NAB Morning Call Nervous
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Nov 18, 2025 Ray Attrill, a Senior NAB markets strategist, shares his insights on the current state of the market. He highlights the nerves surrounding Nvidia's upcoming earnings, contrasted with unusual stability in the Aussie dollar. The discussion dives into job data trends, including rising weekly jobless claims, and explores investor concerns about AI valuations as a major risk. Ray also touches on expectations for the Wage Price Index and its minimal impact on policy, as well as previews for UK CPI and its implications for potential rate cuts.
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Equities Drive Market Nervousness
- Equity markets are the main mover today, led by a tech-led selloff ahead of Nvidia earnings.
- Ray Attrill links broad market nervousness to concentrated AI sector exposure and wealth-effect risks from US stocks.
Aussie Dollar Not The Whipping Boy
- The Aussie dollar hasn't been the main casualty of risk-off moves; the yen is weakest.
- Ray Attrill highlights how currency reactions can differ from typical patterns during equity stress.
AI Dominates Tail-Risk Concerns
- Investors cite AI valuation concerns as the top tail risk, ahead of bond yields and inflation.
- Attrill notes AI dominates investor worry and can hence amplify market moves if sentiment shifts.