Wednesday 24th June 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB There have been big global move down in equities yesterday and that continued overnight. NAB’s Taylor Nugent joins Phil to discuss this risk-off mood. There’s no clear trigger except shares rose quickly last week. The Iran situation certainly wasn’t responsible after another day with more ships leaving the Strait and oil prices continuing to fall. But why has the Aussie dollar taken such a big hit? They also discuss yesterday’s PMIs and look ahead to today’s Australian inflation numbers. Hosted on Acast. See acast.com/privacy for more information.

Risk off, but why?

NAB Morning Call

Markets decidedly risk off today, although there doesn't seem to be any trigger for that. Too much good news perhaps, people have got more time to look at stuff. Things in the Gulf seem to be heading in the right direction for example, and for ships in the Gulf that direction is out. And Australian CPI today, what's expected and what's the outlook? It is Wednesday, it's the 24th of June, 2026. It's the morning call from NAB. Good morning.

Oil is low, we've got 1% off Brent and WTI. Brent now down to 77 a barrel, it did get down to 76.43. Silver and gold also well down, we've got a 5.8% drop in silver. Big falls in US equities again. The NASDAQ has lost 1.9%, the S&P 1.2% down. In Europe the DAX lost 1%, the Eurostox 50 down 1.3%.

And falls in Asia yesterday were brutal, the Nikkei losing 3.5%, the CSI 300 down 2.8%. And bond yields lower, down two basis points for 10-year Treasuries, down three basis points in Germany and France, and down five basis points for 10-year gilt yields in the UK.

The US dollar is 0.4% higher on the DXY. The Aussie is down 1.3%, down to just 65.9 US cents today. Once again, the biggest mover of the major currencies. Taylor Nugent joins me today. Anyway, so stock markets hit by AI concerns it seems. I mean chip makers have been hit the most. I mean South Korea's KOSPI fell 10% yesterday. Mind you, it has almost doubled in the last year.

Risk off, but why?

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

Risk off, but why?

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.