Friday 26th June 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB Crude oil prices are marching back up after a Singaporean tanker was fired upon in the Strait of Hormuz. NAB’s Ray Attrill joins Phil to talk through the market response to that and to the sharp move up in Micron stock after the chip maker provided stellar forward guidance. Meanwhile, core U.S. PCE inflation printed exactly as expected at 0.3% monthly, nudging the annual rate up to 3.4% and cementing a restrictive Fed baseline. Closer to home, they look at the Australian employment print for May, after a noisy April print, Ray says it confirms a resilient yet gradually cooling local labour market that aligns cleanly with NAB’s expectations that the RBA will continue their current holding pattern for the rest of the year. Hosted on Acast. See acast.com/privacy for more information.

Peace de Résistance

NAB Morning Call

The US core PCE deflator shows the highest inflation level since 2023. A ship is fired on in the Gulf and tech stocks hit by very positive micron earnings. It's not a rising tide for everyone in the tech world, it seems. Plus, yesterday's Australian employment data, it is Friday. It's the 26th of June, 2026. It's the Morning Call from NAB. Good morning. Well, oil prices are back on the rise.

WTI is up 2.6%, Brent up 2.3%. Brent did dip to 72 a barrel. It's up around 75.50 now. The US dollar has fallen back a bit today as well, down a quarter percent on the DXY. The Aussie up a quarter percent to around 69.2 US cents. Very small moves in bond yields. Aussie 10 years fell three basis points yesterday to 4.73%. A mixed story for US equities. The Nasdaq is down 0.3%. The S&P up 0.2%.

A clearer picture in Europe, though, where the DAX is up 1%. The FTSE closing up 0.7%. And the Eurostox 50 up almost 0.9%. Here's NAB's Ray Attrill. So, interesting moves in big tech stocks. A 2% fall in NVIDIA. Apple is down 4.5%. Microsoft losing 2.5%. But Micron, after stellar earnings yesterday and upping their forecast as well, up 16%.

No, some real overs and unders, aren't there, in the tech sector. And it is actually, the Nasdaq is falling away a little bit as we're recording just ahead of the New York Stock Exchange close. It was sort of flitting in and out of unchanged. I think it's down about half a percent last time I've looked. But yes, we had those Micron earnings really at the beginning of our day yesterday. And they knocked the lights out as far as their Q4 revenue estimate was concerned.

Peace de Résistance

Read the full transcript

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

Peace de Résistance

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.