NAB Morning Call
Markets nervous as Russia drops the N word (again)
Nov 19, 2024
In this discussion, Ray Attrill, NAB’s market economist and strategist, shares his insights on the tense geopolitical landscape and its market implications. He addresses how the recent Russia-Ukraine conflict has stirred investor nerves yet led to a swift return to focusing on earnings reports, particularly from tech giant NVIDIA. Attrill also analyzes the impact of Canadian CPI data on interest rate expectations and discusses the Reserve Bank of Australia's cautious stance on rate cuts amid persistent inflation challenges.
16:25
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Quick takeaways
- Recent missile strikes and Russia's revised nuclear doctrine have heightened geopolitical tensions, leading to cautious market responses despite some fluctuations.
- Canada's rising inflation metrics are influencing market expectations for interest rate cuts, highlighting the cautious stance of central banks amidst mixed economic signals.
Deep dives
Escalating Tensions in Ukraine Impact Markets
Recent missile strikes from Ukraine into Russian territory have raised concerns about escalating tensions, with Russia signaling a possible revisitation of its nuclear policy. This development has caused fluctuations in the financial markets, although reactions have been somewhat muted, particularly in the US dollar, which showed a slight decline after an initial rise. The impact on bond yields has been minimal despite a brief influx of safe-haven investments. Overall, while geopolitical risks loom large, market responses appear cautious and measured.
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