12th February 2026 – Higher than expected jobs data curbs rate cut bets

In this morning's edition of the NPC Markets Morning Call, Mark Gardner discusses the unexpected jobs data and its implications for rate cuts and inflation. He analyzes market reactions, particularly in the technology and financial sectors, and highlights the performance of commodities like gold and silver. The conversation also covers recent earnings reports from major companies and the outlook for the market, emphasizing the importance of investment strategies in the current economic climate.Takeaways• Unexpected jobs data suggests rate cuts are off the table.• High inflation numbers could impact future monetary policy.• Market reactions are mixed, with technology stocks underperforming.• Gold and silver prices are on the rise, indicating strong demand.• Australia's mortgage growth has reached concerning levels.• Earnings reports are crucial for understanding market trends.• Investors should be cautious about switching into low-margin stocks.• Dividend yields from banks are currently low, affecting income investors.• Investment strategies should focus on stability in a volatile market.• The upcoming CPI report will be a key indicator for future market movements.