Conflict uncertainty mixed with rate optimism
Oil has risen against uncertainty over the Israel Gaza conflict. But it’s not all driving markets today says NAB’s Rodrigo Catril. Equities have bounced back on dovish words from central bank speakers.
NAB Morning Call · NAB - The Morning Call
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Show Notes
Tuesday 10th October 2023
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The market action this morning is perhaps less pronounced than could be expected, given the scale of the conflict between Israel and Gaza. NAB’s Rodrigo Catril says some of the turnaround in US equities came from Fed speakers who seem to be shifting their bias away from more hikes to keeping cash rates where they are. That’s acted as a distraction from the main event, but individual shares match what you’d expect from a war setting, with airlines down, defence stocks up, and the same with oil. Locally, the NAB Business Survey is out today. Will it show more resilience that cold further enhance the case for further hikes by the RBA?
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