Talks with Xi, a Broken Bromance and Jobs Worries
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What did the 90‑minute Trump‑Xi call mean for global markets?
Donald Trump and President Xi spoke for 90 minutes and it was cordial. They've invited each other to visit, so maybe there's hope. But the bromance has blown up between Trump and Elon Musk. Tesla shares are the casualty of that today. The ECB cut, so is that it? For now at least. And non-farm payrolls tonight with another warning bell as jobless claims rise to the highest weekly number for quite a while. It's Friday, it's the 6th of June. In twenty twenty five. It's the morning call from Nab. Good morning. Well, a very simple message with equities this morning. The US is red. Europe is green. At close, the S P down half percent, the Dow down a quarter percent, the Nasdaq down naught point eight percent this morning, whereas in Europe the DAX closed up naught point two percent, not point one percent for the FTSE one hundred and for the Eurostocks fifty.
Not much movement in the US dollar. Well, there was a naught point four percent dip, but then a rapid recovery, keeping it just below ninety eight point eight on the DXY, but still the Aussie is 0.3% higher at sixty five point one US cents. The euro 0.2% up, same for the pound. The yen is 0.6% down. That is where the big difference is this morning. And US bond yields back up today, up four basis points for 10-year treasuries, up five for German Bundes, same in France. Aussie 10 years yesterday. We're up 4.24%. Today up a few basis points on that. And oil has bounced back up naught point eight percent for WTI, almost as much for Brent, which is now edging towards sixty-five US dollars forty a barrel. And uh Ken Compton on the call today from NAB in Sydney.
How are Tesla shares reacting to the end of the Trump‑Musk bromance?
So um it is obviously it's jobs week and it's a little less than encouraging with the numbers we've seen so far. And add to the list of less encouraging numbers ahead of the non farm payrolls is jobless. claims up to two hundred and forty seven thousand last week from two hundred and thirty nine thousand the week before. So looking back, it was two hundred and forty one thousand on May the first, but other than that, this I make it, this is the biggest weekly rise since july twenty twenty three. So this is a you know, it's another warning sign, isn't it? Yeah.
Yeah, good morning, Phil. It does play into the uh the that sort of undercurrent of concern or at least expectations that the US labour market is eventually going to have to crack under the under the tariffs pressure and also just the accumulated weight of uh policy having been tightened drastically over the past couple of years. You know, a a hundred points of cuts notwithstanding uh into an environment where you're uh throwing all the trade and tariff uncertainty on top of that. So I mean look there's as usual with non farm payrolls there's a There's a few reasons you could look at an individual print and point to uh reasons why there might be some seasonal factors involved, but uh but still, you know, sort of smoothing it out and taking an average.
You've still got the four the four week moving averages now back up to levels that were at last at in October last year. I guess you'd counter point.
For the jobless claims you talk about. Job job j
jobless claims, yes. So I I guess your counterpoint could be that obviously, you know, October last year that that came and went. Uh um yeah, and some of the the more sort of leading indicators that people try and look at to to fill things out and and and look ahead a bit, yeah, uh challenger layoffs. Uh um yeah, that's not showing too much concern yet. Obviously the Jolts job opening this week once again, uh that was actually a a positive surprise with with increased job openings. So um yeah
And
they
weren't being taken, were they? That's the thing. So the jobs were there, but they weren't being taken. So it was good and bad news though.
Yeah, I mean demand for labour is arguably a a a positive sign overall though. So um and I guess and and that's why sort of there was such a uh positive well uh negative reaction for bonds out of that at at at the time, you know, yields did jump quite a bit.
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Chapters
8 chapters
1
What did the 90‑minute Trump‑Xi call mean for global markets?
0:01–1:35
2
How are Tesla shares reacting to the end of the Trump‑Musk bromance?
1:35–3:44
3
What are the latest US jobless‑claims trends and why do they matter?
3:44–5:38
4
How is the ECB rate cut influencing European bond yields?
5:38–7:27
5
What does the consensus forecast say about tonight’s non‑farm payrolls?
7:27–9:17
6
Can India realistically replace China as Australia’s mineral export destination?
9:17–11:14
7
Why is Australian consumer spending showing only modest growth?
11:14–13:20
8
What are the key risks to the US dollar’s reserve‑currency status?
13:20–15:04