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
Tech-tonic changes in US equities
Friday 6th November 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABPhil and NAB's Gavin Friend break down a brutal tech-led sell-off on Wall Street as reality sets in over what a Democratic-controlled Congress means for big tech valuations and regulation. The Nasdaq plunged 5% and the S&P 500 tumbled 3.6%—dragging major names like Nvidia, Tes
Markets happy to sing the blues
Thursday 5th November 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABPhil and NAB’s Ray Attrill, unpack a dramatic risk-on session across global financial markets following a decisive Democratic sweep in the US midterm elections. With the prospect of less in the way of military action in the Middle east crude dipped below US$94 a barrel for the first
Done and Dusted?
Wednesday 4th November 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABNAB’s Taylor Nugent assesses the fallout from the Reserve Bank of Australia’s Melbourne Cup Day decision, where the Board delivered a widely anticipated 25-basis-point increase to lift the cash rate to 4.85%. Despite the rate rise, domestic bond yields and the Australian dollar bot
Oil slump, RBA hike and Republicans on the ropes
Tuesday 3rd November 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABPhil and NAB’s Rodrigo Catril analyse a sharp drop in oil prices after reports surfaced that US President Trump is pursuing diplomatic de-escalation over Iran. That’s spurred a broader risk-on tone across financial markets, driving sovereign bond yields lower and boosting European an
Beyond tomorrow, does the RBA have further to go?
Monday 2nd November 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABPhil talks to NAB’s Sally Auld about Friday’s tech rout and tomorrow’s Melbourne Cup rate rise from the RBA. Ahead of the decision, new data from Cotality shows capital city dwelling values fell 1.4% in October—accelerating across previously heated property markets like Brisbane and P
Can the Euro Survive Europe's Supply-Side Crisis? Paul Mortimer-Lee on France, Debt, and the ECB
Friday 30th October 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.Phil speaks with Paul Mortimer-Lee, Research Fellow at the National Institute of Economic and Social Research (NIESR) and former Bank of England forecasting head, to examine the deepening fiscal strain across Europe and determine whether
AI Eats its Own
Friday 30th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABPhil and NAB’s Gavin Friend explore a risk-off session across equity markets triggered by a fresh wave of artificial intelligence anxiety following Alphabet’s quarterly earnings. Alphabet tumbled nearly 13%—marking one of the largest single-day market-cap wipeouts on record—as investo
Dovish Fed, RBNZ's Surprise and NAB's New Rate Call
Thursday 29th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABPhil Dobbie and NAB’s Ray Attrill unpack a frantic 24 hours of central bank decisions, domestic inflation data, and shifting rate calls. Global bond yields plunged—led by a sharp 8-basis-point drop in US two-year Treasury yields—after Fed Chair Kevin Warsh struck a surprisingly dovi
Australian CPI to put RBA on a Knife-Edge
Wednesday 28th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABPhil and NAB's Skye Masters break down a risk-on session across global equity markets set against a tense, pivotal day for monetary policy. Wall Street rallied—led by a 2.2% surge in the Nasdaq and broad tech strength—fuelled by news of mega-cap chip-financing deals and solid U
Tech Rallies on Anthropic IPO Plans as Brazil Reprices and Oil Holds Firm
Tuesday 27th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABPhil and NAB's Rodrigo Catril unpack a choppy overnight session marked by major political shifts, geopolitical tension, and resilient tech sentiment. Brazilian markets faced sharp domestic repricing after Luiz Inácio Lula da Silva secured a runoff victory, while geopolitical atte
The most critical week of the year so far?
Monday 26th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABPhil talks to NAB’s Ken Crompton at the start of what is set to be one of the most critical weeks of the year for global financial markets. Investors face a relentless barrage of catalysts: five major central bank meetings (including the RBNZ, Bank of Canada, FOMC, ECB, and the Bank o
Is the Grattan Institute Right On Tax Reform? Or Left?
Friday 23rd October 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, Phil speaks with Erin Leigh Brown, co-author of the Grattan Institute's landmark report Budget Reboot: How to Fund Australia's Future. They break down Grattan's controversial proposed tax reform packag
Running for cover
Friday 23rd October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABPhil is joined by NAB's Gavin Friend to analyse a sharp risk-off session across global markets, driven by tech valuation worries and ongoing Middle East energy supply disruptions. US equities fell heavily—led by a 2.7% drop in the Nasdaq following Meta’s increased capital expendit
Mixed AI messages – NextDC plunges as SpaceX rises
Thursday 22nd October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABPhil and NAB's Taylor Nugent discuss how market sentiment around AI is rebounding following strong Q3 earnings from SpaceX, even as local infrastructure bottlenecks loom large—highlighted by NextDC's 42% stock plunge following delays to its Melbourne data centre rollout. Dom
Oil bounces, France on edge, tech lives on hope
Wednesday 21st October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABNAB's Skye Masters joins Phil to break down a highly volatile session where investors remain caught between geopolitical oil shocks and European political instability. Crude oil touched a five-month high near $112 a barrel before pulling back to hover around $108 for Brent. In
Bond Yields Surge and Tech Rebounds
Monday 19th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABNAB’s Sally Auld joins Phil to navigate a session defined by rising global bond yields, with US 10-year Treasuries up 7 basis points to 5.15% and French 10-year yields jumping 13 basis points amid worsening social unrest and local curfew proposals. US equities pulled off a tech-led re
Angst over AI, oil and austerity
Monday 19th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABPhil talks to NAB’s Rodrigo Catril about this morning’s volatile backdrop for global financial markets, driven by tech sentiment, geopolitical pivots, and domestic unrest. Equity markets ended the week under pressure, led by a 2.1% drop in the Nasdaq on Friday as investors focused on
Weekend Edition: From COVID to Conflict – Australia’s Supply Chain Bottlenecks
Friday 16th October 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 Tom Jensen, Head of International Freight & Logistics at the Freight & Trade Alliance (FTA), to unpack the relentless disruptions hitting global sea freight. From post-COVID supply chain adjustments and
Weaker jobs sink the Aussie dollar
Friday 16th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABNAB’s Ken Crompton joins Phil after a turbulent 24 hours across global and domestic markets. Investors pulled capital out of the tech sector amid rising concerns over AI-related corporate debt and capital spending, driving a safe-haven rally into US Treasuries that pushed 10-year yiel
US Inflation surprise, markets ready for Aussie unemployment payback
Thursday 15th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABNAB's Taylor Nugent joins Phil to break down the market fallout from higher-than-expected US CPI data, where headline inflation reaccelerated to 3.7%. The surprise print triggered an immediate knee-jerk reaction across asset classes—sending the US Dollar Index up half a percent,
RBA Rate Risks, Slump in Business Confidence, and the IMF's Sticky Inflation Warning
Wednesday 14th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABIn today's episode, Phil Dobbie and NAB Senior FX Strategist Ray Attrill unpack a challenging economic picture as global inflation pressures and tight monetary policy weigh on market sentiment. Domestically, the NAB Business Survey highlighted a sharp drop in business confidenc
The Chips Are Down Once More
Tuesday 13th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABSemiconductor stocks are taking a beating as competition from China and internal US pressures weigh heavily on tech, while oil prices continue their climb as the Middle East conflict flares and the energy ceasefire fails to hold. NAB's Rodrigo Catril joins Phil to break down the
Middle East Escalation vs. Supply Deals: Energy Markets on Edge
Monday 12th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABA fresh escalation of Middle East conflict is overshadowing energy markets after Houthi attacks on Riyadh’s airport, clashing with President Trump's announced US-Russia diesel agreement and reported Russia-Ukraine energy ceasefire. On today’s edition of the NAB Morning Call, Phil
Weekend Edition: Australia’s Rental Paradox
Friday 9th October 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.Australia’s housing market continues to present a puzzling contradiction: despite record-low vacancy rates and a severe structural shortage of housing, rental price growth has stalled—and in major cities like Sydney and Canberra, house ren
Meanwhile, back in the Gulf
Friday 9th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABRisk-off sentiment dominated global markets as geopolitical tensions flared in the Persian Gulf. On today’s edition of the NAB Morning Call, NAB’s Ken Crompton joins Phil to discuss a turbulent session sparked by an attack on an oil tanker near Qatar, which sent Brent crude surging tow
Oil Drifts Lower, French Yields Rocket
Thursday 8th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABOil drifts lower, French yields rocket, and the FOMC minutes reveal a Federal Reserve that is far from done worrying about inflation. Phil is joined by NAB’s Ray Attrill who says the newly released FOMC minutes are a little more dovish than anticipated, whilst the NY Fed’s consume in
Le Pen Is Mightier Than the Deficit
Wednesday 7th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABThe S&P 500 has notched its first fresh all-time high since August, supported by optimism ahead of the Q3 earnings season and steadying US Treasury yields. On today’s edition of the NAB Morning Call, Phil is joined by NAB’s Gavin Friend to dissect the market moves—starting with
US jobs soft, but yields are still rising
Tuesday 6th October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABUS equity markets kicked off the week with solid gains as the tech sector pushed higher, but fixed income markets continued to grapple with elevated yields as US 10-year Treasuries pushed up to 5.34%. Following a long weekend in parts of Australia, Phil Dobbie and NAB's Taylor Nug
Weekend Edition: A Brighter Take On AI
Friday 2nd October 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.As artificial intelligence rapidly transforms from a speculative tech trend into the primary driver of global market returns, how are institutional investors actually positioning their capital for the road ahead? This Phil Dobbie sits down
"Sacré-Cœur!
Friday 2nd October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABFrance's escalating budget woes and fiscal watchdog criticism have sent sovereign bond markets into a tizzy, causing French-German yield spreads to widen sharply. On today's edition of the NAB Morning Call, Phil Dobbie and NAB's Ken Crompton break down these mixed global si
It's All About Inflation
Thursday 1st October 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABGlobal financial markets are navigating a sharp divergence between the US and Europe, driven entirely by conflicting inflation trends. On today’s edition of the NAB Morning Call, Phil Dobbie speaks with NAB’s Skye Masters to unpack why resilient US economic data, cooler-than-expected
RBA back on the narrow path
Wednesday 30th September 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABFollowing the Reserve Bank of Australia’s unanimous decision to raise the cash rate by 25 basis points to 4.60%, market attention has shifted to Governor Michele Bullock’s post-meeting press conference. NAB's Taylor Nugent says her commentary hinted that the RBA may be return
Rates, bonds and oil – how high can they go
Tuesday 29th September 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABAs crude oil holds above $105 a barrel and US 10-year Treasury yields surge to 5.24%, markets are grappling with how much further central banks can push policy rates to restrain persistent inflation. On today’s podcast Phil talks with NAB Chief Economist Sally Auld ahead of the Res
Another open and shut case
Monday 28th September 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABDonald Trunp has knocked back Iran’s proposal that could have seen the Strait of Hormuz reopen within seven-days. Instead, the US President believes economic sanctions will ultimately have the desired outcome. So, does that mean oil prices will bounce higher this morning? NAB’s Ray
Weekend edition: Living beyond the goats cheese curtain
Friday 25th September 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.The hipsters live inside the goat’s cheese curtain before they start a family and move to the burbs in search of their quarter acre block. That’s the traditional pattern of life in Australia, but demographer Bernard Salt, from the Demog
The V Word
Friday 25th September 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABThe "V" word is firmly back on the agenda as geopolitical friction, soaring energy prices, and relentless sovereign yield pressures inject fresh ‘volatility’ across global markets. This morning Phil and NAB’s Taylor Nugent break down the forces driving crude oil back over
PMIs push bond yields higher, AUD a victim
Thursday 24th September 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABThe US dollar and global bond yields have risen sharply. NAB’s Ray Attrill says a bit part of this was stronger than expected PMIs, particularly for the US. It shows demand isn’t falling, whilst oil supplies remain a concern. So much of a concern that the US is limiting diesel exp
Trump talks oil down
Wednesday 23rd September 2026NAB Markets Research DisclaimerFinancial Services Guide | Information on our services - NABOil is now trading below $100 after President Trump says talk have gone well with Iran during the UN General Assembly in New York, with more talks scheduled I’n the near future’. NAB’s Ken Crompton says news of the east-west Saudi pipeline reopening has also helped. Markets have
Momentarily below 100
Tuesday 22nd September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil ticked below $99 momentarily overnight. NAB’s Skye Masters says reports of more traffic through the Strait have helped, along with a comment from the US president that he wlll ‘probably’ talk with Iranian President Masoud Pezeshkian at the UN Assembly this week/ But
Markets not convinced by BoJ hike
Monday 21st September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABEven though the Bank of Japan lifted rates, as widely anticipated, the Yen lost ground on Friday. NAB’s Sally Auld says the 7-2 vote split was responsible for the caution, particularly as the two dissenters were recent government appointees. There’s also speculation of currenc
Weekend Edition: Red, Blue, or Deadlock? Michael Townsend on implications of the US midterms
Friday 18th September 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 US midterm elections looming and the threat of Republican losses hanging over Capitol Hill, how much should investors actually care about a potential shift in congressional power? This weekend on the NAB Morning Call, Phil spea
Bouncing back
Friday 18th September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABMarkets have shrugged off their early response to the hawkish press conference from Kevin Warsh yesterday. NAB’s Ken Crompton says the unwound started soon after the initial response, with bond yields falling and shares recovering. Both have been helped by a further reduction
Fed all in agreement on hike, more to come
Thursday 17th September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABA unanimous decision from the Fed to lift rates and, a s NAB’s Ray Attrilll explains, at least one more rate hike seems likely this year. The market response was fairly muted initially after the short statement talked about how the resilience in the economy
Higher and Higher
Wednesday16th September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABBond yields are still at multi-year highs, driven by inflation concerns, in turn driven by oil prices, which are still rising, alongside expectations for rate hikes from central banks. NAB’s Skye Masters says markets have almost fully priced in a rate hike from the Fed
More of the same
Tuesday 15th September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABRising bond yields, rising oil prices, bond yields higher. Today is a repetition of yesterday as the same pressures drive markets - the Middle East, AI growth concerns, inflation fears and central bank expectations. NAB’s Sally Auld joins Phil to discuss market reactions and
Slowdown!
Monday 14th September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIt’s curious that the CEO of a major AI platform argues that AI development should be slowed down in case it causes serious problems, when that same company has its sights set on a share market listing. NAB’s Rodrigo Catril makes that point on today’s podcast with Phil, as th
Weekend Edition: Australia’s Place in the AI Race: Passenger or Pioneer?
Friday 11th September 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.As global capital expenditure on artificial intelligence climbs toward $1.8 trillion, Australia finds itself at a pivotal crossroads between world-class research and commercial execution. On this weekend’s NAB Morning Call, Phil Dobbie
No brainer
Friday 11th September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABAt a press conference overnight ECB’s Christine Lagarde said it was a ‘no brainer’ to lift rates, given the inflation pressures and a resilient economy. More is expected according to NAB’s Skye Masters, who joins Phil on this morning’s podcast. They discuss the two big moves o
Buybacks and battles - big moves in oil and bond yields
Thursday 10th September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil prices rose further overnight as Iran fired at US navy vessels, forcing counter attacks from both sides. One Iranian official described it as an existential fight for survival for which there is no backing down. Bond yields rose sharply in the US and Europe overnight, de
Tit for tat tariffs
Wednesday 9th September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOil is higher because more is happening in the Middle East. That’s adding to inflation concerns. There are tensions elsewhere too- between the US and Israel (Israel has closed a UK consulate in East Jerusalem), and between the US and Canada with Canada imposing tit for tat t
Yen’s Night, Copper High
Tuesday 8th September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABTrade was thin overnight with the US on holiday, but the Yen pushed to its highest level since February, beating the US-Japan coordinated attempt to push it higher in late July. NAB’s Gavin friend says markets are assuming the BoJ will do the right thing, which would make the
Payrolls reinforce rate rise, but Trump wants a cut
Monday 7th September 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABNon-farm payrolls numbers in the US on Friday were strong, including an upward revision to the previous two months. NAB’s Ray Attrill says it is difficult to argue against the idea the labour market there is in particularly good health. That removes one reason for the Fed not t
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
