NAB Morning Call
Start your day with the NAB Morning Call for the latest overnight key economic and market information straight from our team of expert market economists and strategists. This includes perspective on overnight news and market price action and the forces shaping movements in Australian and global markets in the days ahead. Hosted on Acast. See acast.com/privacy for more information.
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Could an RBA rise come sooner?
<p>Friday 5th December 2025</p><br><p>NAB Markets Research Disclaimer </p><p>Financial Services Guide | Information on our services - NAB</p><br><p>Bond yields rose in Australia and Japan yesterday and overnight. In Japan 10-year JGBs reached 1.94%, the highest level since 2007. NAB’s Skye Masters says it relates to the continued expectation of a rate hike by the BoJ, and the higher yields have created a buying opportunity for investors. Yields have risen in Australia as household spending for October came in higher than expecting, suggesting the RBA might set a hawkish tone to their next meeting, indi...
US jobs fall, AU GDP, softer but strong
<p>Thursday 4th December 2025</p><br><p>NAB Markets Research Disclaimer </p><p>Financial Services Guide | Information on our services - NAB</p><br><p>US Treasury yields fell after the ADP jobs number came in weaker than expected. Normally, perhaps, people wouldn’t pay too much attention — they’re often wrong — but when it’s all you’ve got, it matters. It’s another reason for a rate cut by the Fed next week.</p><br><p>Meanwhile, Aussie GDP also came in weaker than expected… though maybe strong in the right places. NAB’s Ken Crompton joins Phil to look at the impli...
A tiny bit more risk
<p>Wednesday 3rd December 2025</p><br><p>NAB Markets Research Disclaimer </p><p>Financial Services Guide | Information on our services - NAB</p><br><p>Markets have a tiny bit more risk appetite today, which has helped push US equities higher and helped Bitcoin resume its rise to new horizons (perhaps). The Yen lost a large chunk of yesterday’s gains, but JGB yields remain high, alongside expectations for a BoJ rate hike. At home, NAB’s Taylor Nugent says the latest GDP partials will do little to change the expectation for a 2.2% rise, year on year, a little higher than t...
Not very Zen
<p>Monday 2nd December 2025</p><br><p>NAB Markets Research Disclaimer </p><p>Financial Services Guide | Information on our services - NAB</p><br><p>Japan’s bond yields pushed much higher, to levels not seen since the GFC after Gov Ueda signalled that a rate hike for December really was on the cards. After many months with inflation above their target range Phil asks NAB’s Rodrigo Catril what’s changed? And how much global contagion have we seen from Japan’s bond sell off.</p><p>Cryptocurrencies took a particularly big hit overnight, and US equities ended their rally, wit...
Back where we started from
<p>Monday 1st December 2025</p><br><p>NAB Markets Research Disclaimer </p><p>Financial Services Guide | Information on our services - NAB</p><br><p>For all the volatility that we saw in November we actually finished the month with the Australian dollar and US equities back where they started from. There have been movements in precious metals however, with gold bouncing back and silver hitting an all-time high on Friday. NAB's Ray Attrill actual joins Phil to talk through the latest market moves and the latest data including German inflation, Canada's GDP, Tokyo CPI and China's PMIs. They also lo...
Weekend Edition: The challenges for Aussie cotton
<p>Friday 28th November 2025</p><br><p>Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.</p><br><p>Australia is the third biggest exporter of cotton and has a reputation for quality. But Adam Key, CEO of Cotton Australia, says the differential might be changing as other producers lift their game. We do have the advantage, though, that we produce some of the highest yields in the world, but that is being challenged. Liz Stott is Chair of Cotton Australia and is a farmer from Leet...
Lots to be thankful for
<p>Friday 28th November 2025</p><br><p>NAB Markets Research Disclaimer </p><p>Financial Services Guide | Information on our services - NAB</p><br><p>Thanksgiving might be a US celebration, but it seems Australia and New Zealand both have a lot to be thankful for, unless you were hoping for lower interest rates. NZ’s retail sales yesterday were higher than expected, and business confidence was also strong. In Australia private new capital expenditure was high – reminiscent of the mining boom early this century, says NAB’s Sally Auld. Meanwhile, equity and bond markets in the US were closed for Than...
RBNZ cuts, BoE might, RBA won’t
<p>Thursday 27th November 2025</p><br><p>NAB Markets Research Disclaimer </p><p>Financial Services Guide | Information on our services - NAB</p><br><p>Three central banks close to the end of their easing cycle. A hawkish cut from the RBNZ yesterday could well be the last. The same could well apply to the RBA after yesterday’s monthly CPI came in higher than anticipated. But the Bank of England might well be ready to cut, as markets accepted more fiscal headroom and a reduction to the supply of 30-year gilts. The public response is less jubilant, particularly as the...
US hope, UK fears, Aussie CPI
US equities are on the rise, with AI behind a chunk of it, helped by enthusiasm for Alphabet’s new chip, which can do marvellous thing apparently. But in US consumer-land demand is slowing, if September’s retail sales are anything to go by. Of course that was a while ago now, so more up to date records, like the Fed’s Beige Book tonight, will be scrutinised more than normal perhaps. Markets also responded to further speculation that Kevin Hassett will become the Fed chair next year, which could see interest rates pushed lower. Today Australia’s first monthly CPI repo...
Tech looks for Fed’s gift for Christmas
<p>Tuesday 25th November 2025</p><br><p>NAB Markets Research Disclaimer </p><p>Financial Services Guide | Information on our services - NAB</p><br><p>It might be thanksgiving this week, but it seems tech investors have their eyes set closer to Christmas, with renewed hopes of a December rate cut. Words from Christopher Waller added to the hope. NAB’s Taylor Nugent says the moves in shares is quite a remarkable sensitivity, which has not been reflected in bonds or currencies. The Aussie hasn’t seen its usual bounce as US sentiment picks up. Delayed (and out of date) data t...
