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Kiwi corporates seize A$ issuance opportunity

Kiwi corporates seize A$ issuance opportunity

21 February 2024

The breadth of interest from investors across the Asia Pacific region and ease of access is helping drive a strong pipeline in the Australian Medium-Term Note (AMTN) market as New Zealand borrowers head into 2024.

Kiwi corporates seize A$ issuance opportunity

Insight

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Countdown to climate risk reporting

Countdown to climate risk reporting

16 April 2024

Mandatory climate disclosures are on the way for thousands of businesses and organisations in Australia, with a start date as early as next year planned for the largest corporates. NAB unpacks what’s on the horizon.

Countdown to climate risk reporting

Article

Supporting the transition in 200 deals

Supporting the transition in 200 deals

16 April 2024

NAB has marked a major climate milestone with the bank’s 200th renewable energy transaction as Australia looks to step up investment in the sector ahead of 2030 targets.

Supporting the transition in 200 deals

Article

Kiwi corporates seize A$ issuance opportunity

Kiwi corporates seize A$ issuance opportunity

21 February 2024

The breadth of interest from investors across the Asia Pacific region and ease of access is helping drive a strong pipeline in the Australian Medium-Term Note (AMTN) market as New Zealand borrowers head into 2024.

Kiwi corporates seize A$ issuance opportunity

Insight

NAB’s World on Two Pages – December 2023

NAB’s World on Two Pages – December 2023

21 December 2023

There was a wide divergence in growth among major advanced economies in Q3 – with strength in the US in contrast to relative weakness in other countries. For Australia, recent data have confirmed that the economy is growing at a well-below trend pace, inflation pressure is continuing to moderate and the labour market has remained healthy.

NAB’s World on Two Pages – December 2023

Insight

Payments efficiency drive on show at Sibos

Payments efficiency drive on show at Sibos

21 December 2023

Delivering low-cost, real-time international payments to match today’s customer experience in the domestic space was a key part of discussions for NAB executives reflecting on the marquee financial services conference.

Payments efficiency drive on show at Sibos

Insight

Record year primes 2024 funding market

Record year primes 2024 funding market

13 December 2023

A rapid escalation in volumes and additional liquidity in the A$ financial institution (FI) bond market for 2023 have come at just the right time, creating opportunities for the funding task in 2024.

Record year primes 2024 funding market

Article

The AUD in November 2023

The AUD in November 2023

1 December 2023

The AUD in November AUD/USD returned to ‘normal’ levels of monthly volatility in November.

The AUD in November 2023
Markets Today – The Cool Out

Markets Today – The Cool Out

1 December 2023

After what has been a solid month for equities and bond investors, month end flows have probably play their part in the price action overnight, US equities have lost momentum, UST have led a rise in core global bond yields and the USD is stronger. US and European inflation releases favoured the notion the Fed and ECB are done with their respective tightening cycles.

Markets Today – The Cool Out
Markets Today – Sweet Spot

Markets Today – Sweet Spot

30 November 2023

Bond markets have been supported by some market-friendly data and while Fed speakers were again mixed, it was the more dovish remarks that captured attention.

Markets Today – Sweet Spot
Markets Today – It’s oh, so quiet

Markets Today – It’s oh, so quiet

28 November 2023

US and European markets have begun the new week a subdued mood. But core global bond yields are showing some life, lower across the board while the USD is a tad softer too

Markets Today – It’s oh, so quiet
NAB’s World on Two Pages – November 2023

NAB’s World on Two Pages – November 2023

24 November 2023

Global inflation slowed in September, including a softening in advanced economy inflation to its lowest level since September 2021. For Australia, we have revised up our forecasts for growth and inflation (in the near-term) while lowering our expected peak in the unemployment rate.

NAB’s World on Two Pages – November 2023

Insight

Markets Today – Your Capricious Soul

Markets Today – Your Capricious Soul

23 November 2023

Todays podcast   US data not supportive of Fed’s inflation quest US Jobless claims fall well below expectations Final U of Michigan inflation expectations revised up UST curve bear flattens. 2y up 6bps to 4.93% US equities ignore data and keep marching higher Oil slips on news OPEC + meeting delayed. Saudis not happy USD […]

Markets Today – Your Capricious Soul
Markets Today – Proceed Carefully

Markets Today – Proceed Carefully

22 November 2023

The FOMC Minutes out 6am Sydney time didn’t do much to excite markets. The euro is a little weaker over the past 24 hours, while the equity market rally has lost some steam.

Markets Today – Proceed Carefully
Tapping alternate debt markets to power Australia’s transition

Tapping alternate debt markets to power Australia’s transition

21 November 2023

Australia needs a vast amount of capital to build out the utility-scale wind and solar projects to power a net-zero future by 2050. NAB’s Executive, Specialised Finance, Andrew Smith and Executive, Capital Markets, Sarah Samson explore potential debt funding options in market.

Tapping alternate debt markets to power Australia’s transition

Article

Markets Today – Feel Good Time

Markets Today – Feel Good Time

21 November 2023

US equities start the new week in a positive mood, the USD has remained under pressure and after initially edging higher, longer dated UST yields edge lower supported by a well-received 20y Bond auction.

Markets Today – Feel Good Time
Markets Today – Sour Candy

Markets Today – Sour Candy

17 November 2023

A choppy session with softer-than expected second-tier US data seeing yields fall, while the USD gained smalls and commodity currencies underperformed

Markets Today – Sour Candy
Markets Today – Slow

Markets Today – Slow

15 November 2023

US CPI came in a tenth below consensus on both the headline and core rates, leaving yields sharply lower, the USD weaker, and equities higher.

Markets Today – Slow
Markets Today – Hot Thoughts

Markets Today – Hot Thoughts

13 November 2023

US equities recorded a solid end to the week with the S&P 500 closing above the 4400 psychological mark. Equity investors showed little reaction to news of a downbeat consumer

Markets Today – Hot Thoughts
Markets Today – Torn

Markets Today – Torn

10 November 2023

Two events late in the session dominated price action. The first was a poorly received US 30yr Treasury auction. The second was not dovish comments by Powell who sounded still hawkish.

Markets Today – Torn
Markets Today – The Tide is Turning

Markets Today – The Tide is Turning

6 November 2023

Risk assets had a solid end to the week with softer US economic data releases fuelling the notion that the Fed is done with the current tightening cycle. Front end yields led a rally in UST yields while the USD extended its decline to a third consecutive day.

Markets Today – The Tide is Turning
Markets Today – Crazy in love

Markets Today – Crazy in love

3 November 2023

Risk-on continues in the wake of Wednesday’s FOMC meeting as investors price the aggressive monetary hiking cycle as being closer to the end.

Markets Today – Crazy in love
Markets Today – On Hold

Markets Today – On Hold

2 November 2023

The FOMC was on hold as expected. Yields are lower, though most of the moves came ahead of the Fed with soft US data.

Markets Today – On Hold
The AUD in October 2023

The AUD in October 2023

1 November 2023

Despite everything happening in the world, the AUD’s October trading range was extraordinarily low.

The AUD in October 2023
Markets Today – Muddy Waters

Markets Today – Muddy Waters

30 October 2023

European and US equities ended the week with a cautious tone. The S&P 500 extended its weekly decline to 2.53% and entering correction territory in the process. Weekend news that Israel has begun a ground invasion of Gaza suggest markets are likely to retain a cautious tone at the start of the new week.

Markets Today – Muddy Waters
Markets Today – Don’t Call Me Up

Markets Today – Don’t Call Me Up

27 October 2023

Risk sentiment remained fragile overnight with equities extending recent losses with disappointing earnings outlooks from major tech companies, despite mostly beating on current quarter earnings.

Markets Today – Don’t Call Me Up
Markets Today – You Drive Me Nervous

Markets Today – You Drive Me Nervous

26 October 2023

US equities are lower led by the tech heavy NASDAQ index and not helped by a new surge in UST yields. The USD extended yesterday’s gains with the AUD at the bottom of the G10 board, reversing its post CPI gains.

Markets Today – You Drive Me Nervous
FX Market Update – 25th October 2023

FX Market Update – 25th October 2023

25 October 2023

The AUD experienced a volatile month in September spending some time above USD 0.6500 before testing levels below 0.6300 in the early part of October.

FX Market Update – 25th October 2023

Webinar

Markets Today – Carefully

Markets Today – Carefully

20 October 2023

Fed Chair Powell’s remarks have seen a choppy market response and a steeper curve, but against a backdrop of weak risk sentiment

Markets Today – Carefully
NAB’s World on Two Pages – October 2023

NAB’s World on Two Pages – October 2023

19 October 2023

Global inflation again picked up in August. A key contributor to recent inflation trends has been energy prices, with oil prices increasing since June. For Australia, our forecasts are unchanged. Recent data all point to continued resilience but the ongoing pass through of higher rates and high inflation still suggest consumption growth will soften in H2 2023.

NAB’s World on Two Pages – October 2023

Insight

Markets Today – Winter is Hopeful

Markets Today – Winter is Hopeful

17 October 2023

Todays podcast Positive risk appetite to kick off the new week Equities higher, S&P500 +1.1% Yields higher, US 10yr +9bp to 4.70% Dollar loses 0.4% on the DXY with AUD an outperformer, +0.8% to 0.6344 Coming up: NZ CPI, RBA Minutes, US Retail, CA CPI, UK Wages, FED & ECB speakers Events round-up NZ: Performance […]

Markets Today – Winter is Hopeful

Podcast

Markets Today – Mixed Signals

Markets Today – Mixed Signals

10 October 2023

Reaction to the Israel-Hamas conflict triggers a spike in energy prices while German Bunds lead a rally in European bonds with US Treasury futures also pointing to a decline in US Treasury yields. Not all the initial moves have been sustained. The USD is little changed, AUD is up, after being down with Fed speakers favouring holding rather than hiking rates, helping US equities rally while European shares fall.

Markets Today – Mixed Signals
Markets Today – Work It

Markets Today – Work It

9 October 2023

Stronger than expected payrolls data initially saw yields sharply higher, equities lower, and the USD stronger, though with the unemployment rate steady and earnings growth moderating, those moves were retraced.

Markets Today – Work It
Markets Today – It’s Oh So Quiet

Markets Today – It’s Oh So Quiet

6 October 2023

Markets mark time ahead of payrolls tonight. Core global yields trade in narrow ranges, the USD loses a bit of altitude while US equities end the day little changed.

Markets Today – It’s Oh So Quiet
Markets Today – Breathe

Markets Today – Breathe

5 October 2023

The bond sell-off that dominated the early part of the week has been put on pause. Why? NAB’s Taylor Nugent says there are a number of factors, but it’s tomorrow’s non-farm payrolls that will really set the direction for early next week.

Markets Today – Breathe
Markets Today – The Shock of the Lightning (JOLT)

Markets Today – The Shock of the Lightning (JOLT)

4 October 2023

A better-than-expected US JOLT report provided rattled markets. US Treasuries led a rise in core global bond yields, equities traded lower and the USD was stronger. USD/JPY gapped lower ( official intervention?) and AUD was the notable underperformer.

Markets Today – The Shock of the Lightning (JOLT)
The AUD in September 2023

The AUD in September 2023

3 October 2023

The AUD/USD’s 1.9 cents range in September was the narrowest since the 1.74 cents October 2019 range. Still, the USD was in the driving seat, fuelled by “higher for longer” Fed messaging.

The AUD in September 2023
Markets Today – Closing Time

Markets Today – Closing Time

29 September 2023

Todays Podcast UK gilts lead global bond yields higher, Italy and France also up a lot, budget news hurts Treasuries recoil ~10bps from new (4.685%) high ahead of expected government shutdown tomorrow This plus reduced UAW pay demands, news of possible Xi-Biden meet, boosts US equity sentiment, AUD/USD recovers more than 1% of recent losses […]

Markets Today – Closing Time
Markets Today – Aint No Mountain High Enough

Markets Today – Aint No Mountain High Enough

28 September 2023

It’s the same story again today – equities hurting, the US dollar higher and bond yields reaching 16 hear highs. What’s changed today is a sharp rise in oil prices. NAB’s Tapas Strickland says there’s a great deal of nervousness that supplies in the US have been destocked too far, down to levels last seen in 2014

Markets Today – Aint No Mountain High Enough
Markets Today – The Price You Pay

Markets Today – The Price You Pay

27 September 2023

US equity and FX markets have for once pushed the bond market vigilantes out of the spotlight, albeit the weakness in stocks and strength in the USD doubtless owes something to the lagged impact of the earlier run up in Treasury yields to post 2007 highs

Markets Today – The Price You Pay
Markets Today – You Raise Me Up

Markets Today – You Raise Me Up

26 September 2023

The bond selloff continued overnight in what was a very quiet night for newsflow. The US 10yr hit a 16yr high of 4.55%, now 4.53%, and up some 11.2bps over the past 24 hours.

Markets Today – You Raise Me Up
Markets Today – Go Your Own Way (the BoJ still is)

Markets Today – Go Your Own Way (the BoJ still is)

25 September 2023

The path of central banks does seem to be having as many twists and turns as a Dickensian novel. NAB’s Ray Attrill says the path of bond yields at the end of the week showed how the UK is taking a divergent path from the US, where central bank speakers are still suggesting there will be more hike(s) to come.

Markets Today – Go Your Own Way (the BoJ still is)
The Global & Australian Economic Outlook in Brief: September 2023

The Global & Australian Economic Outlook in Brief: September 2023

22 September 2023

Global inflation was higher in July, although this uptick was not broad based – concentrated in a few key emerging markets. For Australia, our forecasts for GDP growth have strengthened marginally, reflecting a slightly stronger than expected result for Q2.

The Global & Australian Economic Outlook in Brief: September 2023

Article

Markets Today – Rocket Man

Markets Today – Rocket Man

22 September 2023

The BoE is the latest to put rates on hold. But are they done? JBWere’s Sally Auld says its not safe to assume it’s over for any central bank.

Markets Today – Rocket Man
Markets Today – One More Day

Markets Today – One More Day

20 September 2023

Bond markets are a little feisty ahead of the FOMC meeting tomorrow. NAB’s Taylor Nugent says a hold is still expected tomorrow but there are more signs that inflation isn’t beaten yet.

Markets Today – One More Day
Markets Today – Calm before the storm

Markets Today – Calm before the storm

19 September 2023

US equities start the new week in a sedated manner while European counterparts record sharp declines. Front end yields have a led a bear flattening of the UST curve and the USD is a tad softer

Markets Today – Calm before the storm
Markets Today – Livin’ On a Prayer

Markets Today – Livin’ On a Prayer

18 September 2023

The Fed isn’t the only central bank making a call this week. There’s also that expected hike from the Bank of England, plus the central banks of Japan, Switzerland, Sweden and Norway.

Markets Today – Livin’ On a Prayer
Taking the initiative with the transition

Taking the initiative with the transition

15 September 2023

Transition targets underpinned by science-based standards are helping to drive opportunities for issuers and investors globally as sustainable finance markets continue to evolve.

Taking the initiative with the transition
Markets Today – As high as it gets?

Markets Today – As high as it gets?

15 September 2023

Todays podcast   ECB opts to hike, but taken as dovish with guidance read as a peak in rates Euro -0.8% and European yields are lower US Retail Sales data stronger in August, though offset by revisions AU Employment bounced in August Coming up: China Activity & MLF rate, NZ Manufacturing PMI, US UMich confidence […]

Markets Today – As high as it gets?
Markets Today – Breathe

Markets Today – Breathe

12 September 2023

Todays podcast Tesla leads gains within in US equities Core global yields tick higher USD broadly weaker with JPY and CNY the notable movers JPY gains following Ueda’s interview suggesting openness to policy move this year CNY gains on PBoC strong fix, push against speculators and better data AUD and NZD benefit from spill over […]

Markets Today – Breathe
Markets Today – Slow Ride

Markets Today – Slow Ride

8 September 2023

Yields are generally lower globally after a boost to US 2-year yields from lower jobless claims proved short-lived while equities declined.

Markets Today – Slow Ride
Markets Today – Holiday

Markets Today – Holiday

5 September 2023

It has been a quiet start to the week in Europe and the US with the latter out celebrating Labor Day. US equity futures closed little changed while US Treasury futures are pointing to some small upside pressure on yields.

Markets Today – Holiday
Markets Today – The Best

Markets Today – The Best

4 September 2023

Neither the Fed nor President Biden could have scripted Friday’s US payrolls report any better had they tried

Markets Today – The Best
The AUD in August 2023

The AUD in August 2023

1 September 2023

The AUD have an ‘average’ August in terms of its monthly hi-lo range, albeit it fell to a near 10-month beneath 64 cents

The AUD in August 2023
Markets Today – Hot and Cold

Markets Today – Hot and Cold

31 August 2023

US equities extend their positive run to a fourth consecutive day with softer US economic data fuelling expectations of a Fed on hold over coming months. UST yields edged lower while European yields rose following stronger than expected German and Spanish inflation data releases. The USD lost ground against EU pairs while the AUD is little changed.

Markets Today – Hot and Cold
Navigating net zero – business survey 2023

Navigating net zero – business survey 2023

30 August 2023

The new report asks 800-900 Australian corporates across the non-farm business sector (who may or may not be NAB customers) on their progress, plans and strategies to achieve net zero greenhouse gas emissions.

Navigating net zero – business survey 2023
Markets Today – Cooling of the Embers

Markets Today – Cooling of the Embers

30 August 2023

Softer US consumer confidence and a JOLTs report suggesting ongoing rebalancing in the labour market saw the US dollar and US yields lower, while equities were higher.

Markets Today – Cooling of the Embers
AMW – What else occurred at Jackson Hole

AMW – What else occurred at Jackson Hole

29 August 2023

Powell affirmed the Fed will ‘keep at it’ on inflation, but what else happened at Jackson Hole? In the weekly, we pull out some of the key insights, including on the outlook for government debt and the ‘friendshoring’ dynamic.

AMW – What else occurred at Jackson Hole
Markets Today – Play it Safe

Markets Today – Play it Safe

28 August 2023

Fed Chair Powell’s speech at Jackson Hole did not break new ground. US equities closed the day in positive territory with both the S&P 500 and the NASDAQ recording their first positive week since July. The UST curve flatten with front end yields ticking higher while the USD closed a tad stronger.

Markets Today – Play it Safe
Markets Today – Falling

Markets Today – Falling

24 August 2023

Yields were generally lower globally as PMI data came in softer than expectations, with deterioration most pronounced in German Services. The AUD was stronger, as were US equities, with tech leading once again ahead of much anticipated earnings from Nvidia.

Markets Today – Falling
Markets Today – Marking Time

Markets Today – Marking Time

23 August 2023

US equities traded in and out of positive territory, essentially marking time ahead of NVIDIA’s reporting tomorrow and Fed Chair Powell’s speech on Friday. It was also a quiet FX session while in rates 10y UST yields printed a fresh 16-year high before consolidating.

Markets Today – Marking Time
NAB’s World on Two Pages – August 2023

NAB’s World on Two Pages – August 2023

17 August 2023

Hopes have been raised of a soft landing for the global economy, although a number of headwinds remain. For Australia, our forecasts for GDP growth have strengthened marginally but we continue to expect growth to be well below trend in 2023 and 2024 as the impact of rate rises flows through.

NAB’s World on Two Pages – August 2023

Insight

Markets Today – Still Watching, Still Worried

Markets Today – Still Watching, Still Worried

17 August 2023

Todays podcast FOMC Minutes show concern about upside risks to inflation US yields higher led by 5bp rise in 10yr Equities were lower, S&P500 -0.8% with declines late in the session Asia equities weighed by China concerns AUD -0.5% against a broadly stronger dollar at 0.6421 Coming up: AU Employment, NZ PPI, JN Machinery Orders, […]

Markets Today – Still Watching, Still Worried
Making climate goals a reality

Making climate goals a reality

16 August 2023

Having credible, science-based transition plans will be crucial for organisations to help direct and unlock capital flows on the road to net zero.

Making climate goals a reality
Markets Today – When it rains it pours

Markets Today – When it rains it pours

15 August 2023

US equities started the new week on a positive note, notwithstanding a negative lead from Asia. Core global yields have continued their ascendancy while the USD is broadly stronger with negative China sentiment weighing on the AUD and NZD

Markets Today – When it rains it pours
Navigating carbon markets for net zero

Navigating carbon markets for net zero

10 August 2023

Carbon markets have a role to play in the transition to a net zero economy, especially when seeking to meet and beat Australia’s interim targets this decade.

Navigating carbon markets for net zero
Markets Today – Uncertain Smile

Markets Today – Uncertain Smile

10 August 2023

Ahead of the July US CPI release tonight US equities closed on the back foot. Oil prices extend recent gains while LNG prices surge following news Australian workers vote to strike. Quiet night in FX land.

Markets Today – Uncertain Smile
Markets Today – Sour Candy

Markets Today – Sour Candy

9 August 2023

Risk appetite has been weighed over the past 24 hours by a trio of soft China data, a surprise ‘windfall’ tax on bank profits in Italy, and a downgrade of a number of small and mid-sized banks by Moody’s.

Markets Today – Sour Candy
Markets Today – Holiday

Markets Today – Holiday

8 August 2023

Northern hemisphere summer holidays and a lack of data has seen markets treading water ahead of US CPI figures on Thursday.

Markets Today – Holiday
Markets Today – Pump It

Markets Today – Pump It

2 August 2023

The US Treasury curve bear steepened following news the US government will increase its bond issuance by more than previously thought. US equities recorded small declines and the USD is stronger across the board with the AUD the notable underperformer, RBA on hold and underwhelming China data not helpful.

Markets Today – Pump It
Markets Today – Sweet Dreams

Markets Today – Sweet Dreams

1 August 2023

Markets were generally quiet to start to week ahead of key risk events later in the week (BoE Thursday, US ISM Services Thursday, US Payrolls Friday).

Markets Today – Sweet Dreams
Markets Today – Better than you

Markets Today – Better than you

28 July 2023

Not much reaction to the ECB, says NAB’s David de Garis, but a big reaction in currencies and Treasurys to the latest US GDP numbers. With a lot of European data today and early next week, things could stay quite ‘whippy’.

Markets Today – Better than you
Markets Today – Shivers

Markets Today – Shivers

25 July 2023

Weak European PMIs have seen yields fall, though moves in US Treasuries retraced latter in the day.

Markets Today – Shivers
Markets Today – The Waiting

Markets Today – The Waiting

24 July 2023

US equities closed the week little changed with the S&P 500 in consolidation mode ahead of a new week that includes the FOMC meeting and a busy earnings calendar. UST were little changed and the USD continued its recovery.

Markets Today – The Waiting
NAB’s World on Two Pages – July 2023

NAB’s World on Two Pages – July 2023

20 July 2023

Our forecasts for the global economy are largely unchanged this month we expect growth of around 2.8% in 2023 before slowing to 2.7% in 2024. For Australia, we continue to expect quarterly GDP growth to be flat over the next three quarters, with growth of just 0.5% over 2023 and 0.9% in 2024 as the impact of rate rises flows through.

NAB’s World on Two Pages – July 2023

Insight

Markets Today – Slow and low

Markets Today – Slow and low

18 July 2023

Underwhelming China economic data has weighed on sentiment, mostly in Asia and Europe with a decline in CNY also spilling over to NZD and AUD. Core global yields are a tad lower while US equities have resumed their upward trajectory.

Markets Today – Slow and low
Markets Today – Getting better

Markets Today – Getting better

17 July 2023

A bear flattening of the UST curve post a better than expected University of Michigan survey so the S&P 500 closed marginal lower while the USD found some support.

Markets Today – Getting better
Markets Today – Cold day in the sun

Markets Today – Cold day in the sun

14 July 2023

After the softer US CPI print on Wednesday the cooling US economy narrative was further supported overnight by a softer than expected US PPI print. Megacaps have led gains in US equities while front end bonds have led a decline in UST yields. The USD is broadly weaker with several FX pairs breaking through key support/resistant levels.

Markets Today – Cold day in the sun
Markets Today – Waiting for the night

Markets Today – Waiting for the night

12 July 2023

Ahead of the all-important US CPI release tonight, US equities edged higher again overnight while the UST curve flattened driven by an uptick in front end yields. The USD is broadly weaker, but the AUD has been unable to perform.

Markets Today – Waiting for the night
Markets Today – Maybe Next Time

Markets Today – Maybe Next Time

5 July 2023

The RBA met yesterday and held rates steady. Other than that, it was a very quiet 24 hours characterised by thin trading alongside the US 4 July holiday.

Markets Today – Maybe Next Time
The AUD in June 2023

The AUD in June 2023

3 July 2023

The AUD/USD price action in June was a story of two halves. Soft US data and a cash rate hike by the RBA helped propel the currency to an intra-month high of 69c, but then concerns over China’s growth outlook and better than expected US data releases weighed in the second half of the month.

The AUD in June 2023
Markets Today – One swallow does not a summer make

Markets Today – One swallow does not a summer make

3 July 2023

Friday capped a risk positive end to the week and the month of June with softer US economic data releases treated as good news. Weaker US consumer spending and inflation boosted US equities with gains over 1%, US Treasury yields traded lower after the data release and the USD closed the week broadly weaker.

Markets Today – One swallow does not a summer make
Markets Today – Don’t Stop Me Now

Markets Today – Don’t Stop Me Now

30 June 2023

The string of positive US data surprises continued overnight with a big drop in Jobless claims and a decent upward revision to Q1 GDP. US Treasuries led a jump in core global bond yields and US equities closed in the green, unperturbed by the move up in yields. Positive US data surprises help the USD reverse earlier losses, but the AUD/USD held its ground aided by yesterday’s stronger than expected retail sales figures.

Markets Today – Don’t Stop Me Now
Markets Today – Better in the U.S.A.

Markets Today – Better in the U.S.A.

28 June 2023

Better than expected US data releases and hawkish ECB talk are two main macro themes from the price actions overnight. US equities embraced the positive vibes from Asia and then better than expected US data releases provided an additional tail wind. In contrast, European equities were little changed with hawkish ECB talk dampening the mood. The belly of the curve led a rise in UST yields while the USD lost a bit of ground.

Markets Today – Better in the U.S.A.
NAB’s World on Two Pages – June 2023

NAB’s World on Two Pages – June 2023

22 June 2023

After relatively robust growth in Q1, global activity looks set to slow in the near term. For Australia, we are seeing increasing signs that activity is slowing sharply after a very strong period of growth in 2022.

NAB’s World on Two Pages – June 2023

Insight

Markets Today – No relief

Markets Today – No relief

22 June 2023

Powell added little new information in House testimony, but the US dollar was weaker and equities were lower. UK CPI data surprised higher ahead of the BoE later today

Markets Today – No relief
Markets Today – You Look Certain (I’m Not So Sure)

Markets Today – You Look Certain (I’m Not So Sure)

20 June 2023

European equity markets have started the new week on the back foot following a negative lead from Asia. Investors are seemingly disappointed by the lack of new news on China’s stimulus, US equities are closed for a holiday with futures contracts pointing to small dips for the S&P 500 and NASDAQ 100.

Markets Today – You Look Certain (I’m Not So Sure)
Markets Today – Keep pushin’ on

Markets Today – Keep pushin’ on

16 June 2023

US equities have pushed on yet again, shrugging off a string of soft US data releases. The ECB hiked its deposit rate as expected, lifted its inflation forecast and delivered a hawkish guidance. Core European yields climb on the back ECB news with the euro gaining over 1% while soft US data triggers a decline in UST yields with the USD weaker across the board.

Markets Today – Keep pushin’ on
AMW – Making sense of the RBA’s productivity focus

AMW – Making sense of the RBA’s productivity focus

15 June 2023

In today’s Weekly, we delve into Australia’s productivity and labour cost data given the RBA’s recent focus on these metrics, and explain why timely signals on the inflation outlook may be better found elsewhere.

AMW – Making sense of the RBA’s productivity focus
Markets Today – Soft enough to skip?

Markets Today – Soft enough to skip?

14 June 2023

US CPI was in line with expectations, adding to confidence the FOMC will skip at tomorrow’s meeting even as yields pushed higher. Strong UK labour market saw UK yields surge.

Markets Today – Soft enough to skip?
Markets Today – Sitting, Waiting, Wishing

Markets Today – Sitting, Waiting, Wishing

13 June 2023

After closing modestly higher on Friday, US equities have started the new week with modest gains, led by big tech. 10y UK Gilts, up 10bps to 4.33%, are the notable movers within core global bond yields on the back of hawkish BoE talk. The USD is a tad higher with AUD retaining its upward trend that has been in place since the start of the month. Oil prices tumble on supply-demand dynamics and another downgrade by GS.

Markets Today – Sitting, Waiting, Wishing
Levelling up corporate treasury in real time

Levelling up corporate treasury in real time

7 June 2023

The growing wave of digital transformation in finance is helping solve today’s key corporate treasury challenges by leveraging the latest developments in data analytics, artificial intelligence and machine learning

Levelling up corporate treasury in real time
AMW – Why rents are going up and when they will stop

AMW – Why rents are going up and when they will stop

7 June 2023

In our latest Weekly, Taylor Nugent explores the impact of pandemic swings in population and housing demand to explain the current acute rental market tightness and rapidly increasing rents, as well as when these pressure may ease

AMW – Why rents are going up and when they will stop
Markets Today – Consequences

Markets Today – Consequences

7 June 2023

It has been a quiet 24 hours in markets with generally small market movements, while the Australian dollar held onto its gains following yesterday RBA rate hike, 0.8% higher against the US dollar.

Markets Today – Consequences
Markets Today – Feelin’ Good

Markets Today – Feelin’ Good

5 June 2023

A combination of a US debt ceiling resolution alongside a mixed US jobs report, still favouring a June Fed pause, and news that China may be considering further support to its beleaguered property sector boosted risk sentiment (VIX sub-15), major equity indices closed the week with solid gain.

Markets Today – Feelin’ Good
Markets Today – Mr Brightside

Markets Today – Mr Brightside

2 June 2023

A positive night for risk sentiment with equities up (S&P500 +1.0%; Eurostoxx50 +0.9%), USD down (DXY -0.7%), and yields lower (US 10yr -3.8bps to 3.60% and 2yr -6.4bps to 4.34%).

Markets Today – Mr Brightside
The AUD in May 2023

The AUD in May 2023

1 June 2023

The AUD fell below 65 cents in May, in doing so re-establishing a more ‘normal’ monthly trading range after two months of highly compressed volatility.

The AUD in May 2023
Markets Today – Mixed Signals

Markets Today – Mixed Signals

31 May 2023

After enjoying a long weekend, the US is back with mixed signals coming from equities and bond markets. US Treasuries have led a move lower in core global bond yields while the S&P 500 is unchanged. Oil prices fall over 4% with OPEC + meeting looming large, the USD is little changed, but AUD and NZD struggle, not helped by Yuan weakness.

Markets Today – Mixed Signals
Markets Today – Holiday

Markets Today – Holiday

30 May 2023

Public Holidays in the US, UK and Germany made for a very quiet night as far as market moves are concerned.

Markets Today – Holiday
Markets Today – Now That I Found You

Markets Today – Now That I Found You

29 May 2023

US equities were higher on Friday as hopes grew of a debt ceiling deal, ahead of news on the weekend that an agreement in principle had indeed been found. US data was strong and Fed tightening expectations firmed.

Markets Today – Now That I Found You
Markets Today – Tug of War

Markets Today – Tug of War

24 May 2023

The absence of a debt ceiling deal weighs on risk sentiment even as Biden calls talks ‘productive,’ while global PMIs reaffirm the stark divergence between services and goods.

Markets Today – Tug of War
Markets Today – Road to Nowhere

Markets Today – Road to Nowhere

22 May 2023

US equities struggled for direction on Friday, ending the day marginally lower. After a choppy session, UST yields closed higher across the curve with the USD broadly weaker, ending a three-day winning streak. Debt impasse did not helping sentiment while Fed Chair Powell expressed a bias for pausing rate hikes in June.

Markets Today – Road to Nowhere
NAB’s World on Two Pages – May 2023

NAB’s World on Two Pages – May 2023

18 May 2023

Global economic data point to a bounce in growth in Q1, with China providing around 40% of this total. For Australia, we continue to expect growth to be well below trend at 0.7% and 1.2% in 2023 and 2024 respectively – though we have reverted to our previous expected rate call of a peak of around 4.1% and see a material risk that rates reach 4.35%.

NAB’s World on Two Pages – May 2023

Insight

Markets Today – Tread water

Markets Today – Tread water

10 May 2023

Markets are treading water as we await the outcome from the Biden-McCarthy debt ceiling meeting and the US CPI data release tonight. US and EU equities have ended the day lower while core yields have edged a little bit higher. Fiscal updates revealed contrasting AU and NZ fortunes while cautiousness in the air has favoured the USD.

Markets Today – Tread water
Markets Today – No imminent crunch

Markets Today – No imminent crunch

9 May 2023

US and EU equities have closed with modest gains while core yields extended Friday’s rise. The Fed Senior Loan Officer revealed a modest deterioration in lending standards alongside a drop in demand for loans, so no evidence of an imminent credit crunch. The USD is little changed with NZD leading a modest outperformance by pro-growth currencies.

Markets Today – No imminent crunch
Taking construction to the next level

Taking construction to the next level

3 May 2023

Kapitol Group shows how a culture of innovation and the right banking partnership has helped build a small construction start-up into a significant industry corporate in just five years.

Taking construction to the next level
Markets Today – Dance Monkey

Markets Today – Dance Monkey

3 May 2023

Big moves in markets overnight as US regional bank worries reignited, signs of catering in European loan demand, and a sharp fall in US job openings.

Markets Today – Dance Monkey
Markets Today – Resolution

Markets Today – Resolution

2 May 2023

US yields are higher and the dollar stronger with little fallout from the failure of First Republic, being acquired by JP Morgan in an FDIC-supported deal.

Markets Today – Resolution
The AUD in April 2023

The AUD in April 2023

1 May 2023

After reducing to just a 2.2 cents range in March, April’s AUD/USD range was little different – 2.3 cents

The AUD in April 2023
Markets Today – A lot to digest

Markets Today – A lot to digest

1 May 2023

The last trading day of April had a lot to digest with BoJ policy decision alongside market moving data both in Europe and the US. Equities ended the month on a positive move, core yields drifted lower amid growth concerns while the USD was little changed. JPY was the big underperformer and AUD starts the new week at 0.6601.

Markets Today – A lot to digest
Markets Today – No Help Coming

Markets Today – No Help Coming

27 April 2023

The US share market is split between tech majors, doing well on the back of strong earnings versus Financials (and the rest) which are buffeted by banking uncertainty and recession fears. Core global yields are higher and the USD is weaker largely reflecting EU FX outperformance while the AUD has led a commodity linked FX decline.

Markets Today – No Help Coming
Markets Today – The Reason

Markets Today – The Reason

21 April 2023

Weaker second-tier US data has helped push global yields lower, while disappointing earnings by Tesla (-9.7%) and talk of margin compression dragged down equities.

Markets Today – The Reason
NAB’s World on Two Pages – April 2023

NAB’s World on Two Pages – April 2023

20 April 2023

We continue to anticipate a sharp slowdown in global growth in 2023, while for Australia, there are signs that consumption is plateauing ahead of a likely slowdown later in the year.

NAB’s World on Two Pages – April 2023

Insight

Markets Today – Shake it up

Markets Today – Shake it up

20 April 2023

The RBA ‘Fit for the future’ review out this morning, with media saying Treasurer Chalmers accepts all 51 recommendations

Markets Today – Shake it up
Markets Today – Love Is In The Air

Markets Today – Love Is In The Air

14 April 2023

Todays podcast Soft US PPI helps drive a risk-on rally Adds to views the US Fed is almost done USD falls, and AUD and NZD outperform Yields mixed, equities up ahead of earnings Coming up: US Retail Sales, US Bank Earnings “Love is in the air, everywhere I look around; Love is in the air, […]

Markets Today – Love Is In The Air
Markets Today – Waiting for you

Markets Today – Waiting for you

12 April 2023

It was a quiet session overnight ahead of key risk events later in the week (US CPI is on Wednesday and bank earnings are on Friday, including Wells Fargo, Citigroup and JP Morgan).

Markets Today – Waiting for you
Markets Today – The Shock of the Lightning JOLT

Markets Today – The Shock of the Lightning JOLT

5 April 2023

A softer than expected JOLT report shook the market overnight, triggering a bull steeping in the UST. The USD fell with JPY along with European currencies outperforming. Commodity linked currencies lagged the move with AUD the notable underperformer, following yesterday’s RBA decision to pause it tightening cycle. US equities ended a four day rally with pro-cyclical sectors underperforming.

Markets Today – The Shock of the Lightning JOLT
Markets Today – Stick or Twist

Markets Today – Stick or Twist

4 April 2023

Weak US Manufacturing survey data overnight reversed the impact of higher oil prices, leaving bond yields lower and the AUD higher. It’s all about the RBA today

Markets Today – Stick or Twist
The AUD in March 2023

The AUD in March 2023

3 April 2023

Following two months of well above-average ranges, the AUD/USD range reduced to just 2.2 cents in March, though the currency did hit a 4-month low of 0.6565.

The AUD in March 2023
Markets Today – Love so soft

Markets Today – Love so soft

3 April 2023

A softer than expected US Core PCE Deflator (0.3% m/m vs. 0.4% expected) helped push yields lower on Friday (US 10yr -8.1bps to 3.47%).

Markets Today – Love so soft
Markets Today – It’s All Good

Markets Today – It’s All Good

30 March 2023

The positive vibes evident during our trading session yesterday have extended overnight with European and US equity indices higher on the day. Movements in rates and FX markets have been more subdued. The USD is a tad stronger in index terms with JPY the notable underperformer. AUD and NZD are also lower with the former not helped by a yesterday’s softer than expected monthly CPI print.

Markets Today – It’s All Good
Markets Today – Relative Calm

Markets Today – Relative Calm

29 March 2023

There has been little top-level news flow over the past 24 hours, which has seen markets relatively calm by the standards of recent weeks.

Markets Today – Relative Calm
Markets Today – Night of hunters

Markets Today – Night of hunters

27 March 2023

Deutsche Bank woes weighted on European equities and on US equities at the open, but the latter enjoyed a decent rebound before the close. Core global yields ended Friday lower across the board , the USD was broadly stronger , but still fell for a third consecutive week, AUD and NZD were the week’s underperformers.

Markets Today – Night of hunters
Markets Today – Janet

Markets Today – Janet

24 March 2023

After a positive start, US equities struggled for direction amid lingering banking stability concerns. Front end tenors have led a decline in UST yields with similar price action seen in European curves. BoE, SNB and Norges Bank deliver on expected rate hikes. AUD gives back earlier gains as equities struggle.

Markets Today – Janet
Markets Today – Uncertain Smile

Markets Today – Uncertain Smile

23 March 2023

The FOMC hiked rates by 25bps to 4.75-5.00%, continued QT, and kept the existing dot plot which pencils in one further hike to 5.00-5.25%. Market reaction was dovish, but was not risk on.

Markets Today – Uncertain Smile
Markets Today – Glass half full ahead of the FOMC

Markets Today – Glass half full ahead of the FOMC

22 March 2023

Todays podcast   VIX tumbles as investors see the glass half full ahead of FOMC early tomorrow morning Banks lead gains in Equities with HG bond issuance also signalling improvement in risk appetite UST and Bund curves bear flatten as market increases Fed and ECB rate hikes expectations 2y UST jump 20bps, 10y UST gain […]

Markets Today – Glass half full ahead of the FOMC
Markets Today – So Yesterday

Markets Today – So Yesterday

21 March 2023

It was another fairly volatile day following the weekend deal for UBS to buy Credit Suisse, though overall the deal seems to have found some cautious acceptance.

Markets Today – So Yesterday
Markets Today – Shotgun Wedding

Markets Today – Shotgun Wedding

20 March 2023

A deal was struck over the weekend that sees UBS buying Credit Suisse for CHF3.0bn, a fraction of its value at Friday’s close. Iitial market response, in FX at least, has been (cautiously) favourable.

Markets Today – Shotgun Wedding
Markets Today – Bank Turmoil

Markets Today – Bank Turmoil

14 March 2023

Reassurances from US authorities not enough yet to appease markets. Bank stocks remain under pressure with bond yields diving as the path of future Fed hikes comes into question. The USD is also weaker across the board.

Markets Today – Bank Turmoil
Markets Today – The Times They Are A-Changin’?

Markets Today – The Times They Are A-Changin’?

10 March 2023

Jump in US jobless claims provides hope US labour market may be cooling while Challenger layoff data suggests there is more weakness ahead Softer US data triggers rally in UST and weakens the USD. AUD struggles to perform as US equities tumble with bank stocks leading the decline.

Markets Today – The Times They Are A-Changin’?
Markets Today – Get Set

Markets Today – Get Set

9 March 2023

Markets broadly held onto Tuesday’s wild moves, which were driven by US Fed Chair Powell’s Senate Testimony. Overnight Powell spoke again to the House.

Markets Today – Get Set
Markets Today: Warning Sign

Markets Today: Warning Sign

8 March 2023

The market was not prepared for Powell’s hawkish remarks, sending short rates and the USD higher and equities lower.

Markets Today: Warning Sign
Markets Today: I Feel Better

Markets Today: I Feel Better

6 March 2023

The US dollar and Treasury yields both fell back on Friday in what was a good day for equities everywhere – except Australia.

Markets Today: I Feel Better
Markets Today: (No) Resistance

Markets Today: (No) Resistance

3 March 2023

The run of worse than expected (global) inflation-related news continues to ripple through markets, the latest culprits being core Eurozone CPI and revised US Q4 unit labour costs.

Markets Today: (No) Resistance
Markets Today: 99 Luftballons

Markets Today: 99 Luftballons

2 March 2023

The US 10yr finally breached 4.00% for the first time since November, following five days of resistance. A hot German CPI and renewed price pressure in the Manufacturing ISM drove, while risk assets were mixed given the strong China PMIs yesterday

Markets Today: 99 Luftballons
The AUD in February 2023

The AUD in February 2023

1 March 2023

AUD performance in February was an almost exact mirror image of January, AUD/USD trading back down to near 67 cents from above 0.71 cents, having risen from sub-0.67 to above 0.71 in January.

The AUD in February 2023
Markets Today: I won’t back down 

Markets Today: I won’t back down 

1 March 2023

Upside surprises to European inflation out of Spain and France have seen ECB pricing and European yields push higher, with some bleed through into the US. Elsewhere, US equities are little changed, shrugging off soft consumer confidence data, but are and on track for a monthly decline of more than 2%.

Markets Today: I won’t back down 
AMW: Sunshine Coast Trip Notes – still very strong

AMW: Sunshine Coast Trip Notes – still very strong

28 February 2023

Overall clients on the Sunshine Coast and Noosa continue to report strong conditions and very tight labour markets. While only a microcosm, the themes from these clients are broadly reflective of what we are picking up in the NAB Business Survey, and it is clear the RBA is not yet in sufficiently restrictive territory to slow demand enough to be confident that inflation will return to the 2-3% target

AMW: Sunshine Coast Trip Notes – still very strong
Markets Today: You’ve Got a Friend in Me

Markets Today: You’ve Got a Friend in Me

28 February 2023

A quiet start to the week with no top-tier data. The biggest piece of news was the EU and UK agreeing to a new Northern Ireland trade agreement, now termed the Windsor Agreement.

Markets Today: You’ve Got a Friend in Me
Markets Today: Too Hot

Markets Today: Too Hot

27 February 2023

The US economy has started 2023 from a stronger position that many of us had expected and when looking at the Fed’s new preferred inflation reading that tries to exclude much of the noise in the data, the story doesn’t change.

Markets Today: Too Hot
NAB’s World on Two Pages – February 2023

NAB’s World on Two Pages – February 2023

23 February 2023

A range of global indicators point to a more positive start to 2023 than we had previously anticipated, leading to an upward revision to our forecasts. For Australia the economy has remained resilient but we see growth slowing sharply later in 2023 and into 2024.

NAB’s World on Two Pages – February 2023

Insight

Markets Today: Wages Day

Markets Today: Wages Day

23 February 2023

In Australia yesterday, WPI wages data showed less wages pressure than feared. WPI grew 0.8% q/q and 3.3% y/y, 0.2ppts below the market consensus and RBA expectations.

Markets Today: Wages Day
AMW: Could higher wages push the RBA even further?

AMW: Could higher wages push the RBA even further?

22 February 2023

Yesterday's Minutes make clear the RBA’s priority is inflation. While the Board is seeking to return inflation to target while keeping the economy on an ‘even keel’ it will do what is necessary to return inflation to target. The wages backdrop is a key risk.

AMW: Could higher wages push the RBA even further?
Markets Today: US growth provides cautious optimism

Markets Today: US growth provides cautious optimism

27 January 2023

Since Australia Day the two biggest pieces of news were the BoC explicitly signalling a pause to the hiking cycle on Wednesday after hiking by 25bps, and US Q4 GDP which although beating expectations had a soft underbelly (2.9% annualised vs. 2.6% expected; but private domestic just 0.2%).

Markets Today: US growth provides cautious optimism
MT: Europe has the edge, BoJ keeps us guessing

MT: Europe has the edge, BoJ keeps us guessing

18 January 2023

As the market waits for the BoJ policy decision today, the ECB has been the market mover overnight following a Bloomberg source story suggesting the Bank may be turning less hawkish.

MT: Europe has the edge, BoJ keeps us guessing
Markets Today: Early year optimism

Markets Today: Early year optimism

11 January 2023

Economic news flow overnight has been relatively light, though playing with the grain of the suggestion from last week’s US data (ISM Services) that the US is in process of losing its global growth leadership position.

Markets Today: Early year optimism
The AUD in December 2022

The AUD in December 2022

3 January 2023

AUD/USD ended Dec 2022 much as it started. For 2022 overall, AUD/USD lost 6.2% which was the the second biggest annual range of the past decade, exceeded only in the 2020 first year of the Covid-19 pandemic.

The AUD in December 2022
NAB’s World on Two Pages – December 2022

NAB’s World on Two Pages – December 2022

16 December 2022

Global business surveys continue to point to a weakening global economy, likely reflecting monetary policy tightening, the energy supply shock as well as COVID-19 related disruptions in China. For Australia, the recent national accounts data showed that the economy remained resilient in Q3 and labour force data continue to reflect a healthy but tight labour market.

NAB’s World on Two Pages – December 2022

Insight

Markets Today: Hawkish Fed with higher rates for longer

Markets Today: Hawkish Fed with higher rates for longer

15 December 2022

Early this morning and in line with market expectations the Fed lifted the funds rate by 0.5% to a range between 4.25% and 4.5%, a rates level not seen since 2007. The 50bps increase was a downshift following four consecutive hikes of 75bps.

Markets Today: Hawkish Fed with higher rates for longer
AMW: 2023 outlook: Five big questions to be answered

AMW: 2023 outlook: Five big questions to be answered

14 December 2022

In today’s weekly, we suggest a framework for sifting through the various forces buffeting the 2023 outlook and pose five big questions that we think need to be answered to judge how the economy and central bank policy will evolve in 2023.

AMW: 2023 outlook: Five big questions to be answered
NAB Economics Monthly Data Insights – November 2022

NAB Economics Monthly Data Insights – November 2022

14 December 2022

Our monthly spending data indicates that spending picked up in November after a softening in October, largely driven by strength in retail and hospitality which offset a fall in some discretionary categories such as arts, recreation & travel.

NAB Economics Monthly Data Insights – November 2022

Insight

The AUD in November 2022

The AUD in November 2022

1 December 2022

The AUD ended the month in the ascendency, boosted by a less hawkish than feared Fed Chair Powell speech, forcing a broad USD retreat.

The AUD in November 2022
NAB’s Renewables Survey November 2022

NAB’s Renewables Survey November 2022

23 November 2022

NAB’s 2022 Renewables Survey signals a further acceleration of Australia’s transition to renewable energy and net zero carbon emissions policies, a trend we expect to see globally into 2030.

NAB’s Renewables Survey November 2022
Markets Today: Oil, more or less?

Markets Today: Oil, more or less?

22 November 2022

Oil market volatility is showing no signs of let-up , Brent crude down to a low of $83 overnight on a Wall Street Journal report suggesting Saudi Arabia was contemplating a 500,000 barrels per day production increase from December.

Markets Today: Oil, more or less?
Markets Today: A rare dull day

Markets Today: A rare dull day

21 November 2022

Latest Fed speak from Boston Fed President Collins, suggests 75bps is still in play for December, noting markets price around 52bps for the December meeting.

Markets Today: A rare dull day
Markets Today: Tighter than ever

Markets Today: Tighter than ever

18 November 2022

US yields are higher and the dollar stronger in a modest and reversal of some of last week’s post CPI moves as Fed speakers remain stubborn that rates will continue to go higher to get to a level that is sufficiently restrictive.

Markets Today: Tighter than ever
MT: Back to betting on the Fed; no pause for RBA?

MT: Back to betting on the Fed; no pause for RBA?

17 November 2022

Fed speakers were clear that a pause is not imminent and there is more to do, even as they may move at a slower pace, while stronger US retail sales numbers showed resilience in spending, providing some small counter to the burst of optimism after softer-than-expected US inflation data last week.

MT: Back to betting on the Fed; no pause for RBA?
Markets Today: A step too far

Markets Today: A step too far

16 November 2022

It has been a wild night in markets. After initially enjoying a broad and solid risk on move with equity markets rising and core global bond yields falling alongside a broadly weaker USD

Markets Today: A step too far
AMW: Is the RBA as dovish as they sound?

AMW: Is the RBA as dovish as they sound?

16 November 2022

In this Weekly, we explore recent RBA communications and forecasts and what it means for the path forward. It is clear there is a very high bar to step back up to 50bp hikes.

AMW: Is the RBA as dovish as they sound?
Markets Today: A slight reality check

Markets Today: A slight reality check

15 November 2022

The new week has begun with a small reversal in the some of the risk positive moves recorded last week, particularly in FX markets and US Treasuries while equity market are showing resilience.

Markets Today: A slight reality check
NAB’s World on Two Pages – November 2022

NAB’s World on Two Pages – November 2022

11 November 2022

We see a sharp slowdown in global economic growth next year. To date, the Australian economy has remained very resilient although there are some very early signs of a slowing.

NAB’s World on Two Pages – November 2022

Insight

NAB Economics Monthly Data Insights – October 2022

NAB Economics Monthly Data Insights – October 2022

9 November 2022

Our monthly spending data showed a slowing in spending in October, particularly in discretionary areas such as household goods and recreation & travel, although growth held up in the hospitality sector.

NAB Economics Monthly Data Insights – October 2022

Insight

AMW: Central banks are gear shifting, rather than pivoting

AMW: Central banks are gear shifting, rather than pivoting

9 November 2022

By downshifting the pace of hikes, central banks are acknowledging that decisions are becoming more finely balanced as they tread a fine line of returning inflation to target, while avoiding significantly overtightening policy and slowing the economy more than needed.

AMW: Central banks are gear shifting, rather than pivoting
MT: China scotches Zero COVID speculation, again

MT: China scotches Zero COVID speculation, again

7 November 2022

Risk appetite soared on Friday as Chinese whispers swept markets last week that China had put together a ‘conditional re-opening plan’, reportedly mapping out a material re-opening by March 2023.

MT: China scotches Zero COVID speculation, again
Markets Today: Slow and steady wins the race

Markets Today: Slow and steady wins the race

2 November 2022

It has been a volatile session in markets with risk assets initially lifted by rumours China was looking at phasing out its zero-covid policy, only for Beijing to later deny the speculation.

Markets Today: Slow and steady wins the race
The AUD in October 2022

The AUD in October 2022

1 November 2022

Australia specific influences on AUD once again played second fiddle to broader USD volatility and swings in risk sentiment.

The AUD in October 2022
Markets Today: US rally, China’s slump, UK’s new PM

Markets Today: US rally, China’s slump, UK’s new PM

25 October 2022

The UK has a new PM in Rishi Sunak, and gilts have rallied in response. UK 10yr gilt yields were 31bp lower at 3.75%. That’s 90bp off their peak of 4.64%, but still about 60bp above their level before the Truss Premiership.

Markets Today: US rally, China’s slump, UK’s new PM
MT: Fed might ease off, Boris might jump back in

MT: Fed might ease off, Boris might jump back in

24 October 2022

Friday’s offshore markets produced as many fireworks as we have seen on just about any day this year with the mere suggestion of the Fed stepping down from 75bps to a 50bps incremental rate hike in December producing a fierce rally in US equities.

MT: Fed might ease off, Boris might jump back in
Markets Today: The battle for Britain

Markets Today: The battle for Britain

21 October 2022

Terminal Fed Funds pricing have lifted to 5.00% by March 2023 from 4.92% last week and continue to price a 75bp hike at the upcoming November FOMC meeting and a 75% chance of a follow up 75bp at the December meeting.

Markets Today: The battle for Britain
Markets Today: Full reversal, for today

Markets Today: Full reversal, for today

20 October 2022

Yields rose to fresh cycle highs and risk appetite soured. US equities were lower, halting a 2-day rally despite relatively upbeat earnings from the likes of Netflix and United Airlines.

Markets Today: Full reversal, for today
AMW: October’s Budget & Australia’s Fiscal Relativities

AMW: October’s Budget & Australia’s Fiscal Relativities

18 October 2022

Australia’s second Budget for 2022-23 will be handed down next week (7.30pm on Tuesday 25th). Treasurer Chalmers has framed this Budget as one that will not add to inflation risks amid elevated cost-of living pressures and which occurs with a background of rising global recession risks.

AMW: October’s Budget & Australia’s Fiscal Relativities
NAB’s World on Two Pages – October 2022

NAB’s World on Two Pages – October 2022

14 October 2022

Rapidly tightening monetary policy, an energy price shock in Europe and deteriorating domestic conditions in China are set to slow global economic growth to 2.3% in 2023. For Australia, we see growth slowing to well below 2% in each of the next two years, however we do not expect a major downturn.

NAB’s World on Two Pages – October 2022

Insight

Markets Today: Gloomy and more uncertain

Markets Today: Gloomy and more uncertain

11 October 2022

Risk aversion has dominated the start of the new week amid heighted geopolitical tensions and a market disillusioned by credible BoE support for the Gilts market.

Markets Today: Gloomy and more uncertain
Markets Today: Markets jump on JOLTs and RBA surprise

Markets Today: Markets jump on JOLTs and RBA surprise

5 October 2022

Yesterday 25bps RBA cash rate rise, defied the broad consensus among economists and investors (~45bps was priced in for the meeting) but which was justified by the Board in part on the premise that “the cash rate has been increased substantially in a short period of time”.

Markets Today: Markets jump on JOLTs and RBA surprise
The AUD in September 2022

The AUD in September 2022

4 October 2022

The AUD/USD high of 0.6916 came on the 13th and the low of 0.6363 on the 29th (last day of the month).

The AUD in September 2022
MT: Markets buoyed by bad news and caving in

MT: Markets buoyed by bad news and caving in

4 October 2022

A surprise U-turn by the UK government on the fiscal package and a weaker than expected US ISM Manufacturing (50.9 vs. 52.0 expected) have driven a large fall in global yields.

MT: Markets buoyed by bad news and caving in
NAB’s World on Two Pages – September 2022

NAB’s World on Two Pages – September 2022

16 September 2022

We see global economic growth slowing in 2023. For Australia, we continue to see below trend growth over 2023 and 2024 as the impact of the lockdown rebound ends, global growth slows and higher rates and prices begin to weigh domestically.

NAB’s World on Two Pages – September 2022

Insight

Markets Today: Peak inflation, not yet

Markets Today: Peak inflation, not yet

14 September 2022

Today’s podcast Overview Rumours of inflation’s demise much exaggerated US CPI shocks to the upside: stocks, bonds take fright USD bounces back, AUD and NZD both down by more than 2% Next week’s Fed debate now seen to be between 75 and 100bps (83bps priced) German ZEW survey readings slumps while US NFIB Business Optimism […]

Markets Today: Peak inflation, not yet
Markets Today: Yields rising as ECB lifts rates

Markets Today: Yields rising as ECB lifts rates

9 September 2022

It has been all about the ECB and Fed overnight with the former delivering a jumbo hike and hinting at more to come while Fed Chair Powell reiterates commitment to act forcefully against inflation

Markets Today: Yields rising as ECB lifts rates
MT: UK and Europe move from bad to worse, RBA today

MT: UK and Europe move from bad to worse, RBA today

6 September 2022

Eurozone bonds yields and stocks falling on the latest jump in energy prices – both oil and gas – following confirmation the NordSteeam1 gas pipeline will remain shut while Russian sanctions are in place.

MT: UK and Europe move from bad to worse, RBA today
Markets Today: Putin ends Goldilocks moment

Markets Today: Putin ends Goldilocks moment

5 September 2022

A goldilocks payrolls report failed to support risk assets on Friday, with equities and the USD quickly reversing on news that Russia was not restarting gas flows through the Nord Stream pipeline

Markets Today: Putin ends Goldilocks moment
The AUD in August 2022

The AUD in August 2022

2 September 2022

The AUD/USD spent August oscillating around the 70 US cents mark but spent much more time below than above.

The AUD in August 2022
NAB Foreign Exchange

NAB Foreign Exchange

1 September 2022

We'll help you find the right foreign exchange risk management strategy by understanding your core business and the challenges you face every day.

NAB Foreign Exchange
AMW: What did we learn from Jackson Hole?

AMW: What did we learn from Jackson Hole?

31 August 2022

Central bank officials from around the world met at Jackson Hole last week. In this Weekly we highlight the key discussion points and what implications this may have.

AMW: What did we learn from Jackson Hole?
This morning’s happy birthday call

This morning’s happy birthday call

29 August 2022

After clocking 5.5 million podcast plays and 15,000 daily listeners, NAB’s Morning Call is celebrating six years of market highlights, with even more expert analysis to come.

This morning’s happy birthday call

Podcast

Markets Today: Dire Straits for UK and Europe

Markets Today: Dire Straits for UK and Europe

25 August 2022

Another night devoid of top-tier data or news flow. The past week has been a bit like Waiting for Godot with markets apprehensive ahead of US Fed Chair Powell’s Jackson Hole speech on Friday.

Markets Today: Dire Straits for UK and Europe
Markets Today: Shopping to the very end

Markets Today: Shopping to the very end

22 August 2022

NAB's Rodrigo Catril says the Canadians are out shopping; we also saw a big increase in purchase prices in Germany, in fact the largest monthly rise since 1949.

Markets Today: Shopping to the very end
Markets Today: Retail, wages and RBNZ

Markets Today: Retail, wages and RBNZ

17 August 2022

After a negative start, US equities managed to end the day in positive territory supported by better than expected earnings reports from retailers.

Markets Today: Retail, wages and RBNZ
NAB’s World on Two Pages – August 2022

NAB’s World on Two Pages – August 2022

12 August 2022

We now forecast the global economy to expand by 3.0% in 2022 before slowing to 2.5% in 2023. For Australia, we have pulled back our near-term growth forecasts, with high frequency data showing a slowing in consumption growth. Following growth of 2.2% during 2022, we continue to see below-trend growth of 1.6% through 2023 and 1.8% through 2024.

NAB’s World on Two Pages – August 2022

Insight

Markets Today: False hope on easing inflation?

Markets Today: False hope on easing inflation?

11 August 2022

It was all about US CPI overnight with markets reacting sharply to a lower than expected print with Equity and FX markets taking the CPI miss as a positive signal, taking some pressure off the Fed and a sign that inflation has peaked.

Markets Today: False hope on easing inflation?
Markets Today: Inflation Day

Markets Today: Inflation Day

10 August 2022

There was no let-up in elevated price pressures in the July NAB Business Survey published yesterday, with price indicators accelerating further from the already record highs of recent months.

Markets Today: Inflation Day
Markets Today: Markets in Limbo

Markets Today: Markets in Limbo

9 August 2022

China is continuing its military drills around Taiwan, but that hasn’t impacted markets apart from gold (+0.7% to 1,787.61) retaining some slight geopolitical risk premium.

Markets Today: Markets in Limbo
Markets Today: US jobs market too hot for the Fed?

Markets Today: US jobs market too hot for the Fed?

8 August 2022

An all-round stronger than expected US employment report Friday dominated the end-of-week market price action; whether they extend or at least partially reverse this week hinges in large part on Wednesday’s US July CPI data.

Markets Today: US jobs market too hot for the Fed?
The AUD in July 2022

The AUD in July 2022

2 August 2022

The AUD/USD opened the month at 0.6903, fell to its monthly low of 0.6682 on July 14 and made a high of 0.7032 on July 29 before closing the month at 0.6985.

The AUD in July 2022
AMW: RBA Review, No need to shift inflation target

AMW: RBA Review, No need to shift inflation target

27 July 2022

The Terms of Reference for the RBA Review have been finalised, the three-member review panel appointed, and March 2023 set as a deadline for a final report containing recommendations to the Government. In this Weekly, we look at what to expect.

AMW: RBA Review, No need to shift inflation target
MT: Shares down, consumers change focus

MT: Shares down, consumers change focus

27 July 2022

More price increases are likely for food and grocery. If they continue to rise in Q3 and Q4, it is hard to see US core inflation numbers moderate sufficiently for the Fed to pivot.

MT: Shares down, consumers change focus
Markets Today: Softer data, harder RBA

Markets Today: Softer data, harder RBA

25 July 2022

A round of softer than expected PMIs on Friday added further fuel to ongoing concerns over a global economic slowdown with the move into contractionary mode for both the EuroZone composite and US Services PMIs the main culprits.

Markets Today: Softer data, harder RBA
Markets Today: ECB makes it to zero

Markets Today: ECB makes it to zero

22 July 2022

The ECB hiked rates by a more-than-expected 50bps, taking the deposit rate back to 0% and ending its negative interest rate policy that has been in place since 2014

Markets Today: ECB makes it to zero
NAB’s World on Two Pages – July 2022

NAB’s World on Two Pages – July 2022

15 July 2022

Globally, major central banks continue to tighten monetary policy in response to the highest inflation in decades, thereby straining household finances and leading to falls in asset prices. For Australia, we have not changed our view on the underlying trajectory for the economy but see greater risk for household consumption on the back of higher rates and inflation.

NAB’s World on Two Pages – July 2022

Insight

The AUD in June 2022

The AUD in June 2022

1 July 2022

The AUD/USD opened the month at 0.7170, made a high of 0.7283 on June 3 and fell to its monthly low of 0.6851 on June 15.

The AUD in June 2022
Focus on supply chain risk

Focus on supply chain risk

27 June 2022

The ongoing disruption of the pandemic and Russia and Ukraine conflict have highlighted the need for a different approach to global logistics.

Focus on supply chain risk
Markets Today: Turning up the rhetoric

Markets Today: Turning up the rhetoric

20 June 2022

US and European equities showed signs of stabilisation on Friday, but still ended with sharp declines on the week which was not helped by Fed Chair Powell's words that the Fed has unconditional commitment to restoring price stability.

Markets Today: Turning up the rhetoric
NAB’s World on Two Pages – June 2022

NAB’s World on Two Pages – June 2022

17 June 2022

Global inflation remains high and showing no signs of easing, placing pressure on household finances. For Australia, we have lowered our GDP forecast for this year and next, upped our near-term inflation outlook and incorporated a new, front loaded rate track for the RBA.

NAB’s World on Two Pages – June 2022

Insight

Markets Today: ECB set to turn up the dial

Markets Today: ECB set to turn up the dial

10 June 2022

Announcing the end of the Asset Purchase Programme (APP) as of July 1, the ECB also pre-announced a 25bps rise in interest rates out of its July meeting with a further rise planned out of the Sept meeting.

Markets Today: ECB set to turn up the dial
The AUD in May 2022

The AUD in May 2022

1 June 2022

AUD/USD hit a near two-year low of 0.6829 on May 13 after hitting its highest May prints earlier in the month (0.7266, seen on both May 4 and 5).

The AUD in May 2022
FX innovation powers sustainability goals

FX innovation powers sustainability goals

30 May 2022

NAB’s first sustainability-linked foreign exchange (FX) derivative aligns environmental, social and governance (ESG) targets with financial risk management for a major London-listed infrastructure investment company.

FX innovation powers sustainability goals
AMW: Delving deeper into the NAB Survey on costs & prices

AMW: Delving deeper into the NAB Survey on costs & prices

17 May 2022

It’s clear that with unemployment close to full employment levels and inflation way above target and forecast to rise higher, Australian interest rate settings should no longer be anywhere close to the emergency low settings implemented in the pandemic.

AMW: Delving deeper into the NAB Survey on costs & prices
NAB’s World on Two Pages – May 2022

NAB’s World on Two Pages – May 2022

13 May 2022

We now expect the global economy to grow by around 3.4% in 2022 and 2023. For Australia, we continue to be optimistic on the economy expecting above-trend growth this year and ongoing strength in the labour market.

NAB’s World on Two Pages – May 2022

Insight

Markets Today: RBA will hike next week

Markets Today: RBA will hike next week

28 April 2022

News of Russia’s decision to cut gas supply to Poland and Bulgaria triggered a 30% jump in EU gas prices at the open before eventually settling 10% higher.

Markets Today: RBA will hike next week
Affordable housing insights from the UK

Affordable housing insights from the UK

26 April 2022

The rise in ESG investing can help address gaps in Australia’s affordable and specialist housing sector through innovative funding models, NAB’s experience in the UK shows.

Affordable housing insights from the UK
NAB’s World on Two Pages – April 2022

NAB’s World on Two Pages – April 2022

14 April 2022

The global economic outlook remains clouded by numerous factors, however, we expect that the global economy will grow by 3.7% in 2022 and then slow to a trend- like 3.5% in 2023. For Australia, GDP is expected to grow by a strong 3.4% this year – supported by healthy growth in consumption and ongoing gains in business investment.

NAB’s World on Two Pages – April 2022

Insight

Cashless Retail Sales Index: March 2022

Cashless Retail Sales Index: March 2022

13 April 2022

March has seen smoother retail prospects when compared to the very choppy conditions across January and February, with our forecast pointing to moderate growth in the month.

Cashless Retail Sales Index: March 2022

Insight

NAB’s World on Two Pages – March 2022

NAB’s World on Two Pages – March 2022

11 March 2022

Globally, the conflict between Russia and Ukraine has caused a significant spike in energy prices – reflecting the importance of Russia in the production and export of oil, natural gas and coal, in combination with limited additional supply elsewhere. Locally, the war in Europe poses risks on both the activity and nominal sides of the economy, uncertainty is now highly elevated – but the central-case for Australia’s economy largely remains strong.

NAB’s World on Two Pages – March 2022

Insight

Markets Today: A glimmer of hope

Markets Today: A glimmer of hope

9 March 2022

Markets remain volatile unable to confidently price implications from the news flow given the complex state of the global economy

Markets Today: A glimmer of hope
Markets Today: Powell, Putin and Prices

Markets Today: Powell, Putin and Prices

4 March 2022

EU considering further measures against Russia overnight which would allow them to impose tariffs and quotas to Russian exports, further disrupting global trade.

Markets Today: Powell, Putin and Prices
Markets Today: Hiking away from the fighting

Markets Today: Hiking away from the fighting

3 March 2022

Russia’s Ukraine invasion and sanctions continue to roil commodity markets which were already tight given the increase in demand from a reopening global economy and low inventories

Markets Today: Hiking away from the fighting
The AUD in February 2022

The AUD in February 2022

2 March 2022

Despite being the month when Russia invaded Ukraine, the high-low range in AUD/USD was less than in January.

The AUD in February 2022
NAB’s World on Two Pages – February 2022

NAB’s World on Two Pages – February 2022

14 February 2022

Globally the Omicron variant of COVID-19 has spread rapidly; the sheer number of cases is disrupting economic activity as infected workers are forced to isolate. In Australia, we have revised up the expected rebound in Q4 GDP, but pulled down Q1 2022 as the spread of omicron weighs on the economy through both consumer caution as well as disruption to business.

NAB’s World on Two Pages – February 2022

Insight

Equity capital markets: riding the rollercoaster

Equity capital markets: riding the rollercoaster

9 February 2022

Volatility in equity capital markets has been a key feature of the past year’s activity and factors such as COVID-19, geopolitical tensions, global economic growth, interest rates and inflation will all have an impact in 2022.

Equity capital markets: riding the rollercoaster
Big year ahead for USPP

Big year ahead for USPP

9 February 2022

The resilience of the US private placements market was evident through 2021 and the indicators for 2022 look even better.

Big year ahead for USPP
Taking a global view

Taking a global view

9 February 2022

NAB’s global debt syndicate teams share their insights on Asia, the US, Europe and the UK debt markets for the year ahead.

Taking a global view
Outlook for listed investment vehicles

Outlook for listed investment vehicles

9 February 2022

Investors are seeking diversified unique investment alternatives more than ever, with further opportunities opening up this year as managers deploy a range of actions to provide value.

Outlook for listed investment vehicles
Evolving securitisation: what to expect in 2022

Evolving securitisation: what to expect in 2022

9 February 2022

Expert views on the year ahead from NAB’s market-leading securitisation team, recognised as Australian Securitisation House of the Year for the 10th year running at the 2021 KangaNews Awards.

Evolving securitisation: what to expect in 2022
The AUD in January 2022

The AUD in January 2022

2 February 2022

It was an eventful start to the year, AUD/USD tracing out a range from a high of 0.7314 (Jan 13) to a low of 0.6965 (Jan 30)

The AUD in January 2022
The AUD in December 2021

The AUD in December 2021

11 January 2022

AUD/USD made its low point for the year on Dec.3 at 0.6993 – the pair’s only foray below 0.7000 in 2021.

The AUD in December 2021
NAB’s World on Two Pages – December 2021

NAB’s World on Two Pages – December 2021

17 December 2021

For Australia the Q3 national accounts showed a smaller hit to activity than we had expected but we continue to see a very strong snap back in activity in Q4. Globally, advanced economy growth was robust in Q3, and a similar outcome is expected in Q4 albeit with a shift in the source of growth away from Europe towards the US and Japan.

NAB’s World on Two Pages – December 2021

Insight

Markets Today: WHO offers a shot in the arm for markets

Markets Today: WHO offers a shot in the arm for markets

2 December 2021

The US CDC has just identified the first case of Omicron in the United States – joining the UK, Switzerland and Brazil overnight – at a time when US infection rates of the delta variant had already started creeping back up.

Markets Today: WHO offers a shot in the arm for markets
The AUD in November 2021

The AUD in November 2021

1 December 2021

The overwhelming negative influence late in the month was the emergence of the Omicron covid-19 variant and doubts over the efficacy of existing vaccines against this strain and all that might imply for the global economic re-opening process.

The AUD in November 2021
Markets Today: The bounce, the restrictions, the uncertainty

Markets Today: The bounce, the restrictions, the uncertainty

30 November 2021

Global markets have seen a modest retracement of many of last Friday’s violent ‘risk-off’ moves, with equities higher in Europe, so too US government yields up, as too is oil, but in all cases to nowhere near Friday’s closing levels.

Markets Today: The bounce, the restrictions, the uncertainty
Place matters: ESG and communities

Place matters: ESG and communities

23 November 2021

As part of NAB’s Bank for Transition interview series we speak to Associate Professor Rae Dufty-Jones and Dr Neil Perry from Western Sydney University on the future of building sustainable communities and how government is listening.

Place matters: ESG and communities
COP26 week two: It’s a wrap

COP26 week two: It’s a wrap

15 November 2021

After the fanfare of the opening statements and commitments, the second week at Glasgow meant bridging divides to reach a consensus deal in extra time as the Paris 2015 ambitions start to take flight.

COP26 week two: It’s a wrap
NAB’s World on Two Pages – November 2021

NAB’s World on Two Pages – November 2021

12 November 2021

We have trimmed our global economic forecasts this month to 5.7% for 2021, however should this occur, it would still be the strongest rate of growth since 1973. For Australia, our internal data and NAB Monthly Business Survey indicate the economy is again rebounding strongly as NSW and Vic reopen following the extended lockdowns through mid-2021.

NAB’s World on Two Pages – November 2021

Insight

Markets Today: Have a little faith

Markets Today: Have a little faith

12 November 2021

The US has been out for Veterans Day, though stock markets have been open and have recouped a little of their pre and post US CPI losses

Markets Today: Have a little faith
Cashless Retail Sales Index: October 2021

Cashless Retail Sales Index: October 2021

10 November 2021

Retail conditions in lockdown-affected areas have clearly been challenging for many businesses, but with reopening here, consumers are bouncing back and spending has returned.

Cashless Retail Sales Index: October 2021

Insight

AMW: Government Debt and RBA balance sheet unwind musings

AMW: Government Debt and RBA balance sheet unwind musings

9 November 2021

In this Weekly we look at Australia’s latest monthly deficit figures ahead of MYEFO in December, which show the deficit is set to come in much better than expected even with Sydney, Melbourne and Canberra having been in lockdown

AMW: Government Debt and RBA balance sheet unwind musings
COP26 week one: key takeaways

COP26 week one: key takeaways

5 November 2021

While the world’s press and pundits assess the ongoing talks in Glasgow, we look at what’s happened so far and what to expect during this crucial time for climate action.

COP26 week one: key takeaways
ESG and equity: positioning for success

ESG and equity: positioning for success

4 November 2021

A new NAB report offers insights into how asset managers are incorporating sustainability metrics into their investing activities and what companies can do to develop best-in-class strategies.

ESG and equity: positioning for success
Markets Today: Tighter but taking time

Markets Today: Tighter but taking time

4 November 2021

No surprises from the FOMC in its formal policy pronouncement, the Fed announcing a November start to the QE tapering process at the as-expected pace of $15bn per month.

Markets Today: Tighter but taking time
The AUD in October 2021

The AUD in October 2021

1 November 2021

The RBA’s failure to buy the bond in the days following the Q3 CPI report convinced the market the YCC target at least in current form, was set to be formally abandoned out of the 2 November Board meeting.

The AUD in October 2021
Markets Today: Going bond crazy

Markets Today: Going bond crazy

1 November 2021

US equities have remained resilient and oblivious to the volatility seen in rates markets amid increasing concerns over higher inflation and the prospect of Fed funds rate hikes coming sooner than expected.

Markets Today: Going bond crazy
Markets Today: Going bond crazy

Markets Today: Going bond crazy

28 October 2021

A volatile night for rates markets with short-end rates shooting up driven by hawkish signals from yesterday’s Aussie Q3 CPI and Bank of Canada meeting, but longer-end rates tumbling after the UK budget showed a sharply lower debt profile.

Markets Today: Going bond crazy
Markets Today: Powell wants time to heal

Markets Today: Powell wants time to heal

25 October 2021

Friday’s main economic events, namely the ‘flash’ PMIs, tell us that there is little reason to fear stagnation, for the time being at least, given still elevated levels for all readings across Europe and the US.

Markets Today: Powell wants time to heal
ESG and capital report: equity

ESG and capital report: equity

20 October 2021

Companies with strong ESG characteristics are experiencing increased availability of equity and a reduced cost of equity.

ESG and capital report: equity
NAB’s World on Two Pages – October 2021

NAB’s World on Two Pages – October 2021

15 October 2021

We have revised our global economic forecasts lower – to 5.9% for 2021. For Australia, a very sharp fall in activity in Q3 is locked in however we continue to expect a solid rebound in Q4 , and strong growth continuing into early 2022.

NAB’s World on Two Pages – October 2021

Insight

Markets Today: Soft jobs numbers won’t dampen Fed’s tapering intention

Markets Today: Soft jobs numbers won’t dampen Fed’s tapering intention

11 October 2021

US September payrolls were a big miss, but strong revisions to prior months alongside a decline in the unemployment rate and lift in hourly earnings resulted in a relative subdued reaction by markets, suggesting the figures were strong enough to keep the Fed on track to begin its QE tapering programme in November.

Markets Today: Soft jobs numbers won’t dampen Fed’s tapering intention
Markets Today: Where is the safe haven?

Markets Today: Where is the safe haven?

7 October 2021

Words from politicians of various stripes have gone a little way to alleviating two of the major concerns currently plaguing global markets, namely the ongoing energy crisis centred on Europe and the looming deadline for lifting or scrapping the US debt ceiling

Markets Today: Where is the safe haven?
NAB Corporate Cash Index: Q2 2021

NAB Corporate Cash Index: Q2 2021

6 October 2021

The NAB Corporate Cash Index draws on our own Corporate and Institutional Banking client insight analytics to reveal cash management trends.

NAB Corporate Cash Index: Q2 2021
Markets Today: Hospital

Markets Today: Hospital

4 October 2021

US equities finish last week strongly with positive trial results from Merck's Covid treatment drug helping sentiment.

Markets Today: Hospital
The AUD in September 2021

The AUD in September 2021

1 October 2021

Forces acting on the AUD (and other commodity linked currencies) independent of USD strength in September were largely China related.

The AUD in September 2021
AMW: RBA review?

AMW: RBA review?

21 September 2021

In this weekly we look at the recent reviews done at the Fed and the RBNZ to glean what a review into the RBA may recommend.

AMW: RBA review?
Markets Today: Evergrande Contagion Fears

Markets Today: Evergrande Contagion Fears

21 September 2021

A torrid day for Hong Kong’s hang Seng index yesterday, driven by sharp fall in property sector stocks and led by a 16% fall in Evergrande ahead of Thursday’s bond coupon payment day, spilled over to the global arena on Monday with equities down sharply, bond yields lower and safe haven currencies in the ascendancy.

Markets Today: Evergrande Contagion Fears
NAB’s World on Two Pages – September 2021

NAB’s World on Two Pages – September 2021

17 September 2021

COVID 19 remains the main risk to the global economic outlook, while in Australia the key risks to our forecasts remain the timing and pace of the easing in restrictions, and further out, the underlying pace of growth as the impact of policy measures fades.

NAB’s World on Two Pages – September 2021

Insight

Markets Today: High hopes or buying the dip?

Markets Today: High hopes or buying the dip?

16 September 2021

The lift in equities appears to be a case of ‘buy the dip’ with an absence of any positive news flow apart from the very second-tier Empire Fed Manufacturing Survey which surprised sharply to the upside.

Markets Today: High hopes or buying the dip?
AMW: What else happened at Jackson Hole?

AMW: What else happened at Jackson Hole?

14 September 2021

At the Fed’s annual Jackson Hole conference, markets understandably reacted to US Fed Chair Powell’s speech which effectively significantly divorced tapering from rate hikes.

AMW: What else happened at Jackson Hole?
Markets Today: Oil higher and RBA’s Lowe-down

Markets Today: Oil higher and RBA’s Lowe-down

14 September 2021

It has been a slow start to the week with little in the way of market moves outside of commodities. Markets overall appear to be in a holding pattern ahead of US CPI figures tonight and the FOMC next week . The S&P500 swung between small gains and losses to finish up 0.2% after five consecutive days of losses, helped along by energy stocks.

Markets Today: Oil higher and RBA’s Lowe-down
Markets Today: Three reasons to be cautious

Markets Today: Three reasons to be cautious

13 September 2021

After a positive APAC lead, equities came under pressure again on Friday night following news the Biden administration was considering a new investigation into Chinese subsidies and their damage to the US economy

Markets Today: Three reasons to be cautious
Markets Today: ECB, calibrating not tapering

Markets Today: ECB, calibrating not tapering

10 September 2021

As expected, the ECB will moderate its Pandemic Emergency Purchase Program (PEPP) bond buying pace in Q4 with its December meeting now a key event. China makes historic sale of oil reserves weighing on oil prices.

Markets Today: ECB, calibrating not tapering
Markets Today: RBA ready for the bounce back, eventually

Markets Today: RBA ready for the bounce back, eventually

8 September 2021

US investors have returned from the long weekend in a cautious mood. US and EU equities are broadly weaker with big tech outperforming, helping the NASDAQ stay on the green. Core yields are also higher with supply and ECB meeting on Thursday factors at play.

Markets Today: RBA ready for the bounce back, eventually
Markets Today: COVID versus the central banks

Markets Today: COVID versus the central banks

7 September 2021

US markets being out for the Labor Day holiday hasn’t prevented global equity markets forging ahead. The US dollar has recouped a little of its (further) losses seen post last Friday’s US payrolls report and since AUD and NZD have been the two biggest beneficiaries of USD slippage of late, no great surprise they have lost a little more than most other currencies overnight.

Markets Today: COVID versus the central banks
NAB Renewables Survey: August 2021

NAB Renewables Survey: August 2021

3 September 2021

NAB’s second Renewables Survey shows the transition to renewable energy by Australian businesses remains slow but there's a growing recognition of the social and reputational benefits.

NAB Renewables Survey: August 2021
Markets Today: Markets defensive on fears of slower jobs growth

Markets Today: Markets defensive on fears of slower jobs growth

2 September 2021

Ahead of US payrolls on Friday the decline in ADP private payrolls report overshadowed a better than expected ISM manufacturing print. The ADP miss points to downside risk to payrolls on Friday (the bad news), implying a likely delay to the Fed’s tapering decision (the good news).

Markets Today: Markets defensive on fears of slower jobs growth
AMW: Why activity will bounce once lockdown restrictions are eased

AMW: Why activity will bounce once lockdown restrictions are eased

31 August 2021

In this Weekly we argue why we think activity should again rebound sharply once lockdown restrictions are eased. Key to how sharply activity can rebound is will people feel confident to resume activity and have household and business balance sheets been sufficiently insulated from recent outbreaks?

AMW: Why activity will bounce once lockdown restrictions are eased
Markets Today: Hold on for the payrolls

Markets Today: Hold on for the payrolls

31 August 2021

A quiet night with markets continuing to bask in the glow of Powell’s Jackson Hole speech. The explicit de linking of tapering to rate rises has allowed equity markets to rally, while yields have moved lower. The S&P500 rose 0.4% overnight and is up 1.3% since Jackson Hole on Friday.

Markets Today: Hold on for the payrolls
Markets Today: Powell maintains taper silence

Markets Today: Powell maintains taper silence

30 August 2021

The lack of a starting QE gun alongside a strong message that there is a stricter test for rate hikes compare to QE tapering resulted in a risk positive reaction to the much-awaited Fed Chair Powell’s Jackson Hole speech on Friday. A QE tapering decision remains live, although now November looks more likely than September.

Markets Today: Powell maintains taper silence
ESG investing: what does it take to do it well?

ESG investing: what does it take to do it well?

27 August 2021

The pandemic has added to the sense of urgency around sustainability challenges the world faces. More than ever, investors are interested in ESG. But what tools are required to do it well?

ESG investing: what does it take to do it well?

Article

Markets Today: High hopes keep getting higher

Markets Today: High hopes keep getting higher

26 August 2021

In a low trading environment, equities have edged higher again with procyclical sectors leading the way. The bond market continues to catch up to the positive vibes evident in other markets with core yields higher across the board.

Markets Today: High hopes keep getting higher
Markets Today: More jabs, more optimism, higher Aussie dollar

Markets Today: More jabs, more optimism, higher Aussie dollar

25 August 2021

Another day of equity gains and commodities prices. Markets are still basking in the glow of the Pfizer/BioNTech vaccine having received regulatory approval on Monday. China’s delta outbreak also appears to be under control with two consecutive days of no new domestic cases.

Markets Today: More jabs, more optimism, higher Aussie dollar
Markets Today: Markets turn giddy on COVID news

Markets Today: Markets turn giddy on COVID news

24 August 2021

Risk assets have enjoyed a positive start to the new week with European and US equities extending Friday’s rebound. After a positive lead from Asia, European and US equities closed the Monday session with gains across the board, extending Friday’s rebound.

Markets Today: Markets turn giddy on COVID news
AMW: Australia’s path to reopening in international context

AMW: Australia’s path to reopening in international context

24 August 2021

The NSW and Victorian outbreaks remain stubbornly high in the face of strict lockdown measures, renewing focus on vaccinations as the path forward. The vaccination rollout is finding its gear, led by a sharp acceleration in NSW, putting the rollout on track to meet reopening thresholds by November.

AMW: Australia’s path to reopening in international context
Markets Today: Kaplan’s hawkish wings are clipped

Markets Today: Kaplan’s hawkish wings are clipped

23 August 2021

Mid-morning in Friday’s US trading day, Bob Kaplan said he may rethink his call for the Fed to quickly start to taper its $120 billion per month in bond purchases if it looks like the spread of the coronavirus delta variant is slowing economic growth. This didn’t have a big impact on bonds, but we can date the start of the run-up in US equity indices and a pull back in the USD to his comments hitting the screens, testament to the ongoing sensitivity the currency and risk markets are exhibiting to the question of when QE tapering starts.

Markets Today: Kaplan’s hawkish wings are clipped
Markets Today: Central banks holding back

Markets Today: Central banks holding back

19 August 2021

Following a fair amount of volatility in the immediate wake of the FOMC Minutes US equities are lower, bond yields and the USD are lower, the latter allowing the AUD some relief after posting a new year-to-date low of 0.7229 in the run up to the Minutes, but the gains are already proving hard to hold.

Markets Today: Central banks holding back
AMW: Acute lockdown impacts being seen in the labour market

AMW: Acute lockdown impacts being seen in the labour market

17 August 2021

Lockdowns in Australia are likely to have a very acute impact on the economy, much more than what the RBA had pencilled in only a week ago. While NAB still expects a sharp rebound in activity when restrictions ease, the near-term impact is likely to be larger with lockdowns extending beyond Sydney (e.g. NSW, Melbourne and ACT).

AMW: Acute lockdown impacts being seen in the labour market
Markets Today: China’s slowdown gives confidence another blow

Markets Today: China’s slowdown gives confidence another blow

17 August 2021

The much weaker than expected China data, lack of encouraging covid news over the weekend – no more so than in Australia – and the news out of Afghanistan which adds another dimension to ever-present geopolitical concerns (in this case, international terrorism) perennially cited as a risk to positive market sentiment – haven’t prevented the S&P 500 closing at a new record high.

Markets Today: China’s slowdown gives confidence another blow
Markets Today: Back to uncertainty

Markets Today: Back to uncertainty

16 August 2021

US consumer sentiment plunges to below pre-pandemic levels with yields tumbling (US 10yr -8.2bps), but equities steady to higher with the S&P500 +0.2% to a new record high. For bonds, the plunge in consumer sentiment is an amber signal for the near-term, which if realised in real activity may impact on the timing and form of tapering and puts the focus squarely on retail sales on Tuesday

Markets Today: Back to uncertainty
NAB’s World on Two Pages – August 2021

NAB’s World on Two Pages – August 2021

13 August 2021

Due to lockdowns, we expect to see a large hit to activity in Australia in Q3. Our global growth forecast for 2021 is marginally weaker this month, 6.2% compared with 6.3% previously.

NAB’s World on Two Pages – August 2021

Insight

Markets Today: On the road to nowhere

Markets Today: On the road to nowhere

13 August 2021

Quiet night but S&P 500 ekes out a third successive record daily close. Stronger than expected US PPI a reminder that supply chain disruptions are still with us.

Markets Today: On the road to nowhere
Markets Today: Inflation the way the Fed wanted it

Markets Today: Inflation the way the Fed wanted it

12 August 2021

US inflation moderates, taking the pressure down a notch and playing into the Fed’s transitory narrative. It’s no surprise to see yields and the USD lower in the wake. The US 10yr fell 1.5bps to 1.33%, though CPI was the catalyst for a larger fall after it reached an intra-day high of 1.3743%.

Markets Today: Inflation the way the Fed wanted it
Markets Today: Code red, but focus is on the Fed

Markets Today: Code red, but focus is on the Fed

10 August 2021

Markets opened with a cautious mood to start the week , reflecting on both the stellar US payrolls report on Friday and the surge in the delta variant which has seen China tighten restrictions and Israel contemplate another lockdown. The Fed’s Bostic was the first voter to speak post payrolls, indicating that the Fed should taper after one or two more payroll prints.

Markets Today: Code red, but focus is on the Fed
AMW: RBA’s SoMP sees markets bring forward RBA pricing again

AMW: RBA’s SoMP sees markets bring forward RBA pricing again

9 August 2021

Strong US Payrolls print, cementing expectations of a taper announcement at an upcoming FOMC meeting (September, November or December). As tapering becomes more certain, market focus will quickly change to the likely rate hike profile. Recent speeches by Fed Vice-Chair Clarida and Governor Brainard hint how this will evolve.

AMW: RBA’s SoMP sees markets bring forward RBA pricing again
Markets Today: US jobs – is this ‘substantial progress’

Markets Today: US jobs – is this ‘substantial progress’

8 August 2021

Friday was all about US payrolls and the report did not disappoint. Along with solid employment gains, there were improvements in the other metrics of the US labour market edging us one step closer to a Fed tapering announcement. Market reaction to the data saw the UST curve bear steepened with the 10y UST Note testing 1.30% while the USD ended the day broadly stronger.

Markets Today: US jobs – is this ‘substantial progress’
Markets Today: Watch Germany go

Markets Today: Watch Germany go

6 August 2021

The S&P500 (+0.6%) hit another record high ahead of US Payrolls later tonight. Payrolls of course key to the Fed’s decision on the timing and pace of tapering (see Coming Up for details). Market moves elsewhere were more limited

Markets Today: Watch Germany go
The AUD in July 2021

The AUD in July 2021

2 August 2021

The AUD failed to benefit from the generally weaker USD, in contrast to all other major currencies which rose during the last week of July. From mid-month, a very sharp fall-back in iron ore prices, albeit a commodity with a very fickle and sometimes non-existent short term relationship with the AUD, drew attention

The AUD in July 2021
Markets Today: Has China fallen out of love with Aussie iron ore?

Markets Today: Has China fallen out of love with Aussie iron ore?

2 August 2021

Lots of economic data to digest on Friday but none of which had a major impact on markets, while Saturday’s China official PMI data showing a further (and bigger than expected) fall in its Manufacturing Index threatens to play with the grain of recent AUD underperformance.

Markets Today: Has China fallen out of love with Aussie iron ore?
Markets Today: US GDP was better than it looks

Markets Today: US GDP was better than it looks

30 July 2021

US Q2 GDP was the data release to watch overnight and while the print missed expectations, a healthier US consumer that seemingly can’t get enough was the bright spot and carried the day.

Markets Today: US GDP was better than it looks
Markets Today: Markets turn as Powell reaffirms ‘some way to go’

Markets Today: Markets turn as Powell reaffirms ‘some way to go’

29 July 2021

A couple of comments from the Fed chair during the post-FOMC meeting Statement have been responsible for most of the market price action, notably, Powell’s remarks “we’re some ways away from substantial progress on jobs” and that “the Fed is nowhere near considering raising rates”.

Markets Today: Markets turn as Powell reaffirms ‘some way to go’
Markets Today: Rocky road for China investors

Markets Today: Rocky road for China investors

28 July 2021

For the first time, we are now seeing contagion from the sell-off in Hong Kong and US-listed Chinese shares, to global markets – the NASDAQ in particular, ending the day down 1.2% in front of the earnings results from Apple, Alphabet and Microsoft.

Markets Today: Rocky road for China investors
Markets Today: Real yields reach lows, vaccine reach slows

Markets Today: Real yields reach lows, vaccine reach slows

27 July 2021

After an initial hint of contagion, European and US equities looked past Asian concerns over China’s regulatory crackdown, closing the day with modest gains at or near record highs. Meanwhile the real story in the rates markets has been the record move decline in the 10y US real rate.

Markets Today: Real yields reach lows, vaccine reach slows
AMW: Vaccinations and the path out of the pandemic

AMW: Vaccinations and the path out of the pandemic

27 July 2021

The Sydney lockdown is in its fifth week and looks set to be extended well beyond July 30. Given the high transmission rates of the delta variant, snap lockdowns are likely to remain a ‘tool of first resort’ in controlling the virus until vaccination rates lift.

AMW: Vaccinations and the path out of the pandemic
NAB’s World on Two Pages – July 2021

NAB’s World on Two Pages – July 2021

16 July 2021

COVID-19 remains the most significant risk for our global outlook. While in Australia, the current virus outbreak in NSW and associated lockdowns/border closures highlights the uncertainty around economic forecasting at present.

NAB’s World on Two Pages – July 2021

Insight

Markets Today: Cautious for no clear reason

Markets Today: Cautious for no clear reason

16 July 2021

There’s more caution in the markets today, even though numbers out of Australia, the US and China were better than expected. There’s a bit of battle fatigue hitting the market says NAB’s David de Garis.

Markets Today: Cautious for no clear reason
AMW: What to look out for in Australian inflation

AMW: What to look out for in Australian inflation

6 July 2021

Q2 CPI is just under four weeks away (on Wednesday July 28). In this week’s Weekly we have a first look at what CPI may print and highlight why we believe Core CPI is likely to remain subdued despite the pick-up seen in core inflation in the US, NZ and Canada.

AMW: What to look out for in Australian inflation
Markets Today: Payrolls just the job for Goldilocks

Markets Today: Payrolls just the job for Goldilocks

5 July 2021

The Fed will not see the need to act swiftly after Friday’s payrolls numbers, but it will be a different story for thew RBA tomorrow. NAB’s Tapas Strickland says, given the improvements in the Australian economy, the need to run QE at $100 billion every six months is not there anymore.

Markets Today: Payrolls just the job for Goldilocks
Markets Today: The last day of treading water

Markets Today: The last day of treading water

2 July 2021

Despite lots of data for markets to chew over, they are looking for a directional lead from non-farm payrolls, says NAB’s Gavin Friend. Whether they’ll get it or not is the question.

Markets Today: The last day of treading water
NAB Corporate Cash Index: Q1 2021

NAB Corporate Cash Index: Q1 2021

1 June 2021

The NAB Corporate Cash Index draws on our own Corporate and Institutional Banking client insight analytics to reveal cash management trends.

NAB Corporate Cash Index: Q1 2021
AMW: How to assess the Australian budget

AMW: How to assess the Australian budget

10 May 2021

The Federal Budget will continue phase 1 of the Government’s fiscal strategy which seeks to secure Australia’s economic recovery from COVID by growing the economy to lower unemployment.

AMW: How to assess the Australian budget
The AUD in April 2021

The AUD in April 2021

3 May 2021

The AUD/USD traded in a 2.86c range in April with a low of 0.7532 recorded on the first day of the month while a high of 0.7818 printed on April 29.

The AUD in April 2021
AMW: Inflation?

AMW: Inflation?

20 April 2021

The signals to watch to see if central banks are right or wrong.

AMW: Inflation?
NAB’s World on Two Pages – April 2021

NAB’s World on Two Pages – April 2021

16 April 2021

High frequency indicators continue to point to a recovery in the global economy in early 2021. In Australia, the economic recovery continues at a brisk pace with forward indicators pointing toward ongoing strength in activity and the labour market, even as some fiscal support is wound back.

NAB’s World on Two Pages – April 2021

Insight

Cashless Retail Sales Index: March 2021

Cashless Retail Sales Index: March 2021

14 April 2021

2021 is already showing signs that the retail sector is returning to something resembling “normal”, which is likely to see lower retail spending in areas like household goods, electronics and similar sectors.

Cashless Retail Sales Index: March 2021

Insight

Markets Today: Vaccine concerns

Markets Today: Vaccine concerns

9 April 2021

Australia has become the latest nation to express concern about the use of the Astra Zeneca vaccines on young people, except here young is anyone under 50.

Markets Today: Vaccine concerns
NAB’s World on Two Pages – March 2021

NAB’s World on Two Pages – March 2021

12 March 2021

Rising restrictions to combat a resurgence in the spread of COVID-19 towards the end of 2020 slowed the global recovery but did not derail it. In Australia, the economy continues to recover at a rapid pace.

NAB’s World on Two Pages – March 2021

Insight

Minerals & Energy Outlook: March 2021

Minerals & Energy Outlook: March 2021

10 March 2021

COVID-19 continues to present some uncertainty around the outlook, particularly with the rollout of vaccines to emerging markets lagging that of advanced economies.

Minerals & Energy Outlook: March 2021

Insight

The AUD in February 2021

The AUD in February 2021

1 March 2021

After what in the end turned out to be a month of consolidation for the AUD in January, with a monthly range of a little over two cents and the close only about half a cent lower than the open, February proved to be a much more volatile month.

The AUD in February 2021
Markets Today: A big bond sell-off

Markets Today: A big bond sell-off

26 February 2021

Despite the increasing dovishness of central bankers the markets have been selling government bonds like they are going out of fashion.

Markets Today: A big bond sell-off
Super funds look to updated currency strategies

Super funds look to updated currency strategies

23 February 2021

Turmoil in financial markets can have a dramatic impact on superannuation funds’ currency hedging strategies, the recent Association of Superannuation Funds of Australia conference heard.

Super funds look to updated currency strategies
NAB’s World on Two Pages – February 2021

NAB’s World on Two Pages – February 2021

12 February 2021

The resurgence of COVID-19 in many parts of the world towards the end of 2020, has had a negative impact on the global recovery. Whereas in Australia, economic activity continues to rebound strongly.

NAB’s World on Two Pages – February 2021

Insight

Markets Today: Markets bide their time

Markets Today: Markets bide their time

11 February 2021

Markets have been fairly subdued on the back of soft inflation numbers in the US, and as investors hold off for any revelations from Jerome Powell as he addresses the Economic Club of New York.

Markets Today: Markets bide their time
Sustainable Finance Update February 2021

Sustainable Finance Update February 2021

10 February 2021

According to BNEF, 2020 was a record year for sustainable debt issuance with annual issuance reaching US$732.1 billion across both bond and loan formats, representing a 29% uplift on 2019 levels.

Sustainable Finance Update February 2021
The AUD in January 2021

The AUD in January 2021

1 February 2021

After the big gains during November and December last year, the first month of 2021 has been a period of consolidation for AUD/USD.

The AUD in January 2021
The AUD in December 2020

The AUD in December 2020

11 January 2021

A month ago, we remarked that it was hard to recall a month where AUD/USD made its low point on the first trading day of the month and its high on the last, as was the case in November.

The AUD in December 2020
Markets Today: US pays out whilst UK digs in

Markets Today: US pays out whilst UK digs in

22 December 2020

You might have expected a positive market response as the US politicians reach agreement on a fiscal stimulus bill, particularly as Europe became the latest region to approve a vaccine.

Markets Today: US pays out whilst UK digs in
Financing to support the climate transition

Financing to support the climate transition

16 December 2020

Companies that need to adapt and transition to lower carbon and more sustainable growth are tapping into a range of new sustainability-linked debt offerings to help finance this transition.

Financing to support the climate transition
Sustainable Finance Update December 2020

Sustainable Finance Update December 2020

14 December 2020

Q3 2020 saw increased issuance momentum with a record US$155bn of sustainable finance debt raised fuelled by the COVID-19 pandemic and global sustainability concerns.

Sustainable Finance Update December 2020
NAB’s World on Two Pages – December 2020

NAB’s World on Two Pages – December 2020

11 December 2020

Globally GDP rebounded strongly across all the major advanced economies in Q3, however the spread of COVID-19 remains a key risk to the outlook. In Australia our outlook now resembles the best-case scenario we outlined at the start of the pandemic, although large uncertainties remain, even with a vaccine seemingly close to being rolled out.

NAB’s World on Two Pages – December 2020

Insight

Minerals Energy Outlook: December 2020

Minerals Energy Outlook: December 2020

9 December 2020

Markets have been buoyed by positive COVID-19 vaccine news, which could correspond with stronger economic activity and demand for commodities next year.

Minerals Energy Outlook: December 2020

Insight

Cashless Retail Sales Index: November 2020

Cashless Retail Sales Index: November 2020

9 December 2020

Victorian retail sales are now tracking just behind New South Wales and Queensland on a year ended basis. Western Australia remains the strongest performer, but other states are catching up.

Cashless Retail Sales Index: November 2020

Insight

Liquidity management beyond the crisis

Liquidity management beyond the crisis

3 December 2020

2020 has presented some unique challenges for corporate treasurers. Looking ahead, now is the time for many to review liquidity management strategies to ensure they are well placed as we adjust to a new post COVID-19 normal.

Liquidity management beyond the crisis
The AUD in November 2020

The AUD in November 2020

2 December 2020

It’s hard to recall a month when AUD/USD made its low point on the first trading day of the month and its high on the last.

The AUD in November 2020
Overcoming the COVID-19 supply chain disruption

Overcoming the COVID-19 supply chain disruption

1 December 2020

Thousands of businesses around Australia are re-assessing their supply chains, inventories and financing options to deal with future shocks in the wake of disruptions caused by the pandemic.

Overcoming the COVID-19 supply chain disruption
Markets Today: Gone fishing

Markets Today: Gone fishing

30 November 2020

The pound has already recovered the losses it made on Friday, when Brexit rhetoric was ramped up on both sides of the English Channel.

Markets Today: Gone fishing
Markets Today: Lockdown jitters

Markets Today: Lockdown jitters

20 November 2020

The markets are more focused on the short-term economic hit of lockdowns than the longer-term vaccine fuelled positive outlook.

Markets Today: Lockdown jitters
Markets Today: And another one

Markets Today: And another one

17 November 2020

Markets have been lifted higher on further vaccine news, with Moderna saying their trials have shown 94.5 percent effectiveness.

Markets Today: And another one
Cashless Retail Sales Index: October 2020

Cashless Retail Sales Index: October 2020

11 November 2020

The retail sector has proven to be very resilient this year, although many consumers have changed their spending behaviour, leading to a boom for some retailers and bust for others.

Cashless Retail Sales Index: October 2020

Insight

Markets Today: Markets injected with vaccine furore

Markets Today: Markets injected with vaccine furore

10 November 2020

The markets have scarcely had time to respond to the news that Joe Biden is the next President of the United States than we’re it with the (potentially bigger) news that Pfizer have successfully completed stage three of their COVID-19 vaccine trials, with an astonishing 90% success rate.

Markets Today: Markets injected with vaccine furore
NAB Consumer Anxiety Survey Q3 2020

NAB Consumer Anxiety Survey Q3 2020

5 November 2020

With COVID-19 restrictions easing across much of the country, consumer anxiety has continued to moderate and spending behaviours are shifting.

NAB Consumer Anxiety Survey Q3 2020

Insight

The AUD in October 2020

The AUD in October 2020

2 November 2020

AUD/USD traded a more subdued range in October than in September (less than 2 ½ cents versus more than 4 cents in September).

The AUD in October 2020
Markets Today: Prepare for a bumpy start to November

Markets Today: Prepare for a bumpy start to November

2 November 2020

After the markets finished with a strong equities and bond sell-off on Friday, expect a busy week, with the RBA, the Fed and Bank of England all meeting, with the difficult job of determining how to see the economy through rising infection numbers.

Markets Today: Prepare for a bumpy start to November
Seven lessons on social value

Seven lessons on social value

30 October 2020

We’ve partnered with The Australia—United Kingdom Chamber of Commerce and the New South Wales Government to launch the second business insight report in this three part series: Impact 2020: Seven Lessons in Social Value.

Seven lessons on social value
Markets Today: Don’t be afraid of COVID

Markets Today: Don’t be afraid of COVID

6 October 2020

As the President prepares to leave for the White House there’s still hope that a deal will be reached to pass version 2 of the Heroes Act, adding more stimulus to the US economy.

Markets Today: Don’t be afraid of COVID
Markets Today: One big October surprise

Markets Today: One big October surprise

5 October 2020

Friday was certainly a gamechanger. The US President went into hospital without a clear picture of his condition. Now, it seems he could be returning to the White House as soon as today. So, do the markets take back some of their risk concerns, and focus on the positives of the situation?

Markets Today: One big October surprise
Markets Today: Are bailouts bygones?

Markets Today: Are bailouts bygones?

25 September 2020

Equities were rising again in the US overnight on the hopes that a stimulus deal would be struck between the GOP and Democrats, but as optimism turned to reality, prices fell, the US dollar regained some of its strength and bond yields weakened.

Markets Today: Are bailouts bygones?
AMW: Labour market recovering more quickly than expected

AMW: Labour market recovering more quickly than expected

22 September 2020

Traditionally the labour market has been a lagging indicator of activity. However, in this pandemic it is largely contemporaneous and is thus a good summary indicator of the wider economy as well as being timely given new data sets such as weekly payrolls and regular job ad updates by SEEK and Indeed.

AMW: Labour market recovering more quickly than expected
Reimagining supply chains

Reimagining supply chains

11 September 2020

A rethink of corporate strategies sees a renewed appreciation of the importance of resilience in the supply chain

Reimagining supply chains
NAB’s World on Two Pages – September 2020

NAB’s World on Two Pages – September 2020

11 September 2020

Globally, after massive falls in GDP in Q2 across the advanced economies, the latest indicators are pointing to a substantial, but incomplete, Q3 rebound. In Australia, GDP fell by 7% in Q2 – the largest fall in the history of the quarterly national accounts.

NAB’s World on Two Pages – September 2020

Insight

Markets Today: Pound pummelled

Markets Today: Pound pummelled

11 September 2020

The pound lost further ground today as the EU objected to a new government bill that would unilaterally overturn the Withdrawal Agreement.

Markets Today: Pound pummelled
AMW: the uneven impact of job losses

AMW: the uneven impact of job losses

8 September 2020

Despite strong job gains in June and July, there are still over half a million people who have lost work since March and an unknown number supported by JobKeeper.

AMW: the uneven impact of job losses
Australian GDP Preview: Q2 2020

Australian GDP Preview: Q2 2020

2 September 2020

Q2 GDP fell by a massive 7% (-6.3% y/y), confirming the large hit to economic activity as a result of the shutdown to limit the COVID-19 pandemic.

Australian GDP Preview: Q2 2020

Insight

Technology Fast 50 2020

Technology Fast 50 2020

1 September 2020

Calling today’s tech leaders and future disruptors. Nominations are now open for the Deloitte Technology Fast 50.

Technology Fast 50 2020
ESG investment – an AFR special report

ESG investment – an AFR special report

31 August 2020

Facilitating the flow of capital towards sustainable initiatives and investing in our economy to drive recovery, create jobs and supercharge innovation has never been more important.

ESG investment – an AFR special report
Managing counterparty risk

Managing counterparty risk

28 August 2020

Focussing on the 3 Golden Rules of counterparty risk management will help your business navigate these uncertain times.

Managing counterparty risk
NAB’s World on Two Pages – August 2020

NAB’s World on Two Pages – August 2020

14 August 2020

The global economy continues to recover from the impact of COVID-19. However, there is still a long way back with progress. In Australia, we have downgraded our forecasts due to the containment measures in Victoria.

NAB’s World on Two Pages – August 2020

Podcast

Markets Today: Russian roulette

Markets Today: Russian roulette

12 August 2020

Markets in Europe seem to have been encouraged by the news that Russia is to start vaccinating key workers in the next few weeks.

Markets Today: Russian roulette
Markets Today: No kick from JOLTs

Markets Today: No kick from JOLTs

11 August 2020

The latest JOLTs (job openings) showed there are 5.9 million jobs available, more than expected, but it didn’t give markets any kick.

Markets Today: No kick from JOLTs
Purpose-driven profit

Purpose-driven profit

22 July 2020

A look at how corporate purpose, responsible investment and government leadership are driving greater outcomes for the economy, environment and society.

Purpose-driven profit
NAB Cashless Retail Sales Index: June 2020

NAB Cashless Retail Sales Index: June 2020

15 July 2020

Our data mapping points to a moderate fall in June, following massive swings in March, April and May suggesting there has been some stabilisation in retail sales.

NAB Cashless Retail Sales Index: June 2020

Podcast

The AUD in June 2020

The AUD in June 2020

10 July 2020

Intra-month range extremes for AUD/USD in June came in the first ten days of the month.

The AUD in June 2020
Markets Today: Markets torn

Markets Today: Markets torn

22 June 2020

Last week was a choppy week as markets tried to balance out positive economic news against rising concerns about COVID-19 infections.

Markets Today: Markets torn
Investors rush to COVID-19 social bond market

Investors rush to COVID-19 social bond market

18 June 2020

New COVID-19 social bonds have been met with overwhelming support from investors, leading to rapid growth in the sustainable debt market and a welcome outperformance, experts told a NAB Roundtable.

Investors rush to COVID-19 social bond market
NAB’s World on Two Pages: June 2020

NAB’s World on Two Pages: June 2020

12 June 2020

Extremely large falls in Q2 GDP for many advanced and emerging economies are likely, while in Australia we expect a large fall of around 8.5% in Q2, following the 0.3% decline in Q1.

NAB’s World on Two Pages: June 2020
The AUD in May 2020

The AUD in May 2020

12 June 2020

After a solid April, the AUD/USD began May with some trepidation dipping below the 64 cents mark a few times early in the month

The AUD in May 2020
Markets Today: investors run for cover

Markets Today: investors run for cover

12 June 2020

There’s been a swift move to bonds and safe haven currencies since the Fed’s message yesterday that it would take a couple of years at least for life to return to normal.

Markets Today: investors run for cover
NAB Economics Data Insights, 6 June 2020

NAB Economics Data Insights, 6 June 2020

11 June 2020

The trend improvement in consumption-based spending remains positive, but NAB’s latest data read suggests it may be levelling off and even slowing a little.

NAB Economics Data Insights, 6 June 2020

Insight

The New Payments Platform: two years on

The New Payments Platform: two years on

4 June 2020

Our latest transaction insights paper looks at the journey of the New Payments Platform (NPP), Australia’s domestic payment clearing and settlement infrastructure launched two years ago.

The New Payments Platform: two years on
NAB Economics Data Insights, 28 May 2020

NAB Economics Data Insights, 28 May 2020

28 May 2020

The overall trend in consumption spending continues to improve, but in 4-week moving average terms is down 7.8% over the same time last year and 5.8% since the start of 2020.

NAB Economics Data Insights, 28 May 2020

Insight

NAB Economics Data Insights, May 2020

NAB Economics Data Insights, May 2020

14 May 2020

Large falls in consumption-based spending although the pace of decline looks to have stabilised. However business payment inflows have weakened further.

NAB Economics Data Insights, May 2020

Insight

Minerals & Energy Outlook: May 2020

Minerals & Energy Outlook: May 2020

13 May 2020

Commodity prices generally fell in April – with particularly steep falls in oil and LNG markets, along with declines in iron ore and coal.

Minerals & Energy Outlook: May 2020
NAB Economics Update Webinar

NAB Economics Update Webinar

24 April 2020

Co-hosted by Biljana Nikolova - Customer Executive, Government, Education and Community and Shamal Dass - Head of Philanthropic Services, JBWere, this webinar includes guest speaker Alan Oster, NAB Group Chief Economist sharing NAB’s view on the economy; and Daniel Farrell - Associate Director, Rates, Global Markets shares his view on interest rate risk management.

NAB Economics Update Webinar

Webinar

E-commerce in COVID-19

E-commerce in COVID-19

24 April 2020

E-commerce has been impacting the sales of bricks-and-mortar for years but the arrival of COVID-19 has accelerated changes in shopping behaviour. 

E-commerce in COVID-19
Cash management in a crisis

Cash management in a crisis

23 April 2020

COVID-19 has placed significant pressure on corporates and implicated their operations.  Efficient cash management and adequate liquidity is one of the key principles to ensure survival.

Cash management in a crisis
NAB Economics Update Webinar

NAB Economics Update Webinar

17 April 2020

Hosted by Greg Morris - Customer Executive, NAB Private, and Kate Galvin - Customer Executive, NAB Health, this webinar includes guest speaker Alan Oster, NAB Group Chief Economist sharing NAB’s view on the economy.

NAB Economics Update Webinar

Webinar

NAB’s World on Two Pages: April 2020

NAB’s World on Two Pages: April 2020

17 April 2020

The global economy is in a deep recession due to the rapid and widespread escalation in Covid-19 containment measures since mid-March. While the domestic economy is now expected to see a contraction of an unprecedented speed and magnitude.

NAB’s World on Two Pages: April 2020
The AUD in March 2020

The AUD in March 2020

1 April 2020

The AUD/USD collapsed in March to its lowest levels since 2003. Read our summary of what impacted the course of the AUD/USD during the month.

The AUD in March 2020
COVID-19 frauds & scams

COVID-19 frauds & scams

30 March 2020

All businesses need to be aware of how criminals may use the current crisis to target businesses.

COVID-19 frauds & scams

Insight

NAB’s World on Two Pages: March 2020

NAB’s World on Two Pages: March 2020

16 March 2020

We've significantly lowered our global growth forecasts, and in Australia growth slowed confirming a below-trend pace of growth prior to any virus impact.

NAB’s World on Two Pages: March 2020
The AUD in February 2020

The AUD in February 2020

5 March 2020

Intensification of concerns about the spread of the COVID-19 coronavirus culminated in new 11-year lows for AUD/USD at 0.6435 on the last day of the month.

The AUD in February 2020
Markets Today: Virus worries; UK Chancellor quits

Markets Today: Virus worries; UK Chancellor quits

14 February 2020

The markets slipped momentarily into risk-off as the number of COVID-19 infections jumped in volume, but concern slipped back a little as it became clear that the way cases were being measured had changed.

Markets Today: Virus worries; UK Chancellor quits
Markets Today: US equities back

Markets Today: US equities back

4 February 2020

US equities bounced back today – perhaps because there wasn’t a lot of new news on the coronavirus but also because US ISM numbers exceeding expectations.

Markets Today: US equities back
NAB Cashless Retail Sales Index: December 2019

NAB Cashless Retail Sales Index: December 2019

22 January 2020

Our forecast points to a negative (-0.1% m/m) print for December, in line with our view that the strong November ABS print largely represented Christmas spending brought forward by expanded Black Friday sales.

NAB Cashless Retail Sales Index: December 2019
The changing face of banking technology

The changing face of banking technology

13 January 2020

In a rapidly evolving technology landscape, corporate finance teams have a range of options to improve efficiency, productivity and security with bank communication.

The changing face of banking technology
Markets Today: Better

Markets Today: Better

8 January 2020

It’s been a particularly bad 24 hours for the AUD (if you aren’t an Australian exporter, that is).

Markets Today: Better
The AUD in December 2019

The AUD in December 2019

6 January 2020

December was a good month for risk assets and the AUD, as the US and China agreed on their much-awaited Phase 1 trade deal and key global economic data releases improved.

The AUD in December 2019
NAB’s World on Two Pages: December 2019

NAB’s World on Two Pages: December 2019

13 December 2019

Unchanged forecasts for Australia with expected growth of 1.75% while across the globe we expect US growth to ease somewhat further and Japan’s economy is set to contract in Q4.

NAB’s World on Two Pages: December 2019
Why venture capital is more important than ever for investors

Why venture capital is more important than ever for investors

12 December 2019

Venture capital is too important for investors to ignore as it occupies an increasingly large part of the global economy and provides opportunities not available elsewhere, experts told the 2019 Association of Superannuation Funds of Australia.

Why venture capital is more important than ever for investors
Markets Today: A quiet day

Markets Today: A quiet day

10 December 2019

Markets have been calm overnight, in wait and see mode ahead of a series of more important events this week.

Markets Today: A quiet day
The AUD in November 2019

The AUD in November 2019

3 December 2019

The AUD/USD drifted lower over November as progress towards achieving a Phase 1 US-China trade deal slowed, casting doubts on the likelihood of a deal in coming weeks.

The AUD in November 2019
Connecting capital to opportunity: NAB in Japan

Connecting capital to opportunity: NAB in Japan

19 November 2019

Janari Tonoike, head of NAB Japan Securities Limited, National Australia Bank’s (NAB) new Tokyo-based, wholly-owned subsidiary, showcases the long-standing relationship between Japan and Australia, and explains how the new entity can help investors and borrowers in both markets and beyond connect better in a challenging global business environment.

Connecting capital to opportunity: NAB in Japan
The AUD in October 2019

The AUD in October 2019

15 November 2019

The AUD/USD rose during October on the back of improved global risk sentiment, courtesy of progress on US-China trade talks and Brexit developments.

The AUD in October 2019
China’s Economy at a Glance – November 2019

China’s Economy at a Glance – November 2019

15 November 2019

Most of China’s indicators relatively weak year-on-year, however, the 70th anniversary of the founding of the People’s Republic of China at the start of the October has made this harder to gauge.

China’s Economy at a Glance – November 2019
NAB Monthly Business Survey: October 2019

NAB Monthly Business Survey: October 2019

12 November 2019

Conditions and confidence each saw a small improvement in the month with conditions edging up 1pt and confidence lifting 2pts – though both remain below average.

NAB Monthly Business Survey: October 2019
NAB’s World on Two Pages: October 2019

NAB’s World on Two Pages: October 2019

14 October 2019

With growth having slowed in Q2 2019, there appears limited prospect of a turnaround in Q3 – given the relative weakness in business surveys, market expectations and the deteriorating global trade environment.

NAB’s World on Two Pages: October 2019
More affordable and specialist homes

More affordable and specialist homes

11 October 2019

More Australians will be able to access affordable housing following a $2 billion commitment from NAB which will see more homes being built across the nation.

More affordable and specialist homes
The AUD in September

The AUD in September

9 October 2019

The downtrend in the AUD/USD took a pause in September, where the currency ended the month 0.3 cents higher than where it began.

The AUD in September
NAB Monthly Business Survey: September 2019

NAB Monthly Business Survey: September 2019

8 October 2019

Business conditions rose 1pt in September to +2 index points. This continues the below average run of business conditions but suggests that the trend weakening since mid-2018 has slowed.

NAB Monthly Business Survey: September 2019
Markets Today: New trade hope

Markets Today: New trade hope

26 September 2019

The markets reacted positively to indications from President Trump that a trade deal with China could be close.

Markets Today: New trade hope
Ports: keeping the channels of global trade flowing

Ports: keeping the channels of global trade flowing

23 September 2019

Treasury representatives from Associated British Ports, Peel Ports, NSW Ports and the Port of Tauranga recently met to explore and share their insights on the opportunities and challenges facing port owners and operators.

Ports: keeping the channels of global trade flowing
Real assets expensive but opportunities remain

Real assets expensive but opportunities remain

16 September 2019

Amid an expensive market and an uncertain global economy, fund managers are cautioning discipline, though there are opportunities for investors to look outside traditional markets and work on assets.

Real assets expensive but opportunities remain
Fewer, larger, more transparent super funds

Fewer, larger, more transparent super funds

13 September 2019

The super sector will undergo changes in the next five years that will bring fewer and larger funds, more intrusive regulators and a sharp focus on returns and fees, says Martin Fahy, chief executive officer of the Association of Superannuation Funds Australia.

Fewer, larger, more transparent super funds
The AUD in August 2019

The AUD in August 2019

2 September 2019

Offshore events dominated AUD movements in August as the US-China trade war escalated again and pressure for the Fed and other Central Banks to do more also increased.

The AUD in August 2019
Super funds ESG survey findings

Super funds ESG survey findings

27 August 2019

Environmental, social and governance (ESG) considerations are fast becoming incorporated into mainstream practice across all sectors of business.

Super funds ESG survey findings
Markets Today: trade war turnaround & Germany downturn

Markets Today: trade war turnaround & Germany downturn

27 August 2019

The markets have done a complete u-turn overnight on the back of positive news on the US China trade talks and some wins from the G7 summit, including proposals to reform WTO rules and a potential US Iran meeting.

Markets Today: trade war turnaround & Germany downturn
Democratisation of the bond market

Democratisation of the bond market

21 August 2019

The bond market has long been opaque, with bonds traded in parcels far too large for the average investors, but what might a more accessible bond market look like?

Democratisation of the bond market
NAB Cashless Retail Sales Index: July 2019

NAB Cashless Retail Sales Index: July 2019

21 August 2019

We continue to see considerable disparities between retail sub-sectors. On a yearly basis, our data shows department stores, clothing and footwear going backwards, while household goods is barely in positive territory. Cafes, restaurants & takeaways are outperforming.

NAB Cashless Retail Sales Index: July 2019
Markets Today: Germany to spend

Markets Today: Germany to spend

19 August 2019

The surprise news on Friday were reports that the German government might relax some of its spending rules to splash out and prevent a recession.

Markets Today: Germany to spend
NAB’s World on Two Pages: August 2019

NAB’s World on Two Pages: August 2019

16 August 2019

The latest escalation in the US-China trade war has reverberated through financial markets. The policy response will be important - we now expect two further 25bp cuts in the fed funds rate this year. China is also likely to use policy measures to offset any tariff impact, including allowing further depreciation of its currency.

NAB’s World on Two Pages: August 2019
The Forward View – Global: August 2019

The Forward View – Global: August 2019

15 August 2019

The latest escalation in the US-China trade war – with the US imposing a 10% tariff on most remaining China imports – has reverberated through financial markets.

The Forward View – Global: August 2019
Minerals & Energy Outlook: August 2019

Minerals & Energy Outlook: August 2019

14 August 2019

US dollar NAB’s Non-Rural Commodity Price Index is forecasted to increase by 2.1% yoy in Q3 2019, however underlying trends remain highly mixed. Higher export prices for LNG and iron ore (despite more recent spot price falls) are the key contributors, while both thermal and metallurgical coal are weaker, as are most base metals.

Minerals & Energy Outlook: August 2019
NAB Monthly Business Survey: July 2019

NAB Monthly Business Survey: July 2019

13 August 2019

We're seeing below average confidence and conditions. The picture remains unchanged since last month - business sector has lost significant momentum since early 2018 and forward looking indicators don't point to an improvement in the near term.

NAB Monthly Business Survey: July 2019
The AUD in July 2019

The AUD in July 2019

13 August 2019

After making a high of 0.7081 on July 19th it was pretty much one-way traffic south for AUD/USD from then until month end.

The AUD in July 2019
NAB’s World on Two Pages: July 2019

NAB’s World on Two Pages: July 2019

12 July 2019

Indicators in major advanced economies point to a renewed easing in growth for the rest of 2019, driven largely by the US economy. Similarly in Australia, we expect growth to continue at a below trend pace over the next few years.

NAB’s World on Two Pages: July 2019
Markets Today: Tariffs bite

Markets Today: Tariffs bite

10 July 2019

Ray Attrill explains how the latest small business survey data in the US shows signs that tariffs on Chinese imports might be starting to make their mark.

Markets Today: Tariffs bite
Markets Today: Markets on hold

Markets Today: Markets on hold

9 July 2019

There were no big movements on US equities or bonds overnight, as markets wait to see what Jerome Powell has to say in his Congressional testimonies mid-week.

Markets Today: Markets on hold
Integrating ESG in the insurance industry

Integrating ESG in the insurance industry

2 July 2019

NAB recently brought together a group of insurance professionals with ESG market experts and practitioners to explore risk, operations, reputational and investment issues.

Integrating ESG in the insurance industry
Minerals & Energy Outlook: June 2019

Minerals & Energy Outlook: June 2019

24 June 2019

NAB’s Non-Rural Commodity Price Index is expected to increase by 0.9% quarter on quarter in Q2 2019, a little stronger than anticipated in May.

Minerals & Energy Outlook: June 2019
Infrastructure financing – in for the long haul

Infrastructure financing – in for the long haul

21 June 2019

Investing in infrastructure is a long-term trend that will continue to endure global economic challenges, generating healthy returns and diversification opportunities as investors enhance focus on environmental, social and governance (ESG) factors.

Infrastructure financing – in for the long haul
Markets Today: After the Fed

Markets Today: After the Fed

21 June 2019

The market continues to respond to the Dovish Fed statement yesterday with a rally in US equities, falls in Treasury yields and a fall in the US dollar.

Markets Today: After the Fed
The AUD in May 2019

The AUD in May 2019

12 June 2019

The AUD/USD came under pressure in May, as renewed trade tensions saw the currency break through the 70-cent floor it had been testing since early February.

The AUD in May 2019
Mortgage lenders primed for growth

Mortgage lenders primed for growth

29 May 2019

We invited Treasury representatives from four non-bank financial institutions and one UK-based asset manager – Liberty Financial, La Trobe Financial and Resimac Group in Australia and Kensington Group and TwentyFour Asset Management in the UK - to an International Round Table to discuss the opportunities and challenges in their respective mortgage and securitisation sectors.

Mortgage lenders primed for growth
Markets Today: Party for two

Markets Today: Party for two

29 May 2019

Consumer confidence in the US hit a six month high, yet there’s a continued flight to bonds, pushing Treasury yields to the lowest level since September 2017.

Markets Today: Party for two
Markets Today: Cold war

Markets Today: Cold war

24 May 2019

There have been significant moves overnight, with the US dollar losing ground against the Yen and Swiss Franc.

Markets Today: Cold war
Strategic FX update: May 2019

Strategic FX update: May 2019

21 May 2019

Join NAB's Head of FX Strategy, Ray Attrill as he sits down with Phil Dobbie to discuss his outlook for the FX market.

Strategic FX update: May 2019
The AUD in April 2019

The AUD in April 2019

3 May 2019

The AUD/USD traded in a range of just over 2 cents in April, with (very) brief and small-scale forays above and below the 0.70 to 0.72 range that had confined it since early February.

The AUD in April 2019
State Economic Handbook: April 2019

State Economic Handbook: April 2019

18 April 2019

Deterioration in conditions in most states, with current momentum negative. Household sector weakness evident, investment still ok (outside mining), while agri. facing easing prices and needs rain. Housing sector downturn, population growth centred on the eastern states, agricultural prices easing.

State Economic Handbook: April 2019
Strategic FX update: April 2019

Strategic FX update: April 2019

17 April 2019

Join NAB's Head of FX Strategy, Ray Attrill as he sits down with Phil Dobbie to discuss the recent release of NAB's updated FX forecasts.

Strategic FX update: April 2019
The AUD in March 2019

The AUD in March 2019

16 April 2019

The AUD/USD traded in a tight range of just 1.65 cents in March, the narrowest range since August 2014 and closed the month at 0.7096, essentially right back to where it started.

The AUD in March 2019
Markets Today: Soft parade

Markets Today: Soft parade

2 April 2019

There was continued optimism in the markets overnight with more strong data reads from China and the US.

Markets Today: Soft parade
Enhanced yields from corporate bonds

Enhanced yields from corporate bonds

29 March 2019

High net worth and sophisticated investors are increasingly looking to corporate bonds as a way to preserve capital while delivering higher yields than cash or government bonds.

Enhanced yields from corporate bonds
Is a slowdown coming Australia’s way?

Is a slowdown coming Australia’s way?

25 March 2019

After 27 years of steady economic growth – a record unmatched by any other developed economy – some are asking whether Australia is overdue for a recession.

Is a slowdown coming Australia’s way?
NAB Monthly Business Survey: February 2019

NAB Monthly Business Survey: February 2019

12 March 2019

Business conditions fell by 3 pts to +4 index points in February, driven by declines in profitability (now +1) and trading (+8) sub-indexes. Employment was unchanged at +5. Confidence fell 2pts in the month to +2 index points.

NAB Monthly Business Survey: February 2019
The AUD in February 2019

The AUD in February 2019

1 March 2019

The AUD/USD was conflicted in February, as improvements in risk sentiment and higher commodity prices pulled the currency higher, but a softer domestic economic outlook and a more dovish RBA acted as an offsetting force.

The AUD in February 2019
Customer stewardship & the institutional investor

Customer stewardship & the institutional investor

27 February 2019

Global investors are increasingly allocating funds to infrastructure and many investors are implementing new methods and measures to both adapt to and lead a stewardship mandate into infrastructure investment.

Customer stewardship & the institutional investor
Markets Today: Rock steady

Markets Today: Rock steady

20 February 2019

The US dollar is a little weaker this morning as the deadline for US tariffs on Chinese goods looms.

Markets Today: Rock steady
Creating a new project finance market for the war on waste

Creating a new project finance market for the war on waste

30 January 2019

As more local governments around Australia seek new ways to treat food waste, councils in southeast Melbourne have met the challenge of bulging landfill and increasing greenhouse emissions by composting household organic waste on an industrial scale.

Creating a new project finance market for the war on waste
NAB Cashless Retail Sales Index: December 2018

NAB Cashless Retail Sales Index: December 2018

23 January 2019

This month we continue our podcast series to accompany the NAB Cashless Retail Sales Index. It’s a short, 10 minute podcast, designed to give you a quick summary of the major drivers of the index this month. To listen, just click the link below.

NAB Cashless Retail Sales Index: December 2018
The case for sustainable healthcare

The case for sustainable healthcare

23 January 2019

There’s growing awareness across industry, government and the community that we need to improve the way we design, build and operate the buildings in which we heal.

The case for sustainable healthcare
Boosting Australia’s gas supply

Boosting Australia’s gas supply

17 January 2019

As electricity prices continue to rise and domestic gas supply across eastern Australia tightens, Cooper Energy is one company that’s thinking big so it can be a significant part of the solution.

Boosting Australia’s gas supply
Markets Today: The dollar is dying

Markets Today: The dollar is dying

8 January 2019

Positive sentiment in the US on Friday and in the APAC session yesterday has carried through into overnight markets notwithstanding a downside surprise in the US non-manufacturing ISM report.

Markets Today: The dollar is dying
Markets Today: Good things come in threes

Markets Today: Good things come in threes

7 January 2019

It was far from a quiet Christmas period, with volatility driven by data, trade concerns, a government shutdown and a very different attitude coming from the US Fed.

Markets Today: Good things come in threes
Markets Today: 2018 in Review

Markets Today: 2018 in Review

24 December 2018

2018 has been a year of surprises. In the final podcast for the year, the team discuss the year that was and what to expect in 2019.

Markets Today: 2018 in Review
China opening up opportunities to foreign investors

China opening up opportunities to foreign investors

13 December 2018

The Chinese economy is liberalising and opening up to the rest of the world, paving the way for foreign investors to tap into opportunities in the increasingly wealthy nation, the 2018 ASFA Conference heard.

China opening up opportunities to foreign investors
Markets Today: These foolish things

Markets Today: These foolish things

13 December 2018

US equities have had a shot in the arm following a Wall Street Journal report that China might open up access to their domestic markets for foreign companies.

Markets Today: These foolish things
Forward View December 2018

Forward View December 2018

12 December 2018

Growth to slow – with rates now unlikely to change until the second half of 2020. See our special note on this.

Forward View December 2018
Superfunds turn to venture capital

Superfunds turn to venture capital

7 December 2018

Australia’s superannuation funds are turning to venture capital for the outsized returns the sector can generate and to diversify their portfolios, the 2018 ASFA Conference heard.

Superfunds turn to venture capital
The AUD in November 2018

The AUD in November 2018

3 December 2018

After rallying at the beginning of the month, AUD/USD mostly range-traded between 72 and 73 cents during the rest of November.

The AUD in November 2018
New Year, new opportunities

New Year, new opportunities

3 December 2018

As 2018 draws to a close, we’d like to share some of the achievements of our Corporate and Institutional clients over the past year.

New Year, new opportunities
The infrastructure opportunity for super funds

The infrastructure opportunity for super funds

30 November 2018

Australia’s superannuation funds should seriously consider infrastructure investment opportunities that help build the nation, NAB Chief Customer Officer of Consumer Banking, and former Premier of New South Wales, Mike Baird, says.

The infrastructure opportunity for super funds
Markets Today: Can you deal with it

Markets Today: Can you deal with it

30 November 2018

The markets have been treading water ahead of the meeting between Presidents Trump and Xi at the G20 this weekend, impacted a little by the news that Peter Navarro might also be attending the dinner.

Markets Today: Can you deal with it
New deal connecting Australian businesses to Chinese visitors

New deal connecting Australian businesses to Chinese visitors

29 November 2018

Australian businesses are set to benefit from a collaboration between NAB and Alipay which will revolutionise how Chinese tourists pay for products and services. NAB Executive General Manger of Deposit and Transaction Services Shane Conway said more than 1 million Chinese tourists visit Australia each year spending more than $11 billion. “By making China’s number […]

New deal connecting Australian businesses to Chinese visitors
Markets Today: Burning down the house

Markets Today: Burning down the house

20 November 2018

US stocks take a big hit. The Aussie and New Zealand dollars seem to have come off the worst out of the major currencies with a rise in uncertainty, whereas Sterling has risen.

Markets Today: Burning down the house
Embedding customer stewardship in infrastructure

Embedding customer stewardship in infrastructure

14 November 2018

Customer stewardship matters because infrastructure is an intimate part of nearly every aspect of our lives, therefore quality of services and astute long-term investment decisions have never been more important

Embedding customer stewardship in infrastructure
Markets Today: Big moves based on small bits of hope

Markets Today: Big moves based on small bits of hope

2 November 2018

The US dollar staged a swift reversal overnight, with the spot index falling significantly. We’ve also seen US stocks on the rise, along with significant leaps forward for the Aussie dollar and the pound, whilst oil falls sharply.

Markets Today: Big moves based on small bits of hope
The AUD in October 2018

The AUD in October 2018

1 November 2018

The AUD/USD continued its downtrend in October, reaching a fresh low of 0.7023 on the 26th of the month, a level not seen since February 2016.

The AUD in October 2018
NAB Consumer Behaviour Survey Q3 2018

NAB Consumer Behaviour Survey Q3 2018

24 October 2018

Anxieties around future spending and savings plans, household finances, the economy, financial concerns and how these are impacting spending behaviours and levels of financial hardship.

NAB Consumer Behaviour Survey Q3 2018
Markets Today: What do I know?

Markets Today: What do I know?

24 October 2018

It has been another bad day at the office for equity markets, beginning in the Asian session and spreading across Europe and the US.

Markets Today: What do I know?
Transport infrastructure update Victoria: September 2018

Transport infrastructure update Victoria: September 2018

12 October 2018

The Victorian economy has been one of Australia’s fastest growing this year. Given the scope of construction projects now ramping up it's likely transport infrastructure spending will continue to contribute strongly to Victorian growth over the next year.

Transport infrastructure update Victoria: September 2018
NAB Monthly Business Survey: September 2018

NAB Monthly Business Survey: September 2018

9 October 2018

Business conditions seem to have stabilised at high levels in recent months following some sharp falls earlier and the dip in confidence last month appears to have been temporary.

NAB Monthly Business Survey: September 2018
Building resilience to climate change

Building resilience to climate change

25 September 2018

Financial market approaches to understanding the resilience of assets to climate change are fast evolving and ensuring customers and clients are ready to act to limit climate change is a key focus at NAB.

Building resilience to climate change
Markets Today: Tired of waiting for you

Markets Today: Tired of waiting for you

18 September 2018

The Aussie dollar was on the rise overnight, even as all eyes and ears were waiting on an announcement on the next round of tariffs from the White House.

Markets Today: Tired of waiting for you
NAB Monthly Business Survey: August 2018

NAB Monthly Business Survey: August 2018

11 September 2018

The business conditions index rose by 2pts to +15 index points in August, recovering some of the ground lost in recent months. Business confidence fell 3pts to +4 index points and is now below average.

NAB Monthly Business Survey: August 2018
Markets Today: The waiting game

Markets Today: The waiting game

11 September 2018

No further news on tariffs overnight calmed down emerging markets overnight and gave the Aussie dollar a short reprieve.

Markets Today: The waiting game
Markets Today: Life is a rollercoaster

Markets Today: Life is a rollercoaster

6 September 2018

The Aussie dollar was higher despite continued woes in emerging markets, whilst the pound gained strength on positive hearsay on Brexit negotiations.

Markets Today: Life is a rollercoaster
NAB Customer Spending Behaviours: Q2 2018

NAB Customer Spending Behaviours: Q2 2018

30 August 2018

Total NAB customer spending grew 5.6% y/y in Q2 2018, down from 6.8% in the previous quarter and 3.9% in the same quarter a year ago. It grew faster in metropolitan (6.5%) than regional (5.1%) areas.

NAB Customer Spending Behaviours: Q2 2018
Markets Today: Peso up on trade pact

Markets Today: Peso up on trade pact

28 August 2018

There’s been a swift market response to a possible understanding between the US and Mexico to replace NAFTA, helping the Canadian Dollar as well as the Peso.

Markets Today: Peso up on trade pact
NAB Consumer Behaviour Survey Q2 2018

NAB Consumer Behaviour Survey Q2 2018

23 August 2018

Consumer anxiety up steeply in Q2. Overall spending tightens as concerns about the economy and our household financial positions grow. Spending on utilities a key expense, and growing.

NAB Consumer Behaviour Survey Q2 2018
How fund managers add value

How fund managers add value

22 August 2018

Active asset management still offers value despite the rise of low-fee passive strategies in the fixed-income sector.

How fund managers add value
Markets Today: Not happy Jay

Markets Today: Not happy Jay

22 August 2018

What influence has President Trump’s discontent with the work of Jerome ‘Jay’ Powell had on the markets?

Markets Today: Not happy Jay
Markets Today: Pipes of peace

Markets Today: Pipes of peace

20 August 2018

Speculation the US and China will strike a deal on trade around November has given markets some reason for optimism.

Markets Today: Pipes of peace
NAB’s World on two pages: August 2018

NAB’s World on two pages: August 2018

17 August 2018

Global growth appears to have remained above average through the first half of 2018, but with our leading indicator pointing to a moderation in coming quarters, we think that this will represent the peak for this cycle.

NAB’s World on two pages: August 2018
NAB Monthly Business Survey: July 2018

NAB Monthly Business Survey: July 2018

14 August 2018

The business conditions index fell by 2pts to +12 index points in July, continuing its run of declines since April. Business confidence ticked up 1pt to +7 index points, an around average level.

NAB Monthly Business Survey: July 2018
Banks in a reshaped sector

Banks in a reshaped sector

13 August 2018

The financial crisis and its aftermath fundamentally reshaped bank business models, allowing investors to focus mainly on macroeconomic factors when they analyse the sector. Speakers at the KangaNews-NAB Fixed Income Beyond the Institutional Sector Summit shared insights into the present and future of bank investment.

Banks in a reshaped sector
Markets Today: Play with fire

Markets Today: Play with fire

6 August 2018

Markets revert to trade focus as China announces specific tariff rises on $60bn goods should the US $200bn threat come into force.

Markets Today: Play with fire
Markets Today: Pressure

Markets Today: Pressure

2 August 2018

The market reaction to today’s US announcement on Chinese import tariffs, the FOMC meeting this morning and a near certain rate rise from the Bank of England.

Markets Today: Pressure
Which way now? Australian infrastructure expertise and cross-border investment flows

Which way now? Australian infrastructure expertise and cross-border investment flows

31 July 2018

As the current phase of privatisations approaches its conclusion in Australia, local infrastructure investors are looking to international markets for investment opportunities. At the same time, global capital that was drawn to the Australian market by the deep pipeline continues to actively pursue Australian deals. This has created significant competition in Australia and seen infrastructure investors increasingly focus on a broader class of assets.

Which way now? Australian infrastructure expertise and cross-border investment flows
Markets Today: FAANGs bitten; bonds hit by BoJ

Markets Today: FAANGs bitten; bonds hit by BoJ

31 July 2018

Today, a session that has been high on movement, even though it’s been low on data. And the Bank of Japan’s attempts to control bond yields has impacted bond prices across the globe.

Markets Today: FAANGs bitten; bonds hit by BoJ
NAB increases its business focus on health

NAB increases its business focus on health

20 July 2018

NAB is determined that our country’s small and medium sized enterprises, our country’s engine room, can embrace opportunities in the years ahead. For the health sector, we believe it’s a matter of ‘go forth and grow’.

NAB increases its business focus on health
Backing Australian SME growth with a new approach

Backing Australian SME growth with a new approach

20 July 2018

At NAB we see the amazing opportunities ahead for our key sectors – from health to agriculture, education to community – and are determined that our country’s small and medium sized enterprises, our country’s engine room, can embrace them.

Backing Australian SME growth with a new approach
Markets Today: Closer to fine

Markets Today: Closer to fine

18 July 2018

The move higher in front end yields boosted the USD, although the greenback was already on the ascendency early in the overnight sessions.

Markets Today: Closer to fine
Markets Today: Brussels versus Britain

Markets Today: Brussels versus Britain

11 July 2018

The next battle for Theresa May is in Brussels – will the EU accept her proposal, at least as a starting point? Plus, US ‘poised’ to release $200bn China tariff list, puncturing risk-positive offshore sentiment.

Markets Today: Brussels versus Britain
The AUD in June & FY 17-18

The AUD in June & FY 17-18

10 July 2018

In June, the AUD/USD saw a new year-to-date low – a level last seen in May 2017 | Over the fiscal year the AUD/US traded between a high of 0.8136 and a low of 0.7311.

The AUD in June & FY 17-18
NAB Monthly Business Survey: June 2018

NAB Monthly Business Survey: June 2018

10 July 2018

The business conditions index ticked up by 1pt to +15 index points in June, after easing in the previous month. The business confidence edged down 1pts to +6 index points, to be around its long-run average level.

NAB Monthly Business Survey: June 2018
Minerals & Energy Outlook: July 2018

Minerals & Energy Outlook: July 2018

5 July 2018

NAB’s USD non-rural commodity price index declined by over 3% q/q in Q2 2018. This only partially reversed the large gain made in the previous quarter and, as a result, it is still 7.5% higher than a year ago. The fall in Q2 mainly reflected a decline in iron ore and metallurgical coal prices, although LNG export prices – linked to the price of oil – rose.

Minerals & Energy Outlook: July 2018
NAB Infrastructure Survey 2018

NAB Infrastructure Survey 2018

4 July 2018

New research released today by NAB shows electricity and roads have the biggest impact on our daily lives - affecting almost 1 in 2 people (either positively or negatively).

NAB Infrastructure Survey 2018
NAB Online Retail Sales Index: May 2018

NAB Online Retail Sales Index: May 2018

3 July 2018

NAB Online Retail Sales Index (NORSI) slowed slightly in May (+1.2% mom s.a.) from stronger growth in April (1.6%). 12 months to growth was also slower in May, with sales up 17.2% compared to April’s 12 month to growth of 18.4%. While slowing, trend online retail sales is still much stronger compared to the same period a year ago.

NAB Online Retail Sales Index: May 2018
Markets Today: Jump

Markets Today: Jump

25 June 2018

President Trump’s protectionist measures and OPEC’s increased oil production could be the two major market influences this morning.

Markets Today: Jump
Markets Today: Trade Tariff Ambivalence Rules the Day

Markets Today: Trade Tariff Ambivalence Rules the Day

21 June 2018

The markets have moved very little today as investors contemplate the next steps in the tariff battle between the US and China. Even the EU response, with tariffs to follow on Harleys, Levis and Bourbon, did little to stir a response.

Markets Today: Trade Tariff Ambivalence Rules the Day
Green mortgages and the future of sustainable funding

Green mortgages and the future of sustainable funding

19 June 2018

When Australia’s first green residential mortgage-backed securities (RMBS) tranche was issued by NAB in February 2018, it was an exciting development for the sustainable debt market in its own right. The transaction also marks another step in the process of unlocking the bank’s balance sheet for sustainable lending and borrowing.

Green mortgages and the future of sustainable funding
More investment in renewable energy projects

More investment in renewable energy projects

18 June 2018

Major Australian organisations are now directly investing in large-scale renewable energy projects through the new NAB Low Carbon Shared Portfolio, the first of its kind in Australia.

More investment in renewable energy projects
Markets Today: Anything you can do

Markets Today: Anything you can do

18 June 2018

Trade talks between the US and China took a turn for the worse at the end of last week, with the Trump administration issuing a list of $50 billion worth of products that would be hit with a 25 percent tariff.

Markets Today: Anything you can do
Markets Today: Euro trashed on ECB hike delays

Markets Today: Euro trashed on ECB hike delays

15 June 2018

The ECB announced today, as anticipated, that their QE program will finish at the end of the year. But markets weren’t quite expecting the anticipated delay in raising rates – which could be late in 2019.

Markets Today: Euro trashed on ECB hike delays
NAB Monthly Business Survey: May 2018

NAB Monthly Business Survey: May 2018

12 June 2018

The business conditions index decreased by 6pts to +15 index points, easing back from the historical highs seen in April. The business confidence index fell by 5pts to +6 index points, to be around its long-run average level.

NAB Monthly Business Survey: May 2018
Markets Today: Strong enough

Markets Today: Strong enough

4 June 2018

After the excitement of Parmageddon last week, followed by the sudden enforcement of steel and aluminium tariffs on Trump’s supposed allies, the markets can at last look forward to a more traditional week where data and central bank policy drives the agenda.

Markets Today: Strong enough
Powering into the Australian market

Powering into the Australian market

31 May 2018

Breaking into the Australian renewable energy market with a new mode of financing was a great challenge and a golden opportunity for Goldwind. Three deals later, the company’s aiming to power one million Australian homes.

Powering into the Australian market
Markets Today: Italian Summer

Markets Today: Italian Summer

29 May 2018

Italy looks set to go back to the polls. NAB’s Rodrigo Catril looks at the market reaction on today’s Morning Call podcast.

Markets Today: Italian Summer
Another evolutionary step in sustainable funding

Another evolutionary step in sustainable funding

23 May 2018

The launch of the green-loan principles (GLPs) presents an opportunity for another evolutionary step in sustainable funding. By standardising and codifying what qualifies as green bank lending, the GLPs could make sustainable finance relevant to a wider cohort of borrowers according to David Jenkins, director, sustainable capital markets at NAB.

Another evolutionary step in sustainable funding
Markets Today: Truce

Markets Today: Truce

21 May 2018

Steven Mnuchin says the trade war with China is on-hold, for now, after the agreement that will see China supposedly buying more from the US, but not the reported extra $200 billion worth.

Markets Today: Truce
Yield hungry investors head to Oz

Yield hungry investors head to Oz

17 May 2018

NAB and Asiamoney's latest poll on Asian and European investors’ appetite for Australian debt tells a story of consistency and stability as the region presents a safe option amid turbulence - while also offering sustainable opportunities.

Yield hungry investors head to Oz
Alipay has landed

Alipay has landed

7 May 2018

With 1.2 million visitors injecting $10 billion into the Australian economy each year, and almost one third of our international students now coming from China, Chinese custom is big business. Alibaba Australia’s MD explains Alipay.

Alipay has landed
NAB Customer Spending Behaviours: Q4 2017

NAB Customer Spending Behaviours: Q4 2017

4 May 2018

Total NAB customer spending accelerated to 5.0% y/y in Q4 2017, from 3.0% y/y in the previous quarter with spending growth up across all metropolitan and regional areas.

NAB Customer Spending Behaviours: Q4 2017
The AUD in April 2018

The AUD in April 2018

4 May 2018

April was a month of two halves for AUD/USD. Get the picture with our annotated chart.

The AUD in April 2018
Markets Today: Cautious Man

Markets Today: Cautious Man

27 April 2018

The Euro and European bond yields took a blow today as the European Central Bank failed to commit to a timetable for the ending of quantitative easing.

Markets Today: Cautious Man
NAB Quarterly Consumer Behaviour Survey Q1 2018

NAB Quarterly Consumer Behaviour Survey Q1 2018

26 April 2018

Insights into the mindset of Australian consumers – anxieties around future spending and savings plans, household finances, the economy, financial concerns & how these are impacting spending behaviours and levels of financial hardship.

NAB Quarterly Consumer Behaviour Survey Q1 2018
Markets Today: 24 April 2018

Markets Today: 24 April 2018

24 April 2018

US 10 year Treasury yields are very close to 3 percent this morning. As NAB’s David de Garis explains to Phil Dobbie its resulted in rising bond yields elsewhere, including Europe and Australia.

Markets Today: 24 April 2018
Markets Today: 23 April 2018

Markets Today: 23 April 2018

23 April 2018

If Steven Mnuchin reaches a trade pact with China, will it create enough confidence to push the Aussie dollar out of its trading range?

Markets Today: 23 April 2018
Pathways to Building Australia’s Entrepreneurs

Pathways to Building Australia’s Entrepreneurs

20 April 2018

Our small and medium businesses are critical to Australia’s prosperity, so it is important that we put in place the right settings that enable our entrepreneurs to have the greatest chance of success.

Pathways to Building Australia’s Entrepreneurs
Markets Today: And the beat goes on

Markets Today: And the beat goes on

18 April 2018

In a busy #MorningCall podcast @NAB’s Tapas Strickland talks to Phil Dobbie about US earnings, trade concessions, IMF forecasts, UK wages, Chinese retail, the RBA minutes, Bank of Canada, and more!

Markets Today: And the beat goes on
Markets Today: Run over by a truck

Markets Today: Run over by a truck

17 April 2018

It’s company earnings and global politics driving markets today. @NAB’s Rodrigo Catril joins Phil Dobbie to talk about President Trump, Shinzo Abe, Theresa May, Michael Cohen and the next Deputy Governor of the US Federal Reserve.

Markets Today: Run over by a truck
Markets Today: High Hopes

Markets Today: High Hopes

16 April 2018

Will the Syria missile strikes hit the markets today. @NAB’s Ray Attrill says not on today’s edition of #TheMorningCall podcast

Markets Today: High Hopes
Markets Today: Possibly Maybe

Markets Today: Possibly Maybe

13 April 2018

Another day, another direction for US equities. Today they’re back up (for now) on easing tensions over Syria (for now). Join @NAB’s Gavin Friend and Phil Dobbie on #TheMorningCall.

Markets Today: Possibly Maybe
NAB’s World on two pages: April 2018

NAB’s World on two pages: April 2018

13 April 2018

After a somewhat disappointing 2017 we continue to expect growth to gain more momentum during 2018 – with GDP increasing by around 3% through the year or 2.8% in year average terms.

NAB’s World on two pages: April 2018
Markets Today: Big Love

Markets Today: Big Love

11 April 2018

US equities and commodity currencies boosted by President Xi’s calming talk overnight – but @NAB’s Ray Attrill warns we can continue to expect periodic risk off sentiment.

Markets Today: Big Love
Markets Today: Every Day is a Winding Road

Markets Today: Every Day is a Winding Road

10 April 2018

US shares back up as trade war fears ease again, even though China threatens currency devaluation as a tool against tariffs. @NAB’s Tapas Strickland joins Phil Dobbie on today’s Morning Call podcast.

Markets Today: Every Day is a Winding Road
Markets Today: Beast of Burden

Markets Today: Beast of Burden

6 April 2018

On #TheMorningCall from @NAB, the US dollar recovers a little and stocks rise as investors hope tariff talk is more rhetoric than action. Plus, payroll figures tonight.

Markets Today: Beast of Burden
Markets Today: The Heat Is On

Markets Today: The Heat Is On

5 April 2018

Equity markets fall then bounce on China tariffs, then talks of trade talks. Get up to speed on the #tradewar latest on #TheMorningCall from @NAB.

Markets Today: The Heat Is On
Markets Today: Mo Money Mo Problems

Markets Today: Mo Money Mo Problems

4 April 2018

The FAANGs bite back – on #TheMorningCall Phil Dobbie talks to @NAB’s Tapas Strickland about a slight market bounce, plus rising funding costs for the US government.

Markets Today: Mo Money Mo Problems
Markets Today: 28 March 2018

Markets Today: 28 March 2018

28 March 2018

Early in the session it looked like share trading in the US was going to build on the upward momentum of yesterday, but then a sudden shift in sentiment.

Markets Today: 28 March 2018
Markets Today: Erase/Rewind

Markets Today: Erase/Rewind

27 March 2018

Equity markets bounce back. The trade war was yesterday’s news. On #TheMorningCall Phil Dobbie talks to @NAB’s Tapas Strickland about the sharp turn around in risk sentiment.

Markets Today: Erase/Rewind
Changing the world, one investment at a time

Changing the world, one investment at a time

26 March 2018

Think charitable giving is the only way to make a valuable difference? Think again. You can now use your investments to help effect social and environmental change, with increasing opportunities to back projects that promise to address our world’s most pressing issues.

Changing the world, one investment at a time
Markets Today: Wrecking Ball

Markets Today: Wrecking Ball

26 March 2018

Markets took a hit on Friday - what caused it and will it continue today? Phil Dobbie asks NAB's Ray Attrill if its trade wars, spending, staff changes or old fashioned over-valuation?

Markets Today: Wrecking Ball
Markets Today: 22 March 2018

Markets Today: 22 March 2018

22 March 2018

It will be no surprise that the Fed has lifted interest rates this morning. Perhaps the tone was more hawkish than expected in Jay Powell’s first meeting as Fed chair.

Markets Today: 22 March 2018
Markets Today: We used to be friends

Markets Today: We used to be friends

21 March 2018

The share markets rebounded today. NAB’s Tapas Strickland says it’s a positive sign that the reaction was contagion from tech stocks rather than anything more lasting.

Markets Today: We used to be friends
Debt market outlook suggests old school may finally be back in vogue

Debt market outlook suggests old school may finally be back in vogue

20 March 2018

NAB’s general manager, capital markets and advisory, Jacqui Fox, and head of debt syndicate, Mark Abrahams, highlight the key themes for Australian credit in 2018 and why they point to a positive fundamental story despite the resurgence in equity market volatility early this year.

Debt market outlook suggests old school may finally be back in vogue
NAB’s World on two pages: March 2018

NAB’s World on two pages: March 2018

16 March 2018

Financial market volatility has eased since the US equity market correction in late January but a range of geo-political and market events could trigger another bout of uncertainty.

NAB’s World on two pages: March 2018
Markets Today: Breathe

Markets Today: Breathe

15 March 2018

Phil Dobbie talks to NAB’s Tapas Strickland about the market reaction to this, and to Theresa May’s announcement that 23 Russian diplomats will be sent packing in response to the Salisbury nerve agent attack.

Markets Today: Breathe
Markets Today: 14 March 2018

Markets Today: 14 March 2018

14 March 2018

Phil Dobbie talks to NAB’s Rodrigo Cattril about the market impact of a President following a “my way or the highway” agenda.

Markets Today: 14 March 2018
AUD/GBP Forecast

AUD/GBP Forecast

13 March 2018

NAB’s positive view of GBP and forecast decline in AUD/GBP is in the immediate term.

AUD/GBP Forecast
2018 Corporate Bond Outlook

2018 Corporate Bond Outlook

13 March 2018

Clare Lewis, NAB Director Corporate Debt Markets Origination talks about the outlook for the corporate bond market in 2018.

2018 Corporate Bond Outlook
Markets Today: 8 March 2018

Markets Today: 8 March 2018

8 March 2018

Who keeps some balance on trade now Cohn has quit? Phil Dobbie talks to @NAB’s Rodrigo Catril about the volatility around President Trump’s growing tariff talk

Markets Today: 8 March 2018
Markets Today: I won’t back down

Markets Today: I won’t back down

6 March 2018

Equity markets are back in the black this morning with Treasury yields modestly higher amid further focus on Trump tariffs, with an attempted push back from two key GoP members, but an undaunted Trump.

Markets Today: I won’t back down
Markets Today: Superman

Markets Today: Superman

2 March 2018

Lots of numbers out overnight but it’s politics driving the markets right now, with President Trump saying he will sign the order next week to impose tariffs on steel imports.

Markets Today: Superman
Markets Today: 1 March 2018

Markets Today: 1 March 2018

1 March 2018

A Brexit breakdown pummels the pound – on #TheMorningCall Phil Dobbie asks @NAB’s Ray Attrill if we can expect the pound to fall further as the UK & EU draw lines in the sand.

Markets Today: 1 March 2018
Markets Today: 28 February 2018

Markets Today: 28 February 2018

28 February 2018

Phil Dobbie talks to NAB’s David de Garis about the market reaction, which includes falling equities and rising bond yields.

Markets Today: 28 February 2018
Markets Today: 27 February 2018

Markets Today: 27 February 2018

27 February 2018

The markets didn’t react positively to the UK opposition leader’s Brexit speech – infact, they hardly reacted at all. Phil Dobbie asks NAB’s Tapas Strickland in London about the latest chapter in the saga.

Markets Today: 27 February 2018
Markets Today: 26 February 2018

Markets Today: 26 February 2018

26 February 2018

Phil Dobbie asks NAB’s Ray Attrill what impact the news could have on the markets this week, after a rally on equities at the end of last week.

Markets Today: 26 February 2018
Markets Today: That don’t impress me much

Markets Today: That don’t impress me much

22 February 2018

Today’s Podcast Phil Dobbie asks NAB’s Gavin Friend whether they could lift bond yields, particularly given low interest in this week’s big auctions from the Treasury.  Gavin also explains why the UK’s jobless figures are not as bad as they seem, how Brexit talks are reaching the pointy end, and what will be the consequences […]

Markets Today: That don’t impress me much
Markets Today: 21 February 2018

Markets Today: 21 February 2018

21 February 2018

Phil Dobbie talks to NAB’s Tapas Strickland about what he was trying to say. Plus, the response to US Treasury auctions, what to expect from the Fed minutes, the latest expectation on Aussie rate rises and what’s the story with oil?

Markets Today: 21 February 2018
Markets Today: Meddle

Markets Today: Meddle

19 February 2018

US stocks retreat on Russia meddling, steel/aluminium tariff reports, but still make it ‘6 from 6’ up days.

Markets Today: Meddle
Markets Today: Still breathing

Markets Today: Still breathing

15 February 2018

There was a sharp reaction to higher than expected CPI figures overnight but they have been tempered by weaker than expected retail figures.

Markets Today: Still breathing
Markets Today: Love Resurrection

Markets Today: Love Resurrection

14 February 2018

The US dollar is on the slide again. As Phil Dobbie discusses with NAB’s Ray Attrill the volatility remains ahead of US CPI figures tonight.

Markets Today: Love Resurrection
Markets Today: Turbulence

Markets Today: Turbulence

12 February 2018

Friday was another choppy day for equity markets, although the S&P500 managed to end on a positive note.

Markets Today: Turbulence
Markets Today: Dog days are over

Markets Today: Dog days are over

8 February 2018

Well it might be too early to call the recent rout in equity markets over, but price action over the past 24hrs suggests calmness has returned with European equities rebounding while US equities are relatively steady.

Markets Today: Dog days are over
Aviation finance

Aviation finance

6 February 2018

Global air traffic and demand for aircraft stays strong in 2017.

Aviation finance
Markets Today: Low

Markets Today: Low

6 February 2018

It’s been another night for selling stocks, Europe taking up where the US and Asia left off (the Eurostoxx 600 was down 1.56%) and this set the tone for the US market.

Markets Today: Low
Markets Today: Devil inside

Markets Today: Devil inside

5 February 2018

The jump in US annual average hourly earnings in January, to 2.9% from an upwards revised 2.7% in December, stole the limelight on Friday albeit there were a number of extenuating circumstances suggesting the number shouldn’t be taken completely at face value.

Markets Today: Devil inside
AUD/USD Annotated Chart: January 2018

AUD/USD Annotated Chart: January 2018

5 February 2018

The AUD/USD started 2018 in the same manner it ended 2017. The currency strengthened in January, trading in a 3.4 cents range during the month and ending at 0.8055.

AUD/USD Annotated Chart: January 2018
Markets Today: Blowin in the wind

Markets Today: Blowin in the wind

2 February 2018

The USD has resumes its downtrend with Euro strength the main culprit and with USD indices trading sub key support levels the big question is how long will the Dollar fall, if only Bob Dylan new the answer.

Markets Today: Blowin in the wind
Helping to finance the hospitals of the future

Helping to finance the hospitals of the future

31 January 2018

As the cost of healthcare continues to rise, state and federal government budgets are facing a growing challenge of balancing the competing needs of health-care expenditure with other areas of spending such as schools and roads.

Helping to finance the hospitals of the future
Markets Today: 31 January 2018

Markets Today: 31 January 2018

31 January 2018

US stocks are weaker for a second day running, the S&P down a little 1% heading into the close, and the VIX is up to 15 from 11 at the end of last week.

Markets Today: 31 January 2018
Markets Today: The only way is up

Markets Today: The only way is up

30 January 2018

UST yields have led the sell-off in core global bond yields and for a change the USD has responded to the UST led rise in yields and outperforms across the board.

Markets Today: The only way is up
Markets Today: Hot, hot, hot

Markets Today: Hot, hot, hot

29 January 2018

The dollar remains the hot topic, just as the weather has been in SE Australia with a slice of this summer’s heatwave coming through with a vengeance, not to mention Roger Federer’s fifth and winning set to reach 20 Grand Slam wins at the Australian Open.

Markets Today: Hot, hot, hot
Markets Today: Roll over lay down

Markets Today: Roll over lay down

25 January 2018

Speaking from Davos early in the London session, US Treasury Secretary Steven Mnuchin set the tone for the session saying “obviously a weaker USD is good for us as it relates to trade and opportunities.”

Markets Today: Roll over lay down
Markets Today: Everything is Awesome

Markets Today: Everything is Awesome

23 January 2018

A full Senate vote to ratify the deal struck a few hours ago to re-open the US government is scheduled for 4:30pm Washington time (8:30am AEDT).

Markets Today: Everything is Awesome
Markets Today: Closedown

Markets Today: Closedown

22 January 2018

The US Senate on Friday failed to muster the 60 votes necessary to pass a stop-gap funding measure that would have averted the partial government shutdown that instead went into effect at one minute past midnight on Friday.

Markets Today: Closedown
Markets Today: 19 January 2018

Markets Today: 19 January 2018

19 January 2018

Focus is currently on Washington where a US government shutdown deadline looms this weekend unless a stopgap funding bill is agreed.

Markets Today: 19 January 2018
Why peace equals profits

Why peace equals profits

18 January 2018

Steve Killelea, the man behind the Global Peace Index, explains its potential value in helping make investment decisions.

Why peace equals profits
Markets Today: Hold On

Markets Today: Hold On

18 January 2018

The Bank of Canada delivered on an almost universal expectation for a 25-point rate hike last night.

Markets Today: Hold On
Reg S bond market: The rise of Asia’s own dollar bond market

Reg S bond market: The rise of Asia’s own dollar bond market

18 January 2018

The growth of the Reg S bond market has been one of the defining trends of the Asian capital markets in recent years. Driven by the seemingly unstoppable rise of Asian wealth – especially deep-pocketed Chinese investors – US dollar bond sales in the region no longer depend on the participation of US institutions.

Reg S bond market: The rise of Asia’s own dollar bond market
2017 Year in Review: Corporate Finance

2017 Year in Review: Corporate Finance

16 January 2018

2017 was marked by a return to stability following the volatility of recent times and the rise of innovative new products, especially in the green and social sectors.

2017 Year in Review: Corporate Finance
Markets Today: Zombie

Markets Today: Zombie

16 January 2018

Zombie was one of the Cranberries’ biggest hits and though written about what O’Riordan described as the seemingly interminable fight for Irish independence, it’s a fitting description of the US dollar, which more and more resembles a dead man walking.

Markets Today: Zombie
Markets Today: Where Is The Love?

Markets Today: Where Is The Love?

15 January 2018

Friday was a case of another day, another US dollar slide (plus new record closing highs for both the S&P500 and NASDAQ, but that almost goes without saying these days).

Markets Today: Where Is The Love?
AUD/USD Annotated Chart: December 2017

AUD/USD Annotated Chart: December 2017

12 January 2018

The AUD/USD started December on a positive note boosted by USD weakness amid tax reform uncertainty and news reports speculating on Russia’s intervention in US politics.

AUD/USD Annotated Chart: December 2017
Markets Today: 10 January 2018

Markets Today: 10 January 2018

10 January 2018

Oil prices trade to a new three year high and excluding JPY, the USD is stronger across the board. Meanwhile, US equities have made new highs, yet again! and all major European indices closed in positive territory.

Markets Today: 10 January 2018
Nuance the watchword for Australian-market renaissance

Nuance the watchword for Australian-market renaissance

8 January 2018

In a wide-ranging state-of-the-market perspective, Steve Lambert, Executive General Manager, Corporate Finance at NAB, attributes Australian transaction breakthroughs in 2017 to long-term positive trends on the demand side.

Nuance the watchword for Australian-market renaissance
Markets Today: 8 January 2018

Markets Today: 8 January 2018

8 January 2018

A mixed US labour report and softish ISM non-manufacturing print had minimal impact on the USD and US Treasury yields while global equities have continued on their merry way higher amid a supportive global economic backdrop.

Markets Today: 8 January 2018
Markets Today: Vote-A-Rama

Markets Today: Vote-A-Rama

19 December 2017

US equities have started the week on a solid footing boosted by the prospect of US tax reform becoming law later in the week.

Markets Today: Vote-A-Rama
Markets Today: All I Want(ed) For Christmas

Markets Today: All I Want(ed) For Christmas

18 December 2017

Stocks, the US dollar and Treasury yields all rose in afternoon NY trade Friday, seemingly in anticipation of Congressional tax writers announcing a reconciled tax plan capable of being voted on by both Houses this week.

Markets Today: All I Want(ed) For Christmas
Australia’s future’s looking bright

Australia’s future’s looking bright

15 December 2017

While there was plenty of concern about potential geopolitical and economic crises at the recent ASFA conference, at least one senior industry figure was upbeat.

Australia’s future’s looking bright
Markets Today: Ramblin’ Gamblin’ Man

Markets Today: Ramblin’ Gamblin’ Man

15 December 2017

US equities retained the negative tone seen during the European session and have been unable to trade in positive territory amid concerns over the prospects for US tax reform.

Markets Today: Ramblin’ Gamblin’ Man
Markets Today: She’s leaving home

Markets Today: She’s leaving home

14 December 2017

Markets overnight initially took the lead from a lower than expected print on US core CPI for November, missing the 0.2%/1.8% consensus by a tenth, at 0.1%/1.7%. Stocks rallied, the dollar faded as did Treasury yields.

Markets Today: She’s leaving home
Markets Today: The Letter

Markets Today: The Letter

13 December 2017

Amid light trading US equities are a little bit higher (NASDAQ is flat) and European equities closed in positive territory.

Markets Today: The Letter
Australian Markets Weekly: 11 December 2017

Australian Markets Weekly: 11 December 2017

12 December 2017

Two weeks ago, we wrote on the outlook for the AUD from our Head of FX Strategy, Ray Attrill highlighting the expected move of the AUD/USD into the US$0.70-0.75 cent range.

Australian Markets Weekly: 11 December 2017
Markets Today: She speeds

Markets Today: She speeds

12 December 2017

It’s been a night marked by a suicide bomb explosion in Times Square, an event that thankfully inflicted very contained damage to individuals and even less to market stability.

Markets Today: She speeds
NAB champions community-led approach to social infrastructure

NAB champions community-led approach to social infrastructure

11 December 2017

Reduced government funding and a growing population are forcing local councils to find alternative funding for public assets and community projects. NAB has already started filling the gap, with new mechanisms opening up funding sources usually closed to small lenders.

NAB champions community-led approach to social infrastructure
Markets Today: The beat goes on

Markets Today: The beat goes on

11 December 2017

If it wasn’t for Friday’s US labour market data, Lionel Richie’s “All night long” would have been a great option for a title today, highlighting PM May’s sleepless effort to strike a deal about a deal with the EU.

Markets Today: The beat goes on
Markets Today: The Waiting

Markets Today: The Waiting

8 December 2017

Tom Petty described The Waiting as a song about waiting for your dreams and not knowing if they will come true.

Markets Today: The Waiting
Markets Today: Show me the money!

Markets Today: Show me the money!

6 December 2017

The USD is stronger against most currencies and the AUD has given back all of yesterday’s gains amid overnight softness in metal prices.

Markets Today: Show me the money!
Expanding understanding through wider and deeper data capture

Expanding understanding through wider and deeper data capture

5 December 2017

Australia’s GDP continues to grow in spite of subdued wages growth and consumer spending. Gaining a greater understanding of how these contradictory trends break down across regional and metropolitan areas, as well as consumer spending categories, is behind NAB’s expansion of its Consumer Spending and Cashless Retail analyses.

Expanding understanding through wider and deeper data capture
South Korea: Perspectives, trends and insights

South Korea: Perspectives, trends and insights

4 December 2017

This independent report for National Australia Bank (NAB) by the Crawford School of Public Policy at The Australian National University, examines the outlook for the South Korean economy and its growing importance in the Asia Pacific region.

South Korea: Perspectives, trends and insights
Markets Today: Russian roulette

Markets Today: Russian Roulette

4 December 2017

My colleague and Markets Today co-conspirator Tapas Strickland has to date had a monopoly on Rhianna songs, but since he’s just arrived at NAB in London to spend time gaining international experience, I figure the Barbadian songstress catalogue is now fair game for use by the rest of us (not that there are many of her songs left to choose from).

Markets Today: Russian roulette
Australia GDP Preview: Q3 2017

Australia GDP Preview: Q3 2017

1 December 2017

The economy is likely to have grown at a solid clip in Q3. While some pieces of the growth puzzle are falling into place, the stark divergence between business and consumer spending remains despite jobs growth. Non-mining and infrastructure investment will be encouraging for the RBA, but higher wages growth is required.

Australia GDP Preview: Q3 2017
Markets Today: It’s all good (very good)

Markets Today: It’s all good (very good)

30 November 2017

Nothing like starting the day with some good old Australian hip hop. Funkroar 2011 hit “it’s all good (very good)” nicely captures the key upbeat message from Fed Chair Yellen appearance before Congress alongside the better than expected US and EU economic data.

Markets Today: It’s all good (very good)
Talking infrastructure

Talking infrastructure

29 November 2017

Mike Baird, NAB’s Chief Customer Officer-Corporate and Institutional Banking talks to the opportunities the infrastructure market offers and how our clients can benefit from Australia’s infrastructure investment.

Talking infrastructure
Portfolio construction tips

Portfolio construction tips

29 November 2017

Chris Black, a portfolio manager from Alexander Funds Management shares his insights on portfolio construction and what tips non institutional investors should and should not mimic from institutional investor portfolios.

Portfolio construction tips
Markets Today: Same Love

Markets Today: Same Love

29 November 2017

It has been a pretty busy night with Fed Chair in waiting Powell appearance before a Senate committee, mixed US data releases, confirmation of UK-EU Brexit bill (after some confusion), North Korea launching a ballistic missile and lastly the US Senate Budget Committee has just announced a tax bill has been sent to the Senate for voting.

Markets Today: Same Love
Ethical investing

Ethical investing

28 November 2017

Tom Wirth, NAB’s GM of Balance Sheet Strategy shares his insights for Ethical investing and what role it can play in a portfolio.

Ethical investing
Markets Today: Who Are You?

Markets Today: Who Are You?

28 November 2017

A relatively quiet start to the week following a relatively quiet holiday-impacted end to the last one.

Markets Today: Who Are You?
Markets Today: Risky Business

Markets Today: Risky Business

27 November 2017

Tangerine Dream, the German electronic music group, provided the soundtrack for Risky Business, the 1983 Romantic Comedy starring Tom Cruise and Rebecca de Mornay. The group have produced over 100 albums since forming in 1967.

Markets Today: Risky Business
Markets Today: Strong

Markets Today: Strong

24 November 2017

We wrote yesterday how the USD had been sold lower on the back of the cautious Yellen comments.

Markets Today: Strong
Markets Today: Get Back Up

Markets Today: Get Back Up

22 November 2017

A rather uninspired song title (from a band whose name might not make it through the filters) from your somewhat sleep-deprived scribe (Lorde concert at the Opera House on a school-night, and at my age).

Markets Today: Get Back Up
Markets Today: She is leaving home

Markets Today: She is leaving home

21 November 2017

The overnight session saw an improvement in risk sentiment with European equities closing in positive territory while US equities are also having a good day so far.

Markets Today: She is leaving home
It’s back to business in securitisation

It’s back to business in securitisation

20 November 2017

Securitisation has been one of the compelling stories in the Australian market in 2017. Issuers are keen, investors are willing and there’s abundant appetite for new and exciting assets and structures.

It’s back to business in securitisation
Markets Today: Talking Heads

Markets Today: Talking Heads

15 November 2017

Caution remains the main theme in markets with equities softer on both sides of the Atlantic weighed down by the energy and materials sectors amid softer oil and metal prices.

Markets Today: Talking Heads
Markets Today: Talk of the Town

Markets Today: Talk of the Town

14 November 2017

Frankfurt is the town and the great and the good of the global central banking fraternity will be the doing the talking later today at an ECB sponsored conference on central bank communication.

Markets Today: Talk of the Town
Development and diversity: US$ Reg S comes of age in Asia Pacific

Development and diversity: US$ Reg S comes of age in Asia Pacific

8 November 2017

Increased global liquidity, Asia’s growing wealth and the rise of the regional investor base have made the US$ Reg S market an increasingly important source of funding for Asia Pacific issuers. NAB sees US$ Reg S issuance from Australian corporates tripled from 2016 to 2017, with ample room to grow.

Development and diversity: US$ Reg S comes of age in Asia Pacific
Markets Today: We are the world

Markets Today: We are the world

8 November 2017

It’s been a very quiet night for markets, the DXY and BBDXY making some net gains, but more from commodity currency weakness.

Markets Today: We are the world
Markets Today: Jive Talkin’

Markets Today: Jive Talkin’

2 November 2017

Jive Talking: “To speak in an exaggerated, teasing, or misleading way”. I can’t believe we haven’t used this Bee Gees classic once in the year that has almost passed since the result of a certain election.

Markets Today: Jive Talkin’
Fund innovation for investor preference

Fund innovation for investor preference

1 November 2017

Australia’s high-yield fixed-income market has evolved from being virtually non-existent just a few years ago to now offering a reasonably consistent funding option for Australian companies.

Fund innovation for investor preference
Markets Today: Good day sunshine

Markets Today: Good day sunshine

1 November 2017

The news on the state of the US and European economies has been good overnight, adding more sunshine to the global growth acceleration story.

Markets Today: Good day sunshine
Markets Today: Barcelona

Markets Today: Barcelona

30 October 2017

Two factors drove much of Friday’s offshore market activity. One was a Bloomberg source report suggesting that President Trump was inclined to nominate Jerome (‘Jay’) Powell to be the new Fed chair.

Markets Today: Barcelona
Markets Today: Just Can’t Get Enough

Markets Today: Just Can’t Get Enough

27 October 2017

To borrow from Depeche Mode, it seems markets Just Can’t Get Enough with a dovish ECB taper and increasing confidence in US tax reform seeing a rally in risk assets.

Markets Today: Just Can’t Get Enough
Markets Today: Friday on my mind

Markets Today: Friday on my mind

25 October 2017

US markets right have been caught between 1) the on-going negotiations over tax between the White House and Republicans, 2) who will be the next Fed Chair (the market seems to be positioning for a Taylor-Powell duo but there’s still no news), and 3) the course of the broader economy.

Markets Today: Friday on my mind
Adaptation finance: is the investing climate about to change?

Adaptation finance: is the investing climate about to change?

23 October 2017

It’s among the top three challenges facing us all according to the World Economic Forum – climate change adaptation. But there are challenges to financing such investments in Australia. How can we ensure critical infrastructure is resilient for a changing climate, integrating physical risk into investment practices?

Adaptation finance: is the investing climate about to change?
Markets Today: Don’t dream it’s over

Markets Today: Don’t dream it’s over

20 October 2017

The biggest news overnight was the finalisation of the NZ Government. Labour’s Jacinda Arden will now be the next Prime Minister following NZ First’s deal to form a coalition government.

Markets Today: Don’t dream it’s over
Markets Today: Milk it

Markets Today: Milk it

19 October 2017

Milk It is from Nirvana’s third album ‘In Utero’ and starts with the line ‘I am my own parasite, I don't need a host to live’. It references Kurt Cobain’s frustration with fame and drug addiction.

Markets Today: Milk it
Markets Today: Taylor

Markets Today: Taylor

18 October 2017

The USD has continued to eke out small gains amid ongoing speculation over Fed Chair nomination, US equities are flat (DJ briefly traded above 23k for the first time) and commodities are mixed.

Markets Today: Taylor
State Economic Handbook: October 2017

State Economic Handbook: October 2017

17 October 2017

Economic growth in most states is expected to strengthen somewhat in 2017-18 before moderating a little in 2018-19 as dwelling investment and LNG exports peak.

State Economic Handbook: October 2017
Markets Today: I’m waiting for the man

Markets Today: I’m waiting for the man

17 October 2017

It has been a quiet start to the week in the Northern Hemisphere, but of note the USD is slightly stronger across the board and commodities also had a good night.

Markets Today: I’m waiting for the man
Markets Today: Six Degrees of Separation

Markets Today: Six Degrees of Separation

16 October 2017

It's now six from seven in terms of core US CPI undershooting expectations (six months at 0.1% including Friday’s September print and just one at the 0.2% consensus estimate that has prevailed for each of these seven months).

Markets Today: Six Degrees of Separation
Markets Today: A momentary lapse of …

Markets Today: A momentary lapse of …

12 October 2017

Pink Floyd’s first album without Roger Waters “A Momentary Lapse of Reason (Inflation?)” probably captures the key take-away from the Sep 20 FOMC Meeting Minutes.

Markets Today: A momentary lapse of …
Markets Today: Ain’t that lonely yet

Markets Today: Ain’t that lonely yet

11 October 2017

It’s been a mix of events in the UK (better data), Europe (no immediate declared Catalan independence from Puigdemont) and the US (Trump tax politics and a softer NFIB report) that have provided the background for limited currency moves overnight.

Markets Today: Ain’t that lonely yet
Markets Today: Waiting on the world to change

Markets Today: Waiting on the world to change

10 October 2017

Markets were quiet overnight given the Columbus Day Holiday in the US. Equities were flat (S&P500 0.2%), the US dollar was marginally lower (DXY 0.2%), while the US bond market was closed (note futures were open but with little movement).

Markets Today: Waiting on the world to change
Markets Today: Beautiful Noise

Markets Today: Beautiful Noise

9 October 2017

Neil Diamonds’ Beautiful Noise was the working title for today’s missive following the latest US payrolls s report on Friday.

Markets Today: Beautiful Noise
Markets Today: Pound the alarm

Markets Today: Pound the alarm

6 October 2017

After taking a breather, the USD has regained its mojo partly driven by concerns over other currencies along with a supportive domestic backdrop.

Markets Today: Pound the alarm
Markets Today: Waiting

Markets Today: Waiting

4 October 2017

The challenge meted out by some of my colleagues yesterday (many of whom are probably still in bed) was to incorporate as many songs from the now late great Tom Petty into this daily missive.

Markets Today: Waiting
Markets Today: Tax(pl)an

Markets Today: Tax(pl)an

28 September 2017

It’s been news filtering out over the past 24 hours of the Trump/Republican tax plan that understandably gathered the attention of markets and gotten USD bulls re-energised.

Markets Today: Tax(pl)an
Markets Today: Dear Prudence

Markets Today: Dear Prudence

27 September 2017

Fed chair Janet Yellen spoke last night and opined that it would be ‘Imprudent to keep monetary policy on hold until inflation hits 2%’

Markets Today: Dear Prudence
Markets Today: False Alarm?

Markets Today: False Alarm?

26 September 2017

A mild risk-off theme quickly emerged around midnight following North Korea’s statement that the US has effectively “declared war” and that North Korea has every right to “make countermeasures”.

Markets Today: False Alarm?
Markets Today: Hung Up

Markets Today: Hung Up

25 September 2017

Hung parliaments on current voting tallies in general elections in New Zealand on Saturday and Germany on Sunday have taken bites out of the NZD and EUR at Monday’s market re-open.

Markets Today: Hung Up
The future of retail

The future of retail

20 September 2017

With technology developing at an unprecedented pace and customer expectations constantly evolving, business survival is dependent on understanding and adapting to this changing landscape.

The future of retail
Markets Today: Rocket Man

Markets Today: Rocket Man

20 September 2017

US President Trump’s 40 minute address to the UN, in which he described N. Korea leader Kim Jong UN as “Rocket man on a suicide mission for himself and his regime” has given us a (predictable) song title but frankly not much else.

Markets Today: Rocket Man
Australia’s dynamic superfunds

Australia’s dynamic superfunds

19 September 2017

Aussie superfunds face a world where investment themes are changing and there’s a continued search for yield. NAB’s latest Superannuation FX Hedging survey indicates they’re up to the challenge.

Australia’s dynamic superfunds
Markets Today: Senses Working Overtime

Markets Today: Senses Working Overtime

19 September 2017

GBP and CAD pull back on latest BoC and BoE utterances, helping USD move ahead again aided too by modestly higher US Treasury yields (10s +2bps to 2.23%). This pulls AUD comfortably back below 0.80. It has already traded - intra-day - through last week’s 0.7956 low.

Markets Today: Senses Working Overtime
Markets Today: Fly!

Markets Today: Fly!

18 September 2017

Another day on and the Pound has again been the star performer in the currency markets.

Markets Today: Fly!
Markets Today: Surprise, surprise

Markets Today: Surprise, surprise

15 September 2017

While the market’s focus was expected to be primarily on the US CPI print for August, there was much more market action across the Atlantic with the Pound soaring on the back of a near term rate rise warning from the Bank of England.

Markets Today: Surprise, surprise
Markets Today: Running on Faith

Markets Today: Running on Faith

14 September 2017

While equity markets had a day of consolidation, the USD and US Treasury yields had a decent move higher aided by increasing hopes over US Tax reform.

Markets Today: Running on Faith
Clean energy finance to support the transition to a low-carbon economy

Clean energy finance to support the transition to a low-carbon economy

14 September 2017

US$90 trillion in new investments by 2030 have been estimated as necessary to meet the goals of UNCOP21 to address climate change. National Australia Bank (NAB)'s David Jenkins says the opportunity for green bonds to mobilise capital for this transition to a low carbon economy is immense.

Clean energy finance to support the transition to a low-carbon economy
Markets Today: UK inflation thunder

Markets Today: UK inflation thunder

13 September 2017

Yesterday’s song title was Start me up by the Rolling Stones and it still seems an apt description with the risk‑on tone continuing overnight.

Markets Today: UK inflation thunder
Markets Today: Start me up

Markets Today: Start me up

12 September 2017

A broad risk on rally that started in the Asia continued overnight driven by expectations of a lower damage bill from Hurricane Irma and the absence of geopolitical headlines with North Korea not launching an ICBM on Saturday as many had feared it would.

Markets Today: Start me up
Markets Today: Doctor! Doctor!

Markets Today: Doctor! Doctor!

11 September 2017

USD indices closed in negative territory on Friday, but managed to recover a bit of ground in the overnight session, thanks to a rise in UST yields and a softer CAD after a mixed employment report.

Markets Today: Doctor! Doctor!
Markets Today: I don’t care, I love it

Markets Today: I don’t care, I love it

8 September 2017

I don’t care, I love it was the electro pop song of 2012. So it was with the market reaction to the ECB meeting overnight with the Euro higher (+0.9% to 1.2023) and German Bund yields lower (-4.0bps to 0.31%).

Markets Today: I don’t care, I love it
A new way to look at a tough problem

A new way to look at a tough problem

7 September 2017

The Queensland Government’s first social bond that seeks to reduce reoffending by young people has been launched by Life Without Barriers and NAB.

A new way to look at a tough problem
Can we afford not to be ethical income investors?

Can we afford not to be ethical income investors?

6 September 2017

Ethical investment was a hot issue at the KangaNews-NAB Fixed Income Beyond the Institutional Sector Summit in July. NAB’s Mark Todd and a panel of ethical investment industry leaders discussed how this market is developing in Australia.

Can we afford not to be ethical income investors?
Markets Today: Oranges and Lemons

Markets Today: Oranges and Lemons

6 September 2017

The ancient English nursery rhyme was used allegorically in George Orwell’s 1984 to foreshadow the death of true knowledge (and so the advent of fake news, some 50 years before the Simpsons in 2001 foretold of Donald Trump’s ascendency to the US Presidency).

Markets Today: Oranges and Lemons
Australia GDP Preview: Q2 2017

Australia GDP Preview: Q2 2017

4 September 2017

Q2 GDP data will be released on Wednesday 6 September at 11:30am AEST. Additional partials will be available tomorrow and may alter our forecast.

Australia GDP Preview: Q2 2017
Markets Today: All eyez on me

Markets Today: All eyez on me

4 September 2017

"All Eyez On Me" is a single by 2Pac’s fourth album by the same name and it is one of the most acclaimed hip-hop albums of the 1990s.

Markets Today: All eyez on me
Where can investors find income (at a fair price)?

Where can investors find income (at a fair price)?

31 August 2017

A panel of fund managers and NAB’s Connie Sokaris discussed the vexing issue of how to create income in a low interest environment at the KangaNews-NAB Fixed Income Beyond the Institutional Sector Summit.

Where can investors find income (at a fair price)?
Markets Today: Put down that weapon

Markets Today: Put down that weapon

30 August 2017

The “risk off” sentiment that overshadowed markets after the launch of yet another missile from North Korea didn’t even last 24 hours.

Markets Today: Put down that weapon
Markets Today: Rain

Markets Today: Rain

29 August 2017

With Jackson Hole out of the way, markets and related news have been more focussed on Hurricane Harvey, some more news stories out of the West Wing and the resumption of UK-EU Brexit talks. It was a bank holiday in the UK.

Markets Today: Rain
The day after tomorrow’s economy

The day after tomorrow’s economy

25 August 2017

NAB’s Mark Todd and a panel considered the future of fintech and the implications for investment at the KangaNews-NAB Fixed Income Beyond the Institutional Sector Summit.

The day after tomorrow’s economy
Markets Today: Exodus

Markets Today: Exodus

25 August 2017

Markets are little changed in the lead up to Jackson Hole, with little in the way of major FX moves to report.

Markets Today: Exodus
Markets Today: Jackson

Markets Today: Jackson

24 August 2017

Yesterday’s USD resurgence accompanied by an improvement in risk appetite and hopes of progress on US tax reform came to an abrupt end courtesy of President Trump threat of a government shutdown, if funding isn’t included for the border wall promised in his campaign.

Markets Today: Jackson
Markets Today: In the air tonight

Markets Today: In the air tonight

23 August 2017

It’s been a risk-on night, a night of some returning support for the USD, the Bloomberg spot dollar index up 0.34% (the DXY by 0.46%), the Swiss Franc and the Yen seeing the larger declines overnight. The driver has been US politics and enlivened talk on tax reform.

Markets Today: In the air tonight
Markets Today: Gone Daddy gone

Markets Today: Gone Daddy gone

21 August 2017

The lack of key data releases and major corporate earnings news contributed to Friday’s quiet trading session with major US equity indices trading in and out of positive territory.

Markets Today: Gone Daddy gone
Riding the infrastructure boom

Riding the infrastructure boom

18 August 2017

After the recent investor jitters triggered by the failure of some Public Private Partnership (PPP) toll roads, it looks like a new wave of infrastructure PPPs, kick-started by Federal and State Government investment, are making a strong comeback.

Riding the infrastructure boom
Markets Today: Break me shake me

Markets Today: Break me shake me

17 August 2017

The USD rally ground to a halt overnight amid continued US political machinations and uncertainty over the trajectory for inflation in the latest FOMC Minutes.

Markets Today: Break me shake me
Markets Today: Animal

Markets Today: Animal

16 August 2017

Looking through Spotify this morning I was surprised to see that “Animal” is quite a popular song title. I was going with Pearl Jam 1994 hit, but then I noticed I could have gone with Deft Leppard or more recently Ellie Goulding or Kesha would have also done the trick.

Markets Today: Animal
Interlinking expertise

Interlinking expertise

15 August 2017

Using cross-sector partnerships to connect and capture data that underpins system-wide problem solving can create better societal outcomes.

Interlinking expertise
NAB’s World on Two Pages: August 2017

NAB’s World on Two Pages: August 2017

11 August 2017

The July NAB Monthly Business Survey showed a continuation of the strong run enjoyed by the business sector. Business conditions rose to their highest level since early 2008, while confidence also strengthened.

NAB’s World on Two Pages: August 2017
Markets Today: Jump

Markets Today: Jump

11 August 2017

Looking at the overnight chart US equities opened lower following the moves from Europe and Asia.

Markets Today: Jump
Markets Today: Geopolitical poker face

Markets Today: Geopolitical poker face

10 August 2017

Geopolitical tensions surrounding North Korea dominated the overnight session. However, market moves were contained following a winding back in rhetoric by US Administration officials.

Markets Today: Geopolitical poker face
Markets Today: Bridging the gap

Markets Today: Bridging the gap

9 August 2017

Bridging the gap is a song by American rapper Nas and as a tribute to his father the song aims to bridge the gap from blues, to jazz, to rap.

Markets Today: Bridging the gap
Markets Today: It’s oh so quiet

Markets Today: It’s oh so quiet

8 August 2017

It’s been a slow start to the week, not just because of yesterday’s NSW bank holiday (it’s not exactly the centre of the universe is it, much as some of us might like to believe otherwise?).

Markets Today: It’s oh so quiet
Markets Today: Fed Up

Markets Today: Fed Up

7 August 2017

DJ Khaled didn’t have the folks in Washington’s Eccles Building in mind when he composed ‘Fed Up’ in 2009, but December 2017 Fed rate hike pricing pushed up from around 40% to 50% on Friday.

Markets Today: Fed Up
A New Architecture for Social Good

A New Architecture for Social Good

3 August 2017

The second report in the Catalyst Insights Series, was developed following a roundtable focused on enabling the public and the private sector to work together to create better societal outcomes.

A New Architecture for Social Good
Markets Today: Summer Time

Markets Today: Summer Time

3 August 2017

The Dow Jones moved up to 22000 for the first time ever boosted by Apple’s better than expected sales report - Apple shares rose 4.7% to 157.14 after posting a 7% increase in revenue.

Markets Today: Summer Time
Markets Today: Levels

Markets Today: Levels

25 July 2017

The AUD reached an intraday high yesterday of 0.7968 but has traded with a softer tone during the overnight session.

Markets Today: Levels
Markets Today: Twelfth of never

Markets Today: Twelfth of never

21 July 2017

The pick-up in market price action has continued overnight in FX markets. For the AUD, it’s now pretty much all about the Guy Debelle speech today.

Markets Today: Twelfth of never
Markets Today: Stay

Markets Today: Stay

20 July 2017

Markets have largely paused for breath overnight, with US Treasury yields flat-lining and the US dollar ever so slightly firmer.

Markets Today: Stay
Markets Today: How much a dollar cost

Markets Today: How much a dollar cost

19 July 2017

The USD sell off that began yesterday during our day session continued overnight following senate Republicans’ failure to push through their healthcare reform.

Markets Today: How much a dollar cost
NAB’s World on Two Pages: July 2017

NAB’s World on Two Pages: July 2017

14 July 2017

Revisions to real GDP growth forecasts this month largely reflect a stronger than expected rebound in coal exports following disruptions from Cyclone Debbie in Q1. Further out, we have not fundamentally changed the tone of our outlook.

NAB’s World on Two Pages: July 2017
Markets Today: La Vie en Rose

Markets Today: La Vie en Rose

14 July 2017

It’s a nod to Bastille Day today and with the US President visiting France, declaring in a tweet his “unbreakable” relationship with the French President.

Markets Today: La Vie en Rose
Gold in focus: July 2017

Gold in focus: July 2017

13 July 2017

Gold began 2017 strongly, up 8% in the first half - despite falling 2% in June. This weakness has continued into early July, with the strong US payrolls data exerting further weakness on gold. However, gold received some support following Fed Chair Janet Yellen’s semi-annual testimony, which the markets interpreted as somewhat dovish.

Gold in focus: July 2017
Markets Today: On the Wings of a Dove (really?)

Markets Today: On the Wings of a Dove (really?)

13 July 2017

The Canadian dollar is the standout winner in FX markets after the Bank of Canada raised rates by 0.25% to 0.75% as widely expected but didn’t deliver the ‘dovish hike’ some were expecting.

Markets Today: On the Wings of a Dove (really?)
Markets Today: I love it

Markets Today: I love it

12 July 2017

After trading to an overnight low of 0.7605, the AUD has staged a decent recovery reaching an overnight high of 0.7643 and settling around 0.7640 currently.

Markets Today: I love it
NAB Monthly Business Survey: June 2017

NAB Monthly Business Survey: June 2017

11 July 2017

Business conditions hit another multi-year high, with most industries performing well. Stronger trading conditions (sales) and profitability drove the improvement, while employment conditions were steady.

NAB Monthly Business Survey: June 2017
Markets Today: Summer holiday

Markets Today: Summer holiday

11 July 2017

It’s been a very quiet start to the week, generally a night of consolidation for markets ahead of a calendar that sees the US earnings season unfold amid an array of central bankers meeting and speaking together with some data over the next 24-48 hours.

Markets Today: Summer holiday
Markets Today: Love Plus One

Markets Today: Love Plus One

10 July 2017

In German chancellor Angela Merkel’s words, the G20 accord issued on Saturday night didn’t even attempt to paper over the differences between the United States and the other 19 G20 members.

Markets Today: Love Plus One
Markets Today: It Only Takes A Minute

Markets Today: It Only Takes A Minute

6 July 2017

The AUD is a little softer this morning, thanks largely to comments from RBA Board member Ian Harper in a Dow Jones interview published around 7pm last night.

Markets Today: It Only Takes A Minute
China Economic Update: June 2017

China Economic Update: June 2017

5 July 2017

In May, international ratings agency Moody’s announced a downgrade for China’s sovereign credit rating, citing the country’s rising debt as a key factor in this decision.

China Economic Update: June 2017
Markets Today: Little Wonder

Markets Today: Little Wonder

4 July 2017

Bowie’s song titles have an amazing suitability for morning note titles, lyrics on the other hand don’t always suit.

Markets Today: Little Wonder
Markets Today: Getting better

Markets Today: Getting better

30 June 2017

German and Spanish CPIs for June were released overnight – in a limited data schedule – and pointed to a better-than-expected print from tonight’s Eurozone CPI by 0.1% if not 0.2%. That’s added support to the EUR/USD and yields overnight, the Euro this morning at 1.1440.

Markets Today: Getting better
Markets Today: You gotta lift and sometimes that’s how it is

Markets Today: You gotta lift and sometimes that’s how it is

29 June 2017

Lift was Shannon Noll’s first post Australian Idol hit. The lyrics “seems like forever that you’ve been falling, it’s time to move on” are an apt description of the mood of central banks, which have been removing expectations of further policy easing and getting the market into thinking of central banks tightening policy. This theme continued overnight with comments from the Bank of Canada’s Poloz and Bank of England’s Carney.

Markets Today: You gotta lift and sometimes that’s how it is
Markets Today: Every day I love you less and less

Markets Today: Every day I love you less and less

28 June 2017

As summer times kicks into full mode in Europe, ECB President Draghi play list is slowly but surely moving away from the likes of Olivia Newton John “Hopelessly devoted to you” , being replaced by more upbeat tunes such as Kaiser Chiefs “Every day I love you less and less”.

Markets Today: Every day I love you less and less
DIY infrastructure – why wait for Government?

DIY infrastructure – why wait for Government?

27 June 2017

This paper calls for customer-led infrastructure and specifically identifies examples of the 'DIY protagonist - those individuals, businesses and communities who have identified a need for specific infrastructure and have made it happen.

DIY infrastructure – why wait for Government?
Markets Today: Goldfinger

Markets Today: Goldfinger

27 June 2017

In an otherwise relatively quiet night with only the mildest of risk-on tones, gold was something of a standout.

Markets Today: Goldfinger
Markets Today: Blame Canada

Markets Today: Blame Canada

26 June 2017

The late great Robin Williams sang this theme song to the 1999 South Park movie at the Academy Awards, penned by Matt Stone and Trey Parker, in which Sheila blames Canada for the kids’ bad language (and more besides) after watching the expletive-ridden Canadian movie Terrence and Phillip: (expletive deleted) of Fire.

Markets Today: Blame Canada
Markets Today: Under pressure

Markets Today: Under pressure

21 June 2017

Almost out of default, the USD is higher in a night of virtually no key data, but not getting any clear support from a mixed set of Fed speak, Charles Evans (voter) sounding dovish and Kaplan too.

Markets Today: Under pressure
Markets Today: Easy

Markets Today: Easy

20 June 2017

On my way home last night I thought the Spice Girls were a strong candidate for a song title today. Brexit negotiations started overnight and Wannabe (“Tell me what you want”) would have been a good option.

Markets Today: Easy
NAB’s World on Two Pages: June 2017

NAB’s World on Two Pages: June 2017

16 June 2017

The NAB Monthly Business Survey was a little softer in May, but still points to a healthy business sector. Business conditions are elevated and confidence is holding up above long-run average levels.

NAB’s World on Two Pages: June 2017
Markets Today: Split decision

Markets Today: Split decision

16 June 2017

A split Bank of England (BoE) decision to keep rates unchanged and another fall in oil prices were the two big events overnight in an otherwise quiet night.

Markets Today: Split decision
Socially responsible investing in Australia

Socially responsible investing in Australia

15 June 2017

Socially responsible investing (SRI) means integrating non-financial factors – such as ethical, social or environmental concerns – into the investment process with the aim of earning both a financial return and a moral ‘return’.

Socially responsible investing in Australia
Financial Anxiety Survey: Q1 2017

Financial Anxiety Survey: Q1 2017

15 June 2017

Financial anxiety eases but 4 in 10 consumers still experienced some form of financial hardship in the last 3 months. Financial anxiety continues to be a bigger issue for young people (particularly women) and low income earners.

Financial Anxiety Survey: Q1 2017
Markets Today: Janet

Markets Today: Janet

15 June 2017

The Fed this morning announced a hike in the Fed funds rate by ¼%, as entirely expected, lifting the Federal funds rate to 1.00-1.25%. But we walk in this morning with the big dollar having been pressured and the US Treasury curve lower. Another case of the usual “buy the rumour, sell the fact”?

Markets Today: Janet
Markets Today: American Dream

Markets Today: American Dream

14 June 2017

The performer among major currencies has been the Canadian dollar where recent strong hints from Senior Deputy BoC Governor Carolyn Wilkins that the Bank of Canada is shifting to a ‘tightening bias’ given signs of an improving economy continues to resonate with markets.

Markets Today: American Dream
Markets Today: UK election backfires

Markets Today: UK election backfires

9 June 2017

Sterling has been hammered (-1.7% to 1.2735) as the BBC exit poll points to a Hung Parliament (Tories are set to be 12 seats short of a majority, being on track to get 314 seats; Labour 266; SNP 34; 326 required for majority).

Markets Today: UK election backfires
Markets Today: Life’s a gas

Markets Today: Life’s a gas

9 June 2017

The T.Rex 1971 classic is doubtless before most readers’ time but not this one unfortunately, growing up with the first (and still the best) U.K. glam-rockers.

Markets Today: Life’s a gas
Markets Today: Too low for zero

Markets Today: Too low for zero

7 June 2017

It was another quiet session overnight with an ever so slight risk-off tone (Yen, Gold, Vix higher and Treasury yields lower) ahead of Thursday’s key risk events – ECB, UK Election and testimony by former FBI chief Comey.

Markets Today: Too low for zero
Markets Today: Calm before the storm

Markets Today: Calm before the storm

6 June 2017

It has been a quiet overnight session ahead of what could be a stormy Thursday with the ECB, UK election and Comey’s testimony all occurring on the same day.

Markets Today: Calm before the storm
Markets Today: Strong enough

Markets Today: Strong enough

5 June 2017

Sheryl Crow’s hit ”strong enough” finds Crow frustrated in a relationship and asking the question, "Are you strong enough to be my man?". ell Friday night was all about the US jobs report and no doubt a similar question (without the man bit of course) crossed investors’ mind.

Markets Today: Strong enough
Markets Today: The end of May

Markets Today: The end of May

1 June 2017

It has been a quiet end to the month of May, nevertheless the month has ended with a few themes raising question marks over the near term outlook for markets.

Markets Today: The end of May
Markets Today: Enjoy the silence

Markets Today: Enjoy the silence

30 May 2017

With the US and the UK markets closed for Memorial Day/Spring bank holidays, the focus in a quiet night was on European markets, specifically interest in ECB President Mario Draghi’s speech to the European Parliament.

Markets Today: Enjoy the silence
Markets Today: Mind the Gap

Markets Today: Mind the Gap

29 May 2017

Ahead of a long weekend US equities ended the week in a relatively subdued note, oil prices recovered a bit of lost ground since the drop in prices post the OPEC’s production cuts extension announcement and US treasury yields were little changed.

Markets Today: Mind the Gap
Markets Today: What goes on

Markets Today: What goes on

26 May 2017

It’s been a night where oil news took centre stage in the lead up to the end of the week with liquidity likely thinner today/tonight into the US long weekend with the US Memorial Day holiday on Monday.

Markets Today: What goes on
Markets Today: FOMC looking for inflation

Markets Today: FOMC looking for inflation

25 May 2017

The biggest news overnight was the FOMC Minutes, which were interpreted cautiously by the market as confirming the likelihood of a June rate hike, but casting some uncertainty over the trajectory for rates thereafter. The US dollar fell on the news, while bond yields declined.

Markets Today: FOMC looking for inflation
Markets Today: Dollar Days

Markets Today: Dollar Days

22 May 2017

The recovery in US equities continued on Friday and unlike Thursday, European equities also managed to record some gains.

Markets Today: Dollar Days
Markets Today: Problema

Markets Today: Problema

19 May 2017

The US market has taken a breather overnight, notwithstanding news very late in the overnight session yesterday that a Special Counsel (Robert Mueller, ex-FBI Director) was being appointed to investigate Russia’s involvement in the election.

Markets Today: Problema
Markets Today: Confessions Part II

Markets Today: Confessions Part II

18 May 2017

It’s been a real night of risk-off emanating from the US and the Twitter sphere going into overdrive over speculation around whether the President pressured James Comey – then FBI Director - to drop his investigation into Mike Flynn, former National Security Adviser, with Russia in the mix.

Markets Today: Confessions Part II
Markets Today: Euro love or a beautiful mess?

Markets Today: Euro love or a beautiful mess?

17 May 2017

The two most significant development overnight were a 1.0% surge in the Euro (Euro now fetches 1.1089 – the highest since November 9 2016), and continued weakness in the US dollar with the DXY down 0.7% overnight and at its lowest point since just after the US the election.

Markets Today: Euro love or a beautiful mess?
Markets Today: Fuel

Markets Today: Fuel

16 May 2017

Wow! If you are looking for a quick wake me up antidote, try playing Metallica at 5:30 in the morning, trust me you won’t go wrong.

Markets Today: Fuel
Spotlight on Northern Australia infrastructure

Spotlight on Northern Australia infrastructure

15 May 2017

The Federal Government is committed to accelerating economic infrastructure investment in Northern Australia. Up to $5bn in concessional loans to accelerate that investment - are available.

Spotlight on Northern Australia infrastructure
Markets Today: I can’t stand up for falling down

Markets Today: I can’t stand up for falling down

15 May 2017

Almost certainly neither Sam and Dave nor Elvis Costello had inflation or inflation expectations in mind when the recorded this track, though for the record US CPI was running a little shy of3% when Sam and Dave first recorded the song in 1967, and over 20% in the UK when Elvis Costello covered it in 1980.

Markets Today: I can’t stand up for falling down
Corporate volunteering? Doing well by doing good

Corporate volunteering? Doing well by doing good

11 May 2017

Corporate social responsibility sounds like an excellent idea but in practice it often goes straight into the too-hard basket. Here’s how taking your staff away from the daily grind can save your business in all the ways that matter.

Corporate volunteering? Doing well by doing good
Markets Today: Playing with fire

Markets Today: Playing with fire

11 May 2017

The RBNZ made its policy rate announcement a few minutes ago and while the OCR was left unchanged at 1.75% as expected, the Bank failed to deliver a tightening bias.

Markets Today: Playing with fire
Asian investors and Australian infrastructure: Video

Asian investors and Australian infrastructure: Video

10 May 2017

A confluence of trends will see Asian investors take an expanding role in Australia’s efforts to address its future infrastructure needs, supporting more innovative and customer-centric approaches to infrastructure that meet investors’ financial, sustainability and business development goals.

Asian investors and Australian infrastructure: Video
Asian investors eye Aussie boost

Asian investors eye Aussie boost

10 May 2017

FinanceAsia and National Australia Bank’s latest poll of Asian bond investors shows strong demand to boost exposure to Australia — and a clear idea of which sectors will reap the benefits.

Asian investors eye Aussie boost
Markets Today: After the after party

Markets Today: After the after party

9 May 2017

After just over 24 hours since Macron’s French presidential election win, the Euro and European equities are feeling a bit hangover following a solid run in the previous two weeks.

Markets Today: After the after party
NAB Monthly Business Survey: April 2017

NAB Monthly Business Survey: April 2017

8 May 2017

The NAB Monthly Business Survey posted another strong result in April, with both business conditions and confidence improving – pointing to ongoing strength in business activity in the near-term.

NAB Monthly Business Survey: April 2017
Markets Today: “Let’s Love France”

Markets Today: “Let’s Love France”

8 May 2017

There wasn’t a whole lot of market movement on Friday in the wake of the April US employment report showing a 211k rise in non-farm payrolls and a drop in the unemployment rate to 4.4% from 4.5%.

Markets Today: “Let’s Love France”
Markets Today: The inflation song

Markets Today: The inflation song

2 May 2017

It’s been a rather listless overnight session, US data has been on the disappointing side, US equities have been headed sideways, the USD did not build further on yesterday’s gains at the start to the week, while oil continues its march lower.

Markets Today: The inflation song
Turning to customers for the answers: Australia’s future infrastructure

Turning to customers for the answers: Australia’s future infrastructure

1 May 2017

Research by NAB shows Australians don’t think about infrastructure projects as just concrete, bricks and mortar, but rather as the services or conveniences that are derived from them. The role of the customer, and their satisfaction, has been a weakness in the infrastructure governance settings for some time.

Turning to customers for the answers: Australia’s future infrastructure
Markets Today: The Price You Pay

Markets Today: The Price You Pay

1 May 2017

News of North Korea conducting another (apparently failed) ballistic missile test crossed the wires about 30 minutes prior to the NY close.

Markets Today: The Price You Pay
NAB Australian Wellbeing Index: Q4 2016

NAB Australian Wellbeing Index: Q4 2016

26 April 2017

Australians remain highly anxious. While having more money might solve some of our concerns, it would do little to solve some of the biggest detractors of wellbeing. But, it could help close the “wellbeing gap” between high and low income earners.

NAB Australian Wellbeing Index: Q4 2016
Impact investing – mixing profits with purpose

Impact investing – mixing profits with purpose

20 April 2017

Impact investing (sometimes also referred to as mission-related investing) is an investment strategy where an investor proactively makes investments that can generate both financial returns, as well as intentional social or environmental returns for the community.

Impact investing – mixing profits with purpose
Markets Today: Groove Armada

Markets Today: Groove Armada

20 April 2017

US equities have come under pressure in the past few hours weighted down by a sharp fall in oil prices following reports of an increase in gasoline inventories.

Markets Today: Groove Armada
Markets Today: Talk is cheap

Markets Today: Talk is cheap

18 April 2017

Plenty of news, both economic and geopolitical, since we broke for Easter, the net market impact of which has frankly been quite modest.

Markets Today: Talk is cheap
Markets Today: Muddy Waters

Markets Today: Muddy Waters

12 April 2017

The global macro picture has been muddied by a rise in geopolitical tensions, economic data releases overnight have been largely ignored and safe haven assets have outperformed.

Markets Today: Muddy Waters
Demand soars for new green bonds

Demand soars for new green bonds

7 April 2017

As more investors seek to deploy sustainable capital, National Australia Bank says green bond issuers are being offered a golden opportunity.

Demand soars for new green bonds
Markets Today: Hello Friday

Markets Today: Hello Friday

7 April 2017

We haven’t seen a whole lot of market price action overnight, with the US dollar marginally higher, as are US bonds yields but by less than one basis point.

Markets Today: Hello Friday
Markets Today: Risk-off, but the US economy still seems Titanium

Markets Today: Risk-off, but the US economy still seems Titanium

4 April 2017

Titanium was the urban-dance hit of late 2011 and is still a favourite of gym junkies the world around. The lyrics also seem to be an apt description of the US economy where data remains strong even though a risk-off tone has developed over the past couple of days.

Markets Today: Risk-off, but the US economy still seems Titanium
Australian Markets Weekly: 3 April 2017

Australian Markets Weekly: 3 April 2017

3 April 2017

With house prices rising, vacancy rates declining and a previous drop in building approvals, it’s likely that residential construction activity should begin to strengthen.

Australian Markets Weekly: 3 April 2017
NAB Rural Commodities Wrap: March 2017

NAB Rural Commodities Wrap: March 2017

3 April 2017

The NAB Rural Commodities Index is an index of 28 agricultural commodities weighted by the relative size of each commodity in the Australian agricultural sector.

NAB Rural Commodities Wrap: March 2017
Markets Today: Under pressure

Markets Today: Under pressure

31 March 2017

European and US equities have brushed aside the negative lead from Asia which saw the Shanghai composite down nearly 1% on the day and its fourth session of declines.

Markets Today: Under pressure
Markets Today: (Because I’m) Happy

Markets Today: (Because I’m) Happy

29 March 2017

Getting toward the end of the month and the end of the quarter, and given the torpor of risk assets markets of late, the return of some buying could easily have occurred. And that could well be part of the explanation for overnight moves.

Markets Today: (Because I’m) Happy
Australian Markets Weekly: 27 March 2017

Australian Markets Weekly: 27 March 2017

28 March 2017

Australia’s population growth has strengthened to a 1.5% pace, equivalent to around 350k persons in the past year – almost equivalent to the population of Canberra being added to Australia each year (or a new Darwin and a new Hobart!).

Australian Markets Weekly: 27 March 2017
Markets Today: Strong

Markets Today: Strong

28 March 2017

The German economy is continuing to out-perform. The run of better than expected data continued, this time from the German Ifo Survey for March.

Markets Today: Strong
Markets Today: No way Jose!

Markets Today: No way Jose!

27 March 2017

The USD (BBDX) was little changed on Friday while US equities and US Treasury yields ended the week a little bit lower reflecting a mild risk off tone.

Markets Today: No way Jose!
Assets: the currency of the future

Assets: the currency of the future

24 March 2017

Governments are increasingly moving away from asset ownership. Fully funded capital intensive projects are proving to be an inefficient use of scarce financial budgetary resources.

Assets: the currency of the future
Markets Today: Don’t let me down

Markets Today: Don’t let me down

24 March 2017

Some mornings coming up with a title is a real struggle and then others like today you are spoil for choice. I have no idea if Donald Trump is a Beatles’ fan, but if he is ‘Don’t let me down’ would be one of those songs that he couldn’t get out of his head right now.

Markets Today: Don’t let me down
Markets Today: Markets to Trump: Achy Breaky Heart

Markets Today: Markets to Trump: Achy Breaky Heart

23 March 2017

Have markets broken up with the Trump trade? Today will be a key test of this hypothesis with the US Congress voting today on a key healthcare reform bill which is seen as a crucial test of the relationship between the White House and Congress.

Markets Today: Markets to Trump: Achy Breaky Heart
Markets Today: The crude oil blues

Markets Today: The crude oil blues

22 March 2017

The AUD remains a tad under 0.77 this morning, in a session where there’s been some overall diminished appetite for the USD, with the Yen the strongest in the session, up 0.65% at 111.8, with gains also for the EUR, Sterling, and the Swiss Franc.

Markets Today: The crude oil blues
Australian Markets Weekly: 20 March 2017

Australian Markets Weekly: 20 March 2017

20 March 2017

From its peak in July 2011 to a trough some 4½ years later at the start of 2016, the RBA commodity price index fell by more than half (-57%) in SDR terms (or -45% in AUD terms).

Australian Markets Weekly: 20 March 2017
Markets Today: Back in the U.S.A.

Markets Today: Back in the U.S.A.

20 March 2017

R.I.P. Chuck Berry. And R.I.P. anti-protectionism, after the weekend G20 meeting communique omitted reference to avoiding protectionism, reflecting the new reality of the USA’s position

Markets Today: Back in the U.S.A.
NAB’s World on Two Pages: March 2017

NAB’s World on Two Pages: March 2017

17 March 2017

In February, the NAB Monthly Business Survey moderated from the surprising strength seen in January, but remained consistent with a relatively robust view of business activity and investment behaviour in the near-term.

NAB’s World on Two Pages: March 2017
Markets Today: Parting Shot

Markets Today: Parting Shot

17 March 2017

US equities have reversed about half of yesterday’s post Fed rally, the USD is a little bit softer and UST yields are a little bit higher.

Markets Today: Parting Shot
Markets Today: ECB Creaking Door

Markets Today: ECB Creaking Door

10 March 2017

As expected the ECB left its key interest rates and QE programme unchanged, but a more optimistic Draghi has helped the EUR performed and it has also pushed bond yields higher.

Markets Today: ECB Creaking Door
The infrastructure funding lesson Canada can teach Australia

The infrastructure funding lesson Canada can teach Australia

9 March 2017

Australia and Canada are both running infrastructure deficits and require significant investment to continue to foster economic activity and maintain core social services. NAB’s Chief Customer Officer (Acting) - Corporate & Institutional Banking discusses the key area of infrastructure that Australia needs to do better: funding.

The infrastructure funding lesson Canada can teach Australia
Nearly two months of Trump: March 2017

Nearly two months of Trump: March 2017

8 March 2017

Financial markets rallied strongly shortly after it was clear Donald Trump would be the next President. This was evident across stock, currency and bond markets, and there was also a decline in credit spreads.

Nearly two months of Trump: March 2017
State Economic Handbook: March 2017

State Economic Handbook: March 2017

8 March 2017

Growth will remain solid across the large south-eastern states, while there are signs of stabilisation in mining states as the end of the downswing in resource-related investment approaches.

State Economic Handbook: March 2017
Markets Today: Marking time ahead of ECB and Payrolls

Markets Today: Marking time ahead of ECB and Payrolls

8 March 2017

Markets continue to tread water ahead of the more important risk events later this week – the ECB meeting Thursday and US Payrolls Friday. There was little in the way of significant movement in bonds or currencies, while equities were a touch lower after having had hit fresh highs last week.

Markets Today: Marking time ahead of ECB and Payrolls
Markets Today: All Cried Out

Markets Today: All Cried Out

6 March 2017

Fed chair Janet Yellen sang from the same script as her FOMC colleagues before her on Friday and confirmed that ‘fairly soon’ really does means March. Fed vice-chair Stanley Fischer later chimed in with “If there has been a conscious effort” to boost expectations of a rate rise, “I’m about to join it”.

Markets Today: All Cried Out
Markets Today: Hot n’ Cold

Markets Today: Hot n’ Cold

3 March 2017

Hot n Cold is one of Perry’s 2008 hits and is not a bad title for today’s daily. Hot events overnight include EU inflation jumping to a 4 year high of 2%, US jobless claims falling to a 44 year low of 223k and Snap, the parent company of message app Snapchat, rallying 41% on […]

Markets Today: Hot n’ Cold
Markets Today: Forward March

Markets Today: Forward March

2 March 2017

Something of a return to the good old days in the last 24 hours, when an infolding economic calendar and rhetoric from Fed officials counted for more than what the leader of the free world had to say.

Markets Today: Forward March
Markets Today: Walking on a dream redux?

Markets Today: Walking on a dream redux?

1 March 2017

Astute readers (and listeners to our early morning podcast) will note Empire of the Sun’s Walking on a dream was one of our first song titles for 2017. That title was prompted by a lack of detail around Trump’s policies ahead of inauguration day which led markets to ask “is it real”?

Markets Today: Walking on a dream redux?
Markets Today: Process and the passion

Markets Today: Process and the passion

28 February 2017

In the lead up to President Trump’s joint session address tonight in Washington (Wednesday 13.00 AEDT is the scheduled time), the US Treasury yields have started the week moving back up, but without too much conviction.

Markets Today: Process and the passion
Markets Today: Home on the range

Markets Today: Home on the range

27 February 2017

Another quiet end to a quiet week but with the U.S. dollar grinding out small gains despite further slippage in US bond yields (10s -6bps) and a fairly flat U.S. stock market (albeit new record closing highs for the S&P and the Dow).

Markets Today: Home on the range
Australia GDP Preview: Q4 2016

Australia GDP Preview: Q4 2016

24 February 2017

Q4 GDP data will be released on Wednesday 1 March at 11:30 AEDT. Additional partials will be available next week prior to the GDP release.

Australia GDP Preview: Q4 2016
Markets Today: Read about it

Markets Today: Read about it

24 February 2017

More focus on the US economy and the big dollar overnight in the wake of a spate of interviews given by now-confirmed US Treasury Secretary Steve Mnuchin. He gave his first interview with the Wall Street Journal yesterday and followed that up overnight with two more interviews with CNBC and Bloomberg TV.

Markets Today: Read about it
Markets Today: Up, up, and away

Markets Today: Up, up, and away

23 February 2017

It’s a rather odd world scene right now. Geopolitical factors abound across the globe, with markets again focussing on European politics again overnight, but despite all this and the uncertain shape of US growth, tax and trade policies, the global economy has started the year in rude economic health with evident momentum.

Markets Today: Up, up, and away
Markets Today: Livin’ on a European Prayer

Markets Today: Livin’ on a European Prayer

22 February 2017

Strong European data failed to excite markets – the exception being equities – as the upcoming French Presidential elections take centre stage. Betting markets now ascribe Eurosceptic Le Pen a 34.2% chance of winning, while a poll by Elable for L’Express magazine overnight puts her within striking distance in a run-off with Fillion with 44% of the vote – inspiration for today’s title “Livin’ on a Prayer” by Bon Jovi.

Markets Today: Livin’ on a European Prayer
Markets Today: Europa

Markets Today: Europa

21 February 2017

With the US out celebrating president’s day, Europe was always going to be the focus in the overnight session. My dad used to listen to Santana, so the first song that came to mind was “Europa”, a mellow song with no lyrics, but notable for Santana’s guitar solo.

Markets Today: Europa
Markets Today: Sitting, waiting, wishing

Markets Today: Sitting, waiting, wishing

20 February 2017

Just over a week ago, President Trump promised a ‘phenomenal’ tax announcement in 2-3 weeks, so as the clock ticks down to some form of announcement, market inertia is set to reign.

Markets Today: Sitting, waiting, wishing
NAB’s World on Two Pages: February 2017

NAB’s World on Two Pages: February 2017

17 February 2017

Business surveys and measures tracking the volume of activity suggest that the global economic upturn lifted a notch toward the end of last year and that trend seems to have continued into early 2017.

NAB’s World on Two Pages: February 2017
Markets Today: Down, down

Markets Today: Down, down

17 February 2017

Don’t be alarmed. It’s not that markets have spat the dummy, but rather US equity markets are down, having opened high, with bond yields also lower. In the currency space the USD has been softer, Euro, Sterling and the CHF stronger. The Aussie has been steady-to-lower, though hugging 0.77, supported by the soggy big buck.

Markets Today: Down, down
Markets Today: Why I got March on my mind

Markets Today: Why I got March on my mind

16 February 2017

My colleague Rodrigo Catril warned yesterday of the possibility of a US Fed March rate hike – what he termed the Ides of March. That argument gained further currency overnight with the US CPI and core‑Retail Sales printing double the market consensus.

Markets Today: Why I got March on my mind
Markets Today: Beware the ides of March

Markets Today: Beware the ides of March

15 February 2017

Reaction to Fed Chair Yellen’s semi-annual testimony before the senate triggered a sell-off in US Treasury yields and a broad USD rally as she left the door open for a rate hike as soon as the next FOMC meeting in March.

Markets Today: Beware the ides of March
India Monetary Policy: February 2017

India Monetary Policy: February 2017

14 February 2017

The RBI, somewhat surprisingly, maintained the policy repo rate at 6.25%. Uncertainty about the effects of demonetisation and sticky core inflation were factors.

India Monetary Policy: February 2017
NAB Monthly Business Survey: January 2017

NAB Monthly Business Survey: January 2017

14 February 2017

The strength witnessed in last month’s NAB Monthly Business Survey continued into January, with both business conditions and confidence jumping to much higher levels.

NAB Monthly Business Survey: January 2017
Markets Today: Crawling back to you

Markets Today: Crawling back to you

14 February 2017

The message in American band Daughtry’s 2011 song later covered (with aplomb) by the Arctic Monkeys is, according to the writer, “Your significant other is in the right and just like she said it would happen, you come crawling back”

Markets Today: Crawling back to you
Markets Today: Alive and kicking

Markets Today: Alive and kicking

13 February 2017

Last week the USD regained its mojo largely thanks to President Trump's hint of a phenomenal tax policy announcement and on Friday the USD waivered, particularly against JPY when at a joint press conference with Japan’s PM Abe, President Trump responded to a question about currency devaluation saying that "we will all eventually...be at a level playing field." and then added "That's the only way you can fairly compete in trade”.

Markets Today: Alive and kicking
US Economic Update: February 2017

US Economic Update: February 2017

10 February 2017

The US economy continues along the same moderate growth path it has experienced in its recovery from the Global Financial Crisis.

US Economic Update: February 2017
Eye in the sky

Eye in the sky

10 February 2017

How can satellites help to combat rising global pesticide usage?

Eye in the sky
Rich Gilmore is breaking new ground in natural value

Rich Gilmore is breaking new ground in natural value

10 February 2017

Rich Gilmore left school hoping to become a wealthy stockbroker, before a trip to an African mangrove forest opened his eyes to saving the environment. “It was a life changing experience for me to see scientists and volunteers out in the field solving other people’s problems…”

Rich Gilmore is breaking new ground in natural value
Striking a balance

Striking a balance

10 February 2017

How farmers, environmentalists and investors are working together to save the Murray-Darling Basin.

Striking a balance
Super dirt

Super dirt

10 February 2017

Why is sustainable soil management so vital to our survival?

Super dirt
China Economic Update: February 2017

China Economic Update: February 2017

10 February 2017

From a political perspective, President Trump’s decision to withdraw from the TPP reflected US sentiment against globalisation, particularly in the mid-west rust belt.

China Economic Update: February 2017
Markets Today: Message to my market

Markets Today: Message to my market

9 February 2017

It’s been a rather listless overnight session as the US earnings season is drawing to a close with one of the best quarters of growth for quite some quarters. But that, and the tantalising prospect that corporate tax reductions and deregulation from the Trump Administration, and hopes of better growth, seems to be priced in.

Markets Today: Message to my market
Markets Today: The quiet achiever

Markets Today: The quiet achiever

8 February 2017

In what has been a quiet night of data releases and tweets from President Trump, the USD has been the quiet achiever amid simmering political and fiscal uncertainties in Europe, softer oil prices, flat US equities and lower US Treasury yields.

Markets Today: The quiet achiever
Markets Today: Non, Je Ne Regrette Rien

Markets Today: Non, Je Ne Regrette Rien

7 February 2017

It’s been something of a risk off session to open the week. There’s been a focus on the upcoming French Presidential elections, ECB President Draghi has been batting back criticism from across the Atlantic on currency manipulation (regretting nothing), US markets fretting about the extent of timing of Trump reflation, not to mention ongoing tweets.

Markets Today: Non, Je Ne Regrette Rien
Markets Today: William(s) Tell(s)

Markets Today: William(s) Tell(s)

6 February 2017

A bit of early 19th century opera to kick off the week (don’t fret, I’m sure we’ll be back in rock & roll mode for the rest of the week).

Markets Today: William(s) Tell(s)
Markets Today: Don’t let me be misunderstood

Markets Today: Don’t let me be misunderstood

3 February 2017

The supposedly “lively” conversation that President Trump and PM Turnbull had yesterday over the Australia-US refugee deal has gotten quite a deal of not just Australian press but international press coverage overnight.

Markets Today: Don’t let me be misunderstood
Markets Today: Fed plays a straight bat; data goes Boom Boom Pow

Markets Today: Fed plays a straight bat; data goes Boom Boom Pow

2 February 2017

The major event overnight was the US FOMC meeting where rates were left on hold as expected. There were very few changes to the post meeting statement with the Fed playing a straight bat. Markets were somewhat disappointed with Treasury yields and the US dollar reversing earlier gains that had occurred following stronger than expected US economic data.

Markets Today: Fed plays a straight bat; data goes Boom Boom Pow
Markets Today: (More) Good vibrations

Markets Today: (More) Good vibrations

1 February 2017

More unwinding of the Trump lower taxes/higher infrastructure spending US$ reflation trade has again been the order of the day. The Bloomberg spot USD dollar index is down by ¾% as markets again sell the big buck, reacting to the latest statements from the new Administration, selling kicking off earlier in the session with some safe-haven buying of JPY and CHF in response to the immigration policies.

Markets Today: (More) Good vibrations
At your service: a snapshot of Australia’s booming service economy

At your service: a snapshot of Australia’s booming service economy

1 February 2017

Australia’s service sector already accounts for 70% of our GDP and shows no sign of slowing its growth. That means it’s never been more important to understand the where, what and how of Australia’s most important economic driver. NAB crunches the numbers for you.

At your service: a snapshot of Australia’s booming service economy
NAB Monthly Business Survey: December 2016

NAB Monthly Business Survey: December 2016

31 January 2017

Business confidence has held up quite well and is remarkably steady given the context of major uncertainties both at home and abroad. That said, the level of confidence has not picked up to reflect the overall strength in business conditions seen over the past year or more.

NAB Monthly Business Survey: December 2016
Markets Today: Blue Monday

Markets Today: Blue Monday

31 January 2017

New Order’s Blue Monday is the best-selling 12 inch single of all time in Britain (mmm I wonder how many 12 inch singles are out there!) and is also the longest charting single at 7:25.

Markets Today: Blue Monday
Australian Markets Weekly: 30 January 2017

Australian Markets Weekly: 30 January 2017

30 January 2017

While we are receiving many questions about the impact of President Trump’s policies on the outlook for the US and global economies and markets, the most frequent question we are being asked about Australia is “why is NAB forecasting two interest rate cuts in 2017” (in May and August)?

Australian Markets Weekly: 30 January 2017
US Economic Update: 2016 Q4 GDP

US Economic Update: 2016 Q4 GDP

30 January 2017

We expect growth to face some headwinds in coming quarters but to strengthen later in the year and into the next, assuming the President delivers a fiscal stimulus to the economy

US Economic Update: 2016 Q4 GDP
Markets Today: Little Red Rooster

Markets Today: Little Red Rooster

30 January 2017

A glance at Friday’s New York opening and closing levels for major FX rates tells us that the latest flurry of US data, including a slightly softer than expected Q4 GDP print and downside miss on headline durable goods orders, came and went without much fanfare. US yields dropped on the 1.9% headline GDP print while currencies and stocks did very little.

Markets Today: Little Red Rooster
Markets Today: Jungle

Markets Today: Jungle

27 January 2017

Sydney music producer Flume claimed the top spot in Triple Js 2016 Hottest 100 yesterday, but many will consider the moral victor to have been Melbournian busker Tash Sultana for her brilliant ‘Jungle’.

Markets Today: Jungle
Markets Today: CPI – Hot Potato (or cold spaghetti)?

Markets Today: CPI – Hot Potato (or cold spaghetti)?

25 January 2017

Today’s 1994 classic Hot Potato by The Wiggles is likely to be seared into the memory banks of parents and children alike – likewise for your scribe. A staple the humble spud may be, but possibly an expensive one in the 4th quarter according to our economists.

Markets Today: CPI – Hot Potato (or cold spaghetti)?
Markets Today: Don’t worry baby

Markets Today: Don’t worry baby

24 January 2017

Economic reports have been scant overnight. Trump, trade, executive orders and a White House press briefing have provided wire feedstock for news and trade into Asia trade today.

Markets Today: Don’t worry baby
US Trade Policy. What Now? January 2017

US Trade Policy. What Now? January 2017

23 January 2017

Re-building the US industrial base, aiming to “massively increase jobs, wages, incomes and opportunities for the people of our country” is the principal economic objective of the Trump Presidency.

US Trade Policy. What Now? January 2017
Markets Today: Numero Uno

Markets Today: Numero Uno

23 January 2017

In a defiant and brief speech, President Trump made it clear that from now on “It's going to be only America first” and in what has now become a great economic debate he reiterated his view that “Protection will lead to great prosperity and strength”. Against this view, history and economic theory tells us that protectionism usually involves an increase in tariffs and a decline in trade.

Markets Today: Numero Uno
Markets Today: Some like it hot

Markets Today: Some like it hot

20 January 2017

Markets continue to digest Yellen’s speech yesterday which was seen as mildly more hawkish and positive US economic data overnight played into that view. The ECB also met last night with Draghi coming off as slightly dovish, playing down the recent uptick in inflation and remaining committed to the asset purchase program.

Markets Today: Some like it hot
On a fast boat to China

On a fast boat to China

19 January 2017

A free trade zone to expedite Australian food exports into China may soon become a reality. NAB’s Chief Customer Officer believes it’s a game changer for Australian agriculture.

On a fast boat to China
Markets Today: Walking back to happiness

Markets Today: Walking back to happiness

19 January 2017

It’s been a reversal back to USD strength overnight – including a late session kick along from the Fed Chair, more on that below - the Bloomberg spot dollar index up 0.35% before she stepped up to the plate, and another ½% since.

Markets Today: Walking back to happiness
Markets Today: Twice if you’re lucky

Markets Today: Twice if you’re lucky

18 January 2017

Never underestimate the ability of markets to discount the same news twice. Or in the case of the US dollar, the ability to ignore a relevant piece of news one day only to react with alarm to it a day or two later.

Markets Today: Twice if you’re lucky
In Focus: Dairy January 2017

In Focus: Dairy January 2017

17 January 2017

2016 was a very tough year for many Australian dairy producers, with farmers beginning the year amid extremely dry conditions in key dairy regions and steep cuts to farmgate prices

In Focus: Dairy January 2017
Australian Markets Weekly: 16 January 2016

Australian Markets Weekly: 16 January 2016

17 January 2017

Against flatter job advertisements of late, job vacancies have been trending higher. Higher job vacancies are usually associated with a lower unemployment rate and greater employment growth

Australian Markets Weekly: 16 January 2016
Markets Today: Happy Birthday

Markets Today: Happy Birthday

17 January 2017

In 1979 President Carter endorsed a bill to have a holiday in honour of Martin Luther King (MLK), but a Conservative Congress at the time refused to pass the bill. Eventually President Reagan signed the holiday into law in 1983 and it was first observed three years later.

Markets Today: Happy Birthday
Markets Today: A hard rain’s a-gonna fall

Markets Today: A hard rain’s a-gonna fall

16 January 2017

Donald Trump’s inauguration as the 44th President of the United States (45th if you count Grover Cleveland as both the 22nd and 24th President) will capture the world’s attention on Friday.

Markets Today: A hard rain’s a-gonna fall
Markets Today: Walking on a dream

Markets Today: Walking on a dream

13 January 2017

Walking on a Dream was the inaugural 2008 hit song by Aussie electropop outfit Empire of the Sun. That seems an apt description of how markets have been since the election of Trump with a dream run for equities and the US dollar all premised on the idea of a Trump fiscal stimulus boosting growth and inflation. Now with inauguration just a week away (20 Jan), markets are asking “is it real”?

Markets Today: Walking on a dream
Markets Today: All shook up

Markets Today: All shook up

12 January 2017

The overnight session has been a tale of two halves, a dull affair ahead of Trump press conference and a volatile session post.

Markets Today: All shook up
Markets Today: Lovin’ You (Donald)

Markets Today: Lovin’ You (Donald)

11 January 2017

US small business owners tend to be Republican, and those who are member of the National Federation of Independent Businesses (NFIB) overwhelmingly so. Thus optimism among NFIB members surged to its highest level since 2004 in December and with the monthly increase, from 98.4 to 105.8, the largest since 1980.

Markets Today: Lovin’ You (Donald)
2016 Year in Review: Capital Financing

2016 Year in Review: Capital Financing

10 January 2017

Steve Lambert, EGM Capital Financing, explains, innovation and volatility again dominated 2016. Markets were challenged by social, political and economic events which brought about new opportunities for our customers. We delivered insights and solutions to help them face into the increasing environment of disruption and regulation.

2016 Year in Review: Capital Financing
Markets Today: Brexit Poker Face

Markets Today: Brexit Poker Face

10 January 2017

Global equities were mostly lower overnight, dragged lower by the oil price. That added to an already uncertain tone following indications that the UK may be hurtling towards a harder Brexit than first thought.

Markets Today: Brexit Poker Face
Markets Today: Synergy

Markets Today: Synergy

9 January 2017

When thinking about a title for today’s note and the impact the US labour market report had on Friday’s session, Aristotle’s quote ” the whole is greater than the sum of its parts” seemed quite fitting, but way too long for a title.

Markets Today: Synergy
Markets Today: Seasons Greetings

Markets Today: Seasons Greetings

23 December 2016

As the markets quieten down for the holiday break, we reflect on the tumultuous year we’ve just been through: Trump, Brexit, the rise of far-right politics and the tide of anti-immigration fervour.

Markets Today: Seasons Greetings
Australian Markets Weekly: 19 December 2016

Australian Markets Weekly: 19 December 2016

20 December 2016

Australia’s population growth remains strong by historical and international standards at around 1.4% y/y. That is 338,000 persons in the past year – nearly equivalent to the population of Canberra being added to Australia each year.

Australian Markets Weekly: 19 December 2016
Markets Today: We can work it out

Markets Today: We can work it out

20 December 2016

Janet Yellen gave a talk this morning reinforcing the commentary around the strength of the US economy, pointing to steady growth in jobs and rising living standards. A less rosy picture for Australia, of course, but, not bad enough for ratings agencies to act.

Markets Today: We can work it out
Green bonds – fuelling a green economy

Green bonds – fuelling a green economy

16 November 2016

Experts from National Australia Bank say the challenges of climate change and countries' need for infrastructure funding mean the green bond market has enormous potential.

Green bonds – fuelling a green economy
Australian Markets Weekly: 24 October 2016

Australian Markets Weekly: 24 October 2016

24 October 2016

With the RBA a keen inflation targetter, albeit within a flexible medium-term framework, each quarterly CPI reading provides an important update on current inflation trends and is a key input into the Bank’s forecasts.

Australian Markets Weekly: 24 October 2016
How will Australians retire?

How will Australians retire?

20 October 2016

As Australia’s population ages and ‘baby boomer’ retirements head toward their zenith in 2025, a discussion on the Retirement Risk Zone, that is the 10 years leading to retirement, is timely.

How will Australians retire?
Flight to quality

Flight to quality

23 September 2016

Asia-based bond investors surveyed by FinanceAsia and National Australia Bank are seeking safety in higher-rated credits.

Flight to quality
Australian infrastructure: Better Infrastructure Initiative

Australian infrastructure: Better Infrastructure Initiative

15 September 2016

Conversations about the role infrastructure plays often begins from the perspective of what we don’t yet have, what doesn’t work well, and how much more money we need to deliver better outcomes. NAB believes we are better served by reframing that conversation into one which first acknowledges the wealth of the existing infrastructure framework.

Australian infrastructure: Better Infrastructure Initiative
Markets Today: Poundcake

Markets Today: Poundcake

24 August 2016

It’s been a rather uneventful night for most of the major currencies, with the possible exception of Sterling.

Markets Today: Poundcake
Markets Today: An American Trilogy

Markets Today: An American Trilogy

16 August 2016

Europe had a quiet day with many continental countries observing Assumption day. The Stoxx 600 index ended the day flat and the FTSE100 climbed 0.36% aided by another move lower in Sterling.

Markets Today: An American Trilogy
NAB’s World on Two Pages: August 2016

NAB’s World on Two Pages: August 2016

10 August 2016

Global financial markets have digested the latest shock – the UK’s “Brexit” vote – quite well. In Australia, business sentiment has shown great resilience to external shocks in the July NAB Monthly Business Survey

NAB’s World on Two Pages: August 2016
Markets Today: Quiet start to a big week

Markets Today: Quiet start to a big week

25 July 2016

US equities indices edged a little bit higher on Friday despite mixed corporate earnings while European equities ended the day practically unchanged despite the fact that European Flash PMIs for July were better than expected.

Markets Today: Quiet start to a big week
Infrastructure bonds: A missing market for retail investors?

Infrastructure Bonds: A missing market For retail investors?

22 July 2016

This is the sixth in a series of reports prepared by the Australian Centre for Financial Studies for National Australia Bank aimed at explaining the potential role of corporate bonds in retail investor portfolios and promoting growth of the corporate bond market.

Infrastructure bonds: A missing market for retail investors?
Markets Today: Feeling good

Markets Today: Feeling good

21 July 2016

As we are about to press the send button, the RBNZ has just released it economic update and although a dovish tone was expected, the NZD has dropped 25/30pips to around 0.6988.

Markets Today: Feeling good
NAB Monthly Business Survey: May 2016

NAB Monthly Business Survey: May 2016

14 June 2016

This month’s NAB Business Survey remains true to theme of ongoing recovery in the non-mining economy, building on the already solid growth seen in the recent National Accounts.

NAB Monthly Business Survey: May 2016
NAB Quarterly Australian Commercial Property Survey Q1 2016

NAB Quarterly Australian Commercial Property Survey Q1 2016

27 April 2016

Sentiment in Australian commercial property markets softened a little, but remains well above long-term average levels. Despite some pull back, CBD hotels and office markets continue leading the way, with NSW still at the forefront by state and WA floundering.

NAB Quarterly Australian Commercial Property Survey Q1 2016
The World on Two Pages – January 2016

The World on Two Pages – January 2016

27 January 2016

2016 got off to a bad start in global equity and commodity markets and in light of recent financial market turmoil in Australia, the NAB Monthly Business Survey provides a timely indication of how market movements have so far affected business sentiment.

The World on Two Pages – January 2016
NAB Group Economics: Special Report

NAB Group Economics: Special Report

21 December 2015

Many Australians dream of a financial windfall that would significantly improve their lives forever, but how much is enough? In this special report, we ask over 2,000 Australians to tell us how much they need.

NAB Group Economics: Special Report
The World on Two Pages – December 2015

The World on Two Pages – December 2015

9 December 2015

In Australia, Q3 GDP figures were consistent with our view that the recovery across the non-mining recovery is broadening, and recent business survey results suggest this momentum continued into Q4.

The World on Two Pages – December 2015
Global & Australian Forecasts – December 2015

Global & Australian Forecasts – December 2015

8 December 2015

In Australia, Q3 GDP figures were consistent with our view that the recovery across the non-mining recovery is broadening, and recent business survey results suggest this momentum continued into Q4.

Global & Australian Forecasts – December 2015
Monthly Business Survey – November 2015

Monthly Business Survey – November 2015

8 December 2015

Consistently above average business conditions are an encouraging sign that the apparent non-mining sector recovery continues to gain traction, despite relatively muted levels of business confidence.

Monthly Business Survey – November 2015
NAB Quarterly Australian Commercial Property Survey Q3 2015

NAB Quarterly Australian Commercial Property Survey Q3 2015

18 November 2015

Office property re-emerges as the strongest commercial property sector. Overall sentiment in Australian commercial property markets has moderated a little, but it remains at elevated levels and continues to vary widely across sectors and states.

NAB Quarterly Australian Commercial Property Survey Q3 2015
The added bonus of energy-efficiency

The added bonus of energy-efficiency

13 November 2015

The Clean Energy Finance Corporation is working with NAB to make energy-efficient equipment more affordable. NAB’s Robert White discusses the benefits of investing in new technology.

The added bonus of energy-efficiency
The World on Two Pages – November 2015

The World on Two Pages – November 2015

11 November 2015

Global growth remains sub-trend and there is little sign of an imminent acceleration in the pace of expansion while in Australia, we remain cautiously optimistic that the gradual recovery in the non-mining sector is gaining traction.

The World on Two Pages – November 2015
Global & Australian Forecasts – November 2015

Global & Australian Forecasts – November 2015

10 November 2015

In Australia, we remain cautiously optimistic that the gradual recovery in the non-mining sector is gaining traction. Recent outcomes from the business survey support this contention with business conditions holding up at a high level in October, and the unemployment rate holding steady.

Global & Australian Forecasts – November 2015
Flash Australian Forecast Update – 5 November 2015

Flash Australian Forecast Update – 5 November 2015

5 November 2015

Based on incoming information, we have modestly reviewed our GDP forecasts to 2.6% in 2015/16 and 3.0% in 2016/17 (annual average). Overall, NAB Economics remain of the view that the recovery in the non-mining sector is slowly becoming more well entrenched.

Flash Australian Forecast Update – 5 November 2015
The World on Two Pages – October 2015

The World on Two Pages – October 2015

14 October 2015

We are still forecasting little to no pick up in the pace of global growth and our domestic forecasts are unchanged this month, with real GDP expected to expand by 2.4% in 2015/16 and 3.1% in 2016/17.

The World on Two Pages – October 2015
NAB Monthly Business Survey – September 2015

NAB Monthly Business Survey – September 2015

13 October 2015

There was a partial recovery in business confidence in September as the Government’s leadership uncertainties were resolved, while financial market volatility and emerging market concerns have moderated from the heights of the previous month – although market concerns remain elevated.

NAB Monthly Business Survey – September 2015
Global & Australian Forecasts – September 2015

Global & Australian Forecasts – September 2015

9 September 2015

The pace of growth in the big advanced economies has picked up, mainly reflecting a US recovery from weak first quarter growth. In contrast, Japan and the Euro-zone are not growing strongly and Canada is in recession.

Global & Australian Forecasts – September 2015
The World on Two Pages – September 2015

The World on Two Pages – September 2015

9 September 2015

There is increasing evidence that growth momentum is broadening across the the non-mining Australian economy – not limited to the dwelling sector – in response to the lower AUD and interest rates, with improvement particularly evident in services sectors.

The World on Two Pages – September 2015
NAB Monthly Business Survey – August 2015

NAB Monthly Business Survey – August 2015

8 September 2015

Business conditions point to a further improvement in the non-mining economy, even as jitters in financial markets weigh on confidence. The conditions index jumped 5 points to +11 in August lifting the trend index to its highest level since late 2009.

NAB Monthly Business Survey – August 2015
The World on Two Pages – August 2015

The World on Two Pages – August 2015

13 August 2015

Our forecasts for global growth to stay around the 3¼% yoy and locally, our GDP forecasts are marginally stronger than last month – 2.4% in 2014/15, 2.8% in 2015/16 and 3.2% in 2016/17.

The World on Two Pages – August 2015
Global & Australian Forecasts – August 2015

Global & Australian Forecasts – August 2015

11 August 2015

Global growth is running below trend limiting the pace of expansion in commodity demand. Output has been growing faster recently in some of the big advanced economies (notably the US and UK) and the Greek crisis has had little impact on activity across the rest of the Euro-zone.

Global & Australian Forecasts – August 2015
NAB Monthly Business Survey – July 2015

NAB Monthly Business Survey – July 2015

11 August 2015

The business confidence index remains positive, both trading conditions and profitability remain relatively elevated and the trend has held up around average levels. Our GDP forecasts are marginally stronger than last month, with growth of 2.8% in 2015/16 and 3.2% in 2016/17.

NAB Monthly Business Survey – July 2015
The World on Two pages – July 2015

The World on Two pages – July 2015

15 July 2015

We have not changed our forecast for global growth this year (3.2%), but a softer outlook for Japan & India prompted a slight downward revision for 2016 and 2017. NAB forecast on the Global economy is for more of the same this year with global growth staying around 3¼% in 2015, but a softer outlook for Japan & India prompted a slight downward revision for 2016 and 2017. And in Australia, we see the RBA keeping interest rates on hold, with the next move to up – but not till late 2016.

The World on Two pages – July 2015
Global & Australian Forecasts – July 2015

Global & Australian Forecasts – July 2015

14 July 2015

Financial market volatility and the downside risks to global growth have been driven by the Chinese share market correction and the issues in Greece. Locally, lower interest rates and the AUD, strong housing prices and a post Budget kick in confidence appears to have driven better business outcomes.

Global & Australian Forecasts – July 2015
NAB Monthly Business Survey – June 2015

NAB Monthly Business Survey – June 2015

14 July 2015

Business confidence lifted again in the month of June – the highest level since September 2013. Confidence is now positive in all industries except mining and business conditions improved even more, in June – the highest level since last October.

NAB Monthly Business Survey – June 2015
Improving access to the Corporate Bond market for retail investors

Improving access to the Corporate Bond market for retail investors

29 June 2015

NAB joins with the Australian Centre for Financial Studies to launch their report ‘Improving access to the Corporate Bond market for retail investors’ which assesses where the market currently is, the factors affecting its growth, and the impediments to connecting investors and issuers.

Improving access to the Corporate Bond market for retail investors
Australian Weekly Markets: Last chance for Greece, again

Australian Weekly Markets: Last chance for Greece, again

22 June 2015

Here we are again, still writing about Greece. Will a deal be put together that is acceptable to Greece and its creditors? Greece is asking for debt relief, Europe asking for further economic reforms to pensions and taxation. The 11th hour for Greece is approaching, yet again.

Australian Weekly Markets: Last chance for Greece, again
The World on two pages – June 2015

The World on two pages – June 2015

10 June 2015

NAB forecast on the Global economy is for more of the same this year with global growth staying around 3¼% in 2015, followed by a modest upturn in 2016 (largely driven by the US). And in Australia, we see the RBA keeping interest rates on hold, with the next move to up – but not till late 2016.

The World on two pages – June 2015
Global & Australian Forecasts – June 2015

Global & Australian Forecasts – June 2015

9 June 2015

There was no evidence of an acceleration in the pace of global growth in early 2015. Weak GDP results in the US, UK and Canada outweighed a pick-up in Japan and the Euro-zone and similarly mixed trends among the big emerging economies saw China slowing, India picking up and Brazil still very weak.

Global & Australian Forecasts – June 2015
NAB Monthly Business Survey – May 2015

NAB Monthly Business Survey – May 2015

9 June 2015

The recent Federal Budget and interest rate cut appears to have had a positive impact on business confidence – which moved up significantly in May - from +3 to +7 index points. This is the highest level of confidence since August 2014 and has helped to turn the trend more positive.

NAB Monthly Business Survey – May 2015
Rural Commodities Wrap – May 2015

Rural Commodities Wrap – May 2015

5 June 2015

April saw a renewed rise in beef and lamb prices, combined with stability across major grains, balanced against lower dairy, fruit and vegetable prices.

Rural Commodities Wrap – May 2015
Lessons learnt from successful CEOs, World Business Forum (Sydney)

Lessons learnt from successful CEOs, World Business Forum (Sydney)

27 May 2015

Three successful CEOs talk about the most significant challenges they’ve faced in growing their businesses and managing their own careers. Radek Sali from Swisse, Liz Butcher from ISGM and Nick Abboud from Dick Smith shared their experiences at World Business Forum with facilitator Professor Geoff Martin from Melbourne University.

Lessons learnt from successful CEOs, World Business Forum (Sydney)
NAB Monthly Business Survey – April 2015

NAB Monthly Business Survey – April 2015

11 May 2015

Business confidence was unchanged in April. Until confidence lifts significantly it is difficult to see a sustained economic recovery developing – to date rate cuts have not appeared to do much and it will be interesting to see what this week’s Federal Budget will do.

NAB Monthly Business Survey – April 2015
ASX 300 Quarterly Business Survey – March 2015

ASX 300 Quarterly Business Survey – March 2015

7 May 2015

ASX 300 business confidence fell further in Q1 2015 to remain well below the general economy. Sentiment is particularly weak among very large construction firms. Business conditions while still positive also fell, with trading, profitability and employment all lower.

ASX 300 Quarterly Business Survey – March 2015
Rural Commodities Wrap – April 2015

Rural Commodities Wrap – April 2015

21 April 2015

The NAB Rural Commodities Index, which covers 28 agricultural commodities, fell 1.7% (AUD) and 3.3% (USD) in March, led by lower beef, lamb, fruit, vegetable and sugar prices. Partial data for April to date points to a recovery in beef and lamb prices.

Rural Commodities Wrap – April 2015
The World on two pages – April 2015

The World on two pages – April 2015

15 April 2015

Global growth remains stuck at a sub-trend pace. After 3.3% in 2014 we now expect only 3.4% in 2015. We have fine tuned but not fundamentally changed our forecasts– 2014/15 2.3% and 3.0% in 2015/16. The non mining sector is still struggling to offset the impact on domestic demand.

The World on two pages – April 2015
Global & Australian Forecasts – April 2015

Global & Australian Forecasts – April 2015

14 April 2015

Global growth remains stuck at a sub-trend pace. After 3.3% in 2014 we now expect only 3.4% in 2015. While the Euro-zone and Japan are experiencing upturns, recent US data has disappointed. We have delayed the Fed starting till September (or later) and reduced US GDP in 2015 to 2.7%.

Global & Australian Forecasts – April 2015
NAB Monthly Business Survey – March 2015

NAB Monthly Business Survey – March 2015

14 April 2015

There were some tentative signs of improvement in the NAB Monthly Business Survey for March – with the post RBA cut fall in confidence reversed in March. Surprisingly, the lift was particularly pronounced in mining, although confidence is still lowest for this industry.

NAB Monthly Business Survey – March 2015
Your Money, Your Call: Are we in a yield bubble?

Your Money, Your Call: Are we in a yield bubble?

27 March 2015

NAB’s Director of Fixed Income, Mark Todd, is joined by John Pearce from UniSuper and Nick Bishop from Aberdeen to discuss where rates are headed, equities with sustainable dividends, and whether we're in a bond yield bubble.

Your Money, Your Call: Are we in a yield bubble?
The 2014 Australia-China Trade Report

The 2014 Australia-China Trade Report

25 March 2015

Julie Bishop launched the 2014 Australia-China Trade Report. Commissioned by the Australia China Business Council (ACBC), one of Australia’s most respected China engagement forums and sponsored by NAB, the report examines bilateral trade between the two countries.

The 2014 Australia-China Trade Report
Your Money, Your Call: The success of Europe

Your Money, Your Call: The success of Europe

24 March 2015

NAB’s Director of Fixed Income, Mark Todd, speaks with Tano Pelosi from Antares and Matthew Johnson from UBS about inflation and interest rates in Europe, along with the actions of European Central Bank President Mario Draghi.

Your Money, Your Call: The success of Europe
Rural Commodities Wrap – March 2015

Rural Commodities Wrap – March 2015

17 March 2015

The Rural Commodities Index, which covers 28 agricultural commodities, gained 2.1% (AUD) and 0.5% (USD) in February on the back of higher fruit, dairy, fibre and pulses prices, which offset mixed performance across grains and protein.

Rural Commodities Wrap – March 2015
The World on two pages – March 2015

The World on two pages – March 2015

11 March 2015

Global growth remains around 3%. Weaker prices for oil and other commodities will benefit spending power in most big advanced economies as well as in China. The domestic economy, in early 2015, has not gained momentum with another rate cut expected in the coming months.

The World on two pages – March 2015
Global & Australian Forecasts – March 2015

Global & Australian Forecasts – March 2015

10 March 2015

Global growth remains around 3% and, although the business surveys show a lift in sentiment in key advanced economies, there is still no clear evidence that the expected upturn in global growth to 3½% by the end of the year has commenced. Locally, we have not changed near term forecasts

Global & Australian Forecasts – March 2015
Monthly Business Survey – February 2015

Monthly Business Survey – February 2015

10 March 2015

The RBA’s 25bp cut to interest rates in February did not appear to have the desired effect on firms ‘animal spirits’, with confidence actually deteriorating in the month. The index is now at its lowest level since before the Federal election in 2013 and is well below the long run average.

Monthly Business Survey – February 2015
ASX 300 Quarterly Business Survey – December 2014

ASX 300 Quarterly Business Survey – December 2014

26 February 2015

Big business in Australia is losing confidence, affecting medium-term growth and capital expenditure plans. Overall confidence among larger firms has now fallen below its long-term average and is weaker than for smaller companies and the broader economy.

ASX 300 Quarterly Business Survey – December 2014
Understanding the mindsets of US investors

Understanding the mindsets of US investors

17 February 2015

The US Private Placement market offers a rich source of long-term funds for a wide range of Australian corporates. Our latest survey reveals the key factors that influence US investor buying decisions and their expectations for 2015.

Understanding the mindsets of US investors
Australian Markets Weekly: Recruitment & unemployment up

Australian Markets Weekly: Recruitment & unemployment up

16 February 2015

If there was any take away from last week’s January labour force report it was that a gradual trend rise in Australia’s unemployment rate remains in place. And this is despite some modest increase in the underlying pace of new job creation.

Australian Markets Weekly: Recruitment & unemployment up
Rural Commodities Wrap – February 2015

Rural Commodities Wrap – February 2015

16 February 2015

2015 brings an expanded Rural Commodities Index, which now includes 28 commodities, up from eight. The Index increased 5.6% in January in AUD terms, as sharply higher beef prices - and to a lesser extent higher lamb, dairy and vegetable prices - offset mixed performance across grains.

Rural Commodities Wrap – February 2015
The higher education sector: A new borrower in the market

The higher education sector: A new borrower in the market

12 February 2015

Government funding for new infrastructure in the higher education sector has recently dried up. As a result, a number of universities are accessing capital markets and bank loans for their infrastructure financing needs – in turn offering significant opportunities for debt providers.

The higher education sector: A new borrower in the market
Quarterly Australian Commercial Property Survey – Q4, 2014

Quarterly Australian Commercial Property Survey – Q4, 2014

11 February 2015

Sentiment in commercial property markets softened in Q4 after September’s promising gains. Retail sentiment (and to a lesser extent industrial) buck the trend, offset by falls in CBD hotels and office. Forward indicators are painting a mixed picture of the market.

Quarterly Australian Commercial Property Survey – Q4, 2014
Monthly Business Survey – January 2015

Monthly Business Survey – January 2015

10 February 2015

The latest survey shows that business confidence edged up a little, but it's still below long run averages. Confidence remains very weak in mining, consistent with lower commodity prices, but multi-year lows for the AUD likely contributed to a considerable improvement from last month.

Monthly Business Survey – January 2015
Australian Markets Weekly: Fed a step closer to lift-off

Australian Markets Weekly: Fed a step closer to lift-off

9 February 2015

The week opens with two conflicting pieces of economic news for markets, the strong US payrolls report and weak China trade data. NAB has also revised lower its $A forecasts. Friday’s US non-farm payrolls report for January surprised on the high side.

Australian Markets Weekly: Fed a step closer to lift-off
The World on two pages – January 2015

The World on two pages – January 2015

28 January 2015

Moderate sub-trend global growth continues with a diversity of economic conditions (expansion in US, UK, India and China, weakness in Euro-zone, Japan, Latin America). Falling oil prices should boost global activity, although the impact varies between oil exporting and importing countries.

The World on two pages – January 2015
Global & Australian Forecasts – January 2015

Global & Australian Forecasts – January 2015

27 January 2015

Moderate sub-trend global growth continues with a diversity of economic conditions. Falling oil prices should boost global activity, although the impact varies between oil exporting and importing countries. Unemployment to continue to deteriorate but peak lower (6.6%) and later (Q4 2015).

Global & Australian Forecasts – January 2015
Monthly Business Survey – December 2014

Monthly Business Survey – December 2014

27 January 2015

The survey again shows a patchwork economy with little-to-no momentum building. In December, conditions eased for the second successive month after October’s surprisingly strong result so they're now a touch below the long run average.

Monthly Business Survey – December 2014
Funding Australia’s infrastructure future

Funding Australia’s infrastructure future

9 January 2015

Infrastructure Partnerships Australia estimates that $700 billion of funding is needed over the next decade to finance the long term infrastructure investments – the nation building – we need to secure our future. We look at the building blocks that are falling into place.

Funding Australia’s infrastructure future
2014 Year in Review: Capital Financing

2014 Year in Review: Capital Financing

17 December 2014

As Steve Lambert, EGM Capital Financing, explains, 2014 was the year that opened up new opportunities for customers - from the new funding model for local government to the higher education sector emerging as a new borrower in the market. We review the year in our magazine.

2014 Year in Review: Capital Financing
Australian Markets Weekly

Australian Markets Weekly

15 December 2014

Last Friday saw the third annual pre-Xmas interview of the RBA Governor by the Australian Financial Review. The headlines were: "Governor wants an $A at 75cents" and "RBA pushes back on rates cuts".

Australian Markets Weekly
The World on two pages – December 2014

The World on two pages – December 2014

10 December 2014

Global growth remained around 3% yoy in Q3, sightly below trend but it is expected to pick-up to 3½% in 2015 and 2016. Major differences in the strength of economic activity persist between regions with the US, India and China accounting for almost 2 ppts of forecast global growth.

The World on two pages – December 2014
Monthly Business Survey – November 2014

Monthly Business Survey – November 2014

9 December 2014

Last months spike in business conditions was again short-lived, pulling back towards long run average levels in November. Despite the drop, the overall trend is still looking much better than 12-18 months prior, while levels of capacity utilisation have continued to improve.

Monthly Business Survey – November 2014
Global & Australian Forecasts – December 2014

Global & Australian Forecasts – December 2014

9 December 2014

Recent monthly economic indicators and business surveys show continued moderate global economic growth along with big variations between economies. Low interest rates, falling oil prices and smaller budget cutbacks in big advanced economies underpin faster growth of 3½% in 2015 and 2016.

Global & Australian Forecasts – December 2014
Switching off

Switching off

8 December 2014

Every working environment has the potential to create stress but, when you’re running a small or medium enterprise (SME), the pressure can be particularly intense. Exercise, healthy eating and shedding unhealthy habits are recommended as some of the best methods to cope.

Switching off
The World in 2015: driving sustainable development

The World in 2015: driving sustainable development

26 November 2014

The World in Gala Dinner evening, inspired by The Economist's annual The World In... publication, returned to Sydney last night. Helen Clark, UN Development Programme Administrator, shared how the UN is mobilising the expertise and ideas countries need to drive sustainable development.

The World in 2015: driving sustainable development
The World in 2015: China, education, technology and policy

The World in 2015: China, education, technology and policy

26 November 2014

The World in Gala Dinner evening, inspired by The Economist's annual The World In... publication, returned to Sydney last night. China Business Editor and Shanghai Bureau Chief, Vijay V Vaitheeswaran, shared the publication’s key predictions for 2015.

The World in 2015: China, education, technology and policy
The World in 2015: Daniel Franklin’s top 12 predictions

The World in 2015: Daniel Franklin’s top 12 predictions

26 November 2014

The World in Gala Dinner evening, inspired by The Economist's annual The World In... publication, returned to Sydney last night. Daniel Franklin, Executive Editor of The Economist and Editor of 'The World In…', shares his annual collection of forecasts for the year ahead.

The World in 2015: Daniel Franklin’s top 12 predictions
Corporate Finance Insights – November 2014

Corporate Finance Insights – November 2014

26 November 2014

This report uses our expertise from across a range of industry sectors. In this edition, we present a compilation of articles with the underlying theme on change, and we ask NAB’s Chief Financial Officer for his view of the barriers and challenges for the Australian business landscape.

Corporate Finance Insights – November 2014
Rural Commodities Wrap – November 2014

Rural Commodities Wrap – November 2014

25 November 2014

General Manager of NAB Agribusiness, Khan Horne says the falling Australian dollar is a real boost for agriculture, and combined with the recent announcement of the China–Australia Free Trade Agreement, conditions for 2015 are looking positive for agricultural exporters.

Rural Commodities Wrap – November 2014
The World on two pages – November 2014

The World on two pages – November 2014

12 November 2014

Global growth remains moderate and sub-trend with big variations between key economies. China and North America represent around one-third of global GDP but they currently account for around half of global growth.

The World on two pages – November 2014
Global & Australian Forecasts – November 2014

Global & Australian Forecasts – November 2014

11 November 2014

Recent monthly economic indicators and business surveys show continued moderate global economic growth along with big variations between the major economies. Low interest rates, falling oil prices and smaller budget cutbacks in big advanced economies should underpin.

Global & Australian Forecasts – November 2014
Monthly Business Survey – October 2014

Monthly Business Survey – October 2014

11 November 2014

Clearly the most surprising feature of the Survey was the sharp jump in business conditions in October (the largest monthly increase in the history of the survey). The improvement driven by sales and profits was relatively broad based –unlike the (short-lived) jump in July.

Monthly Business Survey – October 2014
A new funding model for local government

A new funding model for local government

7 November 2014

Changes to the financial sector’s Basel III rules are making it expensive for councils to borrow from banks. NAB’s James Waddell explains how the Local Government Funding Vehicle (LGFV) will create efficiencies, reduce borrowing costs and open up new avenues for local council finance.

A new funding model for local government
NAB Charitable Giving Index: Indepth report – August 2014

NAB Charitable Giving Index: Indepth report – August 2014

7 November 2014

Australians are giving more to charity than ever before, with the average annual donation size for all charities increasing by 3.6 per cent ($11) to $315 per donor. Overall charitable giving growth also continues an upward trend, increasing by 6.4 per cent in the 12 months to August 2014.

NAB Charitable Giving Index: Indepth report – August 2014
ASX 300 Quarterly Business Survey – September 2014

ASX 300 Quarterly Business Survey – September 2014

30 October 2014

ASX 300 business confidence gained momentum in the September quarter, surpassing the broader economy. Conditions were broadly unchanged - trading and profitability were stronger, however the slight improvement was offset by deteriorating employment…

ASX 300 Quarterly Business Survey – September 2014
Quarterly Australian Commercial Property Survey – Q3, 2014

Quarterly Australian Commercial Property Survey – Q3, 2014

29 October 2014

Overall sentiment in Australian commercial property markets turns positive for the first time since early-2011, but WA continues to weaken. NAB Group Chief Economist Alan Oster said "NAB’s Commercial Property Index rose to +2 points in Q3, its first positive read since March 2011.”

Quarterly Australian Commercial Property Survey – Q3, 2014
Rural Commodities Wrap – October 2014

Rural Commodities Wrap – October 2014

23 October 2014

The overall price outlook for rural commodities stabilised somewhat in September and early October as a falling AUD blunted the impact of lower global prices.

Rural Commodities Wrap – October 2014
The World on two pages – October 2014

The World on two pages – October 2014

15 October 2014

Global growth was around 3% in the first half of 2014, below trend and with marked variations in performance between major economies. North America continues to perform strongly with solid growth in both the US and Canada.

The World on two pages – October 2014
MTN Market update

MTN Market update

15 October 2014

Director, Corporate Debt Markets Origination at NAB, Brad Scott discusses the recent developments in the Market Term Notes (MTN) market, along with the outlook for the rest of the year and the opportunities that are opening up for investors.

MTN Market update
Global & Australian Forecasts – October 2014

Global & Australian Forecasts – October 2014

14 October 2014

Disappointing global growth continued into mid-2014 with GDP expanding by a sub-trend 3% yoy and concern over weakness in Japan and the Euro-zone offsetting solid growth in the US and UK. Chinese forecasts unchanged.

Global & Australian Forecasts – October 2014
Monthly Business Survey – September 2014

Monthly Business Survey – September 2014

14 October 2014

Business confidence lost ground in September –lowest level since pre election - in the face of a persistently soft operating environment for many firms. Forward orders remained soft, prompting de-stocking and competitive pricing which appears to have weighed on profitability.

Monthly Business Survey – September 2014
AFR Special Report: Social Impact Investing

AFR Special Report: Social Impact Investing

30 September 2014

Following a recent NAB-hosted roundtable event on Social Impact Investing, The Australian Financial Review today released editorial covering the topic from two journalists who were in attendance, James Dunn and Jonathan Shapiro.

AFR Special Report: Social Impact Investing
Rural Commodities Wrap – September 2014

Rural Commodities Wrap – September 2014

29 September 2014

The overall outlook for rural commodities deteriorated in August and September on account of a weak finish to winter rains in many areas combined with forecasts of abundant global grain supplies and lower prices for major agricultural commodities.

Rural Commodities Wrap – September 2014
Australia – Asia Business Engagement Index (Q2)

Australia – Asia Business Engagement Index (Q2)

29 September 2014

“The index shows that Australia’s engagement with Asia is dominated by product imports and not surprisingly, our engagement is clearly strongest with China across all sizes of business. But, it is higher for SMEs than the ASX 300” said Alan Oster.

Australia – Asia Business Engagement Index (Q2)
The World on two pages – September 2014

The World on two pages – September 2014

11 September 2014

Weakness in Japan, stagnation in the Euro-zone and a hard landing in Latin America have resulted in a slowdown in the pace of global growth through the first half of 2014. World GDP growth reached 3.4% yoy in late 2013, it slowed to 3.1% yoy in March qtr 2014 and 2.9% yoy in June qtr.

The World on two pages – September 2014
Global & Australian Forecasts – September 2014

Global & Australian Forecasts – September 2014

9 September 2014

Disappointing global growth continued into mid-2014 with stagnation in the Euro-zone sparking deflationary concern and ECB action while Japanese demand is still struggling to recover from April’s tax rise.

Global & Australian Forecasts – September 2014
Monthly Business Survey – August 2014

Monthly Business Survey – August 2014

9 September 2014

Business confidence remains resilient despite easing a little in August, supported by positive forward orders, subdued cost pressures and more stable consumer confidence. Positive business conditions are also helping despite falling back in the month.

Monthly Business Survey – August 2014
Australian Business Diversity Index – Q2 2014

Australian Business Diversity Index – Q2 2014

29 August 2014

The inaugural NAB Australian Business Diversity Index is a new addition to NAB’s Quarterly Business Survey, and it aims to help Australian industries and businesses better understand diversity performance, in an effort to drive change.

Australian Business Diversity Index – Q2 2014
Rural Commodities Wrap – August 2014

Rural Commodities Wrap – August 2014

29 August 2014

Australian beef prices are forecast to increase 3.5 per cent in 2014-15 on the back of a 4 per cent fall in production as producers rebuild herds, according to the latest NAB Agribusiness Rural Commodities Wrap.

Rural Commodities Wrap – August 2014
Australian Markets Weekly

Australian Markets Weekly

25 August 2014

As part of the current local reporting season last week, we heard that both the Gladstone and Australia Pacific LNG projects are on track and on budget.

Australian Markets Weekly
Your Money, Your Call: Are you a disengaged investor?

Your Money, Your Call: Are you a disengaged investor?

20 August 2014

NAB’s Director of Fixed Income, Mark Todd, chats with Mercer's Sue Wang and the National Party's Kevin Hogan about disengaged investors - people who are uninterested in closely monitoring their superannuation - and the importance of more simple and transparent products for these people.

Your Money, Your Call: Are you a disengaged investor?
Impact of the Russian Food Embargo on Australian Agriculture

Impact of the Russian Food Embargo on Australian Agriculture

15 August 2014

The direct impact to Australian agricultural producers of the Russian Government’s embargo on most food imports is likely to be relatively small. However the secondary impacts are likely to be of greater concern for Australian producers.

Impact of the Russian Food Embargo on Australian Agriculture
Australia & the World on two pages – August 2014

Australia & the World on two pages – August 2014

13 August 2014

Weak retail trade and net exports point to soft GDP growth in Q2. Headwinds remain, but business conditions jumped to four year high, while, business confidence, orders and capacity utilisation all looking better. We have trimmed our global forecasts.

Australia & the World on two pages – August 2014
Global & Australian Forecasts – August 2014

Global & Australian Forecasts – August 2014

12 August 2014

Global growth remains moderate but monthly trade and industrial growth continues to slow. Economic conditions mixed between regions with solid upturns in the UK and US, weakness in Japan and signs of slowing in the Euro-zone. Emerging market economies still driving most global growth

Global & Australian Forecasts – August 2014
NAB Monthly Business Survey – July 2014

NAB Monthly Business Survey – July 2014

12 August 2014

Business confidence again surprised on the upside, supported by better business conditions (largely reflecting sales and profits) and a surge in retailer confidence. Firms still unfazed about the Budget (for now). Conditions jumped to a four year high

NAB Monthly Business Survey – July 2014
The future of clinical trials in Australia

The future of clinical trials in Australia

7 August 2014

Clinical trials provide access to new treatments, contribute to Australia’s economy and support our public sector institutions. Dr Brendan Shaw, Medicines Australia Chief Executive, discusses the challenges and opportunities that are shaping our innovative medicines industry.

The future of clinical trials in Australia
Developing a meaty supply chain across Asia

Developing a meaty supply chain across Asia

31 July 2014

One of the largest vertically integrated supply chain organisations in the world, Australian Country Choice (ACC) is looking to expand its supply of high quality meat into Asia. CEO David Foote discusses the challenges and opportunities ahead.

Developing a meaty supply chain across Asia
Quarterly Australian Commercial Property Survey – Q2, 2014

Quarterly Australian Commercial Property Survey – Q2, 2014

30 July 2014

NAB Commercial Property Index fell -3 to -6 points in Q2 and continues to track below business confidence. NAB Group Chief Economist Alan Oster said: “Sentiment was weaker in all market segments, except CBD hotels, and also negative in all states, especially in WA.”

Quarterly Australian Commercial Property Survey – Q2, 2014
ASX 300 Quarterly Business Survey – June 2014

ASX 300 Quarterly Business Survey – June 2014

29 July 2014

Business confidence among Australia’s largest firms dropped significantly – from a position of above average confidence relative to the broader economy to marginally below. Businesses are reacting to the subdued domestic demand outlook.

ASX 300 Quarterly Business Survey – June 2014
Rural Commodities Wrap – July 2014

Rural Commodities Wrap – July 2014

28 July 2014

The 2014-15 Australian wheat season is off to a good start in most growing areas following autumn rain, and domestic prices are at a premium to international levels due to concerns about the impact of a dry spring.

Rural Commodities Wrap – July 2014
Your Money, Your Call: Are we in bubble territory?

Your Money, Your Call: Are we in bubble territory?

22 July 2014

NAB’s Director of Fixed Income, Mark Todd, chats with Adam Goldstien from Skeggs Goldstien and Simon Ibbetson from Millinium about which asset classes are facing bubbles, along with discussing some markets where good value lies.

Your Money, Your Call: Are we in bubble territory?
Australia & the World on two pages – July 2014

Australia & the World on two pages – July 2014

10 July 2014

After rising through 2013, the main business surveys have gone sideways in 2014 and the pace of global growth has slipped slightly. We have lowered our global GDP forecasts for 2014 from 3.4% to 3.2%.

Australia & the World on two pages – July 2014
Global & Australian Forecasts – July 2014

Global & Australian Forecasts – July 2014

8 July 2014

Moderate global growth continues after early 2014’s slowing, resulting in slightly lower growth forecasts in 2014 but nearer trend in out years. Mixed picture among advanced economies as US & Euro-zone growth disappoints expectations but UK expansion stays solid...

Global & Australian Forecasts – July 2014
Monthly Business Survey – June 2014

Monthly Business Survey – June 2014

8 July 2014

Business confidence recorded an unexpected increase in the month, with firms apparently shrugging off the sharp deterioration in consumer confidence that followed May’s Federal budget. Firms are sticking to their expectation for stronger activity despite business conditions remaining

Monthly Business Survey – June 2014
Your Money, Your Call: Economic update

Your Money, Your Call: Economic update

7 July 2014

NAB’s Director of Fixed Income, Mark Todd, is joined by NAB Head of Research Peter Jolly and Laminar economist Stephen Roberts to discuss the Australian and US economies, along with the Australian Federal Budget and issues posed by our ageing population.

Your Money, Your Call: Economic update
Your Money, Your Call: Update on cash rates and the RBA

Your Money, Your Call: Update on cash rates and the RBA

1 July 2014

NAB’s Director of Fixed Income, Mark Todd, chats about where interest rates are headed and their subsequent impact on term deposits with AFR columnist, Chris Joye and Montgomery Investment Management strategist, Andrew Macken.

Your Money, Your Call: Update on cash rates and the RBA
Your Money, Your Call: US Federal Outlook for 2014-15

Your Money, Your Call: US Federal Outlook for 2014-15

1 July 2014

NAB’s Director of Fixed Income, Mark Todd, discusses the 2014-15 outlook for the US Federal reserve and interest rates with AFR columnist, Chris Joye and Montgomery Investment Management stategist, Andrew Macken.

Your Money, Your Call: US Federal Outlook for 2014-15
Rural Commodities Wrap – June 2014

Rural Commodities Wrap – June 2014

24 June 2014

Supported by still-low bond yields and more positive economic data from China and the US, global equity markets maintained their upward trend in May to close higher in general. However, commodities markets were more mixed.

Rural Commodities Wrap – June 2014
Your Money, Your Call: Aged based investing

Your Money, Your Call: Aged based investing

16 June 2014

NAB’s Director of Fixed Income, Mark Todd, introduces the concept of aged-based investing in corporate bonds and how institutional players are becoming active in this space.

Your Money, Your Call: Aged based investing
Large scale greenfield agri-business development

Large scale greenfield agri-business development

13 June 2014

The Australian project finance market is widely considered a world leader when it comes to assessing the financing of greenfield development risk. Michael Clarke looks at how mining/resource project financing may be a helpful paradigm for financing large-scale greenfield agri developments.

Large scale greenfield agri-business development
Australia & the World on two pages – June 2014

Australia & the World on two pages – June 2014

12 June 2014

The generally upward trend in advanced economy purchasing manager surveys began to fade through late 2013 and 2014 and that has been followed by a levelling out in the rate of growth in world trade and industrial output.

Australia & the World on two pages – June 2014
Global & Australian Forecasts – June 2014

Global & Australian Forecasts – June 2014

10 June 2014

Global growth levelled off through late 2013 and early 2014, partly due to bad weather hitting North America. Advanced economy upturn looks set to continue as interest rates stay low and as the peak in fiscal consolidation has passed

Global & Australian Forecasts – June 2014
Monthly Business Survey – May 2014

Monthly Business Survey – May 2014

10 June 2014

Business confidence survived the government’s ‘tough budget’ intact, but business conditions eased again (reflecting sales). Employment and profits were steady at soft levels. Conditions are mixed across industries, but are generally negative outside of services

Monthly Business Survey – May 2014
Rural Commodities Wrap – May 2014

Rural Commodities Wrap – May 2014

26 May 2014

There are signs of stabilisation in the growth in the US and China: the US Fed proceeded with another US$10 billion cut in their monthly quantitative easing program to US$45 billion, while Chinese industrial activity gained some support from a series of targeted stimulus policies.

Rural Commodities Wrap – May 2014
Your Money, Your Call: Where is The Equity Market Going?

Your Money, Your Call: Where is The Equity Market Going?

20 May 2014

NAB’s Director of Fixed Income, Mark Todd, discusses what is happening in the Equity Market with FNArena analyst Rudi Fliepek-Vandyck, and how 2014 is looking like the year that the investors from the sidelines will come back to the share market in light of volumes coming back.

Your Money, Your Call: Where is The Equity Market Going?
Your Money, Your Call: Developments in the Corporate Bond Market

Your Money, Your Call: Developments in the Corporate Bond Market

14 May 2014

In this episode of Your Money, Your Call, NAB’s Director of Fixed Income, Mark Todd, looks at the developments in the corporate bond market, including Simple Bond Legislation, with AFR columnist, Chris Joye and Montgomery Investment Management strategist, Andrew Macken.

Your Money, Your Call: Developments in the Corporate Bond Market
Fact sheets – Federal Budget 2014

Fact sheets – Federal Budget 2014

14 May 2014

Federal Treasurer Joe Hockey handed down the 2014 Federal Budget last night and there’s plenty to talk about. Our team of economists have analysed what it means for you, your business and a variety of key industries with our summary fact sheets.

Fact sheets – Federal Budget 2014
What the Federal Budget means for infrastructure

What the Federal Budget means for infrastructure

14 May 2014

The infrastructure sector was one of the big winners in the Federal Budget, with the share of infrastructure spending rising in both dollar terms and as a share of government spending. This should go some way in helping to fill the void left by retreating mining investment.

What the Federal Budget means for infrastructure
What the Federal Budget means for the health sector

What the Federal Budget means for the health sector

14 May 2014

The key focus related to health in this year’s Budget is savings. The introduction of GP co-payments, changes to PBS provisions, Medicare safety nets and indexation arrangements will contribute significant savings. We assess the key initiatives impacting Australia’s health sector.

What the Federal Budget means for the health sector
What the Federal Budget means for Agribusiness

What the Federal Budget means for Agribusiness

14 May 2014

Our leading team of economists have broken-down how the 2014 Federal Budget impacts Australian agribusinesses. As well as analysis, we outline the key initiatives and how the industry is responding.

What the Federal Budget means for Agribusiness
What the Federal Budget means for the Education sector

What the Federal Budget means for the Education sector

14 May 2014

There’s a lot to talk about following last night’s Federal Budget announcement. NAB’s team of economists have analysed what last night’s Federal Budget means for the Education sector and outlined key initiatives.

What the Federal Budget means for the Education sector
Industry perspective: Federal Budget and infrastructure

Industry perspective: Federal Budget and infrastructure

14 May 2014

Brendon Lyon, CEO of Infrastructure Partnerships Australia, says the 2014 Federal Budget is an excellent outcome for the national infrastructure sector. He shares his views on the largest-ever national infrastructure investment programme.

Industry perspective: Federal Budget and infrastructure
2014 Federal Budget – all the insights and expert analysis

2014 Federal Budget – all the insights and expert analysis

13 May 2014

There’s a lot of change in this year’s budget, so understanding how the Federal Budget impacts you and your business can be challenging. That’s why our team of economists and industry experts have been working around the clock to break it down.

2014 Federal Budget – all the insights and expert analysis
Monthly Business Survey – April 2014

Monthly Business Survey – April 2014

12 May 2014

Business conditions more subdued in April but confidence up marginally – shrugging off ‘tough budget’ rhetoric. Sales eased slightly, employment slightly better but still soft, profits weaker. Conditions remain volatile and mixed across industries…

Monthly Business Survey – April 2014
2014 Federal Budget preview

2014 Federal Budget preview

9 May 2014

NAB Group Chief Economist Alan Oster provides a pre-budget overview of what he thinks we can expect to hear from Treasurer Joe Hockey’s first Federal Budget announcement next week.

2014 Federal Budget preview
Rural Commodities Wrap – April 2014

Rural Commodities Wrap – April 2014

6 May 2014

Globally, commodity markets experienced heightened volatility in March, with the concerns of a slowdown in China and its first domestic bond default triggering some investor risk aversion.

Rural Commodities Wrap – April 2014
China’s reforms & the implication for Aust. agribusinesses

China’s reforms & the implication for Aust. agribusinesses

5 May 2014

Patrick Vizzone, Regional Head of Food & Agribusiness, Asia, Institutional Banking reflects on how the outcomes of last November’s Third Plenary Session of China’s Communist Party’s Central Committee may shape the Australian agriculture sector.

China’s reforms & the implication for Aust. agribusinesses
Why it’s important to understand Sanctions and Embargoes

Why it’s important to understand Sanctions and Embargoes

5 May 2014

When running a business it’s important to understand your obligations in relation to domestic and international sanctions and embargoes, and how they may potentially impact your business before entering into arrangements with offshore customers and/or their agents.

Why it’s important to understand Sanctions and Embargoes
Quarterly Australian Commercial Property Survey – Q1, 2014

Quarterly Australian Commercial Property Survey – Q1, 2014

5 May 2014

NAB Commercial Property Index rises above long-term average, but overall still negative (-3 points) and below NAB Business Confidence. Sentiment stronger in all markets, except office (unchanged) and in all states (except NSW and WA). Forward expectations however softer.

Quarterly Australian Commercial Property Survey – Q1, 2014
A Budget for the Ages – Federal Budget 2014

A Budget for the Ages – Federal Budget 2014

1 May 2014

Ahead of the upcoming Federal Budget, there is a lot of focus on the Commission of Audit’s findings, and putting the Budget on a sustainable medium term path as the population ages, health and pension costs rise, and the proportion of tax payers declines.

A Budget for the Ages – Federal Budget 2014
ASX 300 Quarterly Business Survey – March 2014

ASX 300 Quarterly Business Survey – March 2014

28 April 2014

Business conditions for ASX 300 maintained momentum in the first quarter of 2014 - the broader economy weakened as it dipped back into negative territory. Confidence for larger firms surged to its highest level in the 3-year history of the survey.

ASX 300 Quarterly Business Survey – March 2014
Your Money, Your Call: BHP and inflation

Your Money, Your Call: BHP and inflation

28 April 2014

NAB’s Director of Fixed Income, Mark Todd, is joined by FNArena analyst Rudi Filapek-Vandyck. They begin by discussing investing in BHP stock, before assessing inflation - including current forecasts and how velocity, innovation and the labour market can impact upon it.

Your Money, Your Call: BHP and inflation
Robots at your service

Robots at your service

23 April 2014

Robots are on the march. Most of them work on assembly lines, building cars, making electronic devices and processing food, drugs and chemicals. But robots are spreading beyond the factory - a trend that will accelerate in 2014.

Robots at your service
A fresh look at Australia in the Asian Century

A fresh look at Australia in the Asian Century

22 April 2014

Australia’s role in securing the food, water and supply chains of Asia will be dependent on our ability to embrace change and innovation. Dr. Ken Henry looks at the opportunities that exist for Australian businesses in the Asian century.

A fresh look at Australia in the Asian Century
Australia & the World on two pages – April 2014

Australia & the World on two pages – April 2014

9 April 2014

The upward trend in the advanced economy business surveys faltered toward the end of 2013 and this has continued into early 2014. Some of this reflected the disruptive impact of bad weather on supply chains but the March business survey results suggest a levelling out in the pace of growth

Australia & the World on two pages – April 2014
Monthly Business Survey – March 2014

Monthly Business Survey – March 2014

8 April 2014

Business conditions lifted slightly in March, but remained at relatively subdued levels, weighing on business optimism. Confidence still positive but softened to its lowest post-election level to be below long-run trend.

Monthly Business Survey – March 2014
Global & Australian Forecasts – April 2014

Global & Australian Forecasts – April 2014

8 April 2014

Global economy growing around trend but signs in early 2014 that accelerating growth phase has ended. Mixed conditions across regions with advanced economies providing more of global output expansion as Chinese growth rate trends down.

Global & Australian Forecasts – April 2014
Winning Woolworths 2013 Supplier of the Year

Winning Woolworths 2013 Supplier of the Year

31 March 2014

Montague Fresh fought off tough competition to win the prestigious Woolworths 2013 Supplier of the Year Award. Ray Montague and his son Scott discuss the key to their success and how things have changed during their 50-year relationship with Woolworths.

Winning Woolworths 2013 Supplier of the Year
The talk of the town: NAB business wrap

The talk of the town: NAB business wrap

27 March 2014

There’s been a lot for Aussie businesses to talk about recently, from shoes to defence contracts - Australian and global markets appear to be bursting with opportunities. Here's a selection of business insights to help you uncover the opportunities across all business sectors in 2014

The talk of the town: NAB business wrap
Rural Commodities Wrap – March 2014

Rural Commodities Wrap – March 2014

26 March 2014

Global equity and commodity markets exhibited increased volatility in the past month, caused by heightened geopolitical tensions in Ukraine, adverse weather events in the US and news of a slowing Chinese economy. December quarter GDP result for Australia was close to trend.

Rural Commodities Wrap – March 2014
Australia & the World on two pages – March 2014

Australia & the World on two pages – March 2014

13 March 2014

The upward trend in the advanced economy business surveys faltered toward the end of 2013 and this has continued into early 2014. Nevertheless, this softer note probably reflects bad weather disrupting supply chains.

Australia & the World on two pages – March 2014
Monthly Business Survey – February 2014

Monthly Business Survey – February 2014

11 March 2014

Recent recovery short lived? Business conditions back-pedalled sharply in February reversing around half post election gains. Confidence softened but still remains marginally above trend. Sales and employment fell markedly during the month, with the latter pointing to very weak labour

Monthly Business Survey – February 2014
Global & Australian Forecasts – March 2014

Global & Australian Forecasts – March 2014

11 March 2014

Global upturn continues and forecasts little changed. Advanced economies seeing recovery after their prolonged weakness post 2008/9 recession. Mixed trends across Emerging markets with gradual slowing in China and uncertainty over speed of Indian rebound.

Global & Australian Forecasts – March 2014
The talk of the town: NAB business wrap

The talk of the town: NAB Business wrap

6 March 2014

M&A has been a big theme recently, with entrepreneurs and established businesses alike snapping up opportunities. Air-con was a burning issue and property developers were dancing at the prospect of better funding and more opportunities.

The talk of the town: NAB business wrap
NAB Manufacturing Activity Index – Q4, 2013

NAB Manufacturing Activity Index – Q4, 2013

3 March 2014

The Manufacturing Activity Index continued with its slow improvement in Q4, supported by strong business confidence and falling labour costs. The index implies activity in the manufacturing industry expanded by 0.5% in Q4.

NAB Manufacturing Activity Index – Q4, 2013
The talk of the town: NAB business wrap

The talk of the town: NAB Business wrap

27 February 2014

There’s been a lot for Aussie businesses to talk about recently – from the action on Melbourne’s Chapel Street to where to find the richest retirees. Here’s a selection of recent business insights to help you uncover the opportunities across all business sectors in 2014.

The talk of the town: NAB business wrap
Quarterly Australian Commercial Property Survey – Q4, 2013

Quarterly Australian Commercial Property Survey – Q4, 2013

27 February 2014

Sentiment rises further in Q4, with NAB’s Commercial Property Index reaching a 2-year high (but still negative overall). Improvement driven mainly by office and retail, although both segments still under-performing. Sentiment edged up in all states bar Qld and SA/NT.

Quarterly Australian Commercial Property Survey – Q4, 2013
ASX 300 Quarterly Business Survey – December 2013

ASX 300 Quarterly Business Survey – December 2013

20 February 2014

Business conditions for larger firms improved significantly in the December quarter – outperforming firms in the broader economy. However, confidence weakened slightly for larger firms – dropping below conditions and breaking away from the exuberance of the broader economy.

ASX 300 Quarterly Business Survey – December 2013
Australian Debt Securities and Corporate Bonds – February 2014

Australian Debt Securities and Corporate Bonds – February 2014

18 February 2014

How to add Australian Debt Securities & Corporate Bonds to a portfolio. The fourth research report examining the Australian corporate bond market. In this report we place the Australian market in an international context and speculate on what the future holds for the asset class.

Australian Debt Securities and Corporate Bonds – February 2014
How to recruit the best people for your business

How to recruit the best people for your business

14 February 2014

Finding and keeping the right people is fundamental to the success of any business. Gavin O’Meara, Manager of People and Culture at Ramsay Health Care, explains how planning, preparation and ongoing support can help you build an engaged and productive team.

How to recruit the best people for your business
Monthly Business Survey – January 2014

Monthly Business Survey – January 2014

11 February 2014

Business conditions maintained last months momentum and is approaching 3 year highs while confidence was up for the first time in 4 months – both near or above trend levels. Employment index much better, but still suggests soft labour market conditions.

Monthly Business Survey – January 2014
Corporate Finance Insights – February 2014

Corporate Finance Insights – February 2014

11 February 2014

The reports utilise our expertise across a range of industry sectors. In this edition we are pleased to present a compilation of articles with an underlying theme around the Australian opportunity in the growing Asian region.

Corporate Finance Insights – February 2014
The talk of the town: NAB business wrap

The talk of the town: NAB Business wrap

6 February 2014

There’s been a lot for Aussie businesses to talk about recently - from community newspapers to consumption of whiskey. Here's a selection of recent business insights to help you uncover the opportunities across all business sectors.

The talk of the town: NAB business wrap
The perfect pitch

The perfect pitch

5 February 2014

Pitching for new business is a fine art. For the last six years, as CEO of the Victorian Major Events Company – which has won such iconic events as the 2006 Commonwealth Games, the 2010 Cycling World Championships and the Formula 1 Grand Prix – Brendan McClements knows how to get it right.

The perfect pitch
Australia & the World on two pages – January 2014

Australia & the World on two pages – January 2014

29 January 2014

Business surveys and partial data on trade and industrial output show moderate global economic growth continuing through to the end of 2013. There are mixed trends across Emerging markets, with gradual slowing in China and uncertainty over speed of Indian rebound.

Australia & the World on two pages – January 2014
Monthly Business Survey – December 2013

Monthly Business Survey – December 2013

28 January 2014

Are we at a turning point? Business conditions jump to more than 2½ year high, while confidence broadly unchanged – both now near trend levels. Sales and profits up sharply – especially in wholesale, transport and services – reducing excess capacity slightly.

Monthly Business Survey – December 2013
Global & Australian Forecasts – January 2014

Global & Australian Forecasts – January 2014

28 January 2014

Global upturn continues and forecasts little changed. Advanced economies seeing recovery after their prolonged weakness post 2008/9 recession. Mixed trends across Emerging markets with gradual slowing in China and uncertainty over speed of Indian rebound.

Global & Australian Forecasts – January 2014
Will the dollar fall and property rise?

Will the dollar fall and property rise?

23 January 2014

The big question for 2014 is whether the Australian dollar will keep trending lower with perhaps a secondary question about whether Australian property will continue to boom. According to Business Spectator’s Alan Kohler - yes and yes.

Will the dollar fall and property rise?
The talk of the town: NAB business wrap

The talk of the town: NAB business wrap

23 January 2014

There’s been a lot for Aussie businesses to talk about so far in 2014 - from weather predictions to our reading habits. Here’s a selection of recent business insights to help you uncover the opportunities across all business sectors in 2014.

The talk of the town: NAB business wrap
Emerging opportunities for facility management providers

Emerging opportunities for facility management providers

22 January 2014

As our population ages and demand for facility management services increases, hospitals are doing their best to manage costs. Ivan Fernandez, Industry Director at Frost & Sullivan, suggests ways for facility management providers to identify new opportunities and overcome challenges.

Emerging opportunities for facility management providers
Pedal to the metal

Pedal to the metal

15 January 2014

The limp performance of metals and bulk commodities over the past couple of years has resembled a unicycle rather than the superbike of previous years. According to Simon Wright of The Economist, the 2014 outlook for demand is rosier and commodity prices should start climbing once again.

Pedal to the metal
Digging deeper

Digging deeper

9 January 2014

Some of the world’s fastest-growing economies in 2014 will be in Africa. Since 2001, Africa’s GDP has expanded more quickly each year than the global average. In the past decade, only the block of developing Asian economies, led by China, has grown faster than Africa.

Digging deeper
The Middle Kingdom’s Australian frontier

The Middle Kingdom’s Australian frontier

7 January 2014

Start to prepare for a new era in the Australian Chinese relationship. Well within five years, instead of simply looking at Chinese manufacturing, Australia will look at the tourist bookings due to a very big rise in Chinese tourism.

The Middle Kingdom’s Australian frontier
Business View Magazine – Summer 2013

Business View Magazine – Summer 2013

30 December 2013

The summer edition of Business View Magazine explores the ecosystem behind the business of sport, looking at how entrepreneurs working in and with the sports sector deal with changes in the business environment. Download the free iPad edition via our new publications app NAB Think.

Business View Magazine – Summer 2013
Mining and metals firms and the slowing of the super cycle

Mining and metals firms and the slowing of the super cycle

30 December 2013

Companies in the industrial raw materials sector are facing a new era. For years, miners of resources such as iron ore, base metals and coal enjoyed a boom driven by incredible demand from China and other emerging markets that were urbanising and investing heavily in infrastructure.

Mining and metals firms and the slowing of the super cycle
Australia & the World on two pages – December 2013

Australia & the World on two pages – December 2013

12 December 2013

September industrial output and broader measures of quarterly GDP are finally showing economic growth starting to lift in line with both the business surveys and our forecast for a global upturn in 2014 (growth at 3½% unchanged).

Australia & the World on two pages – December 2013
Sanctions and embargoes: how they can impact your business

Sanctions and embargoes: how they can impact your business

11 December 2013

Do you know how sanctions and embargoes work and how they can impact your business? As an agribusiness it's important to understand your obligations in relation to domestic and international sanctions before entering into arrangements with offshore providers and/or their agents.

Sanctions and embargoes: how they can impact your business
Monthly Business Survey – November 2013

Monthly Business Survey – November 2013

10 December 2013

Business conditions and confidence broadly unchanged - with confidence still much higher than conditions. While still weak, business conditions appear to be trending higher. Trading conditions up - especially mining and manufacturing - with capacity utilisation off its recent lows.

Monthly Business Survey – November 2013
Global & Australian Forecasts – December 2013

Global & Australian Forecasts – December 2013

10 December 2013

Global upturn continues and forecasts little changed. Advanced economies see faster recovery after prolonged weakness post 2008/09 recession. Chinese and Indian economies faring better with no slowing in former and activity picking-up in the latter.

Global & Australian Forecasts – December 2013
Rural Commodities Wrap – November 2013

Rural Commodities Wrap – November 2013

15 November 2013

Global growth remains at a moderate sub-trend pace and it’s expected to pick up to slightly below trend in 2014. However, NAB business conditions remain weak and forward indicators deteriorated slightly. There are still no signs of a recovery in non-mining investment.

Rural Commodities Wrap – November 2013
Quarterly Australian Commercial Property Survey – Q3, 2013

Quarterly Australian Commercial Property Survey – Q3, 2013

13 November 2013

Commercial property market sentiment improved slightly in Q3, in line with a modest pick-up in confidence also seen in NAB’s Quarterly Business Survey. However, NAB’s Commercial Property Index is still deeply negative (-13) and below its long-term average (-7).

Quarterly Australian Commercial Property Survey – Q3, 2013
Australia & the World on two pages – November 2013

Australia & the World on two pages – November 2013

13 November 2013

Global growth rose from 2.4% to 2.8% between March and June quarters and we are expecting 2.9% for 2013 overall, increasing to 3.5% next year. The national accounts and business surveys show a quickening pace of growth in the big advanced economies with the UK and Japan the standout.

Australia & the World on two pages – November 2013
Monthly Business Survey – October 2013

Monthly Business Survey – October 2013

12 November 2013

Firms reassess their confidence on the outlook as business conditions undershoot again. Capacity utilisation falls sharply - especially in manufacturing, construction, mining and retail - despite low interest rates and improved housing and equity markets.

Monthly Business Survey – October 2013
Global & Australian Forecasts – November 2013

Global & Australian Forecasts – November 2013

12 November 2013

Global upturn continues and forecasts little changed. Advanced economies seeing faster recovery after their prolonged weakness post 2008/09 recession. Mixed trends across emerging markets with solid Chinese growth but disappointing outcomes in India.

Global & Australian Forecasts – November 2013
Wheat’s season of contrast

Wheat’s season of contrast

11 November 2013

It’s a season of stark contrast for Aussie wheat growers, with those in the west and south set for a bumper season while those in the east are doing it tough. International factors are also placing downward pressure on prices, with Canada producing one of its biggest wheat crops on record.

Wheat’s season of contrast
NAB Charitable Giving Index: Indepth report – August 2013

NAB Charitable Giving Index: Indepth report – August 2013

1 November 2013

Donations grew 2.5% (12-month average) in August with an average annual donation of $312 per donor. Giving grew fastest for “Other” (12.8%) and Health & Disability (9.1%) charities, but fell for Humanitarian Services (-3.2%) and Medical Research & Services (-2.4%) charities.

NAB Charitable Giving Index: Indepth report – August 2013
Australian Debt Securities and Corporate Bonds – October 2013

Australian Debt Securities and Corporate Bonds – October 2013

29 October 2013

How to add Australian Debt Securities & Corporate Bonds to a portfolio. We bring you the third of five research reports examining the Australian corporate bond market. In this report we cover the important topic of accessing the fixed income market and the various methods investors can use to access debt securities and corporate bonds.

Australian Debt Securities and Corporate Bonds – October 2013
A healthy future for all? Improving food quality for Asia

A healthy future for all? Improving food quality for Asia

25 October 2013

Discussions of food security in Asia have often centred on the issue of supply, but now the emphasis is shifting from quantity to quality. The ability to address the issue of food quality is complicated by the increasing complexity of the food supply chain in Asia.

A healthy future for all? Improving food quality for Asia
NAB Manufacturing Activity Index – Q3, 2013

NAB Manufacturing Activity Index – Q3, 2013

21 October 2013

The Manufacturing Activity Index was largely unchanged in Q3 – with positive trends for business confidence offset by negative ones for labour and purchase costs and final product prices. The index implies a slight increase quarterly manufacturing activity - at around +0.4%.

NAB Manufacturing Activity Index – Q3, 2013
Australia & the World on two pages – October 2013

Australia & the World on two pages – October 2013

10 October 2013

After a period where the data showed accelerating growth in the big advanced economies, the latest numbers have been more mixed. Although an upturn is still under way, the pace of industrial growth and business sentiment in some big advanced economies has stopped improving.

Australia & the World on two pages – October 2013
Monthly Business Survey – September 2013

Monthly Business Survey – September 2013

8 October 2013

Animal spirits lift again. Confidence surges to its highest level in 3½ years. Business conditions, however, still subdued - with employment poor. Signs of better conditions in finance/ business/ property and construction.

Monthly Business Survey – September 2013
Global & Australian Forecasts – October 2013

Global & Australian Forecasts – October 2013

8 October 2013

Global upturn continues and forecasts little changed - but growth momentum has slowed a touch through mid-2013. Composition of global growth still shifting toward advanced economies with mixed trends in emerging markets.

Global & Australian Forecasts – October 2013
Responding to the seismic shift in Agriculture

Responding to the seismic shift in Agriculture

2 October 2013

The 2011 Agricultural Census reveals an evolving sector - in terms of both farm and farmer. With bigger farms and more sophisticated owners to contend with, service providers need to prepare for a new and challenging landscape.

Responding to the seismic shift in Agriculture
Rural Commodities Wrap – September 2013

Rural Commodities Wrap – September 2013

20 September 2013

Global financial markets rallied strongly when US Federal Open Market Committee (FOMC) defied market expectations of a modest tapering and decided to leave retain the status quo on the pace of asset purchases.

Rural Commodities Wrap – September 2013
Corporate Finance Insights – September 2013

Corporate Finance Insights – September 2013

19 September 2013

In this edition of Corporate Finance Insights we focus on the value that can be unlocked in managing working capital, hear perspectives from industry leaders and share insight from NAB specialists into the major trends and opportunities for working capital management.

Corporate Finance Insights – September 2013
Will retiring baby boomers leave gaps in healthcare?

Will retiring baby boomers leave gaps in healthcare?

18 September 2013

More than a third of Australia’s general practitioners, nurses and specialists are over the age of 50, so what will happen when they all retire? Dr Henry Cutler, Director, Head of Health Economics at KPMG, discusses possible skills shortages and ways to ameliorate any emerging problems.

Will retiring baby boomers leave gaps in healthcare?
State Economic Update – September 2013

State Economic Update – September 2013

16 September 2013

The NAB Quarterly Business Survey showed a marginal deterioration in overall business conditions in the June quarter, with the level remaining close to four year lows. All states experienced difficult conditions in the quarter.

State Economic Update – September 2013
Global & Australian Forecasts – September 2013

Global & Australian Forecasts – September 2013

10 September 2013

Recent data show a promising lift in business sentiment in big advanced economies but financial volatility hitting emerging market growth prospects (India, ASEAN, and Brazil). Little change in headline global growth forecast with advanced economy upturn set to drive faster world economy

Global & Australian Forecasts – September 2013
Rural Commodities Wrap – August 2013

Rural Commodities Wrap – August 2013

19 August 2013

Global equity markets recovered earlier losses as it became clear that central banks would not rapidly turn off their monetary easing, although we still expect the US Federal Reserve to start tapering in the coming few weeks.

Rural Commodities Wrap – August 2013
Australia & the World on two pages – August 2013

Australia & the World on two pages – August 2013

14 August 2013

Central bank statements reinforcing their guidance that interest rates should stay low for a long time yet across the big advanced economies, have supported financial markets. Recent business surveys and industrial data point to an upturn in growth in these advanced economies

Australia & the World on two pages – August 2013
Global & Australian Forecasts – August 2013

Global & Australian Forecasts – August 2013

13 August 2013

Global growth unchanged as modest country forecast revisions cancel each other out. We see moderate acceleration in global growth to around trend in 2014. Recent data show promising signs in big advanced economies while conditions still softening in emerging market economies.

Global & Australian Forecasts – August 2013
Monthly Business Survey – July 2013

Monthly Business Survey – July 2013

13 August 2013

Business conditions remain at 4 year lows while confidence slumps to 8 month low - despite a falling AUD and lower interest rates. Conditions very poor in manufacturing, construction, mining, retail and wholesale; WA now the weakest state.

Monthly Business Survey – July 2013
Quarterly Australian Commercial Property Survey – June 2013

Quarterly Australian Commercial Property Survey – June 2013

7 August 2013

Sentiment in the commercial property market weakened notably in Q2 2013. The recent softening in economic conditions (and more subdued outlook for GDP growth) seem to have weighed most heavily in office and industrial markets, with retail unchanged (but very weak).

Quarterly Australian Commercial Property Survey – June 2013
Government Downgrades Outlook: tightens policy – 2 August 2013

Government Downgrades Outlook: tightens policy – 2 August 2013

5 August 2013

The government’s economic forecasts now recognise the softness of the domestic economy and the weaker outlook for commodity prices and incomes. In the near term the Budget now looks to be slightly adding to growth (rather than detracting as at Budget time).

Government Downgrades Outlook: tightens policy – 2 August 2013
A smarter way to trade in China

A smarter way to trade in China

22 July 2013

If you’ve been thinking about improving the efficiency of your importing or exporting business with Australia’s largest trading partner, there’s now a more efficient way to settle trade transactions in China. Hear the latest insights from NAB’s team of experts.

A smarter way to trade in China
Rural Commodities Wrap – July 2013

Rural Commodities Wrap – July 2013

19 July 2013

Global equity markets have come under downward pressure, but the latest data on activity is slightly more positive. Business sentiment about current conditions has picked up in advanced economies and growth in global industrial output is faster.

Rural Commodities Wrap – July 2013
More value for less effort – the secret of Lean

More value for less effort – the secret of Lean

16 July 2013

Being Lean worked for Toyota - could it work for you? Chris Foster, KPMG Director, National LEAN Service Line Leader, explains the five basic principles of the Lean system and how doing less work can create more customer value.

More value for less effort – the secret of Lean
Australian Debt Securities and Corporate Bonds – July 2013

Australian Debt Securities and Corporate Bonds – July 2013

15 July 2013

Australian Debt Securities and Corporate Bonds - What’s the risk? Important considerations for Investors. We bring you the second of five research reports examining the Australian corporate bond market, prepared for National Australia Bank by the Australian Centre for Financial Studies

Australian Debt Securities and Corporate Bonds – July 2013
Australia & the World on two pages – July 2013

Australia & the World on two pages – July 2013

10 July 2013

Equity and currency market volatility reflects uncertainties over the pace at which the Fed might alter US monetary policy, Chinese authorities might clamp down on shadow banking and the potential impact of the Bank of Japan’s move to greater monetary easing.

Australia & the World on two pages – July 2013
Monthly Business Survey – June 2013

Monthly Business Survey – June 2013

9 July 2013

Business conditions and capacity utilisation slump to a four year low. Confidence a little better but still below trend. Conditions very bad in retail, mining and manufacturing, despite low interest rates and falling AUD, though signs a little better for exports.

Monthly Business Survey – June 2013
Global & Australian Forecasts – July 2013

Global & Australian Forecasts – July 2013

9 July 2013

Global growth forecasts unchanged. A few signs that activity is picking up in some advanced economies but India and Brazil still soft and growing concerns over pace of Chinese growth. Markets focussed on central bank policy driving greater volatility in equities and currencies.

Global & Australian Forecasts – July 2013
Global FX Strategist – July 2013

Global FX Strategist – July 2013

8 July 2013

The asymmetric (downside) risks we alluded to in our previous AUD forecast update have eventuated and we have now made further downward revisions. The Fed's return to the (early stages) of policy normalcy in itself justifies an AUD/USD in the low 0.80s.

Global FX Strategist – July 2013
Rural Commodities Wrap – June 2013

Rural Commodities Wrap – June 2013

5 July 2013

Global financial markets have taken a dive at the suggestions of the US Federal Reserve scaling back quantitative easing soon and the drying up of new stimulus initiatives by the Japanese government.

Rural Commodities Wrap – June 2013
Australia & the World on two pages – June 2013

Australia & the World on two pages – June 2013

13 June 2013

The consensus view is that the pace of global growth should accelerate through the course of 2013 as recessions end in Western Europe, Abenomics lifts Japanese growth, the US continues its moderate expansion and solid growth continues in the big emerging economies.

Australia & the World on two pages – June 2013
Monthly Business Survey – May 2013

Monthly Business Survey – May 2013

11 June 2013

Business conditions remain at low levels (marginally higher) with unchanged mediocre confidence levels. Conditions better in wholesale, manufacturing and construction, but mining worsens. Any confidence gained from falling dollar and May rate cut have been undermined by domestic weakness

Monthly Business Survey – May 2013
Global & Australian Forecasts – June 2013

Global & Australian Forecasts – June 2013

11 June 2013

Global growth forecasts little changed. Still waiting to see firm evidence that the expected acceleration in activity through 2013 is beginning. Australian economy now at a watershed as mining investment slows and domestic economy struggles.

Global & Australian Forecasts – June 2013
Rural Commodities Wrap – May 2013

Rural Commodities Wrap – May 2013

24 May 2013

With the exception of dairy, the prices of most other agricultural commodities have headed south this month. In April, the Rural Commodity Index rose marginally USD terms by 0.8% while fell by 2% in AUD terms. This month, lamb is our commodity in focus.

Rural Commodities Wrap – May 2013
2013 Federal Budget news, insights and expert analysis

2013 Federal Budget news, insights and expert analysis

16 May 2013

Understanding how the Federal Budget impacts you and your business can be complex. Our team of leading economists, tax and superannuation experts keep you up-to-date with all the latest news from the 2013 Federal Budget so we can help you get all your ducks in a row.

2013 Federal Budget news, insights and expert analysis
Federal Budget 2013 – Fact sheets

Federal Budget 2013 – Fact sheets

15 May 2013

With the Federal Budget being handed down yesterday, we want to ensure you understand what it means for you and your business. Our team of economists and industry experts have analysed what the Budget means overall for Australian businesses, as well as focussing on specific industries

Federal Budget 2013 – Fact sheets
Personal and business tax changes from the Federal Budget

Personal and business tax changes from the Federal Budget

15 May 2013

NAB’s Senior Tax Advisor and panel of leading economists break down the tax impacts from the 2013 Federal Budget. Understand what the changes are for individuals and businesses including a recap on those that were previously announced.

Personal and business tax changes from the Federal Budget
What a difference a year makes! Alan Oster analyses the budget

What a difference a year makes! Alan Oster analyses the budget

15 May 2013

“What a difference a year makes”. NAB’s Group Chief Economist Alan Oster gives his detailed summary of this year’s Federal Budget. Who benefits from the Government’s proposed spending and who doesn’t, and what does it mean for the Australian Economy?

What a difference a year makes! Alan Oster analyses the budget
Federal Budget impacts to the Energy and Resources sector

Federal Budget impacts to the Energy and Resources sector

15 May 2013

This year’s budget contains a number of negatives for the resources sector. NAB’s Group Chief Economist, Alan Oster, looks at where the government has targeted it’s efforts including impacts to exploration and many mining and energy programs.

Federal Budget impacts to the Energy and Resources sector
New reforms to impact Big Business from the 2013 Federal Budget

New reforms to impact Big Business from the 2013 Federal Budget

15 May 2013

NAB’s Group Chief Economist, Alan Oster, looks at the key reforms impacting Big business. The Federal Budget focuses on a crackdown on profit shifting, banning of dividend washing, reducing thin capitalisation safe harbour, removal of R&D and exploration incentives.

New reforms to impact Big Business from the 2013 Federal Budget
Monthly Business Survey – April 2013

Monthly Business Survey – April 2013

13 May 2013

Business conditions remain very difficult and confidence stumbles after showing signs of recovery earlier this year. Despite less negativity in retail & manufacturing, activity still very poor and labour market showing new signs of weakness.

Monthly Business Survey – April 2013
NAB Manufacturing Activity Index – Q1, 2013

NAB Manufacturing Activity Index – Q1, 2013

24 April 2013

The Manufacturing Activity Index improved in Q1, up to neutral levels – driven largely by less negative levels for business confidence. The index implies no growth in quarterly manufacturing activity – which would represent a slowdown according to recent official data.

NAB Manufacturing Activity Index – Q1, 2013
Rural Commodities Wrap – April 2013

Rural Commodities Wrap – April 2013

24 April 2013

Global financial markets are digesting latest Euro-zone crisis (Cyprus) where bank depositors are being forced to take losses. Pre-crisis global financial markets had been on a strong rally, especially against the background of still sluggish economic performance in the…

Rural Commodities Wrap – April 2013
Australia & the World on two pages – April 2013

Australia & the World on two pages – April 2013

10 April 2013

Our global forecasts remain little changed at 3.3% in 2013 and 3.9% in 2014. Renewed Euro-zone instability has taken a toll on global equity markets, which had strengthened quite markedly since late 2012, especially when compared to global economic activity and commodity markets.

Australia & the World on two pages – April 2013
Global & Australian Forecasts – April 2013

Global & Australian Forecasts – April 2013

9 April 2013

Global growth forecasts unchanged. Activity still sluggish but set to accelerate in second half of 2013. Financial markets digesting latest Euro-zone crisis (Cyprus) and new Japanese monetary policy.

Global & Australian Forecasts – April 2013
Monthly Business Survey – March 2013

Monthly Business Survey – March 2013

9 April 2013

Business conditions fall to weakest level in almost four years but confidence steady. Previous surge in activity in consumer sectors retail & manufacturing unwinds, with signs lower interest rates need more time to fully work through economy.

Monthly Business Survey – March 2013
State Economic Update – March 2013

State Economic Update – March 2013

20 March 2013

The disparity between business conditions that became increasingly pronounced following the GFC has narrowed over recent quarters; however, the convergence of conditions readings largely reflects a weakening in previously stronger performing industries and regions, suggesting…

State Economic Update – March 2013
Australia & the World on two pages – March 2013

Australia & the World on two pages – March 2013

13 March 2013

Financial markets have lifted as confidence in the global growth outlook has firmed but late 2012 data for world exports and industrial output remained soft, showing modest expansion in activity at best.

Australia & the World on two pages – March 2013
Global & Australian Forecasts – March 2013

Global & Australian Forecasts – March 2013

12 March 2013

Global economy still sluggish in late 2012 but equities strengthen on stronger risk appetite and expectations of sustained global recovery. Partial data suggest better start to 2013; we still see marginally better growth in major advanced economies this year, accelerating in 2014.

Global & Australian Forecasts – March 2013
Monthly Business Survey – February 2013

Monthly Business Survey – February 2013

12 March 2013

Business conditions & confidence both edge down in February. High AUD hurting manufacturing and lack of non-mining demand weighing on most sectors. Large falls in orders, poor capacity use, and weak capex plans (esp. mining) don’t augur well for near-term (weak) domestic demand.

Monthly Business Survey – February 2013
Corporate Finance Insights – February 2013

Corporate Finance Insights – February 2013

7 February 2013

There's been considerable debate recently around whether the natural resources boom has ended. In this edition of Corporate Finance Insights we step back from the day-today volatility in coal, iron ore and energy prices and try to understand some of the key drivers of the recent boom.

Corporate Finance Insights – February 2013
Basel 3: Impacts and Opportunities for Superannuation Funds

Basel 3: Impacts and Opportunities for Superannuation Funds

4 February 2013

Basel 3 represents significant regulatory change, with profound impact on the global financial system, including Australia. This publication and related articles look at the likely impacts of Basel 3 and potential opportunities for Superannuation funds.

Basel 3: Impacts and Opportunities for Superannuation Funds
Rural Commodities Wrap – January 2013

Rural Commodities Wrap – January 2013

1 February 2013

Financial and commodity markets have generally strengthened recently, following the last minute agreement to hold off the US fiscal cliff. Signs of strengthening in China’s manufacturing sector has also provided some confidence about the outlook for global growth.

Rural Commodities Wrap – January 2013
Australia & the World on two pages – January 2013

Australia & the World on two pages – January 2013

31 January 2013

Financial markets have lifted as confidence in the global growth outlook firmed but late 2012 data for world exports and industrial output remained soft, showing modest expansion in activity at best. Central bank action in the Euro-zone, US and Japan has boosted market hopes

Australia & the World on two pages – January 2013
Global & Australian Forecasts – January 2013

Global & Australian Forecasts – January 2013

29 January 2013

Global economy sluggish in late 2012 but signs of an upturn, that gathers pace through next two years. Financial markets strengthen reflecting “risk on” as confidence in global outlook strengthens in wake of central bank action. Emerging market economies will still drive global growth.

Global & Australian Forecasts – January 2013
Monthly Business Survey – December 2012

Monthly Business Survey – December 2012

29 January 2013

Business confidence posts a sharp jump in December, but not so activity and forward indicators, which remain poor - particularly wholesale, manufacturing, retail and construction. Better external sentiment (temporary avoidance of the US ‘fiscal cliff’), strengthening in Chinese data

Monthly Business Survey – December 2012
Australian Corporate Bonds – January 2013

Australian Corporate Bonds – January 2013

7 January 2013

We bring you the first of five research reports examining the Australian Corporate Bond Market, prepared for National Australia Bank by the Australian Centre for Financial Studies.

Australian Corporate Bonds – January 2013
Health Sector Insights – December 2012

Health Sector Insights – December 2012

21 December 2012

We explore various topics including a current view on the management of foreign exchange and interest rate risks and the results of a client survey conducted by our Group Economics team on current business conditions and reforms in the Australian healthcare sector.

Health Sector Insights – December 2012
Australia & the world on two pages – December 2012

Australia & the world on two pages – December 2012

12 December 2012

Although interest rates are historically low in the advanced economies and central banks have stepped up liquidity injections, their pace of economic growth remains very weak. The big emerging economies are driving global growth, and it looks as if their economies are stabilising.

Australia & the world on two pages – December 2012
Rural Commodities Wrap – November 2012

Rural Commodities Wrap – November 2012

12 December 2012

The Australian economy appears to have stumbled into the December quarter. For agricultural commodities, markets have been fairly mixed over the past month. Grains prices have softened a little on expected demand rationing while sugar and cotton remain subdued.

Rural Commodities Wrap – November 2012
Global & Australian Forecasts – December 2012

Global & Australian Forecasts – December 2012

11 December 2012

Global growth still sluggish and expected to stay that way in 2013. US growth is moderate, Japan and Euro-zone weak, emerging economies now driving global expansion. Australian economy slowed in Q3 and may soften again in Q4.

Global & Australian Forecasts – December 2012
Monthly Business Survey – November 2012

Monthly Business Survey – November 2012

11 December 2012

The brakes have firmly tightened on activity in November; business conditions very weak in construction, retail, manufacturing and wholesale. Signs of trouble ahead with confidence slumping to lowest level since April 2009, with little hint of a pre-Christmas revival

Monthly Business Survey – November 2012
Global & Australian Forecasts – November 2012

Global & Australian Forecasts – November 2012

13 November 2012

Global growth still sluggish with major divergences between different regions. Below trend growth expected to continue into 2013 as world economy averts major risks in US and Euro-zone. Australian economy stumbles into Q4, with growth clearly below trend.

Global & Australian Forecasts – November 2012
Rural Commodities Wrap – October 2012

Rural Commodities Wrap – October 2012

13 November 2012

China’s strong import program is one of several global factors colliding to underpin wheat prices through the end of the year and into 2013, according to the latest Rural Commodities Wrap, which this month focuses on wheat. NAB estimates the crop will come in at 20.6 million tonnes

Rural Commodities Wrap – October 2012
Quarterly Australian Commercial Property Survey – September 2012

Quarterly Australian Commercial Property Survey – September 2012

13 November 2012

NAB Commercial Property Index hits new low of -19 points in Q3 2012 as domestic economy passes through a soft patch with business conditions weaker and forward indicators concerning. Retail participants least optimistic, but expectations soften most in office and CBD Hotel markets.

Quarterly Australian Commercial Property Survey – September 2012
Online Retail Sales Index monthly update – September 2012

Online Retail Sales Index monthly update – September 2012

1 November 2012

Australian online retail sales up 23 percent yoy in September, but the level is still modest compared to traditional sales. Domestic online retailers continue to innovate – in an effort to develop or maintain a competitive advantage.

Online Retail Sales Index monthly update – September 2012
ASX 300 Quarterly Business Survey – September 2012

ASX 300 Quarterly Business Survey – September 2012

29 October 2012

The ASX 300 Quarterly Business Survey captures the views of the ASX 300 business community and is a key peer comparator for companies. It aims to share business insights and an understanding of economic confidence for the quarter.

ASX 300 Quarterly Business Survey – September 2012
Manufacturing Sector Insights – October 2012

Manufacturing Sector Insights – October 2012

24 October 2012

This edition explores key topics and issues which have real potential for impact on manufacturers and the concept of optimisation in the context of business models, capital structure, funding profiles, working capital efficiency, approach to risk management and cost base.

Manufacturing Sector Insights – October 2012
Manufacturing Activity Index – Q3 2012

Manufacturing Activity Index – Q3 2012

23 October 2012

The Manufacturing Activity Index was unchanged in Q3 – despite diverging trends in the index components – remaining at negative levels. The index indicates further falls in Manufacturing growth in the quarter, which remains burdened by global economic trends and the strength of the dollar

Manufacturing Activity Index – Q3 2012
State Economic Update – October 2012

State Economic Update – October 2012

16 October 2012

Economic conditions in NSW are likely to improve only marginally over the coming year with conditions within the state likely to vary wildly. By all measures, the Victorian economy continues to under perform the national average, with SFD growth slowing to 2.1 per cent in 2011-12

State Economic Update – October 2012
Monthly Business Survey – September 2011

Monthly Business Survey – September 2011

11 October 2012

Conditions recover and businesses take comfort from better sales, a lower AUD and talk of interest rate cuts. Global uncertainty still weighing on near-term activity indicators.  Business conditions improved in September, after edging down over the previous two months, with the outcome suggesting that the Australian economy may be stabilising. However, there are still signs […]

Monthly Business Survey – September 2011
Australia & the world on two pages – October 2012

Australia & the world on two pages – October 2012

11 October 2012

The latest business surveys suggest that conditions in the big advanced economies have stabilised after the softening in growth that took place since late 2011. Monthly trade and industrial indicators still point to a broad-based slowing across the emerging economie

Australia & the world on two pages – October 2012
Monthly Business Survey – September 2012

Monthly Business Survey – September 2012

9 October 2012

Business confidence recovers modestly but still down beat – especially mining. Business conditions disappoint – with struggling retail and wholesale falling significantly. Forward orders noticeably weaker and capacity utilisation trending down - indicative of weakening demand.

Monthly Business Survey – September 2012
Corporate Finance Insights – September 2012

Corporate Finance Insights – September 2012

28 September 2012

NAB’s Corporate Finance Insights reports utilise our expertise across a range of industry sectors to explore current issues, present forward looking views and opportunities for growth and progression. The report is published four times a year.

Corporate Finance Insights – September 2012
Australia & the World on Two pages – September 2012

Australia & the World on Two pages – September 2012

28 September 2012

A monthly snapshot of NAB’s global and domestic economic outlook. The Bigger Picture – A Global & Australian Economic Perspective Global: The global economy is experiencing a broad-based slowdown with both the advanced and emerging economies reporting a softening in growth. Conditions vary between regions with recession in Western Europe, slowdowns in China, India and […]

Australia & the World on Two pages – September 2012
Corporate Finance Insights – May 2012

Corporate Finance Insights – May 2012

11 September 2012

NAB’s Corporate Finance Insights reports utilise our expertise across a range of industry sectors to explore current issues, present forward looking views and opportunities for growth and progression.  The report is published four times a year and explores topical issues facing Australian Corporates. Welcome to the May 2012 edition of Corporate Finance Insights. In this […]

Corporate Finance Insights – May 2012
Monthly Business Survey – August 2012

Monthly Business Survey – August 2012

11 September 2012

Australia’s monthly survey of the current performance of the non-farm business sector, based on a survey of around 350 small to large sized companies. Includes a monthly update of the global and Australian economic outlook. Business conditions improve on the back of strengthening trading and profitability – especially in interest sensitive sectors. But confidence falls […]

Monthly Business Survey – August 2012
Rural Commodities Wrap – August 2012

Rural Commodities Wrap – August 2012

24 August 2012

The NAB Rural Commodities Wrap focuses on some of the key economic activity that occurred in the Agribusiness sector during the month. Global growth weighed down by weakness in big developed economies, emerging markets also slowing Australian farm sector mixed but likely to benefit from US drought, which could add around $6 billion in export incomes to the […]

Rural Commodities Wrap – August 2012
Monthly Business Survey – July 2012

Monthly Business Survey – July 2012

14 August 2012

Australia’s monthly survey of the current performance of the non-farm business sector, based on a survey of around 350 small to large sized companies. Includes a monthly update of the global and Australian economic outlook. Business conditions worsen in the face of poor trading and profits, with weakness particularly evident in retail and wholesale – […]

Monthly Business Survey – July 2012
Transport & Logistics Sector Insights – July 2012

Transport & Logistics Sector Insights – July 2012

31 July 2012

NAB’s Sector Insight reports utilise our expertise across a range of industry sectors to explore current issues, present forward looking views and opportunities for growth and progression. Our reports also include some perspectives from respected industry leaders in each edition. Welcome to our 2012 publication of Sector Insights: Transport & Logistics. In this edition, we […]

Transport & Logistics Sector Insights – July 2012
Government Sector Insights – July 2012

Government Sector Insights – July 2012

30 July 2012

NAB’s Sector Insight reports utilise our expertise across a range of industry sectors to explore current issues, present forward looking views and opportunities for growth and progression. Our reports also include some perspectives from respected industry leaders in each edition. Welcome to our inaugural issue of Sector Insights: Government. Both domestically and globally, in this […]

Government Sector Insights – July 2012
Quarterly ASX 300 Business Survey – June 2012

Quarterly ASX 300 Business Survey – June 2012

30 June 2012

Retail drives ASX 300 business conditions lower in Q2, with a weaker trend tipped for Q3. Business conditions deteriorated across the economy in the second quarter of 2012, with declines recorded among firms in both the ASX 300 survey and the broader Quarterly Business Survey (QBS). ASX 300 firms recorded a net balance of 0 […]

Quarterly ASX 300 Business Survey – June 2012
NAB Manufacturing Activity Index – Q2 2012

NAB Manufacturing Activity Index – Q2 2012

30 June 2012

The NAB Manufacturing Activity Index provides detailed analysis of activity in Australia’s manufacturing sector and has been constructed to replicate quarterly movements in activity within the sector. The Manufacturing Activity Index* eased further in Q2, remaining in negative territory – despite some divergent trends in individual sub-sectors. The index implies declines in quarter-on-quarter growth in […]

NAB Manufacturing Activity Index – Q2 2012
Retail Sector Insights – June 2012

Retail Sector Insights – June 2012

30 June 2012

NAB’s Sector Insight reports utilise our expertise across a range of industry sectors to explore current issues, present forward looking views and opportunities for growth and progression. Our reports also include some perspectives from respected industry leaders in each edition. Welcome to our June 2012 edition of Sector Insights: Retail. The Australian retail sector has […]

Retail Sector Insights – June 2012
Property Sector Insights – June 2012

Property Sector Insights – June 2012

30 June 2012

NAB’s Sector Insight reports utilise our expertise across a range of industry sectors to explore current issues, present forward looking views and opportunities for growth and progression. Our reports also include some perspectives from respected industry leaders in each edition. Welcome to the June 2012 edition of Property Insights. It’s hard to believe it is […]

Property Sector Insights – June 2012
Monthly Business Survey – May 2012

Monthly Business Survey – May 2012

12 June 2012

Business conditions now the weakest in three years: mining and construction down sharply. Confidence falters on global Greek exit fears, weak orders and negative reaction to the May Budget. Indicators of demand imply softer near-term activity and more jobs shedding in weak sectors. RBA to cut again in coming months.  Business confidence deteriorated sharply in […]

Monthly Business Survey – May 2012
Rural Commodities Wrap – May 2012

Rural Commodities Wrap – May 2012

1 June 2012

The NAB Rural Commodities Wrap focuses on some of the key economic activity that occurred in the Agribusiness sector during the month. Global agricultural commodity prices come under pressure as European concerns sees heightened financial market volatility Australian poultry industry on firm footing, buoyed by rising productivity and solid growth in per capita consumption Decline in domestic pig meat […]

Rural Commodities Wrap – May 2012
Monthly Business Survey – April 2012

Monthly Business Survey – April 2012

7 May 2012

Businesses remain confident of better near-term activity but actual conditions weaken in April – with multi-speed element widening again. Forward indicators remain lacklustre, with a material decline in capacity utilisation signalling increased slack in the economy – and further weakness in the labour market ahead. More rate action to come, although how much depends on […]

Monthly Business Survey – April 2012
Energy & Utilities Sector Insights – April 2012

Energy & Utilities Sector Insights – April 2012

30 April 2012

NAB’s Sector Insight reports utilise our expertise across a range of industry sectors to explore current issues, present forward looking views and opportunities for growth and progression. Our reports also include some perspectives from respected industry leaders in each edition. Welcome to our inaugural issue of Sector Insights: Energy & Utilities. We are pleased to […]

Energy & Utilities Sector Insights – April 2012
Monthly Business Survey – March 2012

Monthly Business Survey – March 2012

10 April 2012

Confidence and conditions grind higher but with little jobs growth. Forward indicators marginally improve but remain subdued. Multi speed economy still to the fore – with non mining edging up a touch. Domestic forecasts edge lower with unemployment up. Rates view unchanged. Businesses appeared slightly more confident about near-term activity in March than in February, […]

Monthly Business Survey – March 2012
Monthly Business Survey – February 2012

Monthly Business Survey – February 2012

13 March 2012

Confidence retreats while conditions edge higher. Forward indicators remain weak. Retail, manufacturing and construction still struggling while services, transport and mining strong. Growth lowered locally.  Businesses appeared less confident about near-term activity in February than in January. While overall confidence remained positive, uncertainty emanating from the euro-zone and financial markets, the persistent strength in the […]

Monthly Business Survey – February 2012
Corporate Finance Insights – Feb 2012

Corporate Finance Insights – Feb 2012

26 February 2012

NAB’s Corporate Finance Insights reports utilise our expertise across a range of industry sectors to explore current issues, present forward looking views and opportunities for growth and progression.  The report is published four times a year and explores topical issues facing Australian Corporates. Welcome to the second edition of Corporate Finance Insights. In our first […]

Corporate Finance Insights – Feb 2012
Monthly Business Survey – January 2012

Monthly Business Survey – January 2012

14 February 2012

Confidence and conditions a touch better but economy still marking time. Sectors remain wide apart. Inflation weakening as retailers increase discounts and one more rate cut possible.  Overall business confidence was relatively firm in the month, with businesses seemingly still taking relief from the recent RBA rate cuts as well some abatement of concerns about […]

Monthly Business Survey – January 2012
Quarterly ASX 300 Business Survey – December 2011

Quarterly ASX 300 Business Survey – December 2011

30 December 2011

The ASX 300 Quarterly Business Survey captures the views of the ASX 300 business community and is a key peer comparator for companies. The report shares business and sector insights, and an understanding of economic confidence for the quarter. Strong rebound in business confidence for ASX300 firms – exceeding the broader economy; business conditions record […]

Quarterly ASX 300 Business Survey – December 2011
Rural Commodities Wrap – December 2011

Rural Commodities Wrap – December 2011

15 December 2011

The NAB Rural Commodities Wrap focuses on some of the key economic activity that occurred in the Agribusiness sector during the month. Agricultural commodities weakening on Euro sovereign debt crisis, rising production prospects Wool prices hit by weakening demand prospects, but still relatively high Australian wool production to rise 3.1 per cent in 2011-12 but exports to remain […]

Rural Commodities Wrap – December 2011
NAB Quarterly ASX 300 Business Survey – September 2011

NAB Quarterly ASX 300 Business Survey – September 2011

30 September 2011

The ASX 300 Quarterly Business Survey captures the views of the ASX 300 business community and is a key peer comparator for companies. The report shares business and sector insights, and an understanding of economic confidence for the quarter. Business conditions for ASX300 declined further in Q3 – driven by manufacturing – narrowing the gap […]

NAB Quarterly ASX 300 Business Survey – September 2011
Monthly Business Survey – July 2011

Monthly Business Survey – July 2011

9 August 2011

Business conditions weaken showing an economy continuing to lose momentum and traveling below trend. Confidence remains subdued in the face of continuing uncertainty – but carbon didn’t appear to cause further retreat.  Growth in the domestic economy weakening in July, with business conditions now indicative of below-trend growth. This weakening trend was broad based – […]

Monthly Business Survey – July 2011