NAB Morning Call

Thursday 23rd April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIn 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.

Wednesday 22nd April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABIn 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.

Tuesday 21st April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABGeopolitical 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.

Monday 20th April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThere were strong risk-on moves on Friday on the news that the Hormuz Strait had reopened. Since then, Iran has fired on vessels, and the Straits have closed again. But new talks are on the horizon if, as NAB’s Sally Auld puts it, they show up. The ceasefire officially ends Wednesday but markets aren’t pricing for President Trump’s threat to take out all  energy plants and bridges  Sally talks about how central banks are viewing the conflict and looks ahead to today’s CPI for Canada.

Friday 17th April 2026Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here.In this weekend edition of the NAB Morning Call, veteran macroeconomist Phil Suttle joins Phil Dobbie to dissect the "unbridled enthusiasm" of global markets as they seemingly look past a U.S. naval blockade and a precarious energy crisis to push the S&P 500 to new record highs. Suttle warns of a stark internal divergence within the U.S. economy, where a concentrated investment boom in AI and tech masks the reality of flat real disposable income for the average household. The conversation traverses the globe, examining the strategic "payoff" of China’s Belt and Road Initiative and the structural hurdles stifling European productivity. Central to the discussion is the "Mike Tyson" moment for central bankers—dealing with the reality of being "hit in the mouth" by supply shocks—as they weigh the necessity of "nipping inflation in the bud" against a world transitioning from "just-in-time" efficiency to a high-cost era of building buffers and resilience.

Friday 17th April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThere are mixed messages about where the war in Iran is heading. President Trump says a deal is close and that Iran has agreed to surrender its enriched uranium, whilst Arab and European leaders believe it could take six months to reach a deal, hence yesterday’s Beige Book suggested companies were pursuing a wait and see strategy, holding off on major investments. Yet the Philly Fed manufacturing index overnight surged to 26.7 and initial jobless claims fell to a two-month low of 207,000. China’s Q1 GDP beat expectations, despite weaker activity data for March, and there was an upward revision to Eurozone inflation. Again, mixed messages.

Thursday 16th April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABSally Auld talks about how global markets appear to be "buying time" as investors increasingly price out the immediate threat of a wider Middle East conflict. Following news of an extended ceasefire and the resumption of peace talks, the S&P 500 hit a new record high, underpinned by a resilient U.S. economy and ongoing AI-driven tech momentum. While the naval blockade in the Strait of Hormuz remains a concern, there seems to be a shift back to domestic fundamentals in the US, including solid Q1 bank earnings. Locally, the focus is squarely on today's Australian Labour Force release, expected to show continued resilience with unemployment steady at 4.3%.

Wednesday 15th April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABThe hope of more peace talks between the US and Iran provided a temporary reprieve, sending the NASDAQ higher and Brent crude down toward $95 a barrel. NAB’s Taylor Nugent joins Phil to discuss this and how the fragile situation is reflected in the latest NAB Business Survey, which saw a sharp fall in confidence and the IMF's updated global growth scenarios, which suggest the world economy is already tracking toward an "adverse" outcome due to sustained energy price volatility. 

Tuesday 14th April 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABWhile you'd expect chaos, NAB’s Ray Attrill notes that markets actually moved towards the end of the session on a positive note, spurred on by President Trump’s claims that Iranian officials are reaching out to talk peace—even if we should take that with a healthy pinch of salt. He talks to Phil about the "yo-yo" effect on the Aussie dollar, which touched 71 US cents as sentiment shifted, and the continued volatility in oil, with Brent and WTI both climbing despite staying under the $100 mark for now. They also dive into the Bank of Japan’s cautious stance on rate hikes and a sobering warning from the Bank of England’s Andrew Bailey regarding the growing threats to global financial stability from the Middle East conflict.