Episode notes
Friday 18th September 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Markets have shrugged off their early response to the hawkish press conference from Kevin Warsh yesterday. NAB’s Ken Crompton says the unwound started soon after the initial response, with bond yields falling and shares recovering. Both have been helped by a further reduction in oil prices, on hopes of resumed Saudi supply through their east-west pipeline. Ken and Phil also talk about the Bank of England yesterday and the assumption that the Bank of Japan will lift rates…
Podcast
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 ma
More from NAB Morning Call All episodes →
-
S10 · E215 · 23 Sep 2026 · 18 min
PMIs push bond yields higher, AUD a victim
Thursday 24th September 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB The US dollar and global bond yields have risen sharply. NAB’s Ray Attrill says a bit part of this was stronger than expected PMIs, particularly for the US. It shows demand isn’t falling, whilst oil supplies remain a concern. So much of a concern that the US is limiting diesel exports to shore-up its domestic supplies. The US is attempting to bring down longer dated yields with a $6 billion buyback today. Phil asks, if it didn’t work last time, what will be different now?…
-
S10 · E214 · 22 Sep 2026 · 14 min
Trump talks oil down
Wednesday 23rd September 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Oil is now trading below $100 after President Trump says talk have gone well with Iran during the UN General Assembly in New York, with more talks scheduled I’n the near future’. NAB’s Ken Crompton says news of the east-west Saudi pipeline reopening has also helped. Markets have ignored the more extreme language of ‘annihilating’ the Republic if talks don’t go well. And what of Michelle Bullock’s fireside chat? ‘Well, it’s inflation that’s on fire,’ says Ken on today’s…
-
S10 · E213 · 21 Sep 2026 · 13 min
Momentarily below 100
Tuesday 22nd September 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Oil ticked below $99 momentarily overnight. NAB’s Skye Masters says reports of more traffic through the Strait have helped, along with a comment from the US president that he wlll ‘probably’ talk with Iranian President Masoud Pezeshkian at the UN Assembly this week/ But oil doesn’t want to stay below 100. Falling oil prices have helped bring down European bond yields. In a quiet session data wise there’s been much focus on comments from Chicago Fed chair Austan Goolsbee…
-
S10 · E212 · 20 Sep 2026 · 16 min
Markets not convinced by BoJ hike
Monday 21st September 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Even though the Bank of Japan lifted rates, as widely anticipated, the Yen lost ground on Friday. NAB’s Sally Auld says the 7-2 vote split was responsible for the caution, particularly as the two dissenters were recent government appointees. There’s also speculation of currency intervention, although Sally questions the logic of that right now. Instability in European politics has seen swift movement in bond yields. Over the weekend the Greenland deal and Ukraine’s largest…
-
S10 · E211 · 18 Sep 2026 · 30 min
Weekend Edition: Red, Blue, or Deadlock? Michael Townsend on implications of the US midterms
Friday 18th September 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . With the US midterm elections looming and the threat of Republican losses hanging over Capitol Hill, how much should investors actually care about a potential shift in congressional power? This weekend on the NAB Morning Call, Phil speaks with Michael Townsend, Managing Director of Legislative and Regulatory Affairs at Charles Schwab and host of the Washington Wise podcast, to break down the realistic market fallout of an…
-
S10 · E209 · 16 Sep 2026 · 16 min
Fed all in agreement on hike, more to come
Thursday 17th September 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB A unanimous decision from the Fed to lift rates and, a s NAB’s Ray Attrilll explains, at least one more rate hike seems likely this year. The market response was fairly muted initially after the short statement talked about how the resilience in the economy was adding to the supply-side inflation worries, but it was Kevin Warsh’s press conference that drew the biggest response. So what did he say? Meanwhile the Bank of England is expected to keep interest rates on hold…
-
S10 · E208 · 15 Sep 2026 · 15 min
Higher and Higher
Wednesday16th September 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Bond yields are still at multi-year highs, driven by inflation concerns, in turn driven by oil prices, which are still rising, alongside expectations for rate hikes from central banks. NAB’s Skye Masters says markets have almost fully priced in a rate hike from the Fed tomorrow morning (our time) but there will be interest in the dots plot (whilst it’s still a thing) to determine future moves. Phil and Skye also look at the rise in Japanese Government Bonds Yields. As…
-
S10 · E207 · 14 Sep 2026 · 13 min
More of the same
Tuesday 15th September 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Rising bond yields, rising oil prices, bond yields higher. Today is a repetition of yesterday as the same pressures drive markets - the Middle East, AI growth concerns, inflation fears and central bank expectations. NAB’s Sally Auld joins Phil to discuss market reactions and where she thinks expectations might be a little over-egged. Why, for example, asks Phil, is the market expecting hikes from the Bank of Canada this week when yesterday’s data shows inflation seems to…
-
S10 · E206 · 13 Sep 2026 · 13 min
Slowdown!
Monday 14th September 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB It’s curious that the CEO of a major AI platform argues that AI development should be slowed down in case it causes serious problems, when that same company has its sights set on a share market listing. NAB’s Rodrigo Catril makes that point on today’s podcast with Phil, as they also examine the impact of Friday’s higher than expected inflation read from the US. And the rising uncertainty for middle east oil supplies. And should we take Canada seriously when they talk about…
-
S10 · E205 · 11 Sep 2026 · 32 min
Weekend Edition: Australia’s Place in the AI Race: Passenger or Pioneer?
Friday 11th September 2026 Please note this communication is not a research report and has not been prepared by NAB Research analysts. Read the full disclaimer here . As global capital expenditure on artificial intelligence climbs toward $1.8 trillion, Australia finds itself at a pivotal crossroads between world-class research and commercial execution. On this weekend’s NAB Morning Call, Phil Dobbie sits down with former CSIRO Chief Executive Dr. Larry Marshall to examine whether the nation is poised to pioneer high-value AI solutions or remain a passive consumer of overseas technology.…
Take it with you
The Melo app keeps playing with the screen off, works in the car and on your watch, wakes you to your station, and browses the whole catalogue offline. Free, no ads, no account.
