Friday 29th May 2026 NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NAB NAB’s Rodrigo Catril joins Phil to discuss the latest reports that U.S. and Iranian negotiators have finalized a 60-day memorandum of understanding to extend the ceasefire and begin talks on Iran&#x27;s nuclear program. This crucial step, which would see the Strait of Hormuz gradually reopen toll-free, now reportedly just needs a nod from the US President activate, but its obviously more complicated than that. This glimmer of diplomatic progress pushed Brent crude down below $94 a barrel, completely overshadowing a mixed bag of U.S. economic data. While the annual core PCE deflator held sticky at 3.3%, annualized Q1 GDP was revised down to 1.6% and corporate profits took a surprise 0.4% squeeze. Despite cooling growth and comments from the Fed&#x27;s John Williams that policy could go either way, Wall Street brushed off the headwinds, sending the S&amp;P 500 to a fresh all-time high. Hosted on Acast. See acast.com/privacy for more information.

Just a nod from Donald

NAB Morning Call

# Full Transcript

**Podcast:** NAB Morning Call

## Participants

- **Phil Dobbie** (NAB)
- **Rodrigo Catril** (NAB)

## Transcript

Just a nod from Donald Trump, that's what we're told is needed for a memorandum of understanding to kick in, to allow 60 days of negotiation That's what the news reports are saying, and oil is down, but we've seen this before of course Mixed dial out of the US overnight as well, but good enough for the S&P to hit a record high again And a bag full of data coming up from Japan tonight, more evidence to support a rate rise perhaps, if we needed more evidence It's Friday, it's the 29th of May, 2026, it's the Morning Call from NAB, good morning

Well US shares are higher today, 0.9% up for the NASDAQ and a 0.6% rise for the S&P Which hit a new high again this session, but it's not just IT, healthcare doing very well as well But it is limited to the United States, the FTSE 100 for example is down 3 quarters of 1% in the UK And a quarter percent fall for the Eurostox 50 as well Bond yields are heading lower everywhere though, down 3 basis points for 10 year treasuries And German bunds and much of Europe are down 3 basis points as well

Aussie 10 years, well they were up to 4.89% yesterday, now a couple of basis points lower than that this morning And the US dollar is down a quarter percent, the Aussie is up a third of 1% to 71.65 US cents A 0.4% fall in the Canadian dollar, the loonie And a 0.4% rise in the Swiss franc And oil, yep, lower, 0.8% off Brent

Down below 94 a barrel now, while WTI has stuck just below 89 a barrel And here's NAB's Rodrigo Catrille in Sydney So let's look at oil first of all The Axios news site is reporting, and just about everywhere else is reporting really That the US and Iranian negotiations have supposedly received an agreement on a 60 day memorandum of understanding And all it takes, so they have 60 days to, basically there'll be a ceasefire

While they launch negotiations, including Iran's nuclear programme It just needs Donald Trump's nod of approval, is what the press is saying So no wonder the oil is down today Yeah, morning Phil, I mean, first of all I think it's pretty fair to say that the movements in markets have been risk positive But not super wildly positive, you know We've seen a decline in oil prices Pretty much in the line of sort of the level of volatility that we've seen in recent times

And similarly, when you talk about improvements in equities, it's, you know, 0.5% or something like that So it's not like everyone's cheering this and going wild that the war is over Now, in terms of the details itself, for one, the ceasefire of 60 days tells you that there's a fair bit of time here For things to go pear-shaped, and as well for the improvement Particularly in terms of the flow of vessels over the Strait of Hormuz It's not going to happen from one day to another

And then there's the sticky points that still remain there But the understanding is it is going to, if this memor...

Just a nod from Donald

Transcript

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Just a nod from Donald

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.