NAB Morning Call Deals, earnings and central banks – a busy week ahead
Oct 26, 2025
Rodrigo Catril, a NAB Markets researcher and economist, joins Phil to discuss a whirlwind week in finance. They dive into the upbeat tone of Xi-Trump talks and the potential easing of tariffs. Rodrigo breaks down the slower-than-expected US CPI, raising the odds of a Fed rate cut. They also touch on the impacts of the US government shutdown and evaluate concerns over European growth. Other hot topics include expectations for Australian CPI and major upcoming tech earnings from giants like Apple and Amazon.
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US‑China Meeting Eases Trade Fears
- The Xi-Trump meeting appears to have a broad, positive framework covering export controls, fentanyl, shipping levies and rare earths delays.
- Markets, especially the AUD, reacted positively to reduced tariff risk and optimistic rhetoric.
US CPI Strengthens Fed Cut Case
- US September CPI slowed versus expectations, opening the door for a Fed rate cut this week and boosting odds for December easing.
- Falling rents drove much of the CPI moderation while goods prices showed some tariff‑related uplift.
Rare Earths Diversification Is Gradual
- Both countries accept the need to reduce US dependency on Chinese rare earths over years rather than abruptly.
- Australia retains value in critical minerals despite plans to diversify sourcing and supply chains.