NAB Morning Call

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.

Episodes

October 22, 2025 13 mins

Thursday 23rd October 2025


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Markets were a lot more cautious this session. Some commentary suggests it’s down to Trump’s comments that there might not be a meeting with President Xi this month, but, as NAB’s Ray Attrill points out, in the same breath the US President said he thinks a deal will be reached. The biggest mov...

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Wednesday 22nd October 2025


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Markets were a lot more cautious this session. Some commentary suggests it’s down to Trump’s comments that there might not be a meeting with President Xi this month, but, as NAB’s Ray Attrill points out, in the same breath the US President said he thinks a deal will be reached. The biggest m...

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October 20, 2025 14 mins

Tuesday 21st October 2025


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Before you woke up this morning Anthony Albanese was at the White House announcing a  $8.5 billion trade deal with America, giving the US access to the rare earths and critical minerals that will reduce its reliance on China. NAB’s Ken Crompton joins Phil to discuss the deal which, in theo...

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October 19, 2025 15 mins

Monday 20th October 2025


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Donald Trump said he was getting along with China, and he acknowledged his 100% tariff would not be sustainable. That suggests that a deal would be done at APEC, if not before. NAB’s Taylor Nugent says that provided some positive sentiment at the end of last week. Worries over regional US banks also ...

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Friday 17th October 2025


Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.


Latest data from Cotality suggests that the value of Australian real estate could top $12 trillion by the end of the year. The growth isn’t uniform, of course and affordability is still a significant issue. And yet Sydney, the least affordable part of Australi...

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October 16, 2025 14 mins

Friday 17th October 2025


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Australia’s unemployment rate was higher than expected yesterday. On the podcast today we drill down on the numbers and Phil asks Rodrigo Catril whether it changes NAB’s view on when the next rate cut will happen.


Normally today we’d be reporting on US CPI, but its been delayed because of the shut...

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October 15, 2025 17 mins

Thursday 16th October 2025


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US equities bounced back, despite ongoing uncertainty in US China relations. President Trump has described China’s avoidance of US soybeans as an economic hostile account, but Scott Bessent talked up the likelihood of a truce if China plays its part. NAB’s Sally Auld joins phil to talk through the ...

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October 14, 2025 17 mins

Wednesday 15th October 2025


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It’s been day 14 of the US shutdown, as both sides dig in. And are we being too optimistic about US China relations? NAB’s Gavin Friend says we shouldn’t assume the TACO trade will see the US backing down on such an important issue. He also discusses with Phil comments from Jerome Powell at the Na...

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Tuesday 14th October 2025


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The release of hostages and prisoners in Israel and Gaza is the good news story of the year, but markets are still more concerned about the outcome of trade negotiations between the US and China. Equities have bounced back, and the Aussie dollar has regained some ground, but both sides are waiting f...

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October 12, 2025 16 mins

Monday 13th October 2025


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Markets threw a bit of a hissy fit on Friday over US threats of 100% tariffs on China, and the meeting between Xi and Trump supposedly cancelled. But how much of it is hot air? If you look at the latest gambling odds from Polymarket, there’s only an 11% chance of a 100% tariff on China by November 1s...

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Friday 10th October 2025


Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.


Gold hit another watershed moment this week, moving beyond $4,000 an ounce. Investors seemingly can’t get enough of it. John Reade, senior market strategist for the World Gold Council, joins Phil to talk about why gold keeps rising in price, and whether $6,000 by t...

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October 9, 2025 17 mins

Friday 10th October 2025


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The US shutdown continues and the data drought continues, hence, markets are a little more cautious and central bankers seem to be erring on the side of caution (RBNZ being the exception). NAB’s Skye Masters joins Phil to decipher some of the comments from central bank speakers and looks at a couple ...

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Thursday 9th October 2025


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The Fed minutes are out, and NAB’s Ray Attrill joins Phil to peruse the 40 pages to see what prompted the decision to cut rates, even though there were concerns over rising inflation. They also discuss RBNZ’s big cut yesterday, with more to come. And they look at gold, which pushed higher, even agai...

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Wednesday 8th October 2025


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The US shutdown continues with no end in sight, just a threat from the President not to pay back salary to some furloughed workers, and the prospect of layoffs just days away. NAB’s Taylor Nugent joins Phil to talk through the latest news and data, including the NY Fed survey that shows consumer in...

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October 6, 2025 16 mins

Tuesday 7th October 2025


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It’s been a session light on data but heavy on geopolitics. Markets reacted firmly as expected, to the surprise win for Sane Takaichi as leader of Japan’s LDP. The resignation of the French Prime Minister yesterday was also a surprise, sending yields higher and a big fall in equities. US equities, me...

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Monday 6th October 2025


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Sanae Takaichi won the LDP leadership vote in Japan on Saturday, so is set to become Japan’s first female prime minister. She’s a known supporter of Abenomics, so could its resurgence mean a rate hike by the Bank of Japan is less likely. ‘Yes!’ is the quick answer from NAB’s Taylor Nugent. So wha...

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Friday 3rd October 2025


Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.


NAB CEO Andrew Irvine returns to the Morning Call to answer your questions. Hear his views on Australia’s investment opportunity from Asia and what he’s doing to make NAB stand out for customers. ‘We have no God-given right to be here’, he says.


Phil also relays ...

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October 2, 2025 17 mins

Friday 3rd October 2025


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With no non-farm payrolls out in the US today, and no jobless claims numbers last night, attention turns to private data, of which the Challenger jobs survey is one of the more credible reports. NAB’s Ken Crompton says the overnight data supports the idea of a low hiring, low firing economy, although ...

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October 1, 2025 16 mins

Thursday 2nd October 2025


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Markets will have to feel their way through the next few weeks, because the US shutdown means there’s an absence of key government data. No weekly jobless claims today, and no non-farms payrolls tomorrow. Betting suggests it will last longer than two weeks. NAB’s Gavin Friend joins Phil to talk...

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September 30, 2025 15 mins

Wednesday 1st October 2025


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Not only is it school holidays for a lot of Australia right now, there’s also a week-long national holiday in China. And the US government seems likely to shutdown later today unless there’s a last-minute reprieve. That’s a lot of people not going to work. Phil talks to NAB’s Taylor Nugent about th...

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