Podcast
NAB Morning Call
Hosted by Phil Dobbie · EN
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.
153episodes
Episodes
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No worse than expected
2d ago00:13:59Tap to summarizeThursday 13th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABMarket action has been very contained overnight, with small moves down in oil, glacial moves for currencies and bonds and share moves largely confined to US infrastructure plays. NAB’s Gavin Friend joins Phil to discuss yesterday’s US inflation data which, although rising, was no worse than expected. Hence the muted response. Today the focus will be on US PPI and what the RBA’s Christopher Kwent has to say on a livestreamed fireside chat this morning. Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Wait and see
3d ago00:15:30Tap to summarizeWednesday 12th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIt was, as expected, a fairly hawkish RBA yesterday. As NAB’s Skye Masters explains, tweaks to forecasts were relatively minor and they still expect to see inflation back on target in the second half of next year, but Michelle Bullock said she personally believes another hike this year might be necessary. ‘We’ll have to wait and see,’ she said, which seems to be the markets approach to everything right now, including the impacts of the Gulf, which is in stalemate. The impact of that, and AI spending and wage growth will be watched for in today’s US CPI. Will price growth slow? We’ll have to wait and see. Hosted on Acast. See acast.com/privacy for more information.
Transcribe →We don’t talk any more
4d ago00:14:12Tap to summarizeTuesday 11th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABOn a session that’s been light on for data the focus has been on the two major undercurrents of the year. First, the Gulf. Oil pushes a little higher as talks have taken a back seat and the US seems prepared to wait it out as their blockade hits the Iranian economy. Shares were down a little as a consortium announced a half trillion-dollar funding package for AI. Phil asks NAB’s Sally Auld if the market response is a signal that some are still worried about a bubble? Today the focus is the NAB Business Survey and the RBA. A hold is likely and markets aren’t fully pricing a hike at all this year, but could that change? Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Soft Jobs
5d ago00:16:51Tap to summarizeMonday 10th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABUS payrolls data surprised most on Friday with a weaker than expected number of jobs, but also a fall in the unemployment rate. Phil asks NAB’s Rodrigo Catril whether US immigration policies are part of the picture here. Rodrigo also suggests that lower unemployment and weaker wage growth gives the Fed more time to decide on policy changes, with two CPI prints before the next meeting, the first of those this week. Oil meanwhile remains range bound as the future in the Gulf remains uncertain. Iran is demanding more before agreeing to reopening of the Hormuz Strait. This week the RBA meeting is the key focus, inconveniently scheduled for the same day as the NAB Business Survey. Hosted on Acast. See acast.com/privacy for more information.
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Weekend Edition: On track for Net Zero? Do we know?
1w ago00:28:34Tap to summarizeFriday 7th August 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.Australia is aiming to reach Net Zero by 2050. Will we make it? There are heaps of initiatives underway, but do we know whether the cumulative effect is enough for us to hit the target? Phil talks to Toby Phillips, economics director at the Centre for Policy Development, about how the country’s approach is being coordinated. It’s not being coordinated well enough, seems to be Toby’s take – with no government department or agency fully owning the targets and outcomes. Is the Climate Change Authority’s proposed Evidence Platform a step towards a more coordinated approach, offering more current data rather than lagging indicators which might just show we are off-target? The CPD in their submission on the proposed platform said it would need to consider social equity, finance and policy. He talks through the importance of each on this week’s podcast. Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Kicking off again
1w ago00:14:42Tap to summarizeFriday 7th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABFighting has kicked off again in the Middle East, this time the Houthis attacking Saudi supported territory in Yemen, with a significant loss of life. Could this open up the troubles on another front, drawing Saudi Arabia further into the conflict. Meanwhile, a deal on the reopening the Strait still hasn’t happened. The net effect oil is back on the rise, and the Aussie dollar has lost ground. What happens next will be a focus today, along with labour market data for the US and Canada. As Phil discusses with NAB’s Ken Crompton there has been a series of data suggesting strength in the labour market – for example, last night’s weekly jobless claims fell below 200k (for the 4-week average) for the first time since October 2022. Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Taking stock
1w ago00:14:27Tap to summarizeThursday 6th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABEverything's on hold it seems. There have been no big moves in oil prices because, as NAB’s ray Attrill explains, there’s still no definitive news on the strait, although an interim agreement between Oman and Iran has been drafted, but will still need US approval. Shares have lost their momentum, although the S&P has squeaked ahead to a new high. SpaceX took a hit as investors responded unfavourably to spending plans. US ISM data was strong, but not as compelling as the upward revisions in European PMI data. Today, Australia trade data is out with another monthly deficit expected, but basically everyone is holding out for tomorrow’s non-farm payrolls and a finalised agreement to reopen the Strait of Hormuz. Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Otherwordly
1w ago00:13:40Tap to summarizeWednesday 5th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThe dictionary definition of ‘otherwordly’ is something not from this world, and therefore, not real. Which is probably not what the Palantir CEO meant when he used it to describe their stellar earnings result, which saw their shares skyrocket. Let’s hope peace talks for the Gulf are real, with Scott Bessent saying he expects a deal to reopen the Strait of Hormuz could happen as soon as today. And oil prices responded. NAB’s Taylor Nugent joins Phil to discuss this latest bout of optimism which has also seen bond yields fall and the Aussie dollar rise. They also look at yesterday’s strong Australian household spending data. Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Open Tomorrow. Or Not.
2w ago00:15:43Tap to summarizeTuesday 4th August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABPresident Trump says the Strait of Hormuz will open as soon as tomorrow. As Phil suggests to NAB’s Sally Auld that means markets only have to wait 24 hours to be disappointed, but the net reaction has been a sharp fall in oil prices and rises in shares. Sally also talks about how the joint currency action on the Yen between the US and Japan marks a new era where allies work together on financial outcomes. In the US a strong ISM report signalled continued strength for the US economy, whilst in Australia we saw house prices fall again and await household spending data today. Hosted on Acast. See acast.com/privacy for more information.
Transcribe →Action on the Yen, no action in the Gulf
2w ago00:13:09Tap to summarizeMonday 3rd August 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThere were strong moves in the Yen on Friday, for the second day in a row, with the US reportedly joining Japan in moves to shore up the currency. NAB’s Skye Masters says we can expect to hear more on that today, Meanwhile, no moves in the Gulf despite President Trump’s threat to unleash almighty military action. Gulf states convinced him to give peace one more try. With the Strait still largely closed to traffic it makes this morning’s announcement from OPEC+, to increase production by 188k barrels a day, largely academic. And the focus at the backend of this week will be on non-farm payrolls in the US, whilst household spending is the major data release for Australia. Hosted on Acast. See acast.com/privacy for more information.
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