EPISODE · Jun 1, 2026 · 17 MIN
The truth about oil
from NAB Morning Call
Tuessday 2nd June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABPhil Dobbie and NAB’s Sally Auld delve into a turbulent market session where geopolitical theatre and conflicting macroeconomic signals pulled global asset classes in opposite directions. Crude oil spiked toward $98 a barrel early in the session before cooling down to just over $95 after a flurry of Truth Social posts from Donald Trump claimed he had negotiated a halt to the fighting in Lebanon, smoothing the path for U.S.-Iran diplomatic talks. While Wall Street pushed to fresh record highs solely on the backs of surging IT and energy stocks—buoyed by a strong U.S. manufacturing ISM accelerating to 54—the domestic focus shifted heavily to a much softer-than-expected Australian housing print. Sally highlights that this property slowdown represents a powerful alignment of compounding RBA rate hikes alongside significant changes to investor tax arrangements. While it remains early days, she notes that the combination of these forces could create a larger housing downturn cycle than initially anticipated. Hosted on Acast. See acast.com/privacy for more information.
What this episode covers
Tuessday 2nd June 2026NAB Markets Research Disclaimer Financial Services Guide | Information on our services - NABPhil Dobbie and NAB’s Sally Auld delve into a turbulent market session where geopolitical theatre and conflicting macroeconomic signals pulled global asset classes in opposite directions. Crude oil spiked toward $98 a barrel early in the session before cooling down to just over $95 after a flurry of Truth Social posts from Donald Trump claimed he had negotiated a halt to the fighting in Lebanon, smoothing the path for U.S.-Iran diplomatic talks. While Wall Street pushed to fresh record highs solely on the backs of surging IT and energy stocks—buoyed by a strong U.S. manufacturing ISM accelerating to 54—the domestic focus shifted heavily to a much softer-than-expected Australian housing print. Sally highlights that this property slowdown represents a powerful alignment of compounding RBA rate hikes alongside significant changes to investor tax arrangements. While it remains early days, she notes that the combination of these forces could create a larger housing downturn cycle than initially anticipated. Hosted on Acast. See acast.com/privacy for more information.
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The truth about oil
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