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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

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
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
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
FX business focus: retail

FX business focus: retail

15 March 2021

A new podcast that looks at what strategies clients used to manage the recent foreign exchange market volatility.

FX business focus: retail
FX business focus: importing

FX business focus: importing

9 March 2021

A podcast that explores how Australian importers managed their foreign exchange strategies during and post the global pandemic.

FX business focus: importing
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
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
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
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
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
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
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
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

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
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
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
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
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
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
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
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
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
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: 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
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
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
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
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
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
AUD Annotated Chart: February 2018

AUD Annotated Chart: February 2018

13 March 2018

In February the AUD/USD gave back all of its January gains and some more. February was a month characterised by an increase in market volatility, particularly in equities amid US inflationary concerns alongside a rise in US bond yields and their implicit valuation concerns for physical and risk assets.

AUD Annotated Chart: February 2018
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
Health professionals, are you making the most of your accountant?

Health professionals, are you making the most of your accountant?

12 January 2018

Could you get more value from your financial services provider? If you only ever talk tax, you could be missing out. Stannards’ Marino Angelini explains changes in the health practice and accountant relationship and why wealth building, cost cutting and asset protection should all be part of the service.

Health professionals, are you making the most of your accountant?
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
Consider all the options when buying new equipment

Consider all the options when buying new equipment

7 January 2018

While there are many things to consider when buying new equipment to make your business more productive, one of the most important is finding the best way to finance the purchase. NAB Agribusiness General Manager Khan Horne is urging customers to carefully consider all available options.

Consider all the options when buying new equipment
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
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!
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
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)
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
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
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
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’
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
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
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
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
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
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
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
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
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
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
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
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:  Get it on

Markets Today: Get it on

25 July 2017

Judged by equity, bond, and commodity markets, it’s been well and truly a risk-on night, but it’s been more mixed as far as the currency market has been concerned.

Markets Today:  Get it on
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
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
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
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
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
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
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: Mayday

Markets Today: Mayday

13 June 2017

US bond markets have been treading water in front of the two day FOMC meeting that commences tonight, 10s stuck around 2.2%, while the Australian dollar has been spent most of its time meandering within a narrow 0.7420-0.7445 range.

Markets Today: Mayday
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: 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
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
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
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
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
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
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
Australian Markets Weekly: 10 April 17

Australian Markets Weekly: 10 April 17

11 April 2017

The APRA Chairman and RBA Governor both make clear that the recent moves reflect a desire to further tighten lending standards in what is considered to be an environment of heightened risks.

Australian Markets Weekly: 10 April 17
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
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!
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: 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
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: 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
Making international payments quickly and easily

Making international payments quickly and easily

24 February 2017

More Australian businesses are doing business overseas and with advances in technology and the strength of the Australian dollar, more and more small businesses are choosing to import goods from overseas suppliers.

Making international payments quickly and easily
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
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
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
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
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
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
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
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
Markets Today: Close but no cigar

Markets Today: Close but no cigar

22 December 2016

It seems unlikely that Italy’s largest Bank, Monte dei Paschi di Siena, will meet today’s timetable to raise five billion Euros and provide a lifeline beyond March.

Markets Today: Close but no cigar
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
Markets Today: Two become three

Markets Today: Two become three

15 December 2016

The US Fed delivered their anticipated 25 basis point rate hike this morning, but they surprised markets by announcing an expectation of three further rises in 2017, one more than previously anticipated.

Markets Today: Two become three
Markets Today: All things must pass

Markets Today: All things must pass

9 December 2016

Mario Draghi had the markets wondering whether the European Central Bank would extend its bond buying program or start tapering its commitment. In the end, it seems, they’ve done both.

Markets Today: All things must pass
Markets Today: Born this way

Markets Today: Born this way

7 December 2016

Back in March 2011 Lady Gaga’s hit “Born this way” was leading the music chart in Australia and Pink was number one on the Billboard chart.

Markets Today: Born this way
Markets Today: La Dolce Vita

Markets Today: La Dolce Vita

6 December 2016

The market’s knee jerk reaction to “no” outcome from the Italian referendum saw the Euro fall back by over a big figure for an hour or so, but that was it.

Markets Today: La Dolce Vita
Markets Today: Poor Wages

Markets Today: Poor Wages

5 December 2016

An early song from English progressive rock band Barclay James Harvest. No, it’s not on my playlist either.

Markets Today: Poor Wages
Markets Today: Pay 2 Play

Markets Today: Pay 2 Play

2 December 2016

Talk of oil cuts has been enough to see prices rise again overnight, up 15% this week. So what’s it doing to bond yields and the US dollar?

Markets Today: Pay 2 Play
Markets Today: Vienna

Markets Today: Vienna

1 December 2016

Oil prices shot up when OPEC announced that a deal had been reached in Vienna, giving special dispensation to Iran, but overall cuts across the group.

Markets Today: Vienna
Markets Today: Deal or no deal

Markets Today: Deal or no deal

30 November 2016

The key event this week will come from Vienna where ministers from OPEC are scheduled to meet and hopefully finalise the first cut in oil production in eight years.

Markets Today: Deal or no deal
Australian Markets Weekly: 28 November 2016

Australian Markets Weekly: 28 November 2016

28 November 2016

Rising oil prices from early this year and again from the middle of the year have been associated with rising medium-to-longer term US inflationary expectations (and indeed expectations globally).

Australian Markets Weekly: 28 November 2016
Markets Today: Higher Ground

Markets Today: Higher Ground

28 November 2016

Oil prices, of course, have a massive bearing on the rate of inflation throughout the world. That's why the outcome of OPEC talks this week are crucial.

Markets Today: Higher Ground
Markets Today: The life of a Thanksgiving Turkey

Markets Today: The life of a Thanksgiving Turkey

25 November 2016

In his 2007 best seller “The Black Swan” Nassim Taleb uses the life of a thanksgiving turkey as an analogy for explaining a black swan occurrence i.e. a tail event that is so remote that is completely unforeseen.

Markets Today: The life of a Thanksgiving Turkey
Markets Today: Big Jet Plane

Markets Today: Big Jet Plane

24 November 2016

The song by Angus and Julia Stone (my absolute favourite Sydney band) made number 1 on Triple J’s Hottest 100 songs of 2010 and was responsible for propelling them on to the international stage. Big jet planes were also responsible for the 4.8% jump in US October durable goods orders reported last night and which […]

Markets Today: Big Jet Plane
Markets Today: Magic bus

Markets Today: Magic bus

23 November 2016

The USD continued to march a little higher, the Bloomberg spot dollar index up another 0.14%, gains mostly against the Euro, the Yen, and Sterling, the latter from some self-inflicted news.

Markets Today: Magic bus
Markets Today: OPEC on “The Edge of Glory”

Markets Today: OPEC on “The Edge of Glory”

22 November 2016

The S&P 500 hit a new high overnight, largely because of a spike in oil prices as Vladimir Putin steps in and says he expects OPEC to reach a deal next week, and agreeing to limit production in Russia.

Markets Today: OPEC on “The Edge of Glory”
Markets Today: The (bond) song remains the same

Markets Today: The (bond) song remains the same

21 November 2016

A key question this week, for the AUD at least, is whether local exporters will continue to stand aside expectant of still better levels to initiate longer dated hedges and/or whether local real money will now look to lift hedge ratios.

Markets Today: The (bond) song remains the same
Markets Today: Tangled up in red

Markets Today: Tangled up in red

17 November 2016

It’s been an overnight session of digestion and reflection for the market, one week on now from the Presidential election.

Markets Today: Tangled up in red
Markets Today: Party in the USA

Markets Today: Party in the USA

16 November 2016

It’s been a night in which the US bond market has staged a mediocre rally – not quite a party – for most of the session, tilted to the belly of the curve and the long end. It looks to have been some profit taking after the surge in yields since the US election.

Markets Today: Party in the USA
Markets Today: For what is worth

Markets Today: For what is worth

15 November 2016

Leonard Cohen passed away last week and on my way in I was listening to a mix of folk tunes with the hope of finding one of his songs as a title for today’s note.

Markets Today: For what is worth
Australian Markets Weekly: 14 November 2016

Australian Markets Weekly: 14 November 2016

14 November 2016

While it is reasonable to expect economic change, the degree is understandably uncertain given that in recent days some of the President Elect’s policy positions have been softened and meanwhile policy initiatives will need to be approved by Congress.

Australian Markets Weekly: 14 November 2016
Markets Today: Back to reality

Markets Today: Back to reality

14 November 2016

Following the severe earthquake this morning in South Island NZ, the Wellington CBD is out of action including the BNZ Harbour Quays building. BNZ Markets will be operating from Auckland / Christchurch and DR sites.

Markets Today: Back to reality
Markets Today: Hate that I love you

Markets Today: Hate that I love you

11 November 2016

Prospects of greater US fiscal spending (infrastructure and tax cuts) under a Trump Presidency continue to buoy equity markets, while US bond markets are sold on the prospects that such policies are inflationary.

Markets Today: Hate that I love you
Markets Today: Bart to the future

Markets Today: Bart to the future

10 November 2016

16 Years ago the Simpsons episode “Bart to the future” aired for the first time with a plot partly consisting of Lisa becoming president of the United States. Lisa tries to get the country out of financial trouble due to the high levels of debt left by the previous president, Donald Trump.

Markets Today: Bart to the future
Markets Today: The heat is on

Markets Today: The heat is on

9 November 2016

And it’s on two fronts this morning. The first is of course the election outcome as America votes to elect its 45th President. The second story relates to news breaking out of China yesterday that the authorities are stepping in to take the heat out of coal and steel-related prices.

Markets Today: The heat is on
Markets Today: The final countdown

Markets Today: The final countdown

8 November 2016

Today feels a bit like a trip into the unknown with the US election entering its final stage as Americans head to the polls tonight.

Markets Today: The final countdown
Markets Today: House of fun

Markets Today: House of fun

4 November 2016

The focus for markets overnight was well and truly back on the UK with Sterling the stand-out performer overnight, trading this morning with a solid 1.24 handle, a full three big figures above where it opened the week.

Markets Today: House of fun
Markets Today: Comin’ back soon

Markets Today: Comin’ back soon

3 November 2016

This Fed meeting came with no press conference and updated forecasts for this meeting; that next comes at the December 15 meeting.

Markets Today: Comin’ back soon
Markets Today: Down in Mexico

Markets Today: Down in Mexico

2 November 2016

US Equities are off, the VIX is up, the US dollar is lower, US Treasury yields are lower and the Mexican Peso/Japanese Yen cross (-2.5%) is still proving to the be the FX market’s weapon of choice when it comes to reflecting sentiment regarding the prospect of Donald Trump.

Markets Today: Down in Mexico
Markets Today: Playing it cool

Markets Today: Playing it cool

1 November 2016

There was no scary ending to the month of October with markets in general playing it cool ahead of a busy week of data releases, central bank meetings and what is turning out to be a fairly dramatic US presidential election.

Markets Today: Playing it cool
Markets Today: The Fear

Markets Today: The Fear

31 October 2016

In the hour after it was announced that Hillary Clinton’s e-mails were the subject of a new FBI probe, USD/JPY dropped from Y105.50 to Y104.50, the S&P dropped 20 points or 1% with the VIX spiking by 19% and 10-year Treasuries dropped 2bps from 1.85% to 1.83%.

Markets Today: The Fear
Markets Today: Too Much [Brexit] Heaven?

Markets Today: Too Much [Brexit] Heaven?

28 October 2016

The Bee Gees 1979 classic “Too Much Heaven” pretty much sums up overnight news, with UK GDP printing much better than expected at 0.5% q/q against expectations of a 0.3% print.

Markets Today: Too Much [Brexit] Heaven?
Markets Today: Turbulence

Markets Today: Turbulence

27 October 2016

Turbulence, a little known track by American pop punk band Bowling for Soup appears to be an appropriate title for today’s note. The song was written by Jaret Reddick after he asked a pilot whether he found turbulence frightening.

Markets Today: Turbulence
Markets Today: Fresh Fruit

Markets Today: Fresh Fruit

26 October 2016

Seven years on from their 1974 classic ‘Whiter Shade of Pale’, Procol Harem’s light-hearted ode to the health benefits of fruit is set for a test today. Healthy on the body fruit may be, but possibly not on the hip pocket in Q3 according to our economists.

Markets Today: Fresh Fruit
Markets Today: Merger Monday

Markets Today: Merger Monday

25 October 2016

While European markets started the week in a lethargic mood, trading sideways for most of the day, US stocks opened higher following a series of merger announcements with the market also getting a boost from better than expected earnings reports.

Markets Today: Merger Monday
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
Markets Today: 80

Markets Today: 80

24 October 2016

Auction clearance rates in Australia this weekend hit 80% - not just in Sydney and Melbourne but nationally and for the first time since early 2015.

Markets Today: 80
Markets Today: O Canada!

Markets Today: O Canada!

20 October 2016

The revelation by Bank of Canada Governor Stephen Poloz following an as-expected unchanged monetary policy decision that the Bank ‘had actively discussed the possibility’ of further monetary policy easing at Wednesday’s meeting.

Markets Today: O Canada!
Markets Today: Counting the beat

Markets Today: Counting the beat

19 October 2016

Ahead of today’s welter of Chinese GDP and activity data, the AUD is trading this morning almost bang on where it was yesterday afternoon.

Markets Today: Counting the beat
Markets Today: Cautious Man

Markets Today: Cautious Man

18 October 2016

Bruce Springsteen cautious man tells the story of a man that has doubts about his marriage and in a similar way markets have started the week in a tentative mood reflecting some concerns on the outlook.

Markets Today: Cautious Man
Markets Today: Under (high) pressure

Markets Today: Under (high) pressure

17 October 2016

In contrast Janet Yellen’s speech in Boston did - primarily in the form of higher Treasury yields at the longer end of the curve and with that late-day support for U.S. dollar. NY Fed President Bill Dudley said he expects a rate rise this year on current forecasts.

Markets Today: Under (high) pressure
The Forward View – Australia: October 2016

The Forward View – Australia: October 2016

14 October 2016

The outlook for the labour market is key. While we continue to expect the unemployment rate to remain in its recent range between 5½% and 5¾%, the recent softening in trend employment growth bears close watching.

The Forward View – Australia: October 2016
Markets Today: Bad [FOMC] Romance?

Markets Today: Bad [FOMC] Romance?

13 October 2016

While the FOMC Minutes captured the market’s attention, for your scribe the most instructive comments came from the Fed’s Dudley who serves as the FOMC vice-chair in his fireside chat overnight.

Markets Today: Bad [FOMC] Romance?
Markets Today: Chain Reaction

Markets Today: Chain Reaction

12 October 2016

Coming into work this morning I couldn’t help but think of Diana Ross’ Chain Reaction. It certainly was where US markets were concerned, with markets playing catch-up following the Columbus Day holiday to developments since the weekend.

Markets Today: Chain Reaction
Markets Today: Midnight oil

Markets Today: Midnight oil

11 October 2016

Well it wasn't exactly midnight, but close enough. In a night that was expected to be relatively quiet given the US was celebrating Columbus Day, oil prices provided some fireworks after President Putin announced his support to a production freeze or even cut in oil output.

Markets Today: Midnight oil
Markets Today: Inception

Markets Today: Inception

7 October 2016

Last night the ECB released its accounts of its September policy meeting and as expected there was no mention of tapering, the Bank reiterated its willingness and ability to ease further, if needed, while concerns over the lack of an uplift in core inflation was also evident.

Markets Today: Inception
Markets Today: Beautiful Lies

Markets Today: Beautiful Lies

6 October 2016

Last night’s US non-manufacturing ISM report was certainly something to behold, with not only the headline read of 57.1 more than reversing the August drip.

Markets Today: Beautiful Lies
Markets Today: Disturbia

Markets Today: Disturbia

5 October 2016

Core global yields and the Euro have been disturbed by a Bloomberg report claiming ECB officials were considering QE tapering while early in the session the Pound was under renewed pressure trading to a new post Brexit low.

Markets Today: Disturbia
Australian Markets Weekly: 3 October 2016

Australian Markets Weekly: 3 October 2016

3 October 2016

Having just returned from a client tour this past week in the Riverina in southern NSW, there was also one topic that is currently front and centre for local farmers, and that was “rain”.

Australian Markets Weekly: 3 October 2016
Markets Today: Somewhere over the rainbow

Markets Today: Somewhere over the rainbow

3 October 2016

Who says fairy tales don’t come true with the Western Bulldogs and Cronulla both taking the silverware in the AFL and NRL grand finals over the weekend. Great results for both teams.

Markets Today: Somewhere over the rainbow
Markets Today: Psycho Killer

Markets Today: Psycho Killer

29 September 2016

If Janet Yellen has been in the recording studio at the time, David Byrne might well have been directing his lyrics in her direction.

Markets Today: Psycho Killer
Markets Today: Who Let The Dogs Out?

Markets Today: Who Let The Dogs Out?

26 September 2016

Not a huge amount to say about Friday’s offshore markets (unlike Saturday night’s AFL preliminary final), characterised by a give-back of some of the post-FOMC stock market euphoria, fractionally lower US bonds yields and a slightly stronger dollar.

Markets Today: Who Let The Dogs Out?
Markets Today: Don’t dream it’s over

Markets Today: Don’t dream it’s over

21 September 2016

A rather measured night again in the lead up to the FOMC tomorrow morning and the BoJ meeting today where the Bank has been honing its thinking on policy to lift inflation.

Markets Today: Don’t dream it’s over
Markets Today: Gasoline dreams

Markets Today: Gasoline dreams

20 September 2016

Markets have been tapping their fingers overnight in the lead up to the Fed meeting. Currencies have traded in very contained ranges, the USD only somewhat softer again with the US Treasury curve up 1-2 basis points for the session.

Markets Today: Gasoline dreams
Markets Today: Lies, damn lies and statistics

Markets Today: Lies, damn lies and statistics

19 September 2016

August U.S. CPI data turned out to be the driver of much of Friday night’s market price action. The 0.3% rise in the core CPI series pushed annual growth up to 2.3% from 2.2% - matching its post-recession cycle high and versus the 2.2% expected.

Markets Today: Lies, damn lies and statistics
The forward view – Australia: September 2016

The forward view – Australia: September 2016

15 September 2016

How one assesses Australia’s economic performance at present depends in large part on which industry / geography one looks at and whether the benchmark is in real or nominal terms.

The forward view – Australia: September 2016
Markets Today: Big up yourself

Markets Today: Big up yourself

8 September 2016

It has been a relatively quiet night for markets with the moves in GBP probably the major highlight. BoE Governor Carney faced the Treasury Select Committee in parliament and was quick to give himself a nice pat on the back for the bounce in business and consumer surveys in August.

Markets Today: Big up yourself
US Economic Update: September 2016

US Economic Update: September 2016

5 September 2016

Despite inflation remaining stubbornly below the Fed’s 2% goal, lower unemployment can still be expected to generate price pressures.

US Economic Update: September 2016
Markets Today: Speak now

Markets Today: Speak now

26 August 2016

In a night of still very contained major FX crosses, Fed commentary has started to kick in from Jackson Hole.

Markets Today: Speak now
Monthly Financial Markets Update: August 2016

Monthly Financial Markets Update: August 2016

25 August 2016

The “X factors” that had been dominating negative market views – bad debts in the Italian and Chinese banking system, terrorism, political issues and the rise of anti-globalisation – have given way to a “fear of missing out” rally.

Monthly Financial Markets Update: August 2016
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: John, I’m only dancing

Markets Today: John, I’m only dancing

22 August 2016

Friday looks to have shown FX traders to be the smartest guys in the room. Traditionally referred to as the ‘last market to clear’ (and so giving FX analysts such as this scribe a career) the dollar had put on a strong showing during the APAC session.

Markets Today: John, I’m only dancing
India Monetary Policy – August 2016

India Monetary Policy – August 2016

16 August 2016

The RBI held the policy (Repo) rate at 6.5%, as expected. NAB Economics is forecasting a 25bp cut in rates to 6.25% in the December quarter, on expectation of softer food prices.

India Monetary Policy – August 2016
Markets Today: 1999

Markets Today: 1999

12 August 2016

Almost 24 hours after yesterday’s decision by the RBNZ to lower the OCR by 25bps and the NZD USD is almost exactly where it was before the rate announcement.

Markets Today: 1999
Markets Today: Is that all you’ve got, Graeme?

Markets Today: Is that all you’ve got, Graeme?

11 August 2016

In delivering only 25bps cut to the OCR and which was more than 100% discounted ahead of time and the RBNZ’s latest 90-day bill track only implying one more cut, the NZD has predictably bounced sharply. It up just over 1% as we go to press.

Markets Today: Is that all you’ve got, Graeme?
NAB change in cash rate call:  August 2016

NAB change in cash rate call: August 2016

9 August 2016

At its August meeting, the RBA cut the cash rate by 25bps to 1.5% (against our expectations) following a similarly-sized 25bp cut in May. Major banks have since passed on some, but not all, of the easing through to lending rates.

NAB change in cash rate call:  August 2016
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
Markets Today: Strange brew

Markets Today: Strange brew

20 July 2016

Yesterday’s RBA Minutes with its dovish take and concerns about the activity side of the economy saw the local rates market move to price in a higher above-50% probability of an August RBA move (from 59% to 63%).

Markets Today: Strange brew
Markets Today: Quiet times

Markets Today: Quiet times

19 July 2016

In a quiet session US and UK equity indices edged a little bit higher buoyed by technology and financial shares while European indices drifted lower weighted down by energy shares following a sharp drop in oil prices.

Markets Today: Quiet times
Markets Today: Crying Shame

Markets Today: Crying Shame

18 July 2016

News of the (now failed) attempted military coup attempt in Turkey started filtering though about half an hour before the US stock market close, too late to have much impact on cash indices which closed fairly flat but early enough to see the S&P500 futures lose 0.4% after the NYSE close

Markets Today: Crying Shame
Markets Today: 2 Become 1

Markets Today: 2 Become 1

12 July 2016

Anna Leadsom has stood down as a candidate for leadership of the UK Conservative Party, paving the way for Home Secretary Theresa May to be the next Prime Minister, expected to be formally installed Wednesday after PM Cameron’s resignation.

Markets Today: 2 Become 1
Markets Today: Career Opportunities

Markets Today: Career Opportunities

11 July 2016

he US non-farm payrolls headline rise of 287k comfortably exceeded expectations (180k) but wasn’t backed up by the subsidiary details in the report with the unemployment rate higher, small net downward revision to the prior two months payrolls and hourly earnings up just 0.1%.

Markets Today: Career Opportunities
Markets Today: (Any) Heartache tonight (?)

Markets Today: (Any) Heartache tonight (?)

8 July 2016

It was an eventful news day for the AUD yesterday, even if the currency was little changed, and is not breaking new ground this morning, S&P yesterday changing the outlook on Australia’s AAA rating from stable to negative.

Markets Today: (Any) Heartache tonight (?)
The sharing economy

The sharing economy

23 June 2016

Alan Oster discusses the influence of the sharing economy and explores how fast it is growing and its impact on the business community.

The sharing economy
Australian Markets Weekly: 20 June 2016

Australian Markets Weekly: 20 June 2016

20 June 2016

Brexit and local farm conditions too Thursday’s UK EU Referendum will occupy market attention this week. A poll being conducted by ComRes for the UK Sunday Mirror at the time news of the assassination of British MP Jo Cox hit the wires revealed a switch in voting favouring the remain vote. The percentage of those […]

Australian Markets Weekly: 20 June 2016
Markets Today: A night of two halves

Markets Today: A night of two halves

17 June 2016

Yesterday’s fall in the Nikkei and strengthening of the Yen on the back of BoJ inaction and heightened concerns around the outcome of the UK EU referendum set the tone to the early part of the overnight session.

Markets Today: A night of two halves
Australian Markets Weekly – 30 May 2016

Australian Markets Weekly – 30 May 2016

30 May 2016

The past week has seen interest rate markets continue to receive warnings from various Fed speakers – including Fed Chair Yellen – that US interest rates are likely to rise in the next few months.

Australian Markets Weekly – 30 May 2016
Monthly Financial Markets Update – May 2016

Monthly Financial Markets Update – May 2016

24 May 2016

In most of the major economies the outlook remains fragile, as a result of political uncertainty and disappointing earnings results. However recovery in equity prices has continued into April, primarily to the bounce in commodity prices and supportive central banks.

Monthly Financial Markets Update – May 2016
Markets Today: China Matters

Markets Today: China Matters

13 May 2016

In a shock revelation, the Dallas Fed has published a note on its website saying that the impact of the Chinese economy on the U.S. has notably increased over the past two decades.

Markets Today: China Matters
Markets Today: No retail therapy

Markets Today: No retail therapy

12 May 2016

The rise in oil prices overnight were not enough to prevent retail driven decline in US equity markets. The US dollar was weaker across the board and a solid 10y US Treasury auction amid a cautious mood helped core global yields move lower.

Markets Today: No retail therapy
Markets Today: June is alive

Markets Today: June is alive

7 April 2016

An improvement in risk appetite has helped global equity markets recovered some grown overnight with the Nikkei a notable exception. FOMC minutes revealed an April hike was discussed, but a cautious approach appears to be well entrenched. A pick up in oil prices contributed to the positive move, but the strength in the yen continues to weigh on Japan’s equity market.

Markets Today: June is alive
2015 Year in Review: Capital Financing

2015 Year in Review: Capital Financing

7 January 2016

EGM Capital Financing, Steve Lambert, discusses two common themes that were present over the past 12 months - Innovation and volatility. It seems that 2015 saw more firsts in the market while at the same time it seeemed markets were closing just as quickly as they opened.

2015 Year in Review: Capital Financing
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
Australian Economic Update – Q3 GDP

Australian Economic Update – Q3 GDP

9 December 2015

Variable economic growth outcomes continued into Q3, with real GDP picking up strongly to 0.9% q/q, following a revised weak 0.3% outcome in Q2 and a strong 0.9% increase in Q1. Year-ended growth picked up moderately to 2.5% y/y, but remained below trend.

Australian Economic Update – Q3 GDP
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
Seven ways to cut the cost of running your business

Seven ways to cut the cost of running your business

30 September 2015

Business expenses continue to rise – but are you paying more than you need to? Brett Hay, a consultant with Expense Reduction Analysts, shares seven simple strategies that could help shave 10 percent or more off the everyday running costs of your business.

Seven ways to cut the cost of running your business
Markets Today: Let’s get loud

Markets Today: Let’s get loud

4 September 2015

The Euro is weaker this morning and the USD a touch stronger thanks to ECB President Draghi banging the drum about QE, the ECB staff downgrading their Euro-zone growth and inflation forecasts and a pretty comforting slug of US data.

Markets Today: Let’s get loud
Markets Today: Joyride

Markets Today: Joyride

3 September 2015

A more measured night. Shanghai finished down smalls yesterday (-0.2%) ahead of a four day long weekend to mark China’s victory in WWII and while European bourses had something of a see-saw night closed higher.

Markets Today: Joyride
Financial acumen helps women to achieve leadership roles

Financial acumen helps women to achieve leadership roles

24 June 2015

Women are still under-represented in senior positions across public and private organisations. Speakers at the recent Women in Health Leadership symposium considered why this is the case, and whether financial acumen could help women to achieve the most senior positions.

Financial acumen helps women to achieve leadership roles
A flying financial start to your medical career

A flying financial start to your medical career

26 May 2015

After years of studying to be a medical practitioner you’re finally earning an income. Philip Mawkes, a Senior Relationship Manager at Medfin, explains why it’s important to make your financial future a priority and shares a five-point plan to help you get off to a flying start.

A flying financial start to your medical career
The ins and outs of leasing business equipment

The ins and outs of leasing business equipment

5 March 2015

A lease could help you to afford the equipment you need for your business – especially if it’s tailored to your cash flow. NAB Asset Finance specialists Fiona McDowall and Rebecca Warren discuss your choices, potential benefits and the pitfalls to avoid.

The ins and outs of leasing business equipment
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
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
Australian businesses to win out of JAEPA

Australian businesses to win out of JAEPA

16 January 2015

Thanks to the Japan-Australia Economic Partnership Agreement (JAEPA), there are now new opportunities for Australian businesses to move into Japan. NAB's Kohei Tsushima explains how those in agribusiness, financial services, health and education are the most likely to benefit.

Australian businesses to win out of JAEPA
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
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
AUD higher after US jobs and Chinese trade

AUD higher after US jobs and Chinese trade

10 November 2014

The US payrolls report on Friday night was solid, despite the headline increase of 214K in October coming in below the 235K expected. September payrolls were revised up by 8k to 256k and August up by 23k to 203k.

AUD higher after US jobs and Chinese trade
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
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
RBA Annoucement: RBA on hold; little change to the press release

RBA Annoucement: RBA on hold; little change to the press release

5 August 2014

The Reserve Bank of Australia made no change to policy at today’s meeting, as expected. There were minimal changes to the press release, and the RBA again concluded that “on present indications, the most prudent course is likely to be a period of stability in interest rates.”

RBA Annoucement: RBA on hold; little change to the press release
Australia, New Zealand and China Update

Australia, New Zealand and China Update

7 July 2014

There are some more meaty reports due on the economy this week, commencing with the ANZ Job Ads report for June (L: -5.6%), a last partial look into labour demand ahead of Thursday’s labour force report.

Australia, New Zealand and China Update
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
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
Alan Oster’s overview – Federal Budget 2014

Alan Oster’s overview – Federal Budget 2014

14 May 2014

NAB Group Chief Economist Alan Oster outlines the key features of Joe Hockey’s 2014 Federal Budget announcement and analyses how it may impact Australia’s economic outlook and financial markets.

Alan Oster’s overview – Federal Budget 2014
Industry perspective: the Federal Budget and business funding

Industry perspective: the Federal Budget and business funding

14 May 2014

While some saw this as ‘the Budget we had to have’, the grants news is good. Overall funding for businesses is set to increase under measures proposed in the 2014 Federal Budget. GrantReady summarises what the Budget means for grants and funding programs.

Industry perspective: the Federal Budget and business funding
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
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
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
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
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
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

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
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
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
The numbers game

The numbers game

27 September 2013

Economic data can be baffling. Bombarded with numbers, headlines, warnings and opinions from all directions, it can be hard to know just what to focus on. So what do you really need to know? And what does it all mean? We explain.

The numbers game
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
Practical ways to improve your cash flow

Practical ways to improve your cash flow

12 September 2013

Good cash flow is the lifeblood of every business yet many owners feel uncomfortable about chasing the money they're owed. Roger Mendelson, CEO of Prushka Fast Debt Recovery, suggests practical, easy-to-implement ways to ensure you're paid on time.

Practical ways to improve your cash flow
Reduce the risk when offering credit to customers

Reduce the risk when offering credit to customers

5 September 2013

If you're looking to grow your business, offering credit to your customers can be a smart business move as long as the process is carefully managed. Danielle Woods of Dun & Bradstreet, suggests practical ways to avoid the pitfalls.

Reduce the risk when offering credit to customers
Could you be spending less on compliance?

Could you be spending less on compliance?

9 August 2013

Researchers say tax compliance is costing small businesses $28,000 a year - but Sue Prestney, spokesperson for the Institute of Chartered Accountants, believes that many are spending far more than they need. Here are her suggestions for saving time and money.

Could you be spending less on compliance?
Managing fluctuations in currency and interest rates

Managing fluctuations in currency and interest rates

7 August 2013

Most businesses in the healthcare sector are affected by fluctuations in currency and interest rates. NAB’s Head of Corporate & Institutional Markets, Darren Hooton, cautions against complacency and suggests strategies for mitigating risk.

Managing fluctuations in currency and interest rates
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
Talking Shop – Winter 2013

Talking Shop – Winter 2013

22 July 2013

The Winter edition of Talking Shop has a new look in addition to the usual insights from industry experts on the latest security, technology and industry developments. We look at how to generate more sales, how to reduce the risk of online fraud and more.

Talking Shop – Winter 2013
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
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
What healthcare providers need to know about EOFY

What healthcare providers need to know about EOFY

17 June 2013

As we approach the end of another financial year, Bongiorno Group’s Director, Michael Waycott, discusses tax-effective strategies, recent changes that may affect healthcare providers and why you should start planning now for next year’s return.

What healthcare providers need to know about EOFY
Tax time tools – Farm Management Deposits

Tax time tools – Farm Management Deposits

13 June 2013

Nationally, farmers have been using Farm Management Deposits (FMDs) at record rates - the biggest month for deposits each year has traditionally been June, as farmers look to take advantage of tax benefits before financial year end.

Tax time tools – Farm Management Deposits
Is your business EOFY ready?

Is your business EOFY ready?

15 May 2013

For business owners, the end of financial year is the time to get things in order. Here are 11 strategies that could help you build and protect your personal and business wealth in a tax-effective manner.

Is your business EOFY ready?
Opportunities for Small Business in the 2013 Federal Budget

Opportunities for Small Business in the 2013 Federal Budget

14 May 2013

The Council for Small Business Australia’s CEO, Peter Strong, talks to Business View, about the key areas they’d like to see addressed in tonight’s 2013 Federal Budget announcement and how those areas could help the broader Australian economy.

Opportunities for Small Business in the 2013 Federal Budget
Alan Oster’s pre-budget overview

Alan Oster’s pre-budget overview

10 May 2013

NAB’s Chief Economist, Alan Oster provides a pre-budget overview of the Australian economy focussing on what we’ve already seen from the Government and commentary on the deficit. Join us on Wednesday 15 May for a full budget breakdown.

Alan Oster’s pre-budget overview
Options ahead to make a start in farming

Options ahead to make a start in farming

13 March 2013

A year on from the establishment of the Personal Property Securities Register (PPSR), NAB Agribusiness is foreseeing a time when the system may assist more people to get into farming. NAB Agribusiness Head of Southern and Western Australia, Neil Findlay explains.

Options ahead to make a start in farming
RBA Leaves Rates on Hold

RBA Leaves Rates on Hold

6 March 2013

As expected, the RBA left the cash rate unchanged at 3.00% yesterday, also retaining their monetary easing bias, or in their words, “the inflation outlook, as assessed at present, would afford scope to ease policy further, should that be necessary to support demand”.

RBA Leaves Rates on Hold
Agribusiness View – February 2013

Agribusiness View – February 2013

28 February 2013

This month in Agribusiness View, we have an in-depth talk with food producer Maggie Beer, hear about Asia’s growing demand for milk and dairy products, and learn how grain growers can manage their risk. We also give you a new view on women in the agricultural industry.

Agribusiness View – February 2013
NAB tips for budgeting and grain marketing for 2013

NAB tips for budgeting and grain marketing for 2013

18 February 2013

Grain growers who have done their homework will usually get opportunities through the year to lock in price spikes above $300 per tonne and hopefully healthy margins. NAB’s Director of Commodities, Business Markets believes preparation is the key aspect of managing risk for grain growers

NAB tips for budgeting and grain marketing for 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
Common business mistakes

Common business mistakes

31 January 2013

Bad business mistakes happen to good people, according to author and entrepreneur, Mathew Dickerson. Here, Mathew explains to Business View where some businesses stumble and reveals his list of common mistakes to avoid in business.

Common business mistakes
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
Commodity watch

Commodity watch

13 November 2012

Australian farmers are experiencing price volatility, so how can hedging help them take advantage of boosted demand for Australian exports following the US drought? NAB’s Head of Agribusiness for Business Markets, Rod Fraser, explains.

Commodity watch
Tips on how to get paid quicker and easier when you are on the go

Tips on how to get paid quicker and easier when you are on the go

8 November 2012

Accepting payments on the go is vital for some small businesses success. This week as featured on Kochie’s Business Builders, Cindy Batchelor from our NAB Small Business Banking team presents our top tips to getting paid quicker and easier on the go. Watch Cindy’s tip.

Tips on how to get paid quicker and easier when you are on the go
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
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
Euro-zone impact to the healthcare industry

Euro-zone impact to the healthcare industry

3 March 2012

The impact of the Euro-zone financial unrest to the healthcare industry is increasingly affecting importing and exporting decisions of Australian healthcare businesses. Economic backdrop Currency markets continue to be volatile, notes Mike Bligh, NAB Head of Specialised Business, Business Markets and Wholesale Banking, and “significant swings are becoming a daily event. We recently saw the […]

Euro-zone impact to the healthcare industry
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
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
Tips for small business owners

Tips for small business owners

30 October 2011

What can businesses do to stay ahead of the pack? Peter Strong, Executive Director, Council of Small Business of Australia (COSBOA), lists his top tips for small business success.

Tips for small business owners
Shopping for a business loan

Shopping for a business loan

25 July 2011

Good loan advice can bring your business plan to life and give you breathing space as interest rates change. We share some tips on loan selection.

Shopping for a business loan
How to profit from a rising Aussie dollar

How to profit from a rising Aussie dollar

30 May 2011

No matter which area of the health industry you’re in, a higher or lower Australian dollar will impact on your profit margins when purchasing medical equipment or products from overseas or when recruiting staff from abroad. In the current situation, with the Australian dollar trading strongly, some GPs are buying equipment from online overseas medical […]

How to profit from a rising Aussie dollar
Turning debtor invoices into cash

Turning debtor invoices into cash

28 April 2011

Many businesses are familiar with the stress of waiting for multiple customer invoices to be paid and concerned with the need to extend credit. This is where invoice finance may be a viable option. The most obvious advantage of invoice finance is the ability to improve core cash flow by converting debtor invoices into cash. […]

Turning debtor invoices into cash
Business reporting

Business reporting

18 March 2011

You can’t manage it if you can’t measure it. But how do you get your reporting systems to accurately portray what you really need to know?

Business reporting
Exchange rate focus

Exchange rate focus

18 March 2011

With the Australian and US dollars trading close to parity, price ramifications for both exports and imports can make life difficult for local industries. But there are tools to reduce financial risk and help protect Australian businesses from the effects of currency fluctuations.

Exchange rate focus
The NAB Health advisory council

The NAB Health advisory council

9 February 2011

The complexities of the health system mean medical practices are not as straightforward as the average business when it comes to financing. Regulation, continual technological advances and changes in public policy all affect the economics of health businesses. Add to that a workforce of professionals whose services are in high demand and you have a […]

The NAB Health advisory council
Focus on cash flow

Focus on cash flow

30 November 2010

Good cash flow management is critical to business success. There are a number of different levers businesses can use to help improve their payment systems and free up more cash.

Focus on cash flow