Thursday 23rd April 2026

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In 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 elevated. As the conflict in the Gulf persists, Skye questions this "curious" appetite for risk and whether investors are underestimating the long-term structural shifts toward higher costs and localized resilience. The discussion covers the latest UK CPI data for March, which demonstrates the immediate inflationary impact of the conflict, and looks ahead to today’s PMI releases, which are expected to further highlight the economic divergence between a robust U.S. and a softening European landscape.

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