NAB – The Morning Call · High hopes keep getting higher
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High hopes keep getting higher

Thursday 26th August 2021

Market optimism continued overnight, with US equities again hitting new highs and commodities climbing sharply too. That’s helped the Aussie dollar again today. NAB’s Rodrigo Catril says the sentiment is being driven by infection rates starting to subside in the US. Phil Dobbie asks how fragile this optimism could be, if number were to rise again. The ECB’s Philip Lane painted a positive picture, suggesting the Delta variant won’t impact the European recovery story because fatalities and serious illness have being contained by the vaccine.  He also indicated, whether through PEPP or another vehicle, they’ll be providing favourable financing conditions through to next March, at least. It’s very different to the direction being taken by the Fed, but more on that in tomorrow’s podcast. 

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