Tuesday 11th August 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB On a session that’s been light on for data the focus has been on the two major undercurrents of the year. First, the Gulf. Oil pushes a little higher as talks have taken a back seat and the US seems prepared to wait it out as their blockade hits the Iranian economy. Shares were down a little as a consortium announced a half trillion-dollar funding package for AI. Phil asks NAB’s Sally Auld if the market response is a signal that some are still worried about a bubble? Today the focus is the NAB Business Survey and the RBA. A hold is likely and markets aren’t fully pricing a hike at all this year, but could that change? Hosted on Acast. See acast.com/privacy for more information.

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NAB Morning Call

Well today is very light on for data and the news is largely no news as well, although clearly investors are worried about the large amount of money being talked about with AI again. This time half a trillion dollars for NVIDIA, that's all. And today the NAB Business Survey and the RBA and not much going on in the Gulf, it's fair to say. It's Tuesday, it's the 11th of August 2026, it's the morning call from NAB. Good morning.

Well, bond yields are rising up five basis points for 10-year treasuries this morning, up five in Germany, up seven in Canada and the UK. Much of Europe is around six basis points higher. Aussie 10 years fell down below 5% yesterday, but they're up to 5.04% on futures this morning, so they're on the rise as well.

The US dollar is a quarter percent higher, but the Aussie only down a little bit, just below 70.6 US cents now. The yen, though, has fallen 0.9%. Shares are down in the US, a 0.4% drop in the NASDAQ, 0.1% lower for the S&P.

But energy stocks, they're the ones on the rise, up 4.4%. We've got a small rise in the euro stocks, 50, but a third of a percent fall in the FTSE 100. On oil, well, up over 5% for Brent and WTI. Brent getting close to 88 a barrel now. And here's NAB Sally Auld. So rates higher, presumably, because oil is higher, and oil is higher because there's, I think, growing acceptance that there's absolutely no quick answer to the Strait of Hormuz.

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

We don’t talk any more

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.