NAB Morning Call

Tuesday 11th August 2026

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

On a session that’s been light on for data the focus has been on the two major undercurrents of the year. First, the Gulf. Oil pushes a little higher as talks have taken a back seat and the US seems prepared to wait it out as their blockade hits the Iranian economy. Shares were down a little as a consortium announced a half trillion-dollar funding package for AI. Phil asks NAB’s Sally Auld if the market response is a signal that some are still worried about a bubble? Today the focus is the NAB Business Survey and the RBA. A hold is likely and markets aren’t fully pricing a hike at all this year, but could that change?
Hosted on Acast. See acast.com/privacy for more information.

Monday 10th August 2026

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

US payrolls data surprised most on Friday with a weaker than expected number of jobs, but also a fall in the unemployment rate. Phil asks NAB’s Rodrigo Catril whether US immigration policies are part of the picture here. Rodrigo also suggests that lower unemployment and weaker wage growth gives the Fed more time to decide on policy changes, with two CPI prints before the next meeting, the first of those this week. Oil meanwhile remains range bound as the future in the Gulf remains uncertain. Iran is demanding more before agreeing to reopening of the Hormuz Strait. This week the RBA meeting is the key focus, inconveniently scheduled for the same day as the NAB Business Survey.
Hosted on Acast. See acast.com/privacy for more information.

Friday 7th August 2026

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

Australia is aiming to reach Net Zero by 2050. Will we make it? There are heaps of initiatives underway, but do we know whether the cumulative effect is enough for us to hit the target? Phil talks to Toby Phillips, economics director at the Centre for Policy Development, about how the country’s approach is being coordinated. It’s not being coordinated well enough, seems to be Toby’s take – with no government department or agency fully owning the targets and outcomes. Is the Climate Change Authority’s proposed Evidence Platform a step towards a more coordinated approach, offering more current data rather than lagging indicators which might just show we are off-target? The CPD in their submission on the proposed platform said it would need to consider social equity, finance and policy. He talks through the importance of each on this week’s podcast.
Hosted on Acast. See acast.com/privacy for more information.

Friday 7th August 2026

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

Fighting has kicked off again in the Middle East, this time the Houthis attacking Saudi supported territory in Yemen, with a significant loss of life. Could this open up the troubles on another front, drawing Saudi Arabia further into the conflict. Meanwhile, a deal on the reopening the Strait still hasn’t happened. The net effect oil is back on the rise, and the Aussie dollar has lost ground. What happens next will be a focus today, along with labour market data for the US and Canada. As Phil discusses with NAB’s Ken Crompton there has been a series of data suggesting strength in the labour market – for example, last night’s weekly jobless claims fell below 200k (for the 4-week average) for the first time since October 2022.
Hosted on Acast. See acast.com/privacy for more information.

Thursday 6th August 2026

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

Everything's on hold it seems. There have been no big moves in oil prices because, as NAB’s ray Attrill explains, there’s still no definitive news on the strait, although an interim agreement between Oman and Iran has been drafted, but will still need US approval. Shares have lost their momentum, although the S&P has squeaked ahead to a new high. SpaceX took a hit as investors responded unfavourably to spending plans. US ISM data was strong, but not as compelling as the upward revisions in European PMI data. Today, Australia trade data is out with another monthly deficit expected, but basically everyone is holding out for tomorrow’s non-farm payrolls and a finalised agreement to reopen the Strait of Hormuz.
Hosted on Acast. See acast.com/privacy for more information.