Thursday 20th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Nothing seems to be quite hitting the spot. Our podcast is too early today to bring you the NVIDIA earnings results, which have left equities in no man’s land this week. We did get a chance to glimpse the latest Fed minutes before we hit the stop button though.The other news this morning is that the November non-farm payrolls number will be delayed, meaning there will be no other report beyond September’s delayed release tonight, ahead of the December meeting. The data is just too late, and the Fed continues to fly blind. And oil prices have fallen over fears there’s too much oil. A resolution to the Russia Ukraine conflict, which is again making headlines, could add to that downward pressure. NAB’s Gavin Friend in London joins Phil to talk through all of this, plus UK inflation and Australian wages data. Hosted on Acast. See acast.com/privacy for more information.
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Nervous
Wednesday 19th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABMarkets are nervous ahead of NVIDIA earnings around this time tomorrow. The only real moves have been in equities. NAB’s Ray Attrill says, for once, the Aussie dollar hasn’t felt the brunt of the risk-off sentiment. We’ve also been seeing the first splattering of jobs data. The non-farm payrolls data tomorrow will be for September. ADP’s numbers for September were up, but overnight we saw their weekly numbers showing weekly falls through October. Weekly jobless claims were quietly added to a Bureau of Labour research database showing recent claims had not moved significantly since before the shutdown.The RBA minutes yesterday reaffirmed concerns over capacity constraints, with the wage price index released today along with UK CPI numbers. Hosted on Acast. See acast.com/privacy for more information.
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Waiting for the numbers
Tuesday 18th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThere have been no major market moves overnight as investors wait for the non-farm payrolls data on Thursday and NVIDIA earnings middle of the week. NAB’s Rodrigo Catril joins Phil to talk about how the potential reaction to each, as well as today’s fall in the Yen after Japan’s soft GDP read. Plus, Canada’s CPI, the better-than-expected NY Fed’s Empire State manufacturing index and an upgrade to the EU’s growth forecasts. It’s another relatively quiet session ahead before the big numbers start trickling in. Hosted on Acast. See acast.com/privacy for more information.
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No Bull on Beef tariffs
Monday 17th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABPresident Trump announced a relaxing on beef tariffs, alongside other food produce, to tackle cost of living pressures for US shoppers. NAB’s Taylor Nugent says it’s not necessarily good news for Australian farmers because it potentially reduces our tariff advantage, which has seen a sizeable increase in Australia beef exports to the US this year.Meanwhile, the US data drought officially finishes on Thursday when September’s non-farm payrolls data is released. Fed speakers have been continuing to sound hawkish, opening the potential for no cut in December.Phil and Taylor also discuss how markets are reacting to the UK’s budget uncertainty, China’s activity data on Friday and what to look out for this week, including Australian wages data on Wednesday. Hosted on Acast. See acast.com/privacy for more information.
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Weekend Edition: How far will AI investment go?
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.
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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