The Morning Call

Start your day with the Morning Call for the latest overnight key economic and market information straight from NAB’s team of expert market economists and strategists.

IMF warning central banks to act quickly on inflation

Markets are more attuned to the idea of a US rate rise next year, says NAB’s Ray Attrill, as the IMF warns central banks to act if inflation persists, which seems likely.

Energy prices rise further, central banks more hawkish

Energy prices are lifting inflation expectations. NAB’s Tapas Strickland says central banks are planning a faster path of tightening as a result. Could the BoE lift rates next month?

Soft jobs numbers won’t dampen the Fed’s tapering intention

Soft US job s numbers won’t stop a taper from the Fed this year says NAB’s Rodrigo Catril. Meanwhile, inflation concerns remain as the US kicks off Q3 earnings season.

Where is the safe haven?

NAB’s Gavin Friend talks about the impact of European fuel prices on broader markets and says its hard to see where the safe haven is right now.

Risk on, with inflation? RBNZ ready to lift rates

The impact of the Delta variant has not been as bad as expected, says NAB’s Rodrigo Catril, evidenced by strong ISM numbers from the US, hence a risk-on mood this morning. But inflation remains a concern around the world.

Stagflation consternation as OPEC sticks to the plan

Oil price rises have more talk about stagflation. NAB’s Ray Attrill says inflation is a real concern, but will it impact spending when many consumers have savings squirrelled away?

China to secure fuel at all costs

There’s a lot to unpack in today’s market moves says NAB’s Gavin Friend as markets walk into a wall of worry!

Markets calmer, but US budget deadline looms

Markets are much calmer this morning. Equities have managed to climb a little, with the biggest moves in currencies and commodities. NAB’s David de Garis says there’s debate about whether we’re heading to reflation, deflation or stagflation, or all of the above. The Aussie dollar lost more ground, but the pound is taking more of a hammering as fuel shortages will almost certainly be hitting the growth outlook there. Over the Atlantic the debt ceiling is looming, but the short-term issue is passing some sort of budget today, so the government can carry on spending tomorrow.

Dangerous Powell, markets run for cover

A heated Senate Banking Committee, doubts over a second term for Jerome Powell, and a looming debt ceiling are all causing concern. But NAB’s Tapas Strickland says on the debt standoff, we’ve been here before.

Is reflation back? Commodities push even higher

Supply constraints, rising commodity prices and tightening by central banks. NAB’s Gavin Friend says all of this is driving bond yields up, steepening curves and causing a move away from tech stocks. But how long will this go on for?

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