Firing over the line
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What are the key market moves and currency changes this morning?
Donald Trump continues to appoint people that reflect his real agenda. He means what he says, including, it seems, drill baby drill. And Housing Sunban rising in the United States, but the US dollar for a change falling a little today. And can we expect a little bit more risk adversity given Biden has given Ukraine the green light to use US weapons to fire into Russian territory? That sounds a little bit scary, doesn't it? It's Tuesday, it's the 19th of November. twenty twenty four it's the morning call from Nab. Good morning. Well, the US dollar has actually fallen a bit today. It's down naught point four percent, although it was rising quite a bit until late in the session. The Aussie dollar is up naught point seven percent, over sixty-five US cents for that now.
The pound up naught point four per cent, half percent for the euro, the yen down a quarter per cent. A mixed story for stocks, the Dow down slightly into the red at the close, but the S P up naught point four percent, not point six per cent for the Nasdaq, the Russell two thousand close. Goes just in the green at 0.1% up. Mixed in Europe as well, Eurostocks fifty and the DAX both down a little. A FTSE one hundred uh up naught point six percent though, and bond yields falling in the US down two basis points for ten year treasuries, up two for German ten year bunds. Aussie ten years were down three basis points yesterday to four point six percent, still around that now, and oil well up over three percent for WTI and
Brent. Brent over seventy three a bell now. Gold is up one point seven percent today as well. Uh Nabs Rodrigo Katrill is with me today. So mixed signals, isn't that? I mean oil is higher, gold is higher. So I wonder how much of that is to do with concerns about the Ukraine war escalating, because President Biden has now given the green light for Ukraine to fire into Russian territories. But we're not seeing sort of strong
Um and even if we we add to that, uh you look at the price action in oil, and funny enough that the big sort of rise in oil prices um occurred a lot later.
How is the Biden‑Ukraine weapons decision influencing oil prices?
Um so it so it you know, you look at the headlines and you think, well, this is s an escalation in terms of the tensions between the West and Russia and Putin is making all these headlines saying not very happy about it. Um but certainly in terms of the price action. It's interesting to see that oil prices dig spike a lot higher very quickly later in the pr in the session, um which maybe has something to do with appointment from President Trump rather than the
the news coming from from the war. Well yes, because uh Liberty Energy, their CEO, their share price incidentally up almost six percent because Donald Trump has asked their CEO to head the energy department. So uh that really does show the direction of travel, doesn't it? It's drill baby drill basically, because this is a company uh if you look on their website, their their pitch is all about um getting the cost of getting oil down, lowering the price of getting oil, not moving to renewable
Yes. So th that's it. I suppose there's a couple of things to to note there. One, uh this is yet another appointment with not a lot of experience in terms of Washington, which It is sort of Trump's intention that he he wants to rock the boat and and appoint people that are outside from their um from the swamp, if you like. Uh and and to to actually be in task to uh to change things. Uh and while at at the same time in this case in particular, um it is very much again um a reflection of Trump's agenda that he wants to to to drill uh in oil prices. So um Do you want to explain why oh you'd think oil would go down? Do I want to explain why or you'd think oil would go down with
that news though, wouldn't
it?
Exactly. Exactly. Why will
oil gold go um but the headlines that's saying, you know, oil prices going up because of this car being appointed. Um so I suppose from an investment perspective it does mean that there will be a focus on on expanding. Um but um you you need to expand at a lower cost, otherwise uh you know the decline in prices will be challenged with increasing supply.
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Chapters
8 chapters
1
What are the key market moves and currency changes this morning?
0:01–2:00
2
How is the Biden‑Ukraine weapons decision influencing oil prices?
2:00–4:09
3
Why is the Liberty Energy CEO nomination driving oil and gold spikes?
4:09–6:17
4
What impact could the new US trade appointments have on Europe’s economy?
6:17–8:51
5
Are Eurozone wages and CPI data signaling a shift in ECB policy?
8:51–11:13
6
How is the RBA’s stance on interest rates shaping Australia’s housing market?
11:13–13:36
7
What do the latest US housing permits and NAHB index reveal about the market?
13:36–15:45
8
Will self‑driving cars become mainstream and how could they affect the economy?
15:45–16:37