Thursday 20th November 2025

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 Nothing seems to be quite hitting the spot. Our podcast is too early today to bring you the NVIDIA earnings results, which have left equities in no man’s land this week. We did get a chance to glimpse the latest Fed minutes before we hit the stop button though.

The other news this morning is that the November non-farm payrolls number will be delayed, meaning there will be no other report beyond September’s delayed release tonight, ahead of the December meeting. The data is just too late, and the Fed continues to fly blind.

And oil prices have fallen over fears there’s too much oil.  A resolution to the Russia Ukraine conflict, which is again making headlines, could add to that downward pressure.   

NAB’s Gavin Friend in London joins Phil to talk through all of this, plus UK inflation and Australian wages data.

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