Thursday 6th August 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Everything&#x27;s on hold it seems. There have been no big moves in oil prices because, as NAB’s ray Attrill explains, there’s still no definitive news on the strait, although an interim agreement between Oman and Iran has been drafted, but will still need US approval. Shares have lost their momentum, although the S&amp;P has squeaked ahead to a new high. SpaceX took a hit as investors responded unfavourably to spending plans. US ISM data was strong, but not as compelling as the upward revisions in European PMI data. Today, Australia trade data is out with another monthly deficit expected, but basically everyone is holding out for tomorrow’s non-farm payrolls and a finalised agreement to reopen the Strait of Hormuz. Hosted on Acast. See acast.com/privacy for more information.

Taking stock

NAB Morning Call

Well today, everything is on hold it seems. There's been no big moves in oil prices because there's still no definitive news on the straight, although there are hopeful signs. Shares have stopped the big gains. SpaceX's otherworldly data centre plans have got markets nervous. But the ISM and PMI data for the US and Europe look promising and Australian trade data is out today. Another deficit is expected, sadly. It's Thursday. It's the 6th of August, 2026. It's the morning call from NAB. Good morning.

The US dollar is a quarter percent lower this morning. The Aussie is up 0.2% to 70.6 US cents. The Canadian dollar, actually one of the bigger moves, it's up 0.4%, but the Korean won is up 0.6% along with a 4% rise in the KOSPI 50 index. Compared to that, a 0.6% drop in the NASDAQ. The S&P is stalling after a four-day rally. It's up, but not by much and not much going on with bond yields either overnight.

But Aussie 10 years, which fell six basis points yesterday to 4.9%, are up five basis points since then. And oil today, well, WTI is still falling down three quarters of 1%. But Brent's sticking just below 80 a barrel. NAB Sky Masters is with me today. It feels as though everything's a bit on hold today. I mean, shares have finished their run for now, more or less. And oil prices are waiting for news either way.

And we sort of have this supposed deal that's been made between Iran and Oman, which is fine. They're going to say, well, OK, ships can sail in one way and out the other. So they'll sail in via Iran and the outbound route via Oman.

Taking stock

Read the full transcript

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

Taking stock

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.