Monday 28th September 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Donald Trunp has knocked back Iran’s proposal that could have seen the Strait of Hormuz reopen within seven-days. Instead, the US President believes economic sanctions will ultimately have the desired outcome. So, does that mean oil prices will bounce higher this morning? NAB’s Ray Attrill says the volatility will continue, but news this morning suggesting talks are ongoing might temper any negative sentiment. It’s a busy week ahead with the RBA decision tomorrow, CPI middle of the week and payrolls data for the US. Hosted on Acast. See acast.com/privacy for more information.

Another open and shut case

NAB Morning Call

[SPEAKER_00] So Iran said they had a plan to reopen the strait and Donald Trump has rejected it, so the strait remains closed, although he does claim many more ships are getting through, which seems to be sort of true this weekend. The RBA tomorrow, we'll look at that, and Friday's moves in the yen as well, and so much more besides. It's Monday, it's the 28th of September, 2026, it's the morning call from NAB. Good morning.

[SPEAKER_00] So a 0.3% fall in the US dollar on Friday, that's the first downturn we've seen in a while, but that helped the Aussie dollar up slightly, over 70.2 US cents, but that is after a 1.4% fall over the week, even with that slight blip on Friday, and there was a 1% rise in the yen as well at the end of the week, we'll get to the bottom of that today.

[SPEAKER_00] Shares were up on Friday, the Nasdaq and S&P both up 0.5%, a 0.9% rise in the Dow, and the DAX up 0.6%. Bond yields were down, well not by much in Europe, but 10-year Treasuries down 4 basis points, down 7 basis points for bonds in Canada, and oil was down as well, 2.3% off WTI, 2% off Brent, but at 104.3, it's still firmly in that 100 plus trading range,

[SPEAKER_00] and oil before that fall did climb as high as 106.5% on Friday, but then a sudden drop Friday morning US time. Let's look at that first of all with NAB's Ray Attrill. So it was around 11.40 in New York, and that was around the time that there was talk of a potential deal with Iran that would have seen the straight-up homies reopen within seven days, but we've since learned that Donald...

Another open and shut case

Read the full transcript

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

Another open and shut case

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.