NAB Morning Call
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.
Episodes
Weekend Edition: Brad Carr’s Five Big Worries
Friday 4th September 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.It’s an uncertain world, perhaps more than ever before. Brad Carr is NAB’s Executive for Geopolitical Risk and he joins Phil to discuss the five themes that concern him. That includes the ongoing war in the Middle East and the increasing
Waller Sounds the Bell of Hope for Inflation Outlook
Friday 4th September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThere might not need to be a rate hike from the Fed. That’s been the takeout from a Reuters interview overnight with the bank's Christopher Waller, who suggested there are signs of disinflation which might mean there’s less need for a policy adjustment. There was a swift respon
Unexpected hawks and doves
Thursday 3rd September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABUnease in the Gulf continues to push oil prices higher today and fears of persistent inflation mean bond yields continue to rise in Europe. expectations for rate hikes, eve n as they moderate a little in the US. NAB’s Gavin Friend joins Phi to talk through a mixed session, in
Attacks, inflation and vigilantes
Wednesday 2nd September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil prices have risen sharply with further attacks from both sides in the Gulf. That’s pushed bond yields higher in a world that is struggling to contain inflation. NAB’s Ray Attrill joins Phil to talk about the issue of rising yields which, in Japan have hit a 30 year high.
Month end, but no end for Iran
Tuesday 1st September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABMonth end rebalancing has been complicated by Scott Bessent talking up the case for successive rate rises by the Bank of Japan, to help boost the Yen, whilst attacks from both sides in the Gulf has reaffirmed that the war is not over and oil prices aren’t likely to come down
Hawkish Warsh
Monday 31st August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABCould Kevin Warsh be more hawkish than Jerome Powell was? NAB’s Ken Crompton talks to Phil about the Fed chair’s speech at Jackson Hole, which now has markets pricing a greater chance than not of a rate hike at the next meeting. They also discuss President Trump’s plan for a US
Weekend Edition: Platinum, gold’s harder working cousin
Friday 28th August 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.This week Phil speaks with Edward Sterck, Director of Research at the World Platinum Investment Council, to explore whether platinum is emerging as a higher-torque alternative to gold in the precious metals complex. Sterck explains how sus
A rate hike and a cause for celebration
Friday 28th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABNAB has made the call that they expect the RBA to lift rates in September. Markets are pricing in a 50% chance of a hike. Expectations rose after this week’s higher than expected inflation number. NAB’s Taylor Nugent joins Phil to talk through NAB’s reasoning, as well as yesterda
Refusing to back down
Thursday 27th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABWherever you look inflation is not coming down as quickly as hoped or expected. NAB’s Sally Auld identifies why yesterday’s Australian CPI numbers were such a surprise, and why it’s heightened expectations for a rate hike. That’s pushed front end yields higher, which has booste
The Strait of Good Hope
Wednesday 26th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil prices fell sharply overnight, driving front-end bond yields lower and boosting shares. Phil asks NAB’s Gavin Friend what’s changed? There are reports that more oil is being shipped from Iraq, possibly with support being offered Iran, but the Achille’s heal of Operation Ec
The Economic Outcast and Other Stories
Tuesday 25th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThis morning NAB’s Ray Attrill joins Phil to discuss Scott Bessent’s plan to isolate Iran economically and how it could impact China. There’s also been market reaction to Bessent’s plan to fund some of his bond buybacks by drawing down surplus funds from the Treasury account at
Bessent's Big Week
Monday 24th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABUS Treasury Secretary Scott Bessent could dominate finance news this week. NAB’s Taylor Nugent joins Phil to discuss his two bg challenges. First, will we get more of the Treasury Twist -selling long date bonds to bring down yields? More immediately, what’s the plan to impose the
War, drought, debt – Simon French on Europe’s challenges
Friday 14th August 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.With the UK and Europe facing an unprecedented mix of geopolitical, environmental, and fiscal strains, is the region still a safe bet for global investors? On this weekend's episode of the NAB Morning Call, Phil sits down with Panmure Libe
Disorderly trading?
Friday 21st August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABUS Treasury Secretary Scott Bessent is pushing harder on bringing bond yields down, saying he needs to ensure ‘more orderly trading’. That is taken to mean even more buybacks, with a plan expected today or Monday on the scale and shape of it. NAB’s Gavin Friend joins Phil to disc
The Bessent Buyback
Thursday 20th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThe US has announced plans to buyback a greater volume of longer dated bonds. NAB’s Taylor Nugent says this is a fairly standard operation that has been used to manage liquidity, but this time it’s to be used on a larger scale with the aim of reducing longer dated yields. There
Fear of commitment
Wednesday 19th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABWhilst the middle East has been a preoccupation for many of late, the growing concern now shifts to bond yields, which have been steadily rising, with 30-year yields in the US breaking a multi decade high again. Phil puts it to NAB’s Rodrigo Catril that this is not just inflat
Gloomy Monday
Tuesday 18th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIt wasn’t a positive start to the week. Equities are lower, bond yields higher, reaching multi -decade highs at the long end in many places, with more evidence that the Iran situation is going to drag on. Activity data from China didn’t help. But it’s not all gloom. NAB’s Sally
Glass half empty
Monday 17th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThere’s a little less optimism around according to Friday’s University of Michigan consumer survey. Retail sales were also a disappointment, so the US finished the week with shares down, bond yields higher and oil prices higher. President Trump told the American people they shoul
Weekend Edition: Talkin’ Bout A Revolution
Friday 7th August 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.As massive capital expenditure pours into artificial intelligence, the narrative is rapidly shifting from speculative equity gains to a major structural opportunity across debt and credit markets. This week Phil is joined by NAB’s Head of C
Softly Softly
Friday 14th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABUS producer price growth came in a little lower than expected, giving hopes that inflation is trending lower. NAB’s Ken Crompton talks about the market response, with expectations for Fed hikes weakening, even as Cleveland Fed President Beth Hammock said they might need two hikes
No worse than expected
Thursday 13th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABMarket action has been very contained overnight, with small moves down in oil, glacial moves for currencies and bonds and share moves largely confined to US infrastructure plays. NAB’s Gavin Friend joins Phil to discuss yesterday’s US inflation data which, although rising, was
Wait and see
Wednesday 12th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIt was, as expected, a fairly hawkish RBA yesterday. As NAB’s Skye Masters explains, tweaks to forecasts were relatively minor and they still expect to see inflation back on target in the second half of next year, but Michelle Bullock said she personally believes another hike
We don’t talk any more
Tuesday 11th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOn a session that’s been light on for data the focus has been on the two major undercurrents of the year. First, the Gulf. Oil pushes a little higher as talks have taken a back seat and the US seems prepared to wait it out as their blockade hits the Iranian economy. Shares were
Soft Jobs
Monday 10th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABUS payrolls data surprised most on Friday with a weaker than expected number of jobs, but also a fall in the unemployment rate. Phil asks NAB’s Rodrigo Catril whether US immigration policies are part of the picture here. Rodrigo also suggests that lower unemployment and weaker wa
Weekend Edition: On track for Net Zero? Do we know?
Friday 7th August 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.Australia is aiming to reach Net Zero by 2050. Will we make it? There are heaps of initiatives underway, but do we know whether the cumulative effect is enough for us to hit the target? Phil talks to Toby Phillips, economics director at the
Kicking off again
Friday 7th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABFighting has kicked off again in the Middle East, this time the Houthis attacking Saudi supported territory in Yemen, with a significant loss of life. Could this open up the troubles on another front, drawing Saudi Arabia further into the conflict. Meanwhile, a deal on the reopeni
Taking stock
Thursday 6th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABEverything's on hold it seems. There have been no big moves in oil prices because, as NAB’s ray Attrill explains, there’s still no definitive news on the strait, although an interim agreement between Oman and Iran has been drafted, but will still need US approval. Shares have lo
Otherwordly
Wednesday 5th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThe dictionary definition of ‘otherwordly’ is something not from this world, and therefore, not real. Which is probably not what the Palantir CEO meant when he used it to describe their stellar earnings result, which saw their shares skyrocket. Let’s hope peace talks for the Gu
Open Tomorrow. Or Not.
Tuesday 4th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABPresident Trump says the Strait of Hormuz will open as soon as tomorrow. As Phil suggests to NAB’s Sally Auld that means markets only have to wait 24 hours to be disappointed, but the net reaction has been a sharp fall in oil prices and rises in shares. Sally also talks about how
Action on the Yen, no action in the Gulf
Monday 3rd August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThere were strong moves in the Yen on Friday, for the second day in a row, with the US reportedly joining Japan in moves to shore up the currency. NAB’s Skye Masters says we can expect to hear more on that today, Meanwhile, no moves in the Gulf despite President Trump’s threat to
Weekend Edition: Industry Reservations on Gas Reforms
Friday 31st July 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.The government wants one fifth of all the gas that’s extracted in Australia to stay in the country to serve domestic demand, and to sure up our energy security. That’s fair enough isn’t it? It makes little sense that we suffer a shortage of
A world of confusion
Friday 31st July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABAs NAB’s Rodrigo Catril discusses with Phil this morning, there is still a lot of market confusion following Kevn Warsh’s press conference yesterday. Are markets worried that inflation could rise and the Fed does little to stop it? Meanwhile US GDP came in softer than expected, but
Follow you, follow me
Thursday 30th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABKevin Warsh reiterated that the market needs to make its own decision on where the economy is headed. Not follow the Fed’s guidance. At the same time, he said they will consider the markets moves when determining monetary policy. So, who is following who? NAB’s Gavin Friend says
Just the way we like it
Wednesday 29th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABMarkets are torn between optimism in the Gulf against fears over valuations of tech. Chipmakers have seen further sizeable falls in their shares, whilst oil is also well down. NAB’s Ken Crompton joins Phil to talk through the two, which have seen investors lean more to the posit
The chips are down (again)
Tuesday 28th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABUS tech stocks have taken a hit again for the third straight session, with chipmakers joining software companies in the slide. Other stocks though have been buoyed by the lull in fighting in the Middle East, with three quieter nights as the US ’gives room’ for diplomacy. NAB’s Tay
Calm in the Storm
Monday 27th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABFighting between the US and Iran eased back on Friday after 13 nights of continual bombardment. The US President says talks are ongoing, and NAB’s Sally Auld wonders whether the $100 mark for oil acts as an inducement for both sides to calm things down. The risk, though, is the ris
Weekend Edition: Gold - safe haven or speculative investment?
Friday 24th July 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.As the Brent price climbs back into triple digits and the tensions in the Gulf show no sign of easing, what does that mean for the price of gold. Logic would have dictated that geopolitical unease would strengthen gold as investors look for
Oil back to triple digits
Friday 24th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil is back into triple digits this morning as Houthis fire on Saudi vessels in the red Sea and reports of retaliatory action on Iran’s Qeshm Island. At the same time, equities have taken a hit after Alphabet and Telsa earnings. Shares for both are well down because, although reven
Oil climbs, diplomacy subsides
Thursday 23rd July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil continues to rise as diplomacy in the Gulf rapidly disappears. Donald Trump is now threatening retaliatory action each time Iran fires at a vessel in the Hormuz strait, whilst promising Saudi Arabia a deal to enrich uranium on their territory. Sally Auld joins Phil to talk th
Pickaxe Diplomacy
Wednesday 22nd July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIntelligence suggests that Iran has moved its nuclear capability inside Pickaxe Mountain, which the US President has said they will attack, heavily. That, together with an IEA warning and Saudi ships turning around in the Red Sea has pushed oil higher, back into the nineties, wi
Could a 10-day ceasefire stop the escalation in the Gulf?
Tuesday 21st July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil prices were on the rise but have eased a little on the hope that maybe a 10-day ceasefire could quell the escalating tensions in the Gulf, after nine nights of open hostilities. NAB’s Rodrigo Catril joins Phil to talk through how markets continue to manage their way through th
Double Disruption
Monday 20th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil prices were pushed higher as tensions in the Gulf escalate, and with more happening over the weekend there’s every chance oil prices will push higher still. Tech stocks took a hit on Friday with news of the imminent release of Kimi K3, China’s latest agentic open-source AI offe
Weekend Edition: Taxing time for the gas industry
Friday 17th July 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.The petroleum resource rent tax has been around since 1988. It was introduced by the Hawke government as a way to tax the super-profits from petroleum and gas companies extracting offshore resources, without reducing the incentive for new in
US Moderate Exceptionalism
Friday17th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIt’s been a quiet day for data but another busy 24 hours for action in the Gulf. In the US retail sales rose, the Philly fed manufacturing index is up, job claims are down – and for a reminder of how great things are, Donald trump is giving an address to the nation this morning our
Living in the Seventies
Thursday 16th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThe Aussie dollar is back in the seventies for now, with a weaker US dollar, while the only answer the US President seems to have for the Iran situation is more military action. Could this challenge the downward trend in inflation? US PPI overnight was weaker than expected, addin
A thing of the past, but not yet.
Wednesday 15th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABAt his testimony to the House Financial Services Committee Kevin Warsh vowed to make today’s elevated inflation ‘a thing of the past’, whilst warning that softer inflation numbers overnight should not be seen as ‘mission accomplished’. NAB’s Skye Masters tells Phil that, even th
Guardian for hire
Tuesday 14th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABPresident Trump posted overnight that the US would blockade Iranian oil and charge shipping a 20% levy on the value of their cargo to help them through the Strait. As Phil discusses with NAB’s Ray Attrill it is a curious move for someone wanting to see oil price lower – it ha
Markets cling to hope
Monday 13th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil prices fell on Friday even though war-like behaviour in the Gulf escalated. The hostilities ramped up even further over the weekend, so can investors hold their nerve and keep oil prices below $80? Phil is joined by NAB’s Taylor Nugent to talk through the prospects for the week
Weekend Edition: The ticking China timebomb
Friday 10th July 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.All is not so rosy in China despite the official figures showing continued strong growth. ‘It’s not as becalmed and orderly as the government would have us believe’, says George Magnus. George is an independent economist and a res
We are over it!
Friday 10th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABHostilities continue to escalate in the Gulf yet oil prices have fallen and bond markets rallied. Are we over it? On today’s podcast NAB’s Sally Auld says markets are accepting there wil be low grade military action for some time to come, and oil will continue to trade in a quasi-e
Trumps war of words
Thursday 9th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABNAB’s Ken Crompton joins Phil to discuss the latest moves in the Gulf, with President Trump declaring the ceasefire is over, with warning of renewed attacks on Iran. But will he push hard at the risk of escalating fuel prices for US citizens? Ken points to the President’s comments
It’s not over till it’s over
Wednesday 8th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil rose a little overnight after Iran fired shots on ships approaching the Hormuz Strait. NAB’s Skye Masters says the price rise was probably capped by the release of the latest IEA forecast, forecasting a fall in demand and a further fall in prices next year. Bond yields h
Back and buying
Tuesday 7th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABWith the US back from their 4th July long weekend there’s been renewed interest in buying tech stocks. NAB’s Rodrigo Catril joins Phil to discuss this and more. Including OPEC+ upping oil production – isn’t it a little academic as supplies out of the Gulf are still restrained. The
Is this where oil is now?
Monday 6th July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABBrent crude is holding on in the low seventies, despite all the uncertainty around Iran. This isn’t where most commentators expected it would land according to NAB’s Ray Attrill. Phil asks what this means for inflation expectations and how much of this was factored into NAB;’s lates
Weekend Edition: Geoff Wilson on Taxing the future
Friday 3rd July 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.The government’s newly minted capital gains tax (CGT) rules threaten to hold back productive investment. That’s the view of veteran fund manager Geoff Wilson, founder of Wilson Asset Management, who says the changes for equities and businesse
Soft jobs, but not too soft
Friday 3rd July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThe non-farm payrolls from the US overnight came in softer than expected, but NAB’s Rodrigo Catril strong enough for the Fed to dismiss concerns about the labour market and focus more of inflation. Phil asks him about the impact of this on bond markets, whilst equities have been hit
Nothing too Sintra-lating
Thursday 2nd July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIt’s been a quiet day on the markets. So, for a change, an edition of The Morning Call that doesn’t mention the words Iran or Gulf. Instead, the focus has been on that last panel session at the ECB Forum in Sintra. Kevin Warsh didn’t give anything away on monetary policy, except t
Not so Zen about the Yen
Wednesday 1st July 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThe Yen fell further again overnight, hitting another 40-year low, but NAB’s Taylor Nugent says there’s no indication of when and if there will be any further currency intervention. US equities push higher and oil falls lower as Iran news falls off the front pages and investors f
What’s On: Doha, Tokyo, Sintra, Washington, Moscow
Tuesday 30th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABAs NAB’s Gavin Friend discusses with Phil, five cities are the focus for markets right now. In Doha, there are high hopes that high-level peace talks are resuming to stabilize maritime transit through the Strait of Hormuz. In Tokyo, markets are on the look out for a currency inter
Skirmishes, Sintra and US Jobs Week
Monday 29th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABNobody can accuse markets of being overly cynical about peace negotiations, says NAB’s Ken Crompton on this morning’s podcast. Oil fell on Friday despite skirmishes between Iran and Iran as Tehran seeks to reassert its control over the Strait. Most data on Friday were second tier s
Weekend Edition: AI - Revolution, bubble or doomsday?
Friday 26th June 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.Is artificial intelligence on track to save mankind, or is the relentless hype hiding a massive financial crash and an ultimate existential threat? This weekend Phil tackles these profound questions with BCA Research's Chief Global Investmen
Peace de Résistance
Friday 26th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABCrude oil prices are marching back up after a Singaporean tanker was fired upon in the Strait of Hormuz. NAB’s Ray Attrill joins Phil to talk through the market response to that and to the sharp move up in Micron stock after the chip maker provided stellar forward guidance. Meanwhi
Oil slides through the Strait, but underlying Aussie CPI is sticky
Thursday 25th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil prices are tumbling, with Brent crude hitting a fresh low near $73 a barrel,, taking significant pressure off global inflation hedges and pushing 10 year Treasury yields down 9 basis points. Phil talks to NAB’s Sally Auld look at how this commodity slide is reshaping central
Risk off, but why?
Wednesday 24th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThere have been big global move down in equities yesterday and that continued overnight. NAB’s Taylor Nugent joins Phil to discuss this risk-off mood. There’s no clear trigger except shares rose quickly last week. The Iran situation certainly wasn’t responsible after another day
More peace hope, more tech caution
Tuesday 23rd June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABYou might expect that as oil prices fall and the potential for economic growth resumes, big tech would be riding the wave. But, as NAB’s Rodrigo Catril explains today, US share indices have been driven down by two falls in two giants – SpaceX is own over 12% and Alphabet lost 6% a
No Strait Answer
Monday 20th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABWith the US closed for business on Friday what market action there was largely driven by geopolitics. Peace talks in Switzerland start on shaky ground with question marks over whether Iran has closed the Strait of Hormuz. President Trump has turned up the rhetoric, but it could jus
Weekend Edition: Is property investment on the slide?
Friday 19th June 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.Is the Australian property market running out of puff, or are we just seeing the first ripples of a dramatic regulatory shake-up? Phil sits down with Cotality’s head of Australian research, Gerard Burg, to dig into whether the federal govern
Big sail on, all ships must go
Friday 19th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABVessels have begun navigating the Strait of Hormuz following the formal signing of the U.S.-Iran MoU, with Brent crude at three-month lows near $80 a barrel. Phil asks NAB’s Ray Attrill whether this is as low as we can expect it to go for now, at least until a more definitive peace
A succinct and hawkish Fed
Thursday 18th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABA concise and hawkish Federal Reserve decision has shifted global desks. Phil unpacks Kevin Warsh’s first Fed meeting with NAB’s Gavin Friend. It delivered an unyielding 12-0 vote to hold rates steady alongside a razor-thin official statement that raised inflation forecasts and e
Oil falls further, RBA holds
Wednesday 17th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABA unanimous, universally expected pause by the RBA yesterday, with Michelle Bullock refusing to rule out future interest rate hikes if inflation remains sticky. Taylor Nugent says NAB's view remains firm that the data flow won't give them the final push needed to squeeze ou
Strait Talking
Tuesday 16th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThere’s been a sharp market response to the apparent agreed memorandum of understanding, electronically signed by Iran and the US, with a formal signing ceremony in Switzerland on Friday. NAB’s Ken Crompton joins Phil to look at the market response, with yields falling, equities r
A few hours away
Monday 15th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABNAB’s Sally Auld joins Phil to discuss a week where markets are responding to the shifting realities of a proposed U.S.-Iran peace deal. Deep optimism over a potential memorandum of understanding opening the Strait of Hormuz toll-free pushed Brent crude down to $87.30 a barrel and
Weekend Edition: Japan's High Flying Trapeze Act
Friday 12th June 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.Japan finds itself performing a high-stakes economic balancing act as the nation navigates its most aggressive structural pivot in decades. In this weekend edition of the NAB Morning Call, Phil Dobbie welcomes Tokyo-based independent macro s
A mega TACO moment
Friday 12th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABA major coordinated market reversal took place overnight as Donald Trump posted a dramatic Truth Social message stating that a comprehensive US-Iran peace deal is "just about done," prompting an immediate unwind of trades built on escalating tensions. NAB's Ray Attrill joins Phil t
Paying the price of war
Thursday 11th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil prices are higher again as the US and Iran tit for tat measures pick up a pace, with more rhetoric from the US President. The question global banks are asking, is how are rising oil prices impacting core inflation? The Fed seems is expected to wait, even with headline inflati
Helicopter oil money, and hike-free RBA?
Wednesday 10th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThere hasn't been a strong market reaction to the downing of a US helicopter near the Strait of Hormuz yesterday, even though Donald Trump has talked retaliation. Instead, markets seem to have focused more on the fact that some oil tankers have successfully made their way throug
Fed more certain, Gulf more unsettled
Friday 5th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABA blowout U.S. non-farm payrolls report has injected definitive hawk-ish certainty into central bank paths, while a hyper-volatile tit-for-tat missile exchange between Israel and Iran leaves the outlook for the Gulf structurally unsettled. Phil and NAB’s Rodrigo Catril work through
Weekend Edition: Electrifying Australia
Friday 5th June 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.Phil talks to Tim Jordan, Commissioner at the Australian Energy Market Commission (AEMC),on how the energy grid is adapting to volatile fossil fuel prices and the massive surge in electricity demand driven by artificial intelligence. While re
Jobs Day
Friday 5th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABTonight's highly anticipated U.S. non-farm payrolls data follows a week of highly conflicting signals from the American labour market. So, what will today’s data reveal about underlying economic momentum? Also, can the market’s rampant "buy the dip" equity mentality survive a potent
Warsh’s Dilemma
Thursday 4th June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABAn exchange of fire in the Gulf aw a resurgence of risk-off sentiment in global markets, driving Brent crude back toward $98 a barrel and weakening the Australian dollar. The unfolding crisis highlights Warsh’s Dilemma ahead of his first Fed meeting: while much of the world downsh
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