NAB Morning Call

Friday 25th September 2026

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As artificial intelligence rapidly transforms from a speculative tech trend into the primary driver of global market returns, how are institutional investors actually positioning their capital for the road ahead? This Phil Dobbie sits down with Damien Webb, Chief Investment Officer for Brighter Super, fresh off an insightful trip to Silicon Valley meeting with frontier AI labs, quantum computing founders, and top academic minds.

Damien shares why his boots-on-the-ground experience left him overwhelmingly optimistic about the tech supercycle—and why superannuation funds can't afford to sit on the sidelines. From the soaring commodity demand for copper and energy infrastructure to revolutionary medical breakthroughs in GLP-1 drugs and cancer treatments, how do institutional investors balance high-valuation risks against transformative upside? Is the ongoing surge in global bond yields the ultimate reality check for tech balance sheets? Tune in for a fascinating dive into portfolio construction, private equity opportunities, and what riding in an autonomous Waymo car reveals about our economic future!
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Friday 2nd October 2026

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France's escalating budget woes and fiscal watchdog criticism have sent sovereign bond markets into a tizzy, causing French-German yield spreads to widen sharply. On today's edition of the NAB Morning Call, Phil Dobbie and NAB's Ken Crompton break down these mixed global signals—from France's budget strain to rising US manufacturing prices and mortgage rates hitting 7.28%. Despite lower US Treasury yields following a brief flight to quality, the US dollar remains firm while crude oil rebounds above $102. The pair also examine Australia’s Financial Stability Review, falling job vacancies, and what today's key US Non-Farm Payrolls report means for upcoming Fed rate expectations.
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Thursday 1st October 2026

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Global financial markets are navigating a sharp divergence between the US and Europe, driven entirely by conflicting inflation trends. On today’s edition of the NAB Morning Call, Phil Dobbie speaks with NAB’s Skye Masters to unpack why resilient US economic data, cooler-than-expected Core PCE prints, and upward GDP revisions are supporting Wall Street, even as 10-year Treasury yields push toward 5.30%. In contrast, hot European inflation prints across Germany and France are weighing on sentiment and lifting ECB rate hike expectations. Meanwhile, the Australian dollar has slipped below 69.5 US cents following softer-than-forecast domestic inflation data, which has led markets to tone down expectations for back-to-back RBA rate hikes.
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Wednesday 30th September 2026

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Following the Reserve Bank of Australia’s unanimous decision to raise the cash rate by 25 basis points to 4.60%, market attention has shifted to Governor Michele Bullock’s post-meeting press conference. NAB's Taylor Nugent says her commentary hinted that the RBA may be returning to its "narrow path" balancing inflation control against labour market conditions, softening some of the hawkish expectations for follow-up hikes. Meanwhile, global bond yields continue their upward trend, pushing 30-year US Treasuries to multi-decade highs, as markets digest a softer US JOLTS job openings report, declining US consumer confidence, and European inflation updates. Looking ahead, today brings Australia's August CPI data alongside the US PCE inflation report and Chinese PMI reads.
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Tuesday 29th September 2026

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As crude oil holds above $105 a barrel and US 10-year Treasury yields surge to 5.24%, markets are grappling with how much further central banks can push policy rates to restrain persistent inflation. On today’s podcast Phil talks with NAB Chief Economist Sally Auld ahead of the Reserve Bank of Australia's rate decision. Sally notes that while US growth resilience and structural Capex demand are driving global yields higher, Australia’s cooling PMIs and softening business survey data suggest the RBA is operating in a vastly different cyclical environment than its peers. The pair also examine Nvidia’s historic $150 billion share buyback, the US-China tariff cuts and key global data reads including US JOLTS and Canadian GDP.
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