NAB Morning Call

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.

Tuesday 4th December 2018

Equities were boosted overnight by the positive (temporary) deal between the US and China. Yet, at the same time, we’re hearing further dovish talk from the Fed and a flattening yield curve – “something that will prick the market’s attention” according to NAB’s Gavin Friend in today’s edition of The Morning Call. So, could the positive sentiment be short-lived. They also look at the rising oil price, the strengthening Aussie dollar and (briefly) the latest on Brexit.

Tuesday 4th December 2018

Equities were boosted overnight by the positive (temporary) deal between the US and China. Yet, at the same time, we’re hearing further dovish talk from the Fed and a flattening yield curve – “something that will prick the market’s attention” according to NAB’s Gavin Friend in today’s edition of The Morning Call. So, could the positive sentiment be short-lived. They also look at the rising oil price, the strengthening Aussie dollar and (briefly) the latest on Brexit.

Monday 3rd December 2018

An agreement was reached between Presidents Trump and Xi at the G20 meeting over the weekend. No increased in tariffs for 90 days. Phil Dobbie asks NAB’s Rodrigo Catril, is there enough in it to improve market sentiment this week? And what does it mean for Australia, against weakening data from China and lower iron ore prices. Plus, a recommendation for oil cuts, but who will adhere to it? It’s also been a bad weekend for Theresa May, with another resignation and a legal threat for not releasing advice she received on her Brexit plan.

Monday 3rd December 2018

An agreement was reached between Presidents Trump and Xi at the G20 meeting over the weekend. No increased in tariffs for 90 days. Phil Dobbie asks NAB’s Rodrigo Catril, is there enough in it to improve market sentiment this week? And what does it mean for Australia, against weakening data from China and lower iron ore prices. Plus, a recommendation for oil cuts, but who will adhere to it? It’s also been a bad weekend for Theresa May, with another resignation and a legal threat for not releasing advice she received on her Brexit plan.

Friday 30th November 2018

The markets have been treading water ahead of the meeting between Presidents Trump and Xi at the G20 this weekend, impacted a little by the news that Peter Navarro might also be attending the dinner. Phil Dobbie talks to NAB’s David de Garis about the likelihood that some sort of deal will be done. They also discuss last night’s core PCE deflator numbers as speculation mounts on Fed policy for 2019. Plus, all eyes on Euro-area CPI numbers tonight and Chinese PMI data this afternoon.

Friday 30th November 2018

The markets have been treading water ahead of the meeting between Presidents Trump and Xi at the G20 this weekend, impacted a little by the news that Peter Navarro might also be attending the dinner. Phil Dobbie talks to NAB’s David de Garis about the likelihood that some sort of deal will be done. They also discuss last night’s core PCE deflator numbers as speculation mounts on Fed policy for 2019. Plus, all eyes on Euro-area CPI numbers tonight and Chinese PMI data this afternoon.

Thursday 29th November 2018

Bank of England Governor Mark Carney has forecast the biggest downturn to the UK economy since the second world war if there is a disorderly ‘no deal’ Brexit in March. Phil Dobbie talks to NAB’s Rodrigo Catril about the market reaction – next to nothing. There was more of a reaction to Jerome Powell’s talk at the Economic Club of New York. Meanwhile President Trump is threatening more tariffs – this time on car imports. There’s also discussion on the data that will make a difference today, including Australia capex and the PCE deflator numbers for the US.

Thursday 29th November 2018

Bank of England Governor Mark Carney has forecast the biggest downturn to the UK economy since the second world war if there is a disorderly ‘no deal’ Brexit in March. Phil Dobbie talks to NAB’s Rodrigo Catril about the market reaction – next to nothing. There was more of a reaction to Jerome Powell’s talk at the Economic Club of New York. Meanwhile President Trump is threatening more tariffs – this time on car imports. There’s also discussion on the data that will make a difference today, including Australia capex and the PCE deflator numbers for the US.