Thursday 9th July 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB NAB’s Ken Crompton joins Phil to discuss the latest moves in the Gulf, with President Trump declaring the ceasefire is over, with warning of renewed attacks on Iran. But will he push hard at the risk of escalating fuel prices for US citizens? Ken points to the President’s comments that meanwhile negotiations on a lasting deal continue in the background. Also today, the takeout from yesterday’s RBNZ meeting, the slightly hawkish FOMC minutes. Today China’s CPI and PPI are the main data points. Hosted on Acast. See acast.com/privacy for more information.

Trumps war of words

NAB Morning Call

The US has been striking the Iranian mainland to try and stop attacks on vessels in the Hormuz Strait and Donald Trump has suggested that the ceasefire is over. That has pushed oil prices up. But we also know the President wants to keep prices down for the US consumer. So just how far will it all go really? We'll look at the RBNZ meeting from yesterday, the Fed minutes which were out overnight and today we get China's CPI and PPI. It's Thursday, it's the 9th of July 2026.

It's the morning call from NAB. Good morning. So oil has risen after Donald Trump's comments on Wednesday and the activities on both sides in the Gulf. Brent is up 5.9% to a bit over 78.50 a barrel. So really back to where it was in mid-June. With it we've seen a fall in equities. The Eurostox 50 is down 1.8%. The DAX down 2.2%. The same for the cat current. Falls in the US are a bit smaller. Actually the Nasdaq is now up 0.2%. But a 0.3% fall in the S&P.

The Dow is down 1.1%. A small fall in the US dollar. But the Aussie up just 0.1% to 69.3 US dollars. Similar moves for the euro. But the yen is down a quarter percent. The pound is down a third of 1%. And bond yields higher but less so than in the US than elsewhere. So 10-year treasuries are up two basis points. But 10-year bonds are up 10. Gilt's in the UK up 13. Double digits throughout Europe except for Switzerland of course.

Trumps war of words

Read the full transcript

The candid version is on a podcast,
not the earnings call.

Trumps war of words

Read the full transcript

The candid version is on a podcast, not the earnings call.

The candid version is on a podcast,
not the earnings call.