Wednesday 8th July 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Oil rose a little overnight after Iran fired shots on ships approaching the Hormuz Strait. NAB’s Skye Masters says the price rise was probably capped by the release of the latest IEA forecast, forecasting a fall in demand and a further fall in prices next year. Bond yields have moved higher overnight, in part because of the Gulf situation, but also growing debt issuance, including a massive new increase from Amazon. Markets also responded unfavourably to Samsung’s forward guidance. Today the RBNZ is the focus, with a rate hike expected. Hosted on Acast. See acast.com/privacy for more information.

It’s not over till it’s over

NAB Morning Call

Shots fired from Iran have pushed oil higher, tech stocks are out of fashion today, supposedly because of Samsung earnings, even though they beat expectations. And bond yields higher. Is it the tech? Is it the oil? Is it both? Plus NATO? Don't hold your breath for a Ukraine resolution. And the RBNZ today going up. It's Wednesday, it's the 8th of July, 2026. Welcome along. It's the morning call from NAB.

So oil is pushing higher this morning. Brent is up 3%. That's over 74 a barrel now. Some sizable moves up in bond yields. Five basis points added to 10-year treasuries. The same for France and Germany. Six basis points higher for 10 years in the UK and France. Aussie 10 years yesterday were up three basis points to 4.82%. And US shares are lower today. Two thirds of 1% off the NASDAQ. The S&P and Dow both down a quarter percent.

Bigger falls in Europe with the DAX losing 1.4%. The Eurostox 50 is down 1.2%. And a small increase in the US dollar, but a 0.2% drop in the Aussie dollar down to 69.4 US cents. And it's Sky Masters who's with me today from NAB. So oil is quite easy to explain, isn't it? It's up because Iran fired missiles at two commercial ships near the Hormuz Strait yesterday. These were ships that were sailing close to the Oman coast.

But they, and so yeah, oil prices have gone up. But 74, well below 120, which is where it was at the start of the war. But I think, you know, this rise in prices, the reality check that this war is far from over. Is that also what's pushing bond yields up everywhere? What's happening there? Yeah. Good morning, Phil.

It’s not over till it’s over

Read the full transcript

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

It’s not over till it’s over

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.