NAB Morning Call

Friday 13th March 2026

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

In this episode of The Morning Call, Stewart Upson, Co-President of Infrastructure and Global Head of Strategy at Brookfield, discusses the massive infrastructure shift driven by the rapid evolution of Artificial Intelligence. Upson frames AI as a "flywheel" for technological development, highlighting a staggering $7 trillion investment opportunity over the next decade as the industry moves from basic data centers to fully integrated "data factories". He emphasizes that energy supply remains the primary bottleneck for growth, explaining how Brookfield leverages its expertise in renewable power and nuclear energy to de-risk these high-capital projects. From the rise of sovereign AI and personal AI agents to the long-term potential of embodied AI and robotics, Upson provides a comprehensive look at how infrastructure investors are building the foundation for a more productive, AI-driven global economy.
Hosted on Acast. See acast.com/privacy for more information.

Friday 13th March 2026

NAB Markets Research Disclaimer
Financial Services Guide | Information on our services - NAB

NAB's Gavin Friend joins Phil today as heightened rhetoric over Iran pushes oil back over $100 for a spell. They unpack a significant climb in bond yields across the US, UK, and Europe, reflecting a market that is quickly pricing out hope for near-term rate cuts amidst the largest oil supply disruption in history. While the IEA warns of an 8 million barrel per day drop in global supply for March, Gavin breaks down why US Navy escorts might be the only hope for reopening the Straits of Hormuz by month's end. The conversation also pivots to the UK's precarious fiscal position under Chancellor Rachel Reeves ahead of new GDP data and a surprisingly sharp narrowing of the US trade deficit that could shift Q1 growth forecasts.
Hosted on Acast. See acast.com/privacy for more information.

Thursday 12th March 2026

NAB Markets Research Disclaimer
Financial Services Guide | Information on our services - NAB

NAB’s Rodrigo Catril joins Phil to discuss the intensifying tensions in the Strait of Hormuz, where Iranian attacks on merchant vessels and the threat of naval mines have effectively halted all shipping traffic. Despite a massive release of 400 million barrels of oil from IEA reserves, supply fears have pushed Brent crude toward $92 a barrel, with Iran warning the west should prepare for $200 oil. So, how is this energy shock complicating the global inflation outlook, specifically forcing a shift in NAB’s forecast to include consecutive RBA rate hikes in March and May to combat mounting domestic capacity constraints.
Hosted on Acast. See acast.com/privacy for more information.

Wednesday 11th March 2026

NAB Markets Research Disclaimer
Financial Services Guide | Information on our services - NAB

NAB’s Skye Masters says there’s been a wave of optimism in global markets, driven by President Trump’s comments on the potential end of the Israel-Iran conflict. It was also an historic day for corporate bond issuance in the US. The tide could be turning now though, as oil prices start to rise again this morning. Phil and Skye also examine the RBA’s hawkish stance following Andrew Hauser’s recent comments, and the latest results from the NAB Business Survey, which shows easing confidence amidst persistent capacity constraints. Finally, they look at China’s surprisingly strong trade data and the softening demand seen in the latest US Treasury bond auctions. US CPI tonight would normally be significant to markets, but it’s likely to be overtaken by events in the Middle East.
Hosted on Acast. See acast.com/privacy for more information.

Tuesday 10th March 2026

NAB Markets Research Disclaimer
Financial Services Guide | Information on our services - NAB

Phil and NAB’s Sally Auld discuss the roller coaster ride of oil prices, which took a breather after G7 nations hinted at tapping into their strategic reserves. While this news offered a bit of temporary relief to the markets, it’s a short-term fix and markets will be driven by how long the conflict drags on for, and how long supply is blocked through the Strait of Hormuz. They also look at the inflationary impacts for Australia, the surprising resilience of the Aussie dollar as a commodity currency, and what shifting global trends mean for central banks heading into their next round of policy meetings.
Hosted on Acast. See acast.com/privacy for more information.