% chance of a 10...

Friday 10th 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 . Gold hit another watershed moment this week, moving beyond $4,000 an ounce. Investors seemingly can’t get enough of it. John Reade, senior market strategist for the World Gold Council, joins Phil to talk about why gold keeps rising in...

Friday 10th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The US shutdown continues and the data drought continues, hence, markets are a little more cautious and central bankers seem to be erring on the side of caution (RBNZ being the exception). NAB’s Skye Masters joins Phil to decipher some of the comments from central ban...

Thursday 9th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The Fed minutes are out, and NAB’s Ray Attrill joins Phil to peruse the 40 pages to see what prompted the decision to cut rates, even though there were concerns over rising inflation. They also discuss RBNZ’s big cut yesterday, with more to come. And they look at gol...

Wednesday 8th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB The US shutdown continues with no end in sight, just a threat from the President not to pay back salary to some furloughed workers, and the prospect of layoffs just days away. NAB’s Taylor Nugent joins Phil to talk through the latest news and data, including the NY...

Tuesday 7th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB It’s been a session light on data but heavy on geopolitics. Markets reacted firmly as expected, to the surprise win for Sane Takaichi as leader of Japan’s LDP. The resignation of the French Prime Minister yesterday was also a surprise, sending yields higher and a big...

Monday 6th October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Sanae Takaichi won the LDP leadership vote in Japan on Saturday, so is set to become Japan’s first female prime minister. She’s a known supporter of Abenomics, so could its resurgence mean a rate hike by the Bank of Japan is less likely. ‘Yes!’ is the quick answer...

Friday 3rd 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 . NAB CEO Andrew Irvine returns to the Morning Call to answer your questions. Hear his views on Australia’s investment opportunity from Asia and what he’s doing to make NAB stand out for customers. ‘We have no God-given right to be here’,...

Friday 3rd October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB With no non-farm payrolls out in the US today, and no jobless claims numbers last night, attention turns to private data, of which the Challenger jobs survey is one of the more credible reports. NAB’s Ken Crompton says the overnight data supports the idea of a low hiri...

Thursday 2nd October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Markets will have to feel their way through the next few weeks, because the US shutdown means there’s an absence of key government data. No weekly jobless claims today, and no non-farms payrolls tomorrow. Betting suggests it will last longer than two weeks. NAB’...

Wednesday 1st October 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Not only is it school holidays for a lot of Australia right now, there’s also a week-long national holiday in China. And the US government seems likely to shutdown later today unless there’s a last-minute reprieve. That’s a lot of people not going to work. Phil talk...

Tuesday 30th September 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB There has been no breakthrough yet in avoiding a US government shutdown from tomorrow. President Trump's focus has been on negotiating a peace deal for Gaza. NAB’s Ray Attrill says markets are concerned the shutdown means non-farm payrolls are not published on Frid...

Monday 29th September 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Friday was a day of positivity in the US, with shares bouncing back and a higher than expected read on US personal spending. But NAB’s Sally Auld says inflation is still higher than where the Fed would like it. But we know Jerome Powell is also concerned about a wea...

Friday 26th September 2025 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . Donald Trump came out heavy on tariffs against China, supposedly to crack down on fentanyl trafficking, but mostly to offset America’s big trade deficit. Last year that deficit with China was close to $300 billion, more than a third...

Thursday 25th September 2025 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB Unexpectedly positive data out of the US, including an upward revision to GDP, has push ed equities lower, and adds to the question of when does the Fed need to cut. NAB’s Gavin Friend joins Phil to dissect the data and examine the (still very varied) views of Fed...