NAB Morning Call

Friday 31st August 2018

Equities and currencies in emerging markets took a tumble overnight, hurting the Aussie and Kiwi dollars in the process. NAB’s Gavin Friend in London says it’s a combination of worsening economic news from Argentina (where the central bank lifted interest rates to 60 percent) and Turkey. There’s also the ongoing concern about trade tariffs. Phil Dobbie asks Gavin about the latest on Brexit, with the pound down today, and what we can read from the latest Eurozone data.

Friday 31st August 2018

Equities and currencies in emerging markets took a tumble overnight, hurting the Aussie and Kiwi dollars in the process. NAB’s Gavin Friend in London says it’s a combination of worsening economic news from Argentina (where the central bank lifted interest rates to 60 percent) and Turkey. There’s also the ongoing concern about trade tariffs. Phil Dobbie asks Gavin about the latest on Brexit, with the pound down today, and what we can read from the latest Eurozone data.

Thursday 30th August 2018

The pound soared higher today on news that Michel Barnier was prepared to offer the UK a special deal on Brexit. Phil Dobbie talks to NAB’s Tapas Strickland about how much ground they are prepared to give. Meanwhile the Aussie dollar suffered today on the back of short-end funding costs which have seen one bank list raise variable mortgage rates. The uncertain political scene hasn’t helped the Aussie dollar either. Meanwhile US equities continue to rise as the markets assume trade disputes will be resolved, assisted by GDP figures showing annualised US growth at 4.2% - a figure that is ‘sustainable’ according to the President.

Thursday 30th August 2018

The pound soared higher today on news that Michel Barnier was prepared to offer the UK a special deal on Brexit. Phil Dobbie talks to NAB’s Tapas Strickland about how much ground they are prepared to give. Meanwhile the Aussie dollar suffered today on the back of short-end funding costs which have seen one bank list raise variable mortgage rates. The uncertain political scene hasn’t helped the Aussie dollar either. Meanwhile US equities continue to rise as the markets assume trade disputes will be resolved, assisted by GDP figures showing annualised US growth at 4.2% - a figure that is ‘sustainable’ according to the President.

Wednesday 29th August 2018

US consumer confidence is the highest its been in 18 years, even as the US trade deficit worsens, largely through weaker agriculture exports. Phil Dobbie talks to NAB’s Rodrigo Catril about the trust in the Presidency to deliver, as trade talks progress with Mexico. But what about China and Europe? Could the $200 billion worth of extra tariffs on Chinese imports happen by default? Meanwhile Theresa May said this morning, ‘no deal is better than a bad deal’ – is it becoming the most likely outcome?

Wednesday 29th August 2018

US consumer confidence is the highest its been in 18 years, even as the US trade deficit worsens, largely through weaker agriculture exports. Phil Dobbie talks to NAB’s Rodrigo Catril about the trust in the Presidency to deliver, as trade talks progress with Mexico. But what about China and Europe? Could the $200 billion worth of extra tariffs on Chinese imports happen by default? Meanwhile Theresa May said this morning, ‘no deal is better than a bad deal’ – is it becoming the most likely outcome?

Tuesday 28th August 2018

It seems an understanding has been struck between the US and Mexico, to replace NAFTA. Phil Dobbie talks to NAB’s David de Garis about the swift market response, helping the Canadian Dollar as well as the Peso. They also discuss how China’s counter-cyclical policy is faring and whether the rocky political situation back home will knock consumer confidence.

Tuesday 28th August 2018

It seems an understanding has been struck between the US and Mexico, to replace NAFTA. Phil Dobbie talks to NAB’s David de Garis about the swift market response, helping the Canadian Dollar as well as the Peso. They also discuss how China’s counter-cyclical policy is faring and whether the rocky political situation back home will knock consumer confidence.

Monday 27th August 2018

US equites hit record highs on Friday. As NAB’s Ray Attrill discusses with Phil Dobbie, this was partially fuelled by Jerome Powell’s speech at Jackson Hole, where he talked of a ‘gradual approach to normalisation’. They also discuss the PBOC’s return to a counter-cyclical currency policy, the wash-up after Friday’s leadership challenge and whether the US could be close to a deal on NAFTA.

Monday 27th August 2018

US equites hit record highs on Friday. As NAB’s Ray Attrill discusses with Phil Dobbie, this was partially fuelled by Jerome Powell’s speech at Jackson Hole, where he talked of a ‘gradual approach to normalisation’. They also discuss the PBOC’s return to a counter-cyclical currency policy, the wash-up after Friday’s leadership challenge and whether the US could be close to a deal on NAFTA.