Wednesday 29th July 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Markets are torn between optimism in the Gulf against fears over valuations of tech. Chipmakers have seen further sizeable falls in their shares, whilst oil is also well down. NAB’s Ken Crompton joins Phil to talk through the two, which have seen investors lean more to the positive outcomes from lower oil prices, for now. On the passage of shipping through the Strait of Hormuz, Oman has suggested it is jointly managed with Iran with the payment of voluntary fees, however that would work! The take-outs from Michelle Bullocks speech yesterday are also discussed, plus Australian CPI numbers ae out today and a look ahead to the Fed, overnight tonight. Hosted on Acast. See acast.com/privacy for more information.

Just the way we like it

NAB Morning Call

Well, there's not much going on in the Middle East and that is just the way we like it. Not much oil getting through, but oil prices are down a lot more, whilst chip makers are the focus of a big sell-off, helping all other stocks do reasonably well. We'll look at also what Michelle Bullock had to say yesterday and what's expected from Aussie CPI today. It is Wednesdays, the 29th of July, 2026. It's the Morning Call from NAB. Good morning.

Well, another bad day on the Nasdaq, down a quarter percent, but the S&P up by a similar amount and a 1% rise in the Dow, but it's all up for Europe. The FTSE 100 is up 0.8%, 0.4% for the DAX.

But yesterday was another badden for Asian stocks. Well, Japan, China and Korea anyway. So 3.4% off the Nikkei, 2.8% off the CSI 300. The KOSPI index in Korea down 11%. A small fall in the US dollar, but also a quarter percent fall in the Aussie dollar down to 69.7 US cents.

The euro, though, up 0.2%, the Canadian dollar up almost as much. And another day of falling bond yields. 10-year Treasuries down five basis points, the same in the UK, down three or four across much of Europe. Aussie 10 years down four basis points yesterday to 4.96%. And oil is down another 5% almost off Brent, which is down to 84 a barrel, 4% off WTI as well.

And here's NAB's Ken Compton. So chip stocks being sold off, that's the bad news. Oil down again is the good news. So the S&P has looked at the two of those and has sort of lent to the forward side of the upside of falling oil prices.

Just the way we like it

Read the full transcript

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

Just the way we like it

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.