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: 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
Slower growth for Australia
Wednesday 3rd June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABMore signs of global cooling. NAB’s Ray Attrill looks ahead to today’s Q1 GDP for Australia, with expectations dialled down following a surprising slide into a trade deficit yesterday. It shows how domestic growth was already slowing and tracking below RBA forecasts well before r
The truth about oil
Tuessday 2nd June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABPhil Dobbie and NAB’s Sally Auld delve into a turbulent market session where geopolitical theatre and conflicting macroeconomic signals pulled global asset classes in opposite directions. Crude oil spiked toward $98 a barrel early in the session before cooling down to just over $9
The Still Waiting Game
Monday 1st June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABPhil Dobbie and NAB’s Taylor Nugent check the pulse of a global market that remains suspended in a cautious holding pattern. Friday’s wave of optimism—which pushed the S&P 500 and Nasdaq to fresh all-time highs and drove Brent crude down near the $90-a-barrel mark—has run into a
Weekend Edition: Strait to the dinner table
Friday 30th May 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.While the market's attention has been transfixed by oil and gas, the closure of the Strait of Hormuz has triggered a secondary, far more dangerous shock for Australian food security: a massive fertilizer crisis. Phil sits down with Paddy Romb
Just a nod from Donald
Friday 29th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABNAB’s Rodrigo Catril joins Phil to discuss the latest reports that U.S. and Iranian negotiators have finalized a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran's nuclear program. This crucial step, which would see the Strait of Hormuz gradually re
Softer CPI, RBNZ itching to hike, hope drives oil lower
Thursday 28th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABA softer-than-expected Australian headline inflation print sent the Aussie dollar sliding half a percent to 71.4 US cents. NAB’s Gavin Friend cautions that while the headline cooling is welcome, the trimmed mean core rate remains stubbornly high, meaning the RBA cannot yet afford
All Fired Up
Wednesday 27th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABDespite ongoing optimism around a potential peace deal, the U.S. literally "fired up" tensions by launching missile strikes against targets in southern Iran and mine-laying vessels in the Strait of Hormuz. That sent Brent Crude prices highr, back over $100, whilst WTI fell. It wa
Great Deal or No Deal
Tuesday 26th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABPhil is joined by NAB’s Ken Crompton to discuss how global markets are holding onto optimism despite Donald Trump shifting his rhetoric, stating he will only settle for a "great deal or no deal at all" regarding Iran. Despite thin holiday trading with the US and UK closed, equity m
Optimistic exuberance to come?
Monday 25th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABdiplomatic signals from the U.S. and Iran. While Donald Trump and Marco Rubio teased an imminent breakthrough that briefly sent Bitcoin surging 2%, the administration subsequently walked back the timeline, advising negotiators "not to rush". Ray notes that while both sides have repo
Weekend Edition: Gearing Up for Gearing Down
Friday 23rd May 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 sits down with NAB’s Gareth Spence and JBWere’s Glen Bertram to unpack the ramifications of the federal budget's aggressive pivot away from established property tax incentives. The panel deconstructs how ditching the 50% capita
Cracks starting to show
Friday 22nd May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABNAB’s Ken Crompton discusses the unexpected softening in the Australian labour market, where the unemployment rate climbed to 4.5% alongside a loss of 19,000 jobs. Ken points out that this surprising shift shows firms are pausing hiring plans due to global headwinds and the ongoing
Just passing through
Thursday 21st May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThere were strong moves in positive sentiment today as several vessels sailed through the Strait of Hormuz, accompanied by hopes of some sort of deal with Iran. Brent Crude dropped in price and bond yields fell, particularly in Europe. NAB’s Gavin Friend says yields had start
Oil has been rising, pass it on
Wednesday 20th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThe worry from just about everywhere is that when there’s a supply shock, companies are quicker to pass on the costs to their customers than they would in ordinary times. The RBA said as much in a paper yesterday. NAB’s Ray Attrill says that’s why NAB now expects anothe
Divided we stall
Tuesday 19th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABA stark geographic division has opened up in global markets as US and European assets move in entirely opposite directions. Phil talks to NAB's Skye Masters about this pronounced division, noting that while inflation fears have sent US equities tumbling and pushed 10-year Trea
Xiing is Believing
Monday 17th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABJust when markets were hoping for a diplomatic breakthrough, it’s clear the Chinese leader sees it as America’s problem. Donald Trump’s blunt dismissal of the latest Iranian proposal has sent global markets into a dramatic tailspin. Phil talks to NAB’s Sally Auld about Friday's
Weekend Edition: Flying through an energy crisis
Friday 15th May 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.In this weekend edition of the NAB Morning Call, Phil talks to former Etihad CEO James Hogan, now Chairman at consulting firm Knighthood Global Limited. They explore the aviation industry’s resilient response to the Middle East conflict and t
China warns of the Thucydides Trap
Friday 15th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABChina has tried to establish the upper hand at the Beijing Summit by warning of the Thucydides Trap – a phenomenon where a rising dominant power challenges the old guard, It invariably ends in war. It was a bold way to kick off a summit, where Iran seems to have had less f
Battle chess with China
Thursday 14th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIs Donald Trump readying himself for a deal that will see him forego arms sales to Taiwan in exchange for China helping end the confict with Iran? It’s one interpretation of what might come from the summit in Beijing, but NAB’s Ray Attrill is doubtful anything too comnstructi
Chalmers, Starmer and Calmer
Wednesday 13th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABWhether it is Chalmers' budget, Starmer’s fight for survival, or the eerie calm of a stalled Gulf ceasefire, the global economic landscape is shifting in ways that are anything but peaceful. Jim Chalmers' first major federal budget has delivered a blow to property perks by e
Iran’s ‘piece of garbage’
Tuesday 12th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIn this episode of the NAB Morning Call, Phil Dobbie and Rodrigo Catril break down the market's reaction to President Trump’s blunt dismissal of Iran’s latest proposal as a "piece of garbage," a move that has dashed hopes for a diplomatic breakthrough and kept the Strait of Ho
Good jobs and new hope
Monday 11th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABCould we be on the verge of positive steps from the Gulf? Iran has responded to the US proposal and, as Phil points out, its not an outright rejection. This is also the week that President Trump meets President Xi, a discussion that could be critical to any solution in the
Weekend Edition: Joie de Super
Friday 8th May 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 explores the massive shift of Australian retirement savings toward Europe as the domestic superannuation system prepares to surge to a staggering $8.3 trillion by 2035. Joined by David Whiteley of IFM Investors and Nicola Jolley
The Waiting Game
Friday 8th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil has been down, then up. Equiites have been just as volatile. As NAB’s Gavin Friend discusses with Phil, markets are struggling to find direction as headlines paint an uncertain picture in the Middle East. On the positive side there are reports that Iran will surrender some o
Freedom Replaced with Hope
Thursday 7th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABMarkets are running on hope again today, with the US issuing a memorandum of understabd to Iran, with the hope that month long peace talks could be about to start. Presidnet Trump also cancelled Operation Freedom yesterday. Markets have taken this all as good news, even though
War on hold, RBA on the move
Wednesday 6th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABMarkets seem enthused by the fact that, today at least, things didn’t get worse in the Middle East. That said, they didn’t get any better either, and the world, meanwhile is chewing up its crude oil reserves. NAB’s Taylor Nugent joins Phil to talk through the market action an
Oil higher as ceasefire breaks
Tuesday 5th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABPresident Trump’s Operation Freedom, designed to escort vessels trapped in the Gulf, has got off to a shaky start. Iran claims they attacked a US warship (which the US denies), but nobody seems game enough to traverse the strait of Hormuz. Meanhwile the UAE has seen a numb
Iran hasn’t paid the price
Monday 4th May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIt certainly seems likely that the war between Iran and USA/Israel will continue for some time to come with Donald Trump likely to reject Iran’s 17-point peace deal claiming that they haven't paid the price yet for the damage they've done over the decades. Still, as Phil discuss
Weekend Edition: Beyond the Blockade. The Real-World Cost of the War.
Friday1st May 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.Phil is joined by veteran energy analyst Neil Atkinson to peel back the curtain on a global energy system pushed to the brink by the ongoing conflict in the Gulf. With the Strait of Hormuz effectively closed, they discuss why the market’s hope
New oil highs, AI distractions and Yen manipulation?
Friday 1st May 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil rose to its highest level since the closure of the Strait of Hormuz before retracing and ending up lower than a day ago. Why? Phil talks to NAB’s Ken Crompton. Certainly it's not due to progress on peace talks, quite the reverse. But equity markets have risen on the back of
Divided He Falls. But Stays.
Thursday 30th April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil continues to lurch higher, getting close to $120 this session, the highest since the closure of the Hormuz Strait. There’re no signs of progress, infact President Trump is indicating he’d prefer to wait until his blockade has an impact on Iran. That could take some
Still Rising
Wednesday 29th April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABMarkets are wobbling, oil is surging, and the world’s central banks are lining up for a big week — but nothing is quite behaving the way you’d expect. Today Phil and NAB’s Sally Auld unpack why oil keeps climbing even as the UAE walks out of OPEC, how OpenAI’s internal stu
Call me sometime
Tuesday 28th April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIts another session where equities are rising – albeit only slightly – whilst oil pushes higher. Talks between the US and Iran are not progressing, with the US President suggesting Tehran calls him when they have something to discuss. Meanwhile the Straits of Hormuz remains
Weekend edition: Steady Hand, Shifting Sands
Friday 22nd April 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.In this weekend edition of the NAB Morning Call, Kylie Willment, Chief Investment Officer at Mercer, joins Phil Dobbie to explain why their core investment strategy remains sound even as the global landscape becomes increasingly volatile. W
Ratcheting Up
Friday 24th April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABNAB’s Rodrigo Catril joins Phil to discuss a significant escalation in the U.S. naval blockade, which has now expanded into the Indian Ocean with the seizure of tankers carrying Iranian oil. This move follows the earlier strikes in the Gulf and indicates a broadening of the c
Looking through the fog of war
Thursday 23rd April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIn today’s NAB Morning Call, Skye Masters joins Phil to analyse why U.S. equity markets appear to be "looking through the fog of war" as they push to new all-time highs—with the S&P 500 breaking above 7,000—even as oil prices and bond yields remain significantly elevate
No talk, no sock puppet
Wednesday 22nd April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIn the April 22, 2026, edition of the NAB Morning Call, Gavin Friend joins Phil Dobbie to discuss a shift toward "risk-off" sentiment as the high-stakes peace talks between the U.S. and Iran appear to have stalled. With JD Vance spotted back in Washington rather than at th
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