NAB Morning Call

Friday 22nd April 2026

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In this weekend edition of the NAB Morning Call, Kylie Willment, Chief Investment Officer at Mercer, joins Phil Dobbie to explain why their core investment strategy remains sound even as the global landscape becomes increasingly volatile. While Willment emphasizes that their fundamental long-term approach is right, she discusses the necessary "adjustments at the margin" being made to navigate current geopolitical firestorms and the shift toward "just-in-case" economic resilience. The discussion highlights that private and overseas investments remain valid and essential components of a modern portfolio, provided they are backed by rigorous asset-level research and robust protections against persistent inflation risk. From the "massive tailwind" from the energy transition to the relative insulation of the U.S. economy, Willment provides a deep dive into how super funds are evolving to protect member returns in a "messier" era for central banks and global trade.
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Friday 24th April 2026

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NAB’s Rodrigo Catril joins Phil to discuss a significant escalation in the U.S. naval blockade, which has now expanded into the Indian Ocean with the seizure of tankers carrying Iranian oil. This move follows the earlier strikes in the Gulf and indicates a broadening of the conflict's reach, which has seen S&P 500 and Nasdaq close lower, and oil prices pushing higher, The discussion also highlights a stark economic divergence reflected in the latest Flash PMIs: while the U.S. continues to show resilience with both manufacturing and services remaining above 50, the Eurozone and UK have slumped deeper into contractionary territory.
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Thursday 23rd April 2026

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In today’s NAB Morning Call, Skye Masters joins Phil to analyse why U.S. equity markets appear to be "looking through the fog of war" as they push to new all-time highs—with the S&P 500 breaking above 7,000—even as oil prices and bond yields remain significantly elevated. As the conflict in the Gulf persists, Skye questions this "curious" appetite for risk and whether investors are underestimating the long-term structural shifts toward higher costs and localized resilience. The discussion covers the latest UK CPI data for March, which demonstrates the immediate inflationary impact of the conflict, and looks ahead to today’s PMI releases, which are expected to further highlight the economic divergence between a robust U.S. and a softening European landscape.
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Wednesday 22nd April 2026

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In the April 22, 2026, edition of the NAB Morning Call, Gavin Friend joins Phil Dobbie to discuss a shift toward "risk-off" sentiment as the high-stakes peace talks between the U.S. and Iran appear to have stalled. With JD Vance spotted back in Washington rather than at the negotiating table in Islamabad, and Iran officially declining to attend today's scheduled meeting, the market is bracing for the end of the ceasefire deadline tonight. The conversation highlights a jump in oil prices, with Brent crude nearly touching $100 a barrel, alongside a rise in bond yields and the U.S. Dollar. Beyond the conflict, they break down robust U.S. retail sales for March, a surprising drop in UK unemployment to 4.9%, and Kevin Warsh’s testimony before the Senate, where he staunchly defended the Fed's independence, saying he is no sock puppet to the President.
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Tuesday 21st April 2026

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Geopolitical tensions are rising again, following a U.S. attack on an Iranian merchant vessel in the Gulf, which sent oil prices jumping 5–6% with Brent nearing $95 a barrel. While JD Vance leads a U.S. delegation to Islamabad for high-stakes peace talks, a question remains as to whether Tehran will participate. Kevin Warsh’s pre-prepared speech to the senate banking committee spoke of a continuance of monetary policy free from the control of government. NAB’s Ken Crompton talks through all this with Phil, plus Canadian CPI, and the significance of tonight’s US retail sales numbers.
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