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.

Fed hikes 75bp, no forward guidance

Equity markets rose sharply as the Fed lifted rates 75 basis points. Quite a reaction for an unsurprising hike. NAB’s David de Garis dissects the press conference, as well as looking at what yesterday’s Australian CPI numbers mean for the RBA next week.

Shares down as consumers focus on the essentials

Big moves in European gas prices makes recession fears in Europe more pertinent says NAB’s Tapas Strickland who also explains how Walmart’s profit warning hit US stocks hard.

Then there was one (turbine)

Russia turns off a turbine from Wednesday pushing European gas prices higher. NAB’s Ray Attrill says the further weaponization of gas supplies can’t be discounted. Meanwhile markets are treading water ahead of the FOMC middle of the week.

Softer data, harder RBA

Significant falls in PMIs shows major economies are slowing. NAB’s Rodrigo Catril says markets are taking this as a sign of possible easing in central bank hikes and a fall in inflation, but, he says, as long as supply-side issues remain there’s no guarantee inflation will fall. Meanwhile the RBA predicts faster hikes from the RBA – listen in to find out why.

ECB makes it to zero

Bond markets responded swiftly to the ECB’s larger than expected 50 basis point rise, but NAB’s Ken Crompton says there was more of a reaction to softer data coming from the US.

Gas will trickle, Draghi will go, ECB will hike

Gas prices are lower on news that the Nordstream pipeline will reopen but, as NAB’s Gavin Friend, it is heavily constrained as Putin shows who is in control. Meanwhile, will Draghi leave the Italian parliament, and how much will the ECB hike today?

Markets set for a tougher ECB

The outlook for Europe is very concerning, says NAB’s Rodrigo Catril. So, will a 50 basis point hike (or more) by the ECB compound their problems?

Oil rises as Saudi’s don’t budge, gas to Europe unlikely this week

More caution in markets today. Oil prices are back up. NAB’s Ray Attrill says a chunk of that was Biden’s failure to convince Saudi Arabia to up production. Meanwhile, it seems less likely that Russia will turn on the gas taps to Europe this week.

A Good Friday but a crunch week for Europe

There was some positive sentiment around on Friday, with stringer than expected retail sales. But, NAB’s Tapas Strickland, this doesn’t mean the US isn’t heading for recession. Or is already in one.

Aussie Take Up Jobs as Draghi Tries to Quit

It’s been a week of surprises. On today’s podcast NAB’s Taylor Nugent says yesterday was Australia’s turn, with the tighter than expected Labour market data. So what will be the RBA’s response? Plus, more pain for Europe, as Italian PM Mario Draghi tries to resign

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