NAB Morning Call Hawkish RBA and another TACO moment?
8 snips
Mar 10, 2026 Markets swung on oil moves and a sudden surge in corporate bond issuance. Discussion covers geopolitics and comments that briefly lifted risk appetite. The RBA’s unexpectedly hawkish tone and its market implications get attention. China’s strong trade data and softer US Treasury auctions are highlighted as key developments.
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Trump Comments Spark Short Lived Risk Rally
- Markets briefly rallied on comments from President Trump implying the Israel-Iran conflict could de-escalate.
- Oil plunged (Brent down ~16% to below $83) and equities rose, but prices reversed within the hour as reality checks emerged.
Record Corporate Bond Day Signals Catch Up
- US corporate bond markets reopened with a record primary issuance day of about $65.75bn led by Amazon's $37bn deal.
- Skye Masters noted the market had been shut recently and this was catch-up issuance as risk appetite returned temporarily.
Mixed Signals Keep Oil Markets Volatile
- Conflicting signals around oil security created volatility: a removed tweet about naval escort and reports of IEA discussions and tankers rerouting to avoid Hormuz.
- Skye Masters flagged that rerouting 25 supertankers to Saudi Red Sea ports implies producers expect a prolonged disruption.