NAB Morning Call US Ready to Open, Aussie confidence climbs, UK employment glum
Nov 11, 2025
Taylor Nugent, NAB's Markets researcher and economist, dives into the latest trends in Australian consumer and business sentiment. Despite a slight dip in confidence, he highlights resilient business conditions and a surprising rebound in consumer confidence. They discuss the implications of the potential end to the US government shutdown and the implications of rising unemployment in the UK, hinting at possible interest rate adjustments. Taylor's insights shed light on how these factors interplay in the broader economic landscape.
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SoftBank Sale Hits NVIDIA
- Taylor attributes today's Nasdaq weakness to SoftBank selling NVIDIA shares to fund other investments.
- He notes that the single transaction has materially weighed on big tech performance today.
Activity Up, Employment Lagging
- The NAB Business Survey shows activity and profitability strengthening while employment lags behind gains.
- Elevated capacity utilisation suggests growth could persist, keeping the RBA cautious on cutting rates.
Capacity Use Keeps RBA On Sidelines
- Capacity utilisation remains elevated and ticked up recently, reducing RBA comfort about a benign outlook.
- With cost and price pressures benign, the data present a mixed signal for policy direction.