NAB Morning Call

Richard Lovell, Head of Debt Markets at the Clean Energy Finance Corporation, explains how public capital is crowding-in private investment for commercial clean energy. James Bentley, Director of Sustainable Finance at NAB, outlines bank finance solutions and deep discounts for on-farm and equipment decarbonisation. They discuss green hydrogen fertilizer, battery-powered construction cranes, transport electrification and how fuel volatility speeds adoption.

Rodrigo Catril, NAB senior markets economist specializing in oil, FX and inflation. He unpacks volatile oil markets as the Strait of Hormuz stays closed. He explains Iran’s ceasefire demands, including uranium rights and a proposed toll on passage. He also flags a worrying U.S. divergence: rising core PCE inflation alongside falling real consumer spending.

Skye Masters, NAB markets economist and strategist, offers a sharp read on market moves, geopolitics and central bank implications. She breaks down the fragile relief rally after a ceasefire headline. She discusses lingering risks around the Strait of Hormuz, elevated oil prices, and why central banks may still tighten despite the temporary calm.

Gavin Friend, markets economist at NAB, offers sharp market and macro commentary. He discusses global market calm despite Middle East escalation. He covers oil price moves, how markets price geopolitical risk, central bank outlooks including the Fed, ECB and RBNZ, and recent data like PMIs and Australian consumer spending.

Taylor Nugent, markets economist at NAB Markets Research, offers concise analysis of rising US-Iran tensions and their implications. He breaks down why markets stayed calm despite escalatory rhetoric. He also discusses elevated oil prices and the impact of Strait of Hormuz disruptions. Finally, he reviews surprising US payrolls and conflicting ISM services signals.

Terry Haines, founder of Pangaea Policy and macro-politics adviser, offers sharp analysis on Trump’s shift toward winding down military action against Iran. He breaks down the two-track messaging for domestic and Gulf audiences. Discussion also covers coalition diplomacy, Strait of Hormuz energy risks, market reactions to de-escalation, and AI framed as a national security priority.

Taylor Nugent, NAB Markets economist and strategist, breaks down why markets are suddenly upbeat amid ceasefire speculation in Iran. They cover big equity gains, oil dipping, resilient US data like ISM, and supply delays tied to Middle East disruptions. There is also discussion of rising BOJ inflation expectations, choppy Australian building approvals, and what upcoming US payrolls might mean for markets.

Rodrigo Catril, senior markets economist and strategist, gives quick takes on geopolitics, PMIs, inflation and labour signals. He discusses market optimism after reports of U.S. de-escalation with continued Strait of Hormuz risks. He highlights China’s PMI rebound, a Eurozone inflation jump, and signs of softening in the U.S. labour market.

Ken Crompton, NAB markets economist who analyses bonds and inflation, joins to unpack market moves. They talk rising oil and a global bond rally. They discuss a shift from inflation fears to slowdown worries and why Powell’s comments eased rate-hike concerns. Conversation also covers energy-driven inflation, yen intervention risk, China export threats and a surprising bright spot in EV demand.

Skye Masters, market economist at NAB who analyses macro trends and markets, discusses oil’s jump amid Middle East tensions and whether that fuels inflation or chokes demand. She covers shifting bond yields, the Michigan survey’s hit to consumer sentiment, VIX-driven currency moves, and the key week of payrolls and CPI data shaping central bank reactions.