NAB Morning Call

Friday14th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABSally suggested as much yesterday. Now the recovery in the unemployment rate in Australia yesterday has confirmed it. NAB is not expecting any further easing by the RBA in this cycle. Ken Crompton talks through the numbers that led to this decision – actually, the employment data probably had the least to do with NAB’s call.Meanwhile, in the US, the Fed is still divided, although speakers are sounding increasing hawkish. Perhaps it’s the lack of data that’s getting to them. It remains uncertain what will be available and when, but CPI and the unemployment rate for October are already identified as casualties. Ken and Phil also talk through data from New Zealand and the UK and prepare for a data dump from China. 

Thursday 13th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIt’s hard to imagine the RBA cutting rates anytime soon, after yesterday’s housing loan data showed a sharp rise, including a record for new investment loans. NAB’s Sally Auld says it’s a sign for the RBA that their policy is not as restrictive as they thought it was even a month ago. Today’s employment numbers are unlikely to shift that dial.The good news from the US is that an end to the shutdown is likely to be voted for in the next few hours. The bad news is that some of the missed data that was expected to start coming out in the next week or so, could well not be published at all. Leaving the risk that the Fed will go to it’s next meeting still flying blind.

Wednesday 12th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIt was reasonably constructive news from the latest NAB Business Survey according to Taylor Nugent. Confidence fell 2pts in October, but it remains above the long run  average and echoes concerns from Andrew Hauser about rising capacity utilisation. Aussie consumer confidence jumped yesterday, despite expectations that the RBA will cut rates later, or not at all. Meanwhile, it looks like the US shutdown could end as soon as today, and we can expect a swag of delayed data as soon as next week. The UK Chancellor probably didn’t want to see the data that landed on her desk yesterday morning – unemployment grew faster than expected. But it has added to the expectation of a BoE cut in December. 

Tuesday 11th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABEquity markets have bounced back on the expectation that we are days away from an end to the US shutdown. Phil points out that Polymarket odds shifted from yesterday, when 56% saying it won’t be resolved by November 16th, to now 89% saying it will be! NAB’s Ray Attrill says markets are behaving like it’s a done deal, although it could be an interim fix that has to be revisited in annuary. Meanwhile the Aussie is strong, and bond yield are higher after a hawkish talk from the RBA’s Andrew Bauser yesterday, which has many questioning whether the central bank’s easing cycle has already finished.

Monday 10th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABSigns of a weakening global economy are mounting—though with limited US data this week, the picture remains incomplete. Still, the sharp drop in the Michigan consumer sentiment survey and a contraction in China’s October exports suggest more than just a slowdown. Even Canada’s falling unemployment rate comes with caveats.Closer to home, all eyes are on Australia’s labour market data and the NAB business survey. NAB’s Rodrigo Catril joins Phil to unpack what’s shifting, what’s stalling, and what’s next for tariffs and the US shutdown.

Friday 7th November 2025Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.Australia has for a long time being criticised for being a dig up and ship out economy, and the need to diversify has been talked about for decades. With that in mind, and fresh from the recognition during the COVID emergency of how fragile global supply chains can be, the Australian government established the National Reconstruction Fund. $15 billion was set aside for investment in businesses in growth areas, that will boost the economy, create jobs and drive innovation. Their new CEO is former NAB executive David Gall, who joins Phil to talk through the work of the Fund. What sorts of companies do they work with? How do they measure success? And, importantly, how do they ensure that they are not simply crowding out investment that could be made by commercial investors?

Friday 7th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABNormally all eyes would be on the release of the non-farm payrolls data today, but the shutdown has put paid to that. The Fed’s Goolsbee says the lack of data makes it hard to advocate rate cuts; ‘when its foggy, let’s just be a little careful and slow down’. The job is made harder when available data conflicts with each other. Yesterday we were talking about the positive ADP jobs numbers, today NAB’s Taylor Nugent highlights the Challenger jobs survey that reported 153kjob layoffs in October, alongside very low hiring rates. Market sentiment has shifted, with US shares down, the dollar lower, and bond yields falling, with an increased expectation for a December rate cut.

Thursday 6th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABEurope’s revised PMIs suggest a slow but steady recovery, while U.S. services data came in stronger than expected. There’s plenty to feel optimistic about — despite political turbulence. Donald Trump faces mounting challenges: New York has elected a young Muslim mayor in a historic shift, and the Supreme Court has begun reviewing his emergency tariff measures.Meanwhile, markets are in a buoyant mood. Equities are climbing, treasuries are selling off, and sentiment is turning risk-on. 

Wednesday 5th November 2025NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThose who believed we were on the final furlong in the race to stop inflation, will have to think again. Central banks are concerned, and cuts are being pushed back. NAB’s Ray Attrill points to yesterday’s RBA statement that there are uncertainties about whether their policy is too restrictive. In other words, could this mean we’ve already reached the end of the easing cycle? The Bank of Canada’s Tiff Macklem said they weren’t looking to cut soon; the real question was how long they will hold rates for.Meanwhile, equities took a hit last night, not helped by the CEOs of Goldman Sachs and Morgan Stanley adding to concerns about debt fuelled growth by the Mag Seven. And the revision to European and US PMIs should be worth watching, because there were some sharp moves in the provisional data that might be washed out today.