Oil slump, RBA hike and Republicans on the ropes

NAB Morning Call · Nov 2, 2026 · 13m

Tuesday 3rd November 2026

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Phil and NAB’s Rodrigo Catril analyse a sharp drop in oil prices after reports surfaced that US President Trump is pursuing diplomatic de-escalation over Iran. That’s spurred a broader risk-on tone across financial markets, driving sovereign bond yields lower and boosting European and broad US equities, even as technology stocks lagged on persistent AI capex caution and pre-earnings nerves ahead of Apple’s results. Domestically, the spotlight turns to today’s Melbourne Cup…