Aussie high, Yen lower, tech stocks optimistic
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Well, mixed sentiment today, it's fair to say, the Aussie dollar quite a bit higher, so are US equities. That all says risk on. But precious metals are telling a different story today. It could all change, of course, with NVIDIA earnings out very soon and Donald Trump's State of the Union address. We'll look briefly at that today as well. It's finished now, by the way. Uh it's Thursday, it's the twenty sixth of February twenty twenty six. It's the morning call from NAB. Good morning. US equities have pushed quite a bit higher today, one point one percent added to the Nasdaq, almost three quarters of one percent added to the SP, with that optimism being felt in Europe as well, with the FTSE one hundred uh up one point two percent, the DAX is up three quarters of one percent, the US dollar is down a little bit, down naught point two percent on the DXY, but the Aussie climbing more than most, it's up 0.9% to 71.2 US cents, with the euro up just one third.
1% and the yen falling down a quarter percent. Uh not much movement in bond yields and for oil, a very small move up for Brent, but a quarter percent drop in WTI. It's getting close to 65 a barrel now, whereas Brent is heading up to 71% and gold at 1.1%, uh up, Comic Silver up another three point six percent. So quite a few moves. Here's NABS Taylor Nugent, and quite a few moves considering uh not a lot of news really, but you know, it seems like currencies and equities are saying risk on very much today, the Aussie rising as well, supporting that. But again, gold and silver are saying risk off and bond markets aren't really going anywhere. So where are we precisely?
Yeah, good good morning, Phil. Bit of a a mix across um asset classes there, as you say. Pretty quiet across um across bond markets. Equities doing um reasonably well in in the US, the S P five hundred, um tracking higher, led by led by tech stocks uh there, ahead of, you know, the the big test for that obviously comes after the close of NVIDIA and Salesforce as well reporting. Um, but certainly, yeah, tech stocks on the on the positive side of the ledger there. Not not particularly broad base, though I would say. Well, the tech um the tech side is a positive story in lifting those um those aggregate indices. We did see some fairly noticeable underperformance across uh stocks exposed to to home building.
So a a reasonably grim outlook from from Lowe's uh before the open is is one factor there. But you know, another thing that might be playing into it is there were some hopes out there that in the state of the union address, Trump might outline a bit more uh detail or a bit more substance around a arounding housing policy that could be some support and the you know the lack of mention of of any detail there, you know, some people pointing to that as as another proximate driver for the underperformance across home building.
Yeah, and uh energy stocks also down quite a lot today, but we've seen uh um you know, we've seen this this fall in oil prices, but inventories are getting very high in the United States. There's just too much of the stuff. So the EIA said inventories in the US increased by sixteen million barrels last week, way more than expected. So I guess that sort of explains this uh spread between WTI and Brent, which has been getting higher lately. Which would be good for Donald Trump. He talked about it during his uh his address saying, you know, how he's bringing prices down, but he's you know, he's still determined by the global market, obviously. Carried down by the fact that's too much of the stuff being held up by uh just geopolitics, of course.
Yeah, we know what the the themes are across the oil markets. That kind of, you know, the supply side of the picture for now being reasonably good and some reporting, you know, just um suggesting that uh supply out of the Middle East, including from Saudi Arab Arabia and and Iran, is on track for uh reasonably strong uh numbers in in February. So the the supply picture for now positive, but that kind of lingering risk around around Iran as markets currently
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