The Morning Call

The 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.


Oil, iron ore and inflation  

Australia’s Q3 CPI figures will be released this morning. Phil Dobbie discusses what to expect with NAB’s Ray Attrill. We also look at the rise in iron ore and the drop in oil and how the words of the Bank of England Governor drove a rebound in Sterling overnight.

Oil down, scepticism about AT&T deal, German data looks good  

Iraq’s reluctance to play ball is hitting oil, whilst scepticism of the AT&T Time Warner deal is mounting, but doesn’t seem to be slowing the growing confidence in the US economy. And Germany seems to be reporting good news too. Rodrigo Cattrill joins Phil Dobbie on the Morning Call this morning.

Oil and Coal up. US & UK GDP figures this week, plus Aussie CPI.  

Oil prices remain elevated in the hope of some sort of production deal between OPEC and Russia, whilst coal prices provide good news for the Aussie economy. NAB’s Ray Attrill talks to Phil Dobbie about commodities, and looks ahead to this week’s GDP figures from the UK and US. Locally the CPI figures are the ones to watch.

More stimulus for Europe? Or less? Draghi hedges his bets.  

Mario Draghi hinted overnight that the European Central Bank might look at more stimulus measures to try and boost inflation. Phil Dobbie discusses the impact of his speech with NAB’s David de Garis. We also look at softening retail sales in the UK and established house sales in the US, as well as today’s release of housing data from China. And, oh yes, that debate!

China’s GDP, oil prices and mixed  US housing data  

China’s GDP figures surprised nobody yesterday but, as Phil Dobbie asks Bob Cunneen, Senior Economist and Portfolio Specialist at NAB Asset Management, can the authorities maintain that growth whilst managing corporate deleveraging? All that, plus US housing data, today’s Aussie employment data and, don’t forget, the third round of the fiery Presidential debate series.

Rebound in Sterling, US CPI fails to impress, China GDP out today  

The headline CPI figure from the US met market expectations, but, as NAB’s Dave de Garis explains, there’s underlying data that tells a different story. And he talks with Phil Dobbie about developments in the UK, where Brexit might see a softer landing. We also look ahead to today’s GDP data from China.

Happy CPI day!  

It’s a big data day today, with CPI reports from New Zealand, the UK and the US, plus a bunch of other facts and figures. NAB’s Rodrigo Catrill takes Phil Dobbie through it all, with the implications and the market’s expectations.

Yellen's "High Pressure Economy" and the week ahead  

Janet Yellen, chair of the US Federal Reserve, spoke on Friday about the need for the US to run a high pressure economy. Phil Dobbie asks NAB’s Ray Attrill what exactly she means by that? Is it a sign that inflation should be allowed to climb without any interest rate intervention? Plus a look at a busy week for inflation data and US earnings.

Weaker China trade data - and lowest US unemployment for 43 years  

China’s trade figures were worse than expected overnight. Phil Dobbie asks NAB’s Rodrigo Catril whether it’s a worrying sign for the Chinese economy. Meanwhile, despite the lowest unemployment figures since 1976, the US dollar lost ground overnight. But a wealth of US data in the next 24 hours could change all that.

Fed minutes, oil talks and more on May’s stance on Brexit  

Ray Attrill joins Phil Dobbie on the Morning Call today to discuss the minutes of the last Federal Reserve’s FOMC meeting, as well as the unofficial oil talks in Instanbul and Theresa May’s hard Brexit stance. Plus, why should we be listening to what Patrick Harker has to say?

Trump down. Oil down. Pound, way on down.  

We don’t want to sound pessimistic, but aside from the Japanese Yen, most indicators headed south overnight. One notable downward figure was only bad news if you hoped to see Donald Trump in the White House. The assumption that the job will go to Hillary Clinton seems to have heightened the likelihood of a December rate hike even further, but NAB Asset Management’s Bob Cunneen suggests to Phil Dobbie that we shouldn't always rely on the polls.

Putin pushes oil to a one year high, Trump helps the dollar  

Oil prices have risen to their highest level in a year after Vladamir Putin said he was ready to join OPEC in limiting oil production. Meanwhile the belief that Trump’s chances of victory are looking slimmer seems to have helped the US dollar. Phil Dobbie talks with NAB’s Rodrigo Catril about these stories and other events likely to influence the markets today.

Will Trump manage a flash-crash style comeback?  

We’re a matter of hours away from the next US Presidential debate. On today’s Morning Call Phil Dobbie asks NAB’s Ray Attrill what the market impact of the debate will be. We also look at Friday’s Sterling flash crash and the US non-farm payroll data, as well as previewing the week ahead. The Aussie dollar moved very little last week – is it more of the same this week?

All eyes on today’s US non-farm Payroll data  

Today we see the most significant indicator of the strength of the US economy – is employment increasing and are salary numbers on the rise. Phil Dobbie asks NAB’s Rodrigo Catril what impact a positive result will have on the increasing likelihood of a December rate hike. Plus the ECB board minutes, the continuing plight of Sterling and what to look out for from China today.

Positive US data, oil rises, ECB taper tantrums and healthy Aussie retail sales  

Positive manufacturing data from the US. Phil Dobbie asks NAB’s Ray Attrill if this is what’s driven S&P growth overnight. Plus, how the prospect of ECB QE tapering is impacting the bond market. And we talk about the Pound (again) and Australia’s boost in retail sales – it’s good but let’s no go overboard.

Pound lowest since 85, FTSE almost on a high  

The Conservative Party Conference in the UK continues to have a marked impact on Sterling and the FTSE. Bob Cunneen from NAB Asset Management joins Phil Dobbie to discuss Britain’s plight, more mixed data from the US and where Aussie retail figures might head today.

Pound loses ground – US rate hike more likely?  

The pound has been falling as the pollies at the UK’s Conservative Party Conference talk more of a hard Brexit. Phil Dobbie talks with NAB’s David de Garis about Sterling, the US PMI and what they’ll be talking about at the RBA meeting today.

A positive mood, not just for Bulldogs Fans and Brexiteers  

The week kicks off with a little more optimism. Phil Dobbie talks to NAB’s Dave de Garis about speculation of a Deutsche Bank deal with the US Department of Justice, positive manufacturing figures from China and a widening lead for Hillary Clinton in the US polls. In Australia will this buoyant mood spill over beyond the MCG? And what impact will Theresa May’s Brexit timetable have on Sterling?

Yesterday only more so: Oil Prices and Deutsche Bank woes  

NAB’s Ray Attrill discusses the continuing troubles at Deutsche Bank and the impact on shares and currency markets. Plus, continued optimism about an OPEC production deal and more positive data from the US. But let’s not ignore the elephant in the room …

An oil deal. And a field day for the Feds  

A deal has been reached by OPEC to lower oil production. Phil Dobbie asks NAB’s Ray Attrill whether it’ll really come to fruition. Plus, the Fed’s are out of the woodwork with several engagements today, but will any say anything to change the likelihood of a December US rate hike?

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