Wednesday 17th December 2025

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A new rate call from NAB: the RBA will move rates higher twice in the first half of next year. Phil talks to NAB’s Taylor Nugent before they dissect the latest non‑farm payrolls data from the US for October and November. Plus, the mixed picture in the latest global PMIs. The surprise outsider was the UK, the only place to show an improvement in services and manufacturing numbers. That’s not going to stop the Bank of England, though, which is expected to cut rates this week. We are a day away from the central bank deluge.

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