NAB Morning Call

Monday 12th October 2026

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A fresh escalation of Middle East conflict is overshadowing energy markets after Houthi attacks on Riyadh’s airport, clashing with President Trump's announced US-Russia diesel agreement and reported Russia-Ukraine energy ceasefire. On today’s edition of the NAB Morning Call, Phil Dobbie sits down with NAB’s Skye Masters to unpack the competing market drivers. They analyze the Friday rebound in global equities and lower bond yields, the latest CFTC positioning data showing growing Euro short positions, and the week ahead—highlighting US CPI, Australian labor force data, the RBA minutes, and the start of Q3 bank earnings.
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Friday 9th October 2026

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Australia’s housing market continues to present a puzzling contradiction: despite record-low vacancy rates and a severe structural shortage of housing, rental price growth has stalled—and in major cities like Sydney and Canberra, house rents are actually falling. On this weekend edition of the NAB Morning Call, Phil speaks with Dr. Nicola Powell, Chief Residential Economist at Domain, to unpack the underlying forces shaping the market. They explore whether affordability ceilings are forcing renters to adjust household sizes, how recent government tax settings and investor sentiment are shifting capital, and why traditional supply-and-demand rules are producing unexpected outcomes across major capital cities.
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Friday 9th October 2026

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Risk-off sentiment dominated global markets as geopolitical tensions flared in the Persian Gulf. On today’s edition of the NAB Morning Call, NAB’s Ken Crompton joins Phil to discuss a turbulent session sparked by an attack on an oil tanker near Qatar, which sent Brent crude surging toward $104 a barrel alongside hurricane-related production cut. Energy cost spikes and tech sector drags—amplified by OpenAI revenue concerns and potential US visa restrictions—weighed heavily on equities. Meanwhile, what will hawkish signals from Fed Governor Christopher Waller mean for rate expectations?
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Thursday 8th October 2026

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Oil drifts lower, French yields rocket, and the FOMC minutes reveal a Federal Reserve that is far from done worrying about inflation. Phil is joined by NAB’s Ray Attrill who says the newly released FOMC minutes are a little more dovish than anticipated, whilst the NY Fed’s consume inflation expectations pushed higher. Meanwhile fiscal strain in France is pushing bond spreads wider across the Eurozone, and Brent crude has slipped back under $100 a barrel despite another sharp drop in US stockpiles. Today it’s a case of words not numbers. Ray explains why.
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Wednesday 7th October 2026

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The S&P 500 has notched its first fresh all-time high since August, supported by optimism ahead of the Q3 earnings season and steadying US Treasury yields. On today’s edition of the NAB Morning Call, Phil is joined by NAB’s Gavin Friend to dissect the market moves—starting with a sharp pullback in French bond yields after far-right National Rally leader Marine Le Pen pledged a "golden rule" deficit reduction plan to stabilize public finances. The pair also explore the broader macro drivers, including crude oil holding below $100/bbl despite Middle East supply bottlenecks, hawkish inflation warnings from Fed officials, German factory order slumps, and a widening US trade deficit ahead of the upcoming FOMC meeting minutes.
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