NAB Morning Call Not Good Enough?
Feb 26, 2026
Gavin Friend, markets economist and strategist at NAB's London team, breaks down market reactions to NVIDIA's huge profit beat and why investors stayed cautious. He covers US–Iran tensions and military build-up pushing oil and safe-haven flows. He also highlights an Australian capex surge in data centres and renewables, plus signs of a New Zealand recovery and inflation risks.
AI Snips
Chapters
Transcript
Episode notes
Huge NVIDIA Numbers Still Raise Demand Concerns
- NVIDIA's results were enormous yet left investors wanting more despite a 94% profit surge and record sales.
- Gavin Friend noted the sheer scale of NVIDIA's purchase obligations jumping to $95bn from $16bn raises concern about demand exposure.
Markets React Quickly To Geneva Talk Signals
- US–Iran talks in Geneva are proceeding but progress is fragile and markets react second-by-second to optimism or setbacks.
- Gavin Friend linked talk suspensions and resumptions with immediate oil, bond and dollar moves, showing sensitivity.
Military Build Up Amplifies Diplomatic Stakes
- The US has continued to build up military hardware around the Middle East, increasing the likelihood of force if diplomacy fails.
- Flight-tracking and Journal reports show dozens more jet fighters crossing the Atlantic as visible pressure.