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Start your day with the NAB Morning Call for the latest overnight key economic and market information straight from our team of expert market economists and strategists. This includes perspective on overnight news and market price action and the forces shaping movements in Australian and global markets in the days ahead. Hosted on Acast. See acast.com/privacy for more information.
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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 …
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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…
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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, al…
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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 eve…
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Tuesday 18th June 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB French politics still has a long way to run, but markets have calmed down a bit on the hope that a LePen government might not be so radical. NAB’s Taylor Nugent says ECB chief economist calmed markets by suggesting there was nothing d…
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Monday 17th June 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Last week was dominated by two big stories. First ,the dichotomy between US inflation data and the downgrade of rate cuts predicted by the Fed. Secondly, the snap French election , which could turn about to be very bad news for Preside…
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Friday 14th 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. There’s been growing interest in private credit markets lately. So, what exactly is it? Phil talks to Gillian Gordon, Head of Alternative Investments and Responsible Investing at JB Were, w…
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Friday 14th June 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB You might have expected that bond yields would start creeping back up again after the Fed’s hawkish ‘one dot plot’ meeting yesterday. Instead yields fell, as the latest producer prices echoed the softness in the CPI read before the Fed…
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Thursday 13th June 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB It's been a fascinating session overnight. Early Wednesday US markets responded positively to weaker CPI numbers. Bond yields fell sharply, alongside a dip in the US dollar and more enthusiasm for equities. There must have been an ex…
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Wednesday 12th June 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB A mixed set of numbers overnight. The UK’s employment numbers showed wage pressures remain, whilst the NAB business survey also demonstrated inflation stickiness. NAB’s Ray Attrill says wages are a lagging indicator, and you can’t j…
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Tuesday 11th June 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Non-farm payrolls came in a lot higher than expected in the US on Friday. Not only were there more people in jobs, but wages are also rising faster than expected. Phil asks NAB’s Taylor Nugent how uncomfortable this will be for the Fe…
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Friday 7th 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. On 18th June Daniel Mookhey, the NSW Treasurer, presents his second budget to the state parliament. This week he talks to Phil about the challenges he faces, starting with house prices. They…
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Friday 7th June 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The ECB cut interest rates as expected, but there’s no clear indication of when the next cut will come. NAB’s Gavin Friend says staff forecasts have pushed inflation higher. Hence, a hawkish cut. So much so, you wonder whether they woul…
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Thursday 6th June 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB US equities hit new highs today and bond yields continued to fall. The Bank of Canada cut rates overnight with indications there will be more to follow. They pipped the ECB to the post, with their cut expected later today. Equities an…
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Wednesday 5th June 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Bond markets continue their rally, with yields down again this morning. NAB’s Rodrigo Catril says it’s in part down to the JOLTS data in the US overnight, which showed job openings slowing. That’s pushed forward expectations for Fed …
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Tuesday 4th June 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Longer end yields pushed higher overnight. NAB’s Skye Masters says it was in part down to softer manufacturing data from the US, although there’s a chance markets have overreacted to what was a pretty mixed picture. For example, whilst…
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Monday 3rd June 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Europe’s core inflation number rose slightly on Friday. That won’t change the ECB’s bolted-on decision to cut rates this week, but the likelihood of more than one other cut this year is diminishing. NAB’s Tapas Strickland says Friday’s …
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Friday 31st May 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. Assuming he stays out of prison, Donald Trump has an even chance of winning the next Presidency. What does that mean for the Fed? Trump has often argued for the need to keep interest rates l…
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Friday 31st May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Inflation is taking a long time to come down, everywhere it seems. Europe reports its CPI today, but the numbers from Germany and Spain have already shown it’s taking longer than expected. NAB’s Gavin Friend talks about expectations aro…
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Thursday 30th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Australia’s monthly CPI reads are always to be treated cautiously. Nonetheless, the surprise rise in inflation did create a response on Asian markets, pushing Aussie yields higher. JBWere’s Sally Auld talks about how weaker bond deman…
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Tuesday 28th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB There were two bond auctions in the US overnight – for 2 year and 5 year treasuries. Both saw weaker demand than expected. Phil asks NAB’s Ken Crompton if investors are weary of the size of bond supply this year. Meanwhile US consumer …
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Tuesday 28th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB It’s been a quiet 24 hours with the UK and US on holiday, with the bond and equity markets closed in each place. But Europe was open for business, although the German IFO numbers offered little to get excited about – staying in the sam…
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Monday 27th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Friday was a quiet end to the week, but the NSDAQ still managed to touch a new high. Bond markets closed early in the US, though, in readiness for a long weekend, that will see a slow start to this week. NAB’s Taylor Nugent says trade w…
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Friday 18th May 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. NVIDIA is now the third biggest listing in the US, with a market cap of 2.3 trillion dollars. Their earning results this week were an upside surprise for revenue, margins and forward guidanc…
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Friday 24th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Stronger than expected PMIs in the US – for manufacturing and services – have pushed bond yields higher. Equities, which started the session strong on the back of the NVIDIA earnings, have also fallen sharply today as pricing for rate c…
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Thursday 23rd May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The UK Prime Minister stood out I the pouring rain to announce a July 4 election for the UK, months ahead of expectations. Perhaps he doesn’t think the economy will improve so he might as well go sooner. It comes on the same day as th…
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Wednesday 22nd May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Equities were quite contained a day out from the NVIDIA earnings, although the S&P did hit another all time high. Copper prices continue to rise from its new high on Monday. Phil asks Ray what’s driving this – real factors or a specu…
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Tuesday 21st May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB There’s an absence of solid data. Maybe that’s why equity markets have reverted to AI-hype, ahead of NVIDIA earnings later in the week. There’s also been significant gains in the price of silver, gold and copper. Phil talks to NAB’s Ro…
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Monday 20th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB It’s a quiet start today after a week that finished slowly. Skye Masters discusses how bond yields have been slowly rising, unwinding the moves after the surprise CPI growth earlier in the month. Central banks still seem to be doing the…
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Friday 18th May 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. There’s been a lot said about the Labor federal budget this week. One of the big questions is whether the energy subsidy alongside the tax cuts and rent assistance, will do enough to bring d…
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Friday 17th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Even though equities fell form their record highs of yesterday, that wasn’t until after the Dow passed the 40k mark for the first time ever. JBWere’s Sally Auld is surprised at the confidence in US equity markets, particularly as data i…
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Thursday 16th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB US CPI came in broadly as expected overnight, but the markets reacted anyway. Perhaps they feared another upside surprise. NAB’s Taylor Nugent says the slowdown in retail numbers also raised expectations slightly that the Fed will squ…
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Wednesday 15th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Markets are waiting for US CPI later today. There was some market reaction to he producer price numbers from the US, which NAB’s Gavin Friend described as sticker shock. The core number for April was higher than expected, but markets…
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Tuesday 14th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB It is of course, budget day in Australia today. NAB’s Rodrigo Catril says government subsidies will help bring headline inflation down, but the rise in household spending could delay the slowdown in the underlying inflation rate. The s…
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Monday 13th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB There were a few signs that inflation globally might be taking longer to fall. Canada’s surprise employment numbers pushed yields higher, and the UKs CPI was an upside surprise on Friday as well. Consumer inflation expectations in the U…
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Friday 10th May 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. Productivity gains have been slipping, not just in Australia, but around the world. The problem locally is accentuated by the shift away from a heavily automated resources sector, where sign…
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Friday 10th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB There wasn’t much market reaction as the Bank of England kept rates on hold but said what many already knew, that they will have to cut rates in the coming months. The ECB seems wedded to the idea of a June cut, with the accounts of the…
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Thursday 9th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB There wasn’t any tier one data overnight to give markets any clear direction. You could say there was an air of subduedness. The Riksbank cut rates, as suggested yesterday, but one ECB member is concerned that going too early, against …
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Wednesday 8th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB NAB is still expecting that the RBA’s next move will be a cut in November, because yesterday’s meeting did raise the possibility of a rate hike if inflation remains too persistent. NAB’s Skye Masters says the market reaction was tame …
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Tuesday 7th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The RBA meets today and is expected to keep rates on hold. They also release their revised inflation forecasts in the latest Statement of Monetary Policy. NAB’s Taylor Nugent says there will be some market sensitivity around these numbe…
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Monday 6th May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The non-farm payrolls in the US came in lower than expected, with a rise in the unemployment rate. NAAB’s Ken Crompton says we shouldn’t get too excited by the unemployment rate because it’s a small move when you take it to the second de…
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Friday 3rd May 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. They dominated the global share market last year and many have enjoyed tremendous growth so far this year, with NVIDIA as the clear outperformer. Whilst there’s a been a bit of an adjustment …
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Friday 3rd May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB US productivity has slipped quite markedly in Q1, that’s pushed up labour costs – is that something to worry about? Phil puts the question to NAB’s Gavin Friend, who says markets are still responding to yesterday’s dovish slant from the …
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Thursday 2nd May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The Fed kept rates on hold for the sixth meeting in a row this morning, warning that there had ben a lack of further progress towards their 2% inflation target. NAB’s Ray Attrill says it didn’t really change market pricing for a cut, w…
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Wednesday 1st May 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB A month-end a day out from the Fed decision in the midst of some earning results for some heavyweight stocks, its hardly surprising we saw a lot of volatility in bonds, currencies and equities in this session. NAB’s Skye Masters says …
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Tuesday 30th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB German inflation numbers overnight were stickier than expected, presenting a challenge for the ECB, one of the few central banks that has been talking-up the mid-term rate cuts. Phil asks NAB’s Rodrigo Catril if this puts June cut in…
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Monday 29th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The US March PCE Deflator number on Friday was broadly in line with consensus, but NAB’s Tapas Strickland says upward revisions to the January and February numbers show inflation remains persistent which delays further the timing of c…
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Friday 26th April 2024 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here. Australia is well placed in terms of natural resources for the green energy transition. We are already one of the world’s largest exporters of lithium, in-demand for the production of batt…
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Wednesday 24th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Is stagflation on the horizon for America? It’s a question Phil puts to NAB’s Rodrigo Catril after we saw slower growth and rising prices in data out on Wednesday. Could slow growth impact the euphoria around the Magnificent Seven?…
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Wednesday 24th April 2024 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB PMIs showed some strength in Europe, but were generally weaker than expected in the US. NAB’s Taylor Nugent says it’s the US numbers that generated a market reaction because it adds to the leading indicators that challenge the noti…
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