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NAB Morning Call
Phil Dobbie
1315 episodes
1 day ago
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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All content for NAB Morning Call is the property of Phil Dobbie and is served directly from their servers with no modification, redirects, or rehosting. The podcast is not affiliated with or endorsed by Podjoint in any way.
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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Business News
Business,
News
Episodes (20/1315)
NAB Morning Call
Weekend Edition: Dealing with the US. The tactics of an Aussie trade negotiator.

Friday 22nd August 2025


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


UIS trade policy has been turbulent, to put it mildly, since Liberation Day in April. Tariffs have moved up and down, some geographic, others sectoral. The reasons have fluctuated, from  stopping fentanyl, to trade imbalance, to political concerns. The benefits have been argued as protecting jobs, brining industries back home to raising revenue.


Dmitry Grozoubinski runs Explain Trade from Geneva, training government officials on complex trade negotiations. He has been involved in  many, having represented Australia at the WTO from 2014 to 2018. His latest book is ‘Why Politicians Lie About Trade’. He joins Phil to talk about this new trade environment, where deals take weeks not years. How should countries be negotiating in this new regime? How long will the current state of flux last? And is a high tariff trade environment the new normal?


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16 hours ago
32 minutes 40 seconds

NAB Morning Call
Walmart drags equities down, yields rise ahead of Jackson Hole

Friday 22nd August July 2025


NAB Markets Research Disclaimer 

Financial Services Guide | Information on our services - NAB


US equities closed in the red again today, with losses more broad-based than earlier in the week. In part it’s a response to Walmart’s results, which showed increased revenue but a cut in earnings, suggesting they were losing margin, perhaps because of tariff impacts.


NAB’s Taylor Nugent returns to the Morning Call to give his take on overnight market moves and the latest PMI numbers for Europe and the US. He says pricing for a September cut has reduced slightly ahead of Jerome Powell’s speech at Jackson Hole. Remember there’s always pressure on the Fed chair to say something new and meaningful at this event. Last year it was the dovish pivot.


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23 hours ago
14 minutes 20 seconds

NAB Morning Call
Tech fears and a Fed firing?

Thursday 21st August July 2025


NAB Markets Research Disclaimer 

Financial Services Guide | Information on our services - NAB


Tech stocks lost ground again overnight, for no immediately apparent reason, unless it’s still down to comments earlier in the week from OpenAI’s Sam Altman that some people are going to get their fingers burned. NAB’s Rodrigo Catril is back with Phil to talk through that, and all the other market moves and overnight news, including the Fed’s hawkish minutes and the RBNZ’s dovish cut. And President Trump’s out to get Lisa Cook fired from the Fed board over allegations of mortgage fraud, so can get another of his people in there.


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2 days ago
16 minutes 42 seconds

NAB Morning Call
RBNZ ready to cut. US tech stocks step back.

Wednesday 20th August July 2025


NAB Markets Research Disclaimer 

Financial Services Guide | Information on our services - NAB


NAB’s Ray Attrill says the RBNZ is expected to cut rates today, even as an upswing inflation is expected in their revised forecasts. One central bank that might not cut at all for the remainder of the year is the Bank of England, with fresh CPI data out later expected to support that case. US equities took a hit, driven by tech stocks. NVIIDA lost ground, in part because their hopes of shipping a new chip to China has been stalled by Scott Bessent’s comments that any new products will need to apply for a licence. President Trump’s decree that goods can be shipped to China as long as the government gets a 15%cut, that deal obviously has conditions attached.


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2 days ago
17 minutes 6 seconds

NAB Morning Call
Trump tries for a trilateral

Tuesday 19th August July 2025


NAB Markets Research Disclaimer 

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Having met with Zelensky and Putin separately, President Trump is now aiming for a three-way meeting to try and reach peace in Eastern Europe. The odds are still quite low, though, because it is unlikely Ukraine and Europe will want to surrender territory as part of the process. NAB’s Tapas Strickland says market moves have been somewhat constrained, as we wait for the start of Jackson Hole. There are question marks around whether central banks are cutting too early, with worrying signs of inflation persisting. That’s particularly the case for the UK where yields have been rising noticeably, even beyond the Truss budget experiment in some cases. At home the government’s economic roundtable kicks off at Government House in Caberra, with Michelle Bullock talking first thing.


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4 days ago
14 minutes 45 seconds

NAB Morning Call
US spends, China stumbles. Consumers worry

Monday18th August July 2025


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Financial Services Guide | Information on our services - NAB


US retail sales remain resilient, but the same can’t be said for China. But the worry from Friday in the US is that inflation expectations are ticking higher. Meanwhile Japan’s GDP was firmer than anticipated, supporting the case for a BoJ hike, but when? NAB’s Rodrigo Catril is back with Phil to talk through the end of the week data, the repercussion s of the Trump Putin meeting and to look at the week ahead, including the Jackson Hole Symposium. Incidentally, it was a week out from Jacksom Hole that we launched the Morning Call in 2016 so this is, more or less, our ninth birthday.


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5 days ago
15 minutes 13 seconds

NAB Morning Call
Weekend Edition: Japan works through its unwritten trade deal

Friday 15th August 2025


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


The Japanese economy woke from years of stagnation to an inflationary environment that gave businesses the opportunity to raise prices and for workers to demand more money. It provided a growth opportunity that had been missing from the economy, now reflected in the growth in the value of equities and a rising number of M&As.


You’d be forgiven for thinking that enthusiasm would disappear as the country faced unprecedented tariffs from their biggest export partner. Yet the toned-down tariff deal this month, which has still not been written into a formal agreement, has seen the Nikkei reach new highs and M&As are still being signed.


This week Harry Ishihara, an independent macro strategist based in Tokyo, returns to the Weekend Edition to give his views on the Japanese economy now, how companies are working their way round tariffs, the practicality of the $550billion investment that the US is expecting and what it all means for the Bank of Japan.


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1 week ago
26 minutes 5 seconds

NAB Morning Call
Tariff effects? US producer prices, UK trade and Europe’s industrial production

Friday 15th August July 2025


NAB Markets Research Disclaimer 

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NAB’s Rodrigo Catril joins Phil on this morning’s podcast. Phil suggests there are three signs that tariffs are having an impact. First, producer prices were up more sharply than expected in the US. Second, the UK trade deficit fell sharply. And European industrial production fell too. They also look ahead to Japan’s GDP, retail sales for the US and China, pricing data from New Zealand, the US government’s plan for a stake in Intel and the atmosphere ahead of the Trump Putin meeting this time tomorrow. 


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1 week ago
18 minutes 59 seconds

NAB Morning Call
Equities rise, bond yields falling. Bessent calls for bigger rate cut.

Thuersday 14th August July 2025


NAB Markets Research Disclaimer 

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Equities are rising, and not just in the US. In fact, the MSCI World Equities Index hit a record high overnight. But  bonds are the story today, says NAB’ s Gavin Friend, with 10year Treasury yields down 5 basis points. Markets have got a cut from the Fed fully priced in for September, but Scott Bessent said in an interview he’d like to see a 50bp cut at the next meeting. His boss, meanwhile, spoke out for 300bp of cuts or more.


Phil and Gavin also talk about yesterday’s Australian wages data and look ahead to today’s employment data. Plus, UK’s GDP, expected to be very slow with the potential to tip into negative territory for Q2.


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1 week ago
17 minutes 13 seconds

NAB Morning Call
Swallowing the cost of tariffs

Wednesday 13th August July 2025


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Markets have looked at the latest inflation data from the US, assumed companies are largely swallowing the cost of import tariffs, which removes the excuse for the Fed to hold off cutting rates in September. NAB’s Ken Crompton says markets are close to fully pricing a cut. The US dollar is weaker from the news but continued to fall as resident Trump once again criticised Jerome Powell for being too late to cut and threatened action to have him removed.


Phil and Ken also talk about yesterday’s RBA decision, and the NAB business survey which showed a slight increase in business confidence, but a fall in conditions. Wage pressures continue to blight Blighty in yesterday’s labour market data, with Australia’s (significantly lower) wage growth data out today.


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1 week ago
14 minutes 35 seconds

NAB Morning Call
Tariffing in, taxing out

Tuesday 12th August July 2025


NAB Markets Research Disclaimer 

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There’s been very little market movement despite some surprising news. First, President Trump announced a 15% tariff on exports from NVIDIA and AMD for AI chips headed to China. NAB’s Sally Auld says it’s a surprising move that a restriction supposedly on national security grounds has been foregone in exchange for a government revenue stream. Secondly, the 90-day truce on China’s tariffs, due to finish today, has been given another 90 days. And concerns continue about what will happen at the Trump Putin meeting in Alaska on Friday, President Zelensky says the Russian President is buying time and he is now amassing more troops on the border ready for a fresh onslaught. Today the focus will be on US inflation numbers and forecasts from the RBA after their expected rate cut today. 


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1 week ago
16 minutes 52 seconds

NAB Morning Call
Trump’s man for the Fed

Monday 11th August July 2025


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This will be a very significant week and NAB’s Ray Attrill joins Phil to talk through it. For a start, we’ll be getting US inflation data tomorrow, to help answer the question around the impact of tariffs. One man who doesn’t believe it’s an issue is Stephen Miran, President Trump’s new man for the FOMC, but will he be in place to exert his influence at the next meeting? There’s also that meeting between Putin and Trump in Alaska at the end of the week, but it seems highly unlikely it’ll lead to a lasting resolution, but it could see oil prices swayed by the geopolitical consequences. Locally there’s the RBA tomorrow and a slew of data. Get ready for an action packed week.


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1 week ago
16 minutes 4 seconds

NAB Morning Call
Weekend Edition: A Bold Take On Big Business

Friday 8th August 2025


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


Cath Carver is NAB’s Head of Corporate and Institutional Banking. She’s been in the role for a year but is close to clocking up ten years with the bank, with a long track record in finance and banking before that. Towards the end of this podcast Phil asks her if there’s anything she would have done differently if, years back she knew what she knows now. Her reply is, she’d have been bolder. ‘Not that we’ve been holding back,’ she says, ‘but we’ve got to be bold for our clients.’ Part of that comes from working with diverse teams and allowing people to be themselves at work. They also talk about the state of the global economy, Australia’s opportunity within it, and how to address Australia’s housing affordability issue. Something else that Cath says is looking for a bold solution.


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2 weeks ago
24 minutes 2 seconds

NAB Morning Call
Tariffs kick in & BoE’s Close Call

Friday8th August July 2025


NAB Markets Research Disclaimer 

Financial Services Guide | Information on our services - NAB


As of yesterday, US imports were hit with an average 15% tariff. Time will tell who is feeling the hurt the most, but on today’s podcast we hear about the impact on the auto industry, and German industrial production. China meanwhile saw exports rise again.


On today’s podcast, as well as talking tariffs, NAB’s Tapas Strickland joins Phil to discuss the very close call on cuts from the Bank of England, revisions to NAB’s FX forecast for the Aussie dollar, and what to expect from, China’s CPI out this weekend.


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2 weeks ago
16 minutes 48 seconds

NAB Morning Call
Equites up as Apple brings it home

Thursday 7th August July 2025


NAB Markets Research Disclaimer 

Financial Services Guide | Information on our services - NAB


US equities are up at the close. Helped by an announcement that Apple will invest heavily domestic production. It seems investors have forgotten weaker ISM and jobs data over the last week. India has been hit with another 25bp in tariffs for purchasing oil from India, although President Trump is now hoping to resolve the Ukraine crisis, possibly meeting with Putin next week. NAB’s Gavin Friend talks through these events, plus stronger thane expected Europpean data, and looks ahead to the Bank of England meeting, where a cut is expected. The question is, how much by?


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2 weeks ago
17 minutes 46 seconds

NAB Morning Call
More tariffs and more stagflation fears

Wweednesday 6th August July 2025


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The S-word has been used a bit overnight as the US ISM Services number showed falls in employment, new orders and rising prices. But, as NAB’s Skye Masters points out, the counter to that is the PMI number for the same month, which rose substantially. So, pick your number, or wait for the dust to settle. Meanwhile President Trump threatened more tariffs during a CNBC interview overnight. He’s already warned India that they face substantial extra tariffs over their purchases of Russian oil, now he is warning of tariffs on microchips and pharmaceuticals  (ultimately rising to 250%!), kicking off within the next week.  


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2 weeks ago
17 minutes 36 seconds

NAB Morning Call
Oil down as Trump threatens India and OPEC+ pushes supplies higher

Monday 4th August July 2025


NAB Markets Research Disclaimer 

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Has Friday’s jobs data been forgotten about? Phil puts the question to NAB’s Rodrigo Catril, pointing out that there’s very little movement in bond yields. But there’s been no retracement either and auctions this week will test the mettle of investors as to whether any long-term damage has been done by the BLS sacking and Trump’s moves on the Fed board. There’s been a further move down in oil, as India is threatened with increased tariffs for continuing to buy Russian oil.


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2 weeks ago
16 minutes 36 seconds

NAB Morning Call
Revising history

Monday 4th August July 2025


NAB Markets Research Disclaimer 

Financial Services Guide | Information on our services - NAB


There were sharp market moves on Friday after all the shenanigans in the US. NAB’s Ray Attrill tells us how markets responded to a far weaker than expected non-farm payrolls report, that included two substantial reductions in the numbers for the prior two months. Market repriced expectations for a cut next month. That would seem to give the President what he wanted, but nonetheless he sacked the head of the statistical agency collecting the data. Markets responded to that news. Then one of the Fed board, Adriana Kugler, resigned, effective the end of this week, giving the President the chance to put his own man or woman onto the board. Quite a day!


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2 weeks ago
18 minutes 25 seconds

NAB Morning Call
Weekend Edition: NZ Super Fund – time on their side

Friday 2nd August 2025


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


NZ Super Fund is New Zealand’s sovereign wealth fund (SWF), that has earned a reputation for delivering the strongest returns of any SWF globally. So what’s their secret and how do they perform against private funds?


Brad Dunstan, their Chief Investment Officer, says the advantage of time on their side. They don’t have to meet demands for payouts, so they have the luxury of a longer-term view. He also says their Total Portfolio Approach is part of their success and explains to Phil how that works.


But does success in the past guarantee success in the future? How is Brad and the team at NZ Super Fund navigating the uncertainties of Trump’s America, the promises of new technologies and the role of Europe in the world order? And how important is New Zealand itself to their investment mix?


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3 weeks ago
26 minutes 56 seconds

NAB Morning Call
Tariff delays already, ahead of today's deadline.

Friday 1st August July 2025


NAB Markets Research Disclaimer 

Financial Services Guide | Information on our services - NAB


Yesterday the US President warned there will be no delays on tariffs ahead of the August 1 deadline. Hours later he announced a 90-day delay for Mexico but warned that Canada’s support for Palestine would make a deal difficult. NABs Ken Crompton talks about how non—trade criteria are creeping into the US tariff regime, and it remains uncertain who will get hit with what today. The other big news today is non-farm payrolls tonight, and in earnings Amazon beat revenue forecasts put posted a weaker outlook for Q3, whilst Apple gave a healthier set of figures.


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3 weeks ago
18 minutes 23 seconds

NAB Morning Call
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.