Job slowdown and more AI worries
NAB's Taylor Nugent joins Phil to talk about AI concerns, US job weakness and next moves by the RBA
NAB Morning Call · NAB - The Morning Call
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Show Notes
Friday 6th February 2026
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US markets slid again overnight as tech stocks took another hit, with Alphabet’s hefty AI‑driven capex plans spooking investors, while softer US jobs data raised fresh questions about next week’s non‑farm payrolls and the Fed’s path for rate cuts. Treasury yields fell, commodities weakened sharply, and the Aussie slipped below 69.8 US cents. In Europe, both the Bank of England and ECB held rates, even as UK inflation is expected to hit target by April and Eurozone inflation already sits below 2%. Locally, Australia’s trade balance improved, and all eyes turn to RBA Governor Michelle Bullock’s parliamentary testimony today. NAB’s Taylor Nugent joins the show, failing to appreciate the cultural significance of Pascall’s Pineapple Lumps on Waitangi Day.
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