NAB Morning Call

Friday 22nd June 2018

There wasn’t much progress on trade tariffs overnight. China only responded in words and there’s been little market response. As Phil Dobbie discusses with NAB’s David de Garis, the biggest moves have been in US equities, hit by a court ruling on state taxes, and the pound, after a moderately hawkish Bank of England meeting. They also discuss CPI figures for Japan, preliminary PMIs for the Eurozone, and this weekend’s OPEC meeting.

Friday 22nd June 2018

There wasn’t much progress on trade tariffs overnight. China only responded in words and there’s been little market response. As Phil Dobbie discusses with NAB’s David de Garis, the biggest moves have been in US equities, hit by a court ruling on state taxes, and the pound, after a moderately hawkish Bank of England meeting. They also discuss CPI figures for Japan, preliminary PMIs for the Eurozone, and this weekend’s OPEC meeting.

Thursday 21st June 2018

The markets have moved very little today as investors contemplate the next steps in the tariff battle between the US and China. Even the EU response, with tariffs to follow on Harleys, Levis and Bourbon, did little to stir a response. Phil Dobbie asks NAB’s Rodrigo Catril if there’s an element of ambivalence, as though we’ve seen it all before. They also discuss Theresa May’s Brexit win, and look ahead to today’s New Zealand GDP figures and the Bank of England meeting tonight.

Thursday 21st June 2018

The markets have moved very little today as investors contemplate the next steps in the tariff battle between the US and China. Even the EU response, with tariffs to follow on Harleys, Levis and Bourbon, did little to stir a response. Phil Dobbie asks NAB’s Rodrigo Catril if there’s an element of ambivalence, as though we’ve seen it all before. They also discuss Theresa May’s Brexit win, and look ahead to today’s New Zealand GDP figures and the Bank of England meeting tonight.

Wednesday 20th June 2018

Equities, currencies, bonds and commodities all reacted to more rhetoric from President Trump about Chinese tariffs. He’s promising another $200 billion worth and, if China responds, he’ll heap on another $200 billion worth. But, as NAB’s Gavin Friend discusses, the impact could have been sharper. There hasn’t been a mad-rush for safe heavens suggesting many believe the Trump bark might be worse than the bite. We’ll see.

Wednesday 20th June 2018

Equities, currencies, bonds and commodities all reacted to more rhetoric from President Trump about Chinese tariffs. He’s promising another $200 billion worth and, if China responds, he’ll heap on another $200 billion worth. But, as NAB’s Gavin Friend discusses, the impact could have been sharper. There hasn’t been a mad-rush for safe heavens suggesting many believe the Trump bark might be worse than the bite. We’ll see.

There’s been very little movement in anything overnight, except the price of oil. In today’s podcast NAB’s Tapas Strickland explains how it stems from an expectation that OPEC will see a smaller increase in production than initially flagged by Saudi Arabia and Russia. He also talks to Phil Dobbie about the political standoff in Germany, adding to the Brexit one in Britain. And the Aussie dollar down, despite the rise in oil.

There’s been very little movement in anything overnight, except the price of oil. In today’s podcast NAB’s Tapas Strickland explains how it stems from an expectation that OPEC will see a smaller increase in production than initially flagged by Saudi Arabia and Russia. He also talks to Phil Dobbie about the political standoff in Germany, adding to the Brexit one in Britain. And the Aussie dollar down, despite the rise in oil.

Monday 18th June 2018

Trade talks between the US and China took a turn for the worse at the end of last week, with the Trump administration issuing a list of $50 billion worth of products that would be hit with a 25 percent tariff. China reacted, promising the same magnitude of tariffs against the US. In today’s podcast Phil Dobbie talks to NAB’s Ray Attrill about the likely market reaction to the situation today and, in particular, what are the consequences for Australia?

Monday 18th June 2018

Trade talks between the US and China took a turn for the worse at the end of last week, with the Trump administration issuing a list of $50 billion worth of products that would be hit with a 25 percent tariff. China reacted, promising the same magnitude of tariffs against the US. In today’s podcast Phil Dobbie talks to NAB’s Ray Attrill about the likely market reaction to the situation today and, in particular, what are the consequences for Australia?