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

# Full Transcript

**Podcast:** NAB Morning Call

## Participants

- **Phil Dobbie** (NAB)
- **Ray Attrill** (NAB)
- **Ray Attrill** (NAB)

## Transcript

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.

And I think it was expected about $43 billion. And they're forecasting $50 billion. So, we had a double-digit increase in after-hours trading. This obviously followed through into today. But then, you know, against that, Apple has announced, what, a 20% price cut for iPads and Mac computers. And that's really dragged the broader index down, given obviously the weight that Apple has in the tech sector earnings.

So, you know, so Nasdaq definitely is a bit of an underperformer in what otherwise has been, you know, a small update for US stocks. But heard a little bit, I think, by higher oil prices, which we'll come on to in a second. Yeah, exactly. But it's interesting as well, isn't it, though, that Micron goes up. It's not a rising tide for everybody right now. You know, enthusiasm is being tempered. One can do well, even though Micron, for example, it's not just Apple. And Microsoft as well, down 2.5%.

Some of these companies Micron are delivering to. So, you would have thought if they're doing well, you'd assume that their customers are doing well as well. But anyway, yes, oil is interesting because a ship has been fired at crossing the Strait of Hormuz. I don't think there's a direct confirmation as yet that it i...

Peace de Résistance

Transcript

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Peace de Résistance

Transcript

Built for investment professionals

Every day you wait, your competitors are findingedge in conversations you're not hearing.

Every day you wait, your competitors are finding
edge in conversations you're not hearing.