NAB Morning Call Aussie high, Yen lower, tech stocks optimistic
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Feb 25, 2026 Taylor Nugent, NAB markets economist and strategist, offers crisp market commentary. He covers the Aussie dollar’s multi-decade strength versus the yen and currency drivers. He discusses inflation’s impact on RBA rate expectations and why tech stocks may rally around Nvidia. He also touches on oil moves and tariff chatter.
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Tech Earnings Driving Risk-On Move
- US tech-led risk rally lifted major indices while the US dollar eased by about 0.2% on the DXY.
- NASDAQ rose ~1.1% and S&P ~0.7% led by tech ahead of Nvidia and Salesforce earnings, signalling cautious optimism in equity markets.
Sector Moves Reflect Policy Gaps And Inventories
- Homebuilding and energy stocks underperformed due to muted policy detail and falling oil prices respectively.
- Lack of housing policy detail in Trump's State of the Union contributed to weakness in builders; energy hit by large US inventory builds.
US Inventory Surge Pressures Oil Prices
- Oil prices show mixed direction with WTI softer and Brent firmer; US inventories spiked, adding downward pressure.
- EIA reported US inventories up ~16 million barrels last week, widening the WTI-Brent spread amid ample supply.