NAB Morning Call

Monday 25th February 2019

The markets were buoyed at the end of last week by hopes that some sort of trade deal with China was closer. As Phil Dobbie discusses with NAB’s Ray Attrill tweets and news reports over the weekend will have added to this expectation. Meanwhile the Fed is grappling with how to manage prolonged periods of low interest and low inflation – is ‘average inflation targeting’ the answer? And Theresa May has kicked the can down the road again, with her parliamentary Brexit vote now happening on March 12, but could Brexit be delayed as much as two years?

Friday 22nd February 2019

Reports that China is blocking the import of Australian coal into its Dalian port have hit the Aussie dollar hard with no sign of recovery just yet. Phil Dobbie asks NAB’s David de Garis whether the market has overreacted, particularly on the day that it seems there might have been some, admittedly small, progress on those US China trade talks. They also look at a night of weak US and European data, the next steps for the ECB and data released today.

Friday 22nd February 2019

Reports that China is blocking the import of Australian coal into its Dalian port have hit the Aussie dollar hard with no sign of recovery just yet. Phil Dobbie asks NAB’s David de Garis whether the market has overreacted, particularly on the day that it seems there might have been some, admittedly small, progress on those US China trade talks. They also look at a night of weak US and European data, the next steps for the ECB and data released today.

Friday 22nd February 2019

Reports that China is blocking the import of Australian coal into its Dalian port have hit the Aussie dollar hard with no sign of recovery just yet. Phil Dobbie asks NAB’s David de Garis whether the market has overreacted, particularly on the day that it seems there might have been some, admittedly small, progress on those US China trade talks. They also look at a night of weak US and European data, the next steps for the ECB and data released today.

Thursday 21st February 2019

In this morning’s podcast NAB’s Ray Attrill gives Phil Dobbie the early reaction to the FOMC minutes. Have they Fed clarified its position after an apparent U-turn at their last meeting. There’s also discussion about Australia wages data (continuing to grow slowly) and what to expect from the jobs numbers today. Plus, three Tory defections in the UK add to the Brexit intrigue – and could the ECB be upping its TRLTOs?

Thursday 21st February 2019

In this morning’s podcast NAB’s Ray Attrill gives Phil Dobbie the early reaction to the FOMC minutes. Have they Fed clarified its position after an apparent U-turn at their last meeting. There’s also discussion about Australia wages data (continuing to grow slowly) and what to expect from the jobs numbers today. Plus, three Tory defections in the UK add to the Brexit intrigue – and could the ECB be upping its TRLTOs?

Thursday 21st February 2019

In this morning’s podcast NAB’s Ray Attrill gives Phil Dobbie the early reaction to the FOMC minutes. Have they Fed clarified its position after an apparent U-turn at their last meeting. There’s also discussion about Australia wages data (continuing to grow slowly) and what to expect from the jobs numbers today. Plus, three Tory defections in the UK add to the Brexit intrigue – and could the ECB be upping its TRLTOs?

Wednesday 20th February 2019

The US dollar is a little weaker this morning as the deadline for US tariffs on Chinese goods looms, with talks resuming in Washington today. Phil Dobbie asks NAB’s Rodrigo Catril whether if that’s what’s holding the markets back, or clarification of the Fed’s stance, with the release of their meeting minutes. There’s also discussion in today’s podcast about yesterday’s RBA minutes and the wage price index data today. Speaking of wages, the UK labour market remains tight despite all the Brexit uncertainty, and the pound is doing somewhat better than the Euro. And should we pay any attention to the latest bit of ‘significant’ Brexit news?

Wednesday 20th February 2019

The US dollar is a little weaker this morning as the deadline for US tariffs on Chinese goods looms, with talks resuming in Washington today. Phil Dobbie asks NAB’s Rodrigo Catril whether if that’s what’s holding the markets back, or clarification of the Fed’s stance, with the release of their meeting minutes. There’s also discussion in today’s podcast about yesterday’s RBA minutes and the wage price index data today. Speaking of wages, the UK labour market remains tight despite all the Brexit uncertainty, and the pound is doing somewhat better than the Euro. And should we pay any attention to the latest bit of ‘significant’ Brexit news?

Tuesday 19th February 2019

Markets are speculating whether President Trump will impose tariffs on car imports from Europe. That could be bad news for the struggling German economy but, as NAB’s Tapas Strickland explains, the threat could just be another negotiating ploy from the President. There was car trouble I the UK too, with Honda said to be announcing a plant closure, but the markets were moved more by seven MPs quitting the Labour party, reducing the chances of a Corbyn led far-left government any time soon. Closer to home, we see the RBA minutes today – will it fix up the disconnect between their post-meeting Statement and Philip Lowe’s speech.