Less inflation and the world’s richest man
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Are US producer prices indicating a slowdown in inflation?
A day out from US CPI, but the producer prices were lower than expected. Is that a sign that inflation is being tamed in the US? Or just margin squeeze from the tariffs? Either way, ten-year yields fell, getting close to four percent. And in China, well mixed CPI numbers take your pick from the low headline number or the higher core read. It's Thursday, it's the eleventh of December 2025. It's the morning call from NAB. Good morning. Also today, Elon Musk is no longer the world's richest man. I'm sure he probably will be again by tomorrow. But we've had small currency moves except for the Aussie dollar, which is up naught point four percent, over sixty-six point one US cents now. It was a bit higher than that earlier.
The New Zealand dollar also higher than most today. Uh a mixed story on US equities, a naught point five percent drop in the Dow, but the S P is up naught point three percent. Uh the Nasdaq has little changed at the close, but earlier in the session it tipped over twenty two thousand, which is a new all time high for the Nasdaq. In Europe, all the major indices are down. The DAX are down again, not point four percent lower, not point two percent off the FTSE, and bond yields much lower in the United States. Ten year treasuries down five basis points to four point zero four percent, down six in Canada, but only one basis point lower for ten year yields across much. Of Europe, UK yields actually booking backing the trend and are up one basis point.
And oil is higher, one point nine percent for WTI and Brent. Brent is uh about sixty seven sixty a barrel this morning. And here's uh Nabstratika Catrill this morning. So we should start with the story about Oracle shares. Uh up thirty six percent, a bit higher than that earlier, I think. It's all to do with AI, of course. All to do with AI.
They are actually uh it's a a very interesting story. Um
Why did Elon Musk lose his spot as the world’s richest person?
They they made an announcement and um uh effectively they just got a whole lot of new contracts. Um um it's basically all these um uh you know uh large models uh like Chat G BT and so on that are are making big signing big contracts with Oracle to uh provide them all the data uh and including a little bit of data centers I think. Uh but it was primarily basically all the the management of the data um that they're gonna need in the future. So um it's an interesting number and it's it's it's probably like a reflection of sort of the second stage if you like of all the investment that is coming in AI. Um which makes it tricky in the sense of 'cause I'm not quite sure it means more money, it's just how the money's been spent in terms of all the money that has been announced
announced by these big companies um uh in terms of expanding the infrastructure that they need for AI and Oracle is one of them that needs to provide this infrastructure. Uh so um uh it's interesting 'cause it it it's just is broadening um sort of the the AI revolution if you like away from the major companies to all these other companies that are providing the service to to the big companies. So um so yeah. It's interesting, but uh the the jump is is is quite impressive, uh as you mentioned before. So Well
it was the combination, wasn't it, of strong earnings and strong expectations, it also made Larry Ellison now the world's richest man. It's no longer Elon Musk. So there we are. So
they measured they they they booked four hundred and fifty five billion at the end of the fix first fiscal year quarter. That's a pretty impressive number and and they reckon they're gonna sign a few more contracts. So it's it's it was quite a quite an astonishing quarter for them in terms of the achievement that what they've locked in in terms of new new clients.
Right. Now another reason for a Fed cut overnight, producer prices in the US well we know the Fed is gonna cut, but maybe, you know, uh greater expectations for for the rest of the year. Producer prices in the US down naught point one percent for the month in August, and the core figure year on year has gone from three point four percent in July to two point eight percent in August.
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Chapters
8 chapters
1
Are US producer prices indicating a slowdown in inflation?
0:01–1:45
2
Why did Elon Musk lose his spot as the world’s richest person?
1:45–4:27
3
How is Oracle capitalising on AI contracts and what does it mean for markets?
4:27–7:05
4
What are the expectations for Fed rate cuts after the upcoming CPI release?
7:05–9:16
5
Why is China’s headline CPI showing deflation while core inflation rises?
9:16–12:09
6
What’s driving the Aussie dollar’s recent strength compared to other currencies?
12:09–13:44
7
Will the ECB deliver more rate cuts this year or hold steady at 2%?
13:44–16:19
8
Why should listeners monitor US weekly jobless claims for future rate moves?
16:19–17:56