Tuesday 30th November 2021On today’s Morning Call NAB’s Ray Attrill reminds us that the CSIRO’s Dr Rob Grenfell predicted, back in the middle of the year, that about now we would see a variant of COVID spreading from India or Africa. He now says the situation in South Africa is not a good comparator for Australia, and we should watch how it develops in Europe over the next couple of weeks. In the meantime, markets are playing a waiting game. There was a mild bounce back in equities, bond yields and the US dollar, but volatility will remain, driven by the news cycle. The other unknown is the impact this will have on the speed of a global recovery, with border shutdowns and the like, and the subsequent impact on inflation. Lots of questions for Jerome Powell and Janet Yellen then, in front of a senate hearing today. China’s PMIs will be the numbers to watch today.

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