NAB Morning Call

Thursday 31st May 2018

The markets have retreated somewhat from yesterday’s tumultuous response to uncertainty over who will govern Italy, and their stance on the Euro and EU membership. It’s not over yet, but as NAB’s Tapas Strickland discusses with Phil Dobbie, the parties seem more conciliatory and investors seem to think the response was too great yesterday. Hence, this morning has seen a significant wind back. They also discuss the next big concern – inflation could be rising faster than had been expected. That could mean rate rises sooner than later, with the OECD suggesting a hike in Australia before the end of the year. Are they right on that?

Thursday 31st May 2018

The markets have retreated somewhat from yesterday’s tumultuous response to uncertainty over who will govern Italy, and their stance on the Euro and EU membership. It’s not over yet, but as NAB’s Tapas Strickland discusses with Phil Dobbie, the parties seem more conciliatory and investors seem to think the response was too great yesterday. Hence, this morning has seen a significant wind back. They also discuss the next big concern – inflation could be rising faster than had been expected. That could mean rate rises sooner than later, with the OECD suggesting a hike in Australia before the end of the year. Are they right on that?

Wednesday 30th May 2018

Italian two year bond yields rose 190 basis points overnight. It’s the worst sell off in 26 years, with the distinct possibility that Italians will go back to vote as soon as July. Phil Dobbie talks to NAB’s David de Garis about a tumultuous night of activity, looking at the extent of the volatility and just how far its spread. To add to the unrest, President Trump seems to be pushing to introduce tariffs against China as soon as next month. At least North Korean talks are looking positive.

Wednesday 30th May 2018

Italian two year bond yields rose 190 basis points overnight. It’s the worst sell off in 26 years, with the distinct possibility that Italians will go back to vote as soon as July. Phil Dobbie talks to NAB’s David de Garis about a tumultuous night of activity, looking at the extent of the volatility and just how far its spread. To add to the unrest, President Trump seems to be pushing to introduce tariffs against China as soon as next month. At least North Korean talks are looking positive.

Tuesday 29th May 2018

Politics in Italy is messier than usual. As Rodrigo Catril explains to Phil Dobbie in today’s Morning Call, the President is not happy with the populist government’s choice of finance minister who, in turn, are not happy with him overriding their decision. The uncertainty has hit Italian bonds and the Euro – just how far could this impact go? They also discuss monetary policy reforms in Turkey and the continued fall in the price of oil.

Tuesday 29th May 2018

Politics in Italy is messier than usual. As Rodrigo Catril explains to Phil Dobbie in today’s Morning Call, the President is not happy with the populist government’s choice of finance minister who, in turn, are not happy with him overriding their decision. The uncertainty has hit Italian bonds and the Euro – just how far could this impact go? They also discuss monetary policy reforms in Turkey and the continued fall in the price of oil.

Monday 28th May 2018

The breaking news this morning is that Italy’s premier designate Guiseppe Conte has stepped aside, unwilling to form a government. In today’s podcast NAB’s Ray Attrill tells Phil Dobbie that this news will act as a counter to the threatened downgrade that Moody’s hinted at on Friday. They also discuss Friday’s big fall in oil prices and the likely market reaction to the weekend’s news that a summit with Kim Jong Un and Donald Trump seems to be back on after a meeting between the North and South Korean leaders at the weekend.

Monday 28th May 2018

The breaking news this morning is that Italy’s premier designate Guiseppe Conte has stepped aside, unwilling to form a government. In today’s podcast NAB’s Ray Attrill tells Phil Dobbie that this news will act as a counter to the threatened downgrade that Moody’s hinted at on Friday. They also discuss Friday’s big fall in oil prices and the likely market reaction to the weekend’s news that a summit with Kim Jong Un and Donald Trump seems to be back on after a meeting between the North and South Korean leaders at the weekend.

Friday May 25th 2018

As Phil Dobbie discusses with NAB’s David de Garis, there wasn’t a very strong response to the news that peace talks between the US and North Korea have broken down. Trump blames the Supreme Leader for being too angry. That'll help things. Similarly, there's the news that Trump is talking more about tariffs on cars. Perhaps the UK’s strong retail numbers were a bigger surprise, with the pound and the Euro outperforming today against a sliding US dollar.

Friday May 25th 2018

As Phil Dobbie discusses with NAB’s David de Garis, there wasn’t a very strong response to the news that peace talks between the US and North Korea have broken down. Trump blames the Supreme Leader for being too angry. That'll help things. Similarly, there's the news that Trump is talking more about tariffs on cars. Perhaps the UK’s strong retail numbers were a bigger surprise, with the pound and the Euro outperforming today against a sliding US dollar.