Friday 14th November 2025Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.Historically America’s big-tech firms have seemed like a safe bet for investors. They had strong revenue streams, and they were ploughing profits back into innovative ideas for future revenue growth. That’s changed since the pandemic with the rapid growth of AI, with firms embarking on debt-fuelled expansion in what Phil suggests is a good old-fashioned land-grab.Lincoln Valentine is a senior analyst for international equities at JBWere. He agrees that there’s a land grab going on, and debts are rising, but he says their earnings continue to grow and their valuations reflect that. The question is, what happens next? When returns don’t match the level of investment made, or when one or two players start to cut their spending? Phil asks where are the risks, who has the edge and how long will it all last? It’s a high stakes game, that nobody dares to ignore. Hosted on Acast. See acast.com/privacy for more information.
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31:44
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31:44
Is that it for the RBA? US missing October.
Friday14th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABSally suggested as much yesterday. Now the recovery in the unemployment rate in Australia yesterday has confirmed it. NAB is not expecting any further easing by the RBA in this cycle. Ken Crompton talks through the numbers that led to this decision – actually, the employment data probably had the least to do with NAB’s call.Meanwhile, in the US, the Fed is still divided, although speakers are sounding increasing hawkish. Perhaps it’s the lack of data that’s getting to them. It remains uncertain what will be available and when, but CPI and the unemployment rate for October are already identified as casualties. Ken and Phil also talk through data from New Zealand and the UK and prepare for a data dump from China. Hosted on Acast. See acast.com/privacy for more information.
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14:54
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14:54
US vote to open, high for Aussie housing investment
Thursday 13th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIt’s hard to imagine the RBA cutting rates anytime soon, after yesterday’s housing loan data showed a sharp rise, including a record for new investment loans. NAB’s Sally Auld says it’s a sign for the RBA that their policy is not as restrictive as they thought it was even a month ago. Today’s employment numbers are unlikely to shift that dial.The good news from the US is that an end to the shutdown is likely to be voted for in the next few hours. The bad news is that some of the missed data that was expected to start coming out in the next week or so, could well not be published at all. Leaving the risk that the Fed will go to it’s next meeting still flying blind. Hosted on Acast. See acast.com/privacy for more information.
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13:48
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13:48
US Ready to Open, Aussie confidence climbs, UK employment glum
Wednesday 12th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIt was reasonably constructive news from the latest NAB Business Survey according to Taylor Nugent. Confidence fell 2pts in October, but it remains above the long run average and echoes concerns from Andrew Hauser about rising capacity utilisation. Aussie consumer confidence jumped yesterday, despite expectations that the RBA will cut rates later, or not at all. Meanwhile, it looks like the US shutdown could end as soon as today, and we can expect a swag of delayed data as soon as next week. The UK Chancellor probably didn’t want to see the data that landed on her desk yesterday morning – unemployment grew faster than expected. But it has added to the expectation of a BoE cut in December. Hosted on Acast. See acast.com/privacy for more information.
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15:45
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15:45
Shutdown showdown ready to end? RBA’s easing over?
Tuesday 11th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABEquity markets have bounced back on the expectation that we are days away from an end to the US shutdown. Phil points out that Polymarket odds shifted from yesterday, when 56% saying it won’t be resolved by November 16th, to now 89% saying it will be! NAB’s Ray Attrill says markets are behaving like it’s a done deal, although it could be an interim fix that has to be revisited in annuary. Meanwhile the Aussie is strong, and bond yield are higher after a hawkish talk from the RBA’s Andrew Bauser yesterday, which has many questioning whether the central bank’s easing cycle has already finished. Hosted on Acast. See acast.com/privacy for more information.
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.
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