NAB Morning Call

Another correction, but what’s the cause?

Will equities take another hammering today? Phil Dobbie puts the question to NAB’s Ray Attrill, and discusses the reason for the big falls we saw on Friday. They also discuss the reason for the latest ‘correction’ – is it fears of a trade war, changes to the Trump administration or something more fundamental, like economic performance and an over-valuation of shares. Could we see contagion to bonds and currencies today? They also look ahead to the first day in a new job at the RBNZ for Adrian Orr, with a new Policy Targets Agreement with the NZ government.

Another correction, but what’s the cause?

Will equities take another hammering today? Phil Dobbie puts the question to NAB’s Ray Attrill, and discusses the reason for the big falls we saw on Friday. They also discuss the reason for the latest ‘correction’ – is it fears of a trade war, changes to the Trump administration or something more fundamental, like economic performance and an over-valuation of shares. Could we see contagion to bonds and currencies today? They also look ahead to the first day in a new job at the RBNZ for Adrian Orr, with a new Policy Targets Agreement with the NZ government.

Friday 23rd March 2018

President Trump signed an executive memo this morning, permitting tariffs on $50 billion worth of Chinese imports. Phil Dobbie talks to NAB’s Rodrigo Catril – he asks, is this the start of a trade war good and proper? The need for the senate to pass the government’s spending bill before another government shutdown, plus the resignation of one of Trump’s lawyers handling the Mueller investigation, will be adding to uncertainty in the markets. They also discuss the Bank of England rate decision overnight, yesterday’s Aussie employment figures and key data to look out for today.

Friday 23rd March 2018

President Trump signed an executive memo this morning, permitting tariffs on $50 billion worth of Chinese imports. Phil Dobbie talks to NAB’s Rodrigo Catril – he asks, is this the start of a trade war good and proper? The need for the senate to pass the government’s spending bill before another government shutdown, plus the resignation of one of Trump’s lawyers handling the Mueller investigation, will be adding to uncertainty in the markets. They also discuss the Bank of England rate decision overnight, yesterday’s Aussie employment figures and key data to look out for today.

Thursday 22nd March 2018

It will be no surprise that the Fed has lifted interest rates this morning. Perhaps the tone was more hawkish than expected in Jay Powell’s first meeting as Fed chair. Phil Dobbie talks to NAB’s Ray Attrill about the path for future hikes, with the Fed expecting to reach 3.4% by the end of 2020. They also discuss the Bank of England decision tonight, Australian Labour force data, and the next phase in Trump’s trade war.

Thursday 22nd March 2018

It will be no surprise that the Fed has lifted interest rates this morning. Perhaps the tone was more hawkish than expected in Jay Powell’s first meeting as Fed chair. Phil Dobbie talks to NAB’s Ray Attrill about the path for future hikes, with the Fed expecting to reach 3.4% by the end of 2020. They also discuss the Bank of England decision tonight, Australian Labour force data, and the next phase in Trump’s trade war.

Wednesday 21st March 2018

The share markets rebounded today. NAB’s Tapas Strickland says it’s a positive sign that the reaction was contagion from tech stocks rather than anything more lasting. Meanwhile markets prepare for the Fed meeting, with an announcement tomorrow morning Australia time. They also discuss the rise in oil prices, confusing commentary from the Bank of Japan and the latest on reactions to Trump’s trade war.

Wednesday 21st March 2018

The share markets rebounded today. NAB’s Tapas Strickland says it’s a positive sign that the reaction was contagion from tech stocks rather than anything more lasting. Meanwhile markets prepare for the Fed meeting, with an announcement tomorrow morning Australia time. They also discuss the rise in oil prices, confusing commentary from the Bank of Japan and the latest on reactions to Trump’s trade war.

Tuesday 20th March 2018

The UK and the EU have seemingly reached a transition deal that changes very little till the end of December 2020, when Britain goes it alone. But as Phil Dobbie discusses with NAB’s Rodrigo Catril, it has no winning formula for the Irish border question. There’s also been a big drop in stocks in the US, particularly tech stocks – we explore why on today’s podcast, plus the reasons for the fall in the Aussie dollar, which hit a year to date low overnight. Plus the data releases worth looking out for today.

Tuesday 20th March 2018

The UK and the EU have seemingly reached a transition deal that changes very little till the end of December 2020, when Britain goes it alone. But as Phil Dobbie discusses with NAB’s Rodrigo Catril, it has no winning formula for the Irish border question. There’s also been a big drop in stocks in the US, particularly tech stocks – we explore why on today’s podcast, plus the reasons for the fall in the Aussie dollar, which hit a year to date low overnight. Plus the data releases worth looking out for today.