NAB Morning Call

Wednesday 30th August 2017

Today sees an extension of all that was driving the markets 24 hours ago, with the addition of the North Korean missile flying over Japan. But, as NAB’s David de Garis explains to Phil Dobbie the subsequent risk-off mood was neither deep not long lasting. Instead, the markets reacted to the deepening impact of Hurricane Harvey and Europe playing hardball over Brexit.

29th August 2017

The impact of Hurricane Harvey seems bigger than envisaged and is likely to cost the US economy tens of millions of dollars, much of it in insurance payouts and infrastructure repairs. Phil Dobbie asks NAB’s David de Garis what this will mean for President Trump’s tax plans, in what appears to be an increasingly divided administration, particularly over free trade. Plus, the EU has warned that Britain is responsible for slow progress in Brexit talks with a crucial deadline looming. And what to look out for in the day ahead.

Monday 28th August 2017

Storms, missile strikes, twitter tirades – just a few of the factors that will influence the markets at the start of the week. Phil Dobbie and NAB’s Rodrigo Catril go through six things you need to keep an eye on at the start of a week of uncertainty. Here’s the list 1) Harvey hits Texas 2) North Korea’s failure 3) Jackson Hole washup 4) Futures 5) Transatlantic politics 6) Data. Listen in for the full story.

Friday 25th August 2017

It’s been a quiet night with very little data to excite market traders, but that could all change from tonight as Janet Yellen and Mario Draghi speak at the economic symposium at Jackson Hole. Phil Dobbie asks NAB’s David de Garis whether anything new is likely to be said – is it worth staying up for in other words. They also discuss the plight of the British economy on the back of fresh migration and GDP data overnight. Plus the two chances of a US government shutdown, with the threats over the wall and the danger of the debt ceiling not being raised in time.

The markets have completely reversed their position from a day ago, when there was optimism that changes at the White House could see progress on tax reform. Today the markets are reeling from the President’s address in Phoenix, where he issued an ultimatum – pass the funding for the wall or he’ll close down government. Phil Dobbie talks to NAB’s Rodrigo Catril about the spill over from the President’s remarks and other factors influencing the markets today.

Wednesday 23rd August 2017

The US dollar and equities did well overnight on reports that maybe President Trump’s administration will be able to successfully pass pro-business legislation, including his long-promised tax reforms. It was a less rosy picture in Europe, where economic sentiment from Germany fell well short of expectations. Phil Dobbie asks NAB’s David de Garis whether this will be reflected in what ECB’s Mario Draghi has to say – he’s speaking twice in the next 24 hours, on both sides of the Atlantic.

Tuesday 22nd August 2017

It seems the US was fixated with the solar eclipse that covered much of the country today. As NAB’s Tapas Strickland explains to Phil Dobbie, it seems to have distracted markets that moved little on the back of very light economic data. The only significant moves have been in commodity prices, but they’ve had no impact on the Aussie dollar. The markets are waiting for the economic symposium at Jackson Hole later in the week. Meanwhile, could the ECB be running out of bonds to buy?

Monday 21st August 2017

It was a bad end to the week for President Trump, although the departure of Steve Bannon was generally seen by the markets as a good thing. As Phil Dobbie discusses with NAB’s Rodrigo Catril, geopolitics could create more uncertainty in the early part of the week, particularly with very little key data to contend with. They discuss Trump, North Korea, a sharp rise in oil and iron ore on Friday, and the fate of the Aussie and Kiwi dollar.

Friday 18th August 2017

Adding to the US President’s problems overnight were rumours overnight that his chief economic advisor Gary Cohn might resign. Phil Dobbie discusses with NAB’s Ray Attrill, the impact of the speculation. If it were to happen could we see the US dollar fall further? Meanwhile a terrorist attack in Spain has added to the unease in a session which has had a distinct risk-off tone.

Thursday 17th August 2017

The US dollar was hit on two fronts overnight – first, the Fed seem unsure about how quickly inflation will pick up, and secondly, President Trump has abandoned his CEO advisory councils after a spate of resignations. Phil Dobbie talks through these events, plus employment and wage data from the UK and Australia, with NAB’s Tapas Strickland. And can we expect any new insights from the European Central Bank, who release the minutes of their last meeting this evening?