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.

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?

Add the debt ceiling to the list of concerns

Evergrande, COVID, supply chains, hawkish central banks. Those market drivers remain, but NAB’s Ray Attrill says we can now add the US debt ceiling standoff to the list.

Optimism. But why?

Markets expect a December taper, so why are equity markets on the rise? NAB’s Gavin Friend wonders whether the Fed governors are more dovish than reflected in yesterday’s statement.

Not yet, but soon says the Fed

It’s a different atmosphere this morning says NAB’s David de Garis. Stocks were in the black as Evergrande pays out its coupons, and commodities are back on the up too. And the Fed, will taper soon, probably from December.

Waiting on Evergrande, the Fed and oil inventories

Markets await the latest chapter in the Evergrande story, but NAB’s David de Garis says China’s controlled economy means it won’t be another Lehman Brothers moment.

Evergrande Contagion Fears

A torrid day, says NAB’s Ray Attrill, as markets run for cover over fears over Contagion’s default. Her talks through the reactions and implications for the Australian market.

Just another cautious Monday

Markets are treading water ahead of the FOMC says NAB’s Tapas Strickland. The fate of Evergrande in China is also playing on sentiment.

Lots of movement, not much direction

US equities fell and the dollar strengthened despite strong retail sales from the US. NAB’s Gavin Friend says the markets weren’t quite sure how to take it or why the numbers were so strong.

High hopes or buying the dip?

Buying the dip? There wasn’t any strong news to explain the rise in US equities. NAB’s Tapas Strickland says that, and softer news from Asia, suggests that is the case this morning.

Has US inflation peaked?

Lower inflation in the US gives the Fed more time, but NAB’s Rodrigo Catril says some of the market moves overnight are based on growing COVID outbreaks in China.

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