NAB Morning Call

Thursday 16th May 2019

US and European equities are up again today on reports that President Trump is delaying auto-tariffs due to kick in this weekend. But Treasury yields have fallen on rising expectations that the Fed will cut rates sooner rather than later. NAB’s David de Garis talks through it all with Phil Dobbie on today’s Morning Call. They also discuss why the Aussie dollar and the pound were two of the worst performing currencies in this session and the significance of today’s employment data in Australia.

Wednesday 15th May 2019

Gavin Friend says in Europe they’ve nicknamed last night as turnaround Tuesday as stocks regained much of their losses, the US dollar did the same and treasury yields settled down again. On today’s Morning Call podcast Phil Dobbie asks him what’s driving the change, given that a trade deal with is nowhere on the horizon and President Trump continues to taunt China on twitter. The ‘squabble’ as he calls it, is ongoing. They also look at the plight of the Aussie economy on the back of findings from yesterday’s NAB Business Survey, the latest in the Brexit debacle and the significance of tonight’s US retail sales and European GHDP and employment numbers.

Tuesday 14th May 2019

Stocks, currencies, bonds and commodities have all felt the impact as China responds to US tariffs. The Aussie and Kiwi dollars fell markedly, whilst US equities plunged and bond yields fell sharply. Phil Dobbie talks to NAB’s Gavin Friend about where we go from here – could the turmoil on the markets continue, or will a solution be found? To add to the uncertainty, Saudi Arabia claims four of its vessels have been sabotaged near the Strait of Hormuz just as Mike Pompeo makes an unscheduled visit to the EU to talk about what to do about Iran. They also discuss yesterday’s fall in housing loans in Australia and what to look for in today’s NAB Business Survey.

Tuesday 14th May 2019

Stocks, currencies, bonds and commodities have all felt the impact as China responds to US tariffs. The Aussie and Kiwi dollars fell markedly, whilst US equities plunged and bond yields fell sharply. Phil Dobbie talks to NAB’s Gavin Friend about where we go from here – could the turmoil on the markets continue, or will a solution be found? To add to the uncertainty, Saudi Arabia claims four of its vessels have been sabotaged near the Strait of Hormuz just as Mike Pompeo makes an unscheduled visit to the EU to talk about what to do about Iran. They also discuss yesterday’s fall in housing loans in Australia and what to look for in today’s NAB Business Survey.

Monday 13th May 2019

The US President’s thumbs have been working hard over the weekend, using Twitter to threaten further tariffs on China, on top of those imposed on Friday. Phil Dobbie asks NAB’s David de Garis just how much volatility we can expect in the markets at the start of this week, and what it all means for the Australian dollar. They also look ahead to a busy week for Australian data, including housing finance, employment numbers and wages data, plus the NAB Business Survey tomorrow.

Monday 13th May 2019

The US President’s thumbs have been working hard over the weekend, using Twitter to threaten further tariffs on China, on top of those imposed on Friday. Phil Dobbie asks NAB’s David de Garis just how much volatility we can expect in the markets at the start of this week, and what it all means for the Australian dollar. They also look ahead to a busy week for Australian data, including housing finance, employment numbers and wages data, plus the NAB Business Survey tomorrow.

Friday 10th May 2019

The imposition of tariffs by the US on Chinese imports is just hours away. As Phil Dobbie discusses with NAB’s Gavin Friend, the markets reacted sharply to President Trump’s comment at a rally that China ‘broke the deal’, but now he is suggesting a deal is still possible. Assuming the tariffs will be imposed, will there be any further reaction on the markets? Plus, will the Statement on Monetary Policy, released today, shed more light on why the RBA kept rates on hold this week, whilst the RBNZ went for a cut? And how important are US CPI and UK GDP numbers today, given the focus seems to be on the 12.01am deadline in the US?

Friday 10th May 2019

The imposition of tariffs by the US on Chinese imports is just hours away. As Phil Dobbie discusses with NAB’s Gavin Friend, the markets reacted sharply to President Trump’s comment at a rally that China ‘broke the deal’, but now he is suggesting a deal is still possible. Assuming the tariffs will be imposed, will there be any further reaction on the markets? Plus, will the Statement on Monetary Policy, released today, shed more light on why the RBA kept rates on hold this week, whilst the RBNZ went for a cut? And how important are US CPI and UK GDP numbers today, given the focus seems to be on the 12.01am deadline in the US?

Thursday 9th May 2019

Overnight US equities have partially reversed their declines. Phil Dobbie asks NAB’s David de Garis whether this reflects an assumption that a trade deal will be done with China, or at least delayed, and the threat of tariffs by the weekend won’t come to fruition? It seems to be the way of things lately, with Theresa May’s career hanging on by a thread and a new deadline, this time from Iran’s President Rouhani. It seems the clock is ticking on lots of fronts right now. They also discuss the wash-up from yesterdays rate cut by the RBNZ and the slide in the Aussie dollar overnight.

Thursday 9th May 2019

Overnight US equities have partially reversed their declines. Phil Dobbie asks NAB’s David de Garis whether this reflects an assumption that a trade deal will be done with China, or at least delayed, and the threat of tariffs by the weekend won’t come to fruition? It seems to be the way of things lately, with Theresa May’s career hanging on by a thread and a new deadline, this time from Iran’s President Rouhani. It seems the clock is ticking on lots of fronts right now. They also discuss the wash-up from yesterdays rate cut by the RBNZ and the slide in the Aussie dollar overnight.