NAB Morning Call

Tuesday 11th December 2018

The UK PM Theresa May has delayed the parliamentary vote on her Brexit deal, hoping the EU will negotiate on the open-ended nature of the backstop arrangement. But is it rearranging the deckchairs on a doomed deal? Phil Dobbie talks to NAB’s Tapas Strickland in London, where the pound has taken a hit on the increased uncertainty on where Brexit is heading. They also look at the swift turnaround in oil – with OPEC cuts agreed, why are prices sliding again? Plus, more on the plight of the Aussie dollar which, like the ASX, has had a tough 24 hours.

Monday 10th December 2018

The markets reacted sharply to weaker than expected payrolls data from the United States, with NAB’s Ray Attrill telling Phil Dobbie that the consequences have filtered through to the early performance of the Aussie dollar this morning. Adding to the uncertainty is China’s threatened response over the weekend to the Huawei arrest last week, and the outcome of the Brexit vote tomorrow. On the positive side, US consumer sentiment remains high, along with spending, and Canada has recorded a surprise fall in unemployment. So, its not all bad news.

Monday 10th December 2018

The markets reacted sharply to weaker than expected payrolls data from the United States, with NAB’s Ray Attrill telling Phil Dobbie that the consequences have filtered through to the early performance of the Aussie dollar this morning. Adding to the uncertainty is China’s threatened response over the weekend to the Huawei arrest last week, and the outcome of the Brexit vote tomorrow. On the positive side, US consumer sentiment remains high, along with spending, and Canada has recorded a surprise fall in unemployment. So, its not all bad news.

Friday 7th December 2018

There were big falls in equities in the US and across Europe overnight, with rises in bonds, the Yen, Gold and the Swiss Franc reinforcing the risk-off mood. As Phil Dobbie discusses with NAB’s David de Garis, the turn in the market this week hasn’t been helped by the arrest of Huawei’s CFO in Canada, hinting at further unrest between the US and China. Oil price also took a hammering as OPEC delays any decision on cuts. They also look ahead to non-farm payrolls to the US tonight, something that, in more stable times, would have been the focus of market attention. And David de Garis asks whether the market reaction reflects the data, which shows the US economy is holding up well.

Friday 7th December 2018

There were big falls in equities in the US and across Europe overnight, with rises in bonds, the Yen, Gold and the Swiss Franc reinforcing the risk-off mood. As Phil Dobbie discusses with NAB’s David de Garis, the turn in the market this week hasn’t been helped by the arrest of Huawei’s CFO in Canada, hinting at further unrest between the US and China. Oil price also took a hammering as OPEC delays any decision on cuts. They also look ahead to non-farm payrolls to the US tonight, something that, in more stable times, would have been the focus of market attention. And David de Garis asks whether the market reaction reflects the data, which shows the US economy is holding up well.

Thursday 6th December 2018

Chinese authorities issued a Q&A from the meeting between President Trumps and Xi at the G20 meeting, which seems to have buoyed markets a little today. Phil Dobbie asks NAB’s Ray Attrill if that means we can expect a bounce in equities over the next 24 hours? He also asks whether Australia’s GDP numbers are a sign that the housing market is starting to bite. They also discuss last night’s Bank of Canada decision, the latest on Brexit, and look ahead to OPEC and a wealth of US data overnight tonight.

Thursday 6th December 2018

Chinese authorities issued a Q&A from the meeting between President Trumps and Xi at the G20 meeting, which seems to have buoyed markets a little today. Phil Dobbie asks NAB’s Ray Attrill if that means we can expect a bounce in equities over the next 24 hours? He also asks whether Australia’s GDP numbers are a sign that the housing market is starting to bite. They also discuss last night’s Bank of Canada decision, the latest on Brexit, and look ahead to OPEC and a wealth of US data overnight tonight.

Thursday 6th December 2018

Chinese authorities issued a Q&A from the meeting between President Trumps and Xi at the G20 meeting, which seems to have buoyed markets a little today. Phil Dobbie asks NAB’s Ray Attrill if that means we can expect a bounce in equities over the next 24 hours? He also asks whether Australia’s GDP numbers are a sign that the housing market is starting to bite. They also discuss last night’s Bank of Canada decision, the latest on Brexit, and look ahead to OPEC and a wealth of US data overnight tonight.

Wednesday 5th December 2018

Risk sentiment has turned sour all of a sudden, with flattening yield curves preying heavily on the concerns of investors. US stocks have taken a big hit and the US dollar lost all the early gains of the session. Phil Dobbie asks NAB’s Tapas Strickland whether we should be concerned about these sharp moves in Treasury yields. The uncertain environment hasn’t been helped by President Trump’s ‘tariff man’ tweet. They also discuss Theresa May’s first major Brexit defeat, and the UK’s first contempt of parliament. Plus, the rollercoaster ride for oil prices ahead of OPEC, and what to expect today from the Bank of Canada and Australian GDP.

Wednesday 5th December 2018

Risk sentiment has turned sour all of a sudden, with flattening yield curves preying heavily on the concerns of investors. US stocks have taken a big hit and the US dollar lost all the early gains of the session. Phil Dobbie asks NAB’s Tapas Strickland whether we should be concerned about these sharp moves in Treasury yields. The uncertain environment hasn’t been helped by President Trump’s ‘tariff man’ tweet. They also discuss Theresa May’s first major Brexit defeat, and the UK’s first contempt of parliament. Plus, the rollercoaster ride for oil prices ahead of OPEC, and what to expect today from the Bank of Canada and Australian GDP.