NAB Morning Call

Thursday May 17th 2018

In Italy, the populist parties aiming for a coalition Italian government are said to be demanding a €250bn debt write down by the ECB. Phil Dobbie asks NAB’s Gavin Friend whether they’re likely to get it, what the reaction has been and whether Greece could be joining the queue. Meanwhile, US bond yields rise further and the US dollar is back on the rise. They also look at the Aussie and Kiwi dollars, both strong performers on the currency markets this morning.

Thursday May 17th 2018

In Italy, the populist parties aiming for a coalition Italian government are said to be demanding a €250bn debt write down by the ECB. Phil Dobbie asks NAB’s Gavin Friend whether they’re likely to get it, what the reaction has been and whether Greece could be joining the queue. Meanwhile, US bond yields rise further and the US dollar is back on the rise. They also look at the Aussie and Kiwi dollars, both strong performers on the currency markets this morning.

Wednesday 16th May 2018

US ten-year treasuries were up eight basis points this morning, with the US dollar reaching a new high for the year so far. Phil Dobbie talks to NAB’s David de Garis about the reasons behind the bond sell-off, which has been accompanied by a drop in shares. They also look at the UK’s positive wage data overnight and ask what it would take for Australia’s wage price index today to move markets. The Aussie dollar has already taken a hit from slowing investment in China.

Wednesday 16th May 2018

US ten-year treasuries were up eight basis points this morning, with the US dollar reaching a new high for the year so far. Phil Dobbie talks to NAB’s David de Garis about the reasons behind the bond sell-off, which has been accompanied by a drop in shares. They also look at the UK’s positive wage data overnight and ask what it would take for Australia’s wage price index today to move markets. The Aussie dollar has already taken a hit from slowing investment in China.

Tuesday May 15th 2018

This morning, Phil Dobbie talks to NAB’s Tapas Strickland about the continuing rise in oil prices. There was a sharp increase today with increased tensions in the Middle East, particularly after the unrest at the Gaza border. They also look at rising bond yields in the US (where they have tipped the 3 percent yield mark again) and Europe, on the back of comments from ECB’s Villeroy de Galhau. Plus, the widening gap between Kiwi and Aussie currencies and a look ahead to some of today’s data releases.

Tuesday May 15th 2018

This morning, Phil Dobbie talks to NAB’s Tapas Strickland about the continuing rise in oil prices. There was a sharp increase today with increased tensions in the Middle East, particularly after the unrest at the Gaza border. They also look at rising bond yields in the US (where they have tipped the 3 percent yield mark again) and Europe, on the back of comments from ECB’s Villeroy de Galhau. Plus, the widening gap between Kiwi and Aussie currencies and a look ahead to some of today’s data releases.

Monday 14th May 2018

President Trump seems to be offering a lifeline to Chinese telecoms company ZTE, whilst threatening car manufacturers with a 20 percent import tariff. NAB’s Ray Attrill suggests the concession to China is a positive step in trade relations, whilst the car tariff is unlikely to be endorsed. They also discuss concerns of the flattening yield curve, Draghi’s talk of a Euro-fund to protect countries in future crises and the fate of the Aussie dollar at the start of a week that is very light on fresh data.

Monday 14th May 2018

President Trump seems to be offering a lifeline to Chinese telecoms company ZTE, whilst threatening car manufacturers with a 20 percent import tariff. NAB’s Ray Attrill suggests the concession to China is a positive step in trade relations, whilst the car tariff is unlikely to be endorsed. They also discuss concerns of the flattening yield curve, Draghi’s talk of a Euro-fund to protect countries in future crises and the fate of the Aussie dollar at the start of a week that is very light on fresh data.

Friday 11th May 2018

It’s been a bumpy day for oil one day on from President Trump’s withdrawal from the Iran Deal. But as NAB’s Gavin Friend explains, it’s today’s weaker than expected US CPI data that has had the most influence, driving down Treasury yields and giving a boost to share prices. Phil Dobbie also asks Gavin why the pound fell when the Bank of England did exactly what was expected – keeping interest rates on hold. They also discuss Adrian Orr’s statement at the RBNZ yesterday.

Friday 11th May 2018

It’s been a bumpy day for oil one day on from President Trump’s withdrawal from the Iran Deal. But as NAB’s Gavin Friend explains, it’s today’s weaker than expected US CPI data that has had the most influence, driving down Treasury yields and giving a boost to share prices. Phil Dobbie also asks Gavin why the pound fell when the Bank of England did exactly what was expected – keeping interest rates on hold. They also discuss Adrian Orr’s statement at the RBNZ yesterday.