NAB Morning Call Buy baby buy
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Feb 11, 2026 Taylor Nugent, NAB markets economist who tracks macro and sector moves, breaks down overnight market action. She discusses the surprise surge in Australian home loans and whether policy quirks explain it. She also walks through the US payrolls headline jump, its sector makeup, and implications for wages, rates and oil volatility tied to Iran risk.
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Oil Volatility Driven By Iran Risk
- Oil prices rose on renewed Iran risks and reports of possible US actions involving tankers or an aircraft carrier strike group.
- Taylor Nugent says shifting Iran risk perceptions are driving day-to-day oil market volatility.
Payrolls Surprise But Household Data Matters
- US payrolls beat expectations with a 130k gain and a dip in the unemployment rate to about 4.28%.
- Taylor Nugent notes household survey strength across participation and prime-age employment despite month-to-month volatility.
Wages Showing Less Downward Pressure
- Average hourly earnings rose 0.4% in January, reversing the prior month's 0.1% pace.
- Taylor Nugent says earnings growth is closer to 4% annualised and not clearly easing inflation pressures.