Tuesday 4th August 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB President Trump says the Strait of Hormuz will open as soon as tomorrow. As Phil suggests to NAB’s Sally Auld that means markets only have to wait 24 hours to be disappointed, but the net reaction has been a sharp fall in oil prices and rises in shares. Sally also talks about how the joint currency action on the Yen between the US and Japan marks a new era where allies work together on financial outcomes. In the US a strong ISM report signalled continued strength for the US economy, whilst in Australia we saw house prices fall again and await household spending data today. Hosted on Acast. See acast.com/privacy for more information.

Open Tomorrow. Or Not.

NAB Morning Call

Well, President Trump says the Strait of Hormuz will open as soon as tomorrow. And to an extent, some obviously believe in because oil is lower today, shares are higher. And the US and Japan did undertake joint activity to bolster the yen. They've confirmed that. Will it stick, though? We had a strong ISM read from the United States and their job openings data is out today. Also, household earnings for Australia today as well. And we look at the fall in house prices yesterday. It's Tuesday. It's the 4th of August, 2026.

It's the morning call from NAB. Good morning. Well, the US dollar hasn't moved much, but the pound is down 0.4% this morning. The Aussie is down a third of 1%. The yen up another 0.3% and the Korean won up 0.7%. Shares are generally higher, up 2.1% for the NASDAQ, 1.5% for the S&P, whilst the Eurostox 50 is up 1%. The DAX is up 1.5%. And bond yields moved down at the start of the week,

down 5 basis points for 10-year yields in the United States and Germany, down 10 basis points in the UK. Australia was at 4.93% for 10 years yesterday, much closer to 5% overnight on futures. And we had big falls in oil, big falls, down 4.9% for Brent, down below 84 a barrel now, and a 4.5% drop in WTI. And here's NAB Sally Old. I mean, the reason for the fall in oil. We've been here before.

But the enthusiasm that we're seeing across the board is peace hopes for the Middle East. I mean, President Trump has said that they are talking to Iran. They are talking about opening the strait. Opening literally by tomorrow, he said. Completely open. That's phase one.

Open Tomorrow. Or Not.

Read the full transcript

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

Open Tomorrow. Or Not.

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.