Dribs and drabs
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Why was Friday’s market activity described as ‘boring’ and what were the underlying moves?
Well yes, I'm very sorry, but Friday was boring. Uh stay tuned to find out just how boring it was because no big market moves. That's because there's no big news to drive the markets, just lots of drips and drabs. But we are nothing if not thorough on the morning call. So let's work our way through. Let's rake through those drips and drabs. This Monday, the third of November 2025, it's the morning call from NAB. Good morning. Actually, Australia was more interesting than most places. So treasury yields in the US that have been rising during the week, particularly at the front end of the curve, they fell on Friday, so down three and a half basis points on Friday for two year yields, but they're still up nine basis points across the week.
But Aussie ten years ten years last week, up seventeen basis points, which is the opposite to most. Hence the Aussie dollar was the best performer of the major currencies. It was up half a percent. Now That doesn't sound a great deal, but that was against a rising US dollar, which itself gained naught point nine percent on the DXY. The pound, in contrast, down one point two per cent, which helped push the Aussie over fifty pence last week for the first time in quite a while. US equity is also doing okay, a two point two percent rise on the Nasdaq, not as much as the NIC eye, which gained six point three percent last week, two point one percent of that on Friday. Actually I'm making this sound more interesting than I thought it was.
And on commodities, well a two point three percent lift in iron ore last week, and gold lost three percent. Brent crude down one point three percent percent as well over the week. So uh to make it all sound more exciting, here's Nabs Taylor Nugent in Melbourne. S uh actually in Melbourne, he's just literally just moved to Sydney. Uh there's today's breaking news. Uh so welcome to the land of the uh Yeah, the blue water, uh, Taylor. I'm sure you're sure you you believe you've lived in Sydney before though, this isn't a new experience for you, is it?
Yeah, good good morning, Phil. Not not particularly new. I know what I'm getting myself into, but yeah, good to be back up in Sydney.
And more expensive housing, that's what you get yourself into.
How did the Australian dollar become the best‑performing major currency on the day?
Look, uh it wasn't it was a positive end to the week last week, wasn't it? Uh better US China relations, obviously. Donald Trump didn't announce any new major challenges uh or new enemies. Um even th you know, this talk of nuclear testing, apparently that's been watered down a little bit. Uh so markets have been able to focus on other stuff like um how good the earnings results have been. So Amazon continue to perform incredibly well, they're up twelve percent their shares on Friday because AWS uh Amazon Web Services Cloud Revenue was up twenty percent on the year. So So AI still very much the story, and then NVIDIA report next week, so will they hold on to that five trillion dollar mantle? AI's still driving the agenda, isn't it?
Yeah, no, I think that's right. Those kind of big tech firms continue to to dominate the the story there. You said it was a a more positive end to the week, but you know, even so, um the S P five hundred was up point three percent on on Friday and certainly helped a lot by that uh that uh large increase in in Amazon shares on the back of those uh better than expected uh reporting. Uh and so, you know, I think when you even when you look over the week, over the month, It's very much a story of of big tech leading the the gains. Um you've got the Magnificent Seven now up to thirty eight percent of the the S P five hundred. And so it's um you know very much uh AI related and and tech and and those earnings that are that are um driving the the broader market.
A little bit scary as well, isn't it? Because you know, if it breaks, how much do we feel the hurt? But anyway, let's look at what's happened more locally. So uh on Friday, Australian private credit and housing credit uh both grew naught point six percent for the month, same as last time. Uh but interesting uh the insights in the NAB residential property index on Friday, uh which rose from forty four in June to sixty two for the third quarter.
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Chapters
8 chapters
1
Why was Friday’s market activity described as ‘boring’ and what were the underlying moves?
0:01–1:56
2
How did the Australian dollar become the best‑performing major currency on the day?
1:56–4:23
3
What impact did Amazon’s AWS revenue growth have on the broader market narrative?
4:23–7:17
4
How are Australian housing credit, property prices and household spending trending?
7:17–9:58
5
What are the latest inflation readings in Europe, Japan and their implications for the ECB and BoJ?
9:58–12:41
6
How are China’s manufacturing PMI, export data and property sector affecting regional sentiment?
12:41–15:20
7
What are the expectations for this week’s central‑bank decisions (RBA, BoE, Norges Bank, Riksbank)?
15:20–16:15
8
Why are SNAP benefits, US political elections and data‑release delays shaping market outlooks?
16:15–16:21