NAB Morning Call

Phil Dobbie

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.

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Top 10 NAB Morning Call Episodes

Goodpods has curated a list of the 10 best NAB Morning Call episodes, ranked by the number of listens and likes each episode have garnered from our listeners. If you are listening to NAB Morning Call for the first time, there's no better place to start than with one of these standout episodes. If you are a fan of the show, vote for your favorite NAB Morning Call episode by adding your comments to the episode page.

Overreacting to US CPI?

NAB Morning Call

02/13/24 • 15 min

Wednesday 14th February 2024

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US CPI numbers showed that inflation isn’t coming down as fast as expected. The market reaction was swift as markets repriced their expectations for the timing of rate cuts. Equites fell sharply, bond yields rose as the US dollar gained ground.. NAB’s Taylor Nugent says there are good reasons not to take too much signal from the January data alone. Perhaps the exercise will be repeated with UK inflation numbers later today although there a small rise is already expected. Today New Zealand’s price indices will give an early indication of inflation, as the market pares back rate hike expectations after the surprising call by (another) major bank this week.

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Will Congress keep the money rolling-in?

NAB Morning Call

07/26/20 • 14 min

Monday 27th July 2020 The US dollar lost a lot of ground last week as Congress argued over the shape and form of the next recovery package. NAB’s Rodrigo Catril says hopefully there will be some agreement on the continuation of the supplementary unemployment benefit. But that’s not the only influence on the weaker mighty dollar – tensions are ratcheting up with China, with an arrest of a researcher allegedly acting on behalf of the Chinese military, and COVID-19 cases continue to rise. The Aussie dollar could lose some of its shine on COVID news too, with the number of cases in Victoria continuing to rise over the weekend.

See you on the other side

NAB Morning Call

03/30/20 • 16 min

Tuesday 31st March 2020 As anticipated Scott Morrison has launched a massive job retention program, telling companies to hang on to their workers, because they’ll need them on the other side. It helped equities yesterday, but that doesn’t explain the rise in the US and Europe. NAB’s Ray Attrill says we can expect a bit of rebalancing of portfolios at the month end, which might also account for the fall in Australian government bond yields (the opposite of what you’d expect after a massive government stimulus announcement). There’s further discussion on COVID-19, the price of oil and the expectation that China’s official PMI’s will show a strong recovery in figures out today. Plus, when all this is over, could the EU face another existential crisis?

And back to the safe havens

NAB Morning Call

03/05/20 • 16 min

Friday 6th March 2020 Markets have switched back to risk-off mood – as if they ever really went away – with big falls in equities, a shift to safer haven currencies and weakening bond yields, as the number of COVID-19 cases nears 100,000. Phil Dobbie talks to NAB’s Gavin Friend about the latest market moves, predictions on the impact of the virus on the global economy, and the latest responses from governments around the world. Normally, the US non-farm payrolls wold be a topic of discussion at this time of the month, but like so much data lately, it has somewhat been overtaken by events.

Slow day, with steepening yields and softer pound

NAB Morning Call

12/18/19 • 13 min

Thursday 19th December 2019 It’s beginning to look a lot like Christmas, with not much movement in currencies or equities. As NAB’s Gavin Friend tells Phil Dobbie, we’re finishing the year on a high, with markets taking a positive view of the year ahead. The US 10-year Treasury yield curve is now the steepest its been since July. Equities are at or near all time highs. Even Europe showed signs of turning ahead, with better than expected IFO numbers. The pound has been held back by no-deal Brexit fears, but they could subside as the new PM pushes on with negotiations. The world is in a very different place to the run-up to Christmas 2018.

RBA week, oil volatility, Merkel’s coalition in danger

NAB Morning Call

12/01/19 • 14 min

Monday 2nd December 2019 It’s an important week for Australian markets, with a slew of data today, GDP released on Wednesday and the RBA meeting between them. NAB’s Rodrigo Catril talks through what to expect. Meanwhile, US China trade uncertainty continues, Boris Johnson’s lead I the UK pols is narrowing and Angela Merkel’s government could be in tatters as the Social Democrats talk of abandoning the coalition. Phil Dobbie also asks Rodrigo about the sharp fall in oil prices at the end of last week ahead of OPEC, and the latest manufacturing data that shows growth has returned to China. As always, of course, the devil is in the detail.

Shocking Shopping Statistics, but RBA likely to hold

NAB Morning Call

11/04/19 • 11 min

Tuesday 5th November 2019 Yesterday’s retail numbers showed Australians are cutting back on their shopping habits. Phil Dobbie asks NAB’s Ray Attrill if it’s enough of a concern to influence the RBA later in the year, assuming today’s decision will see no move in rates. Plus, why NAB has revised its AUD forecasts. And all eyes today will be on non-manufacturing PMIs in the US and China. To what extent is the downturn from the trade war turning to the services sector? And will the much talked of truce ever happen? Despite the positive vibes, there’s still no date or place set to sign the phase-one agreement. How much have the markets priced in a favourable outcome?

Getting high on jobs growth

NAB Morning Call

11/03/19 • 13 min

Monday 4th November 2019 US equities hit new highs again on Friday. NAB’s Rodrigo Catril says the optimism follows the release of better than expected non-farm payrolls data on Friday. But Phil Dobbie asks whether the numbers are that good, when compared with the long term trend. Perhaps they’ll improve if a US China trade resolution is found. The best we can hope for us a cessation of rising tariff rates, but that could happen with word of a ‘consensus in principle’ over the weekend. Also, what to expect from the RBA tomorrow, with suggestions of a revised Policy Targets Agreement. Plus, the NAB expectation for Australia’s retail numbers today.

Au revoir Draghi, Bonjour UK election

NAB Morning Call

10/23/19 • 14 min

Thursday 24th October 2019 Mario Draghi is preparing to chair his last ECB meeting, with no expectation he will move rates. In fact, he leaves a board divided on what to do next, a problem that Christine Lagarde faces when she takes over next week. Phil Dobbie talks to NAB’s David de Garis about whether central bankers are increasingly questioning whether monetary policy has gone as far as it can go and what that means for future rate cuts, including the RBA. Also, Brexit. The pound is moving little, but Boris Johnson seems intent on manoeuvring towards a UK election.

Weekend Edition: Is there too much state debt?

NAB Morning Call

08/16/24 • 26 min

Friday 16th August 2024

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

A report last week from S&P Global highlights that the debt held by Australian states could exceed $600 billion later this year. Rebecca Hrvatin joins Phil to discuss this rise in debt and what it’s doing to credit ratings. Overspend on infrastructure projects seem to be one of the major concerns.

But there’s no shortage of buyers according to Ken Crompton. Ken is senior fixed income strategist at NAB and a regular on The Morning Call. He says, ironically, greater debt will be attractive to overseas investors who might previously have been put off by the limited availability of Australian state debt.

The issue going forward is not how much debt is being carried, but how effectively it’s being managed. Massive project overspends are part of the problem and interest payments are becoming an increasing proportion of state governments’ expenditure.

Phil asks whether green bonds could restore some balance and attract even more foreign buyers.

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FAQ

How many episodes does NAB Morning Call have?

NAB Morning Call currently has 1498 episodes available.

What topics does NAB Morning Call cover?

The podcast is about News, Markets, Australia, Business News, Podcasts, Finance, Economics, Trading and Business.

What is the most popular episode on NAB Morning Call?

The episode title 'Six months on, a still uncertain future' is the most popular.

What is the average episode length on NAB Morning Call?

The average episode length on NAB Morning Call is 15 minutes.

How often are episodes of NAB Morning Call released?

Episodes of NAB Morning Call are typically released every day.

When was the first episode of NAB Morning Call?

The first episode of NAB Morning Call was released on Dec 4, 2018.

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NAB Morning Call

Phil Dobbie

Top 10 NAB Morning Call Episodes

FAQ

How many episodes does NAB Morning Call have?

What topics does NAB Morning Call cover?

What is the most popular episode on NAB Morning Call?

What is the average episode length on NAB Morning Call?

How often are episodes of NAB Morning Call released?

When was the first episode of NAB Morning Call?

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