The MAGA MegaBill and Big Trade Deals
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What is the main topic discussed in this episode?
So are you ready for a busy week? 'Cause it's shaping up to be one. Will the MAGA Mega Bill, the big, beautiful bill, uh will that land on President Trump's desk for signature by Independence Day, which is on Friday. Uh China trade deal is supposedly done, of sorts, India could be next, but what about Canada and Europe and payrolls numbers this week as well? Busy, busy, busy.
What is the status of the MAGA Mega Bill and its chances of signing by Independence Day?
It's Monday, it's the thirtieth of June twenty twenty five. It's the morning call from NAB. Good morning. A record high for the SP at the close on Friday, up half a percent, and the Nasdaq also up half a percent on Friday, and a one percent lift in the Dow. So the SP is now up five percent year to date and almost fifteen percent over the last twelve months. So good times. And it's extended to Europe as well, where the DAX was up uh 1.6% on Friday, 1.8% for the CAT current, bond yields generally up two, three, or four basis points, up four, for example, for ten-year treasury. Canada was the exception where yields fell three basis points. Aussie ten years were at four point one three percent at the end of the day on Friday, up three basis points since on futures.
And the dollar was up, it lifted up a quarter percent on the DXY, the Aussie down by the same amount to sixty five point three US cents. But the Euro managed to gain against that rising US dollar, who was up almost naught point two percent. And oil was up too, not much for Brent. It's around sixty seven eight. But uh WTI is up nort four percent. So as always, there are many moving parts to what is uh going on, particularly this day, these day this day and age. Uh so let's start uh with what happened over the weekend with the nine hundred and forty page big, beautiful bill narrowly winning a uh a Senator vote. Uh that's not the final hurdle. I mean the text is still changing, uh but Taylor Nugent from Nab in Melbourne joins me.
I mean th there is hope that it's going to be approved in the Senate today, isn't it? It's it's already cleared the House by two hundred and fifteen to two hundred and fourteen, so one vote in it. This is seems to be progressing by the thinnest of margins. Are we gonna see any you know, with the moves over the weekend? Is it i is it the sort of thing that's gonna change markets in any way?
How did the Senate vote on the 940‑page bill and what does it mean for markets?
Will we see any reaction today, do you think? Uh
Look, I d I think that, you know, expectations were that the bill would would get through. Um I think that there was you know, we know that Donald Trump has that self imposed Fourth of July deadline for its passage and you know there were doubts creeping in that that that might not be a a particularly realistic deadline given some of the jostling that's still ongoing in in Congress. But I don't think any kind of It we didn't get too much new news around concessions or those sorts of themes that will be a big surprise to markets, I don't think. So, you know, the news we got over the weekend was that there was that um, you know, procedural uh uh um vote, uh, you know, very thin margins in in the Senate, fifty one to to forty nine, um, and then that, you know, allows it to progress to a vote on on Monday as as you
you say, um, which would, you know, if it does clear that hurdle, it would, you know, could theoretically get back to the House and and on Trump's desk ahead of that Fourth of July deadline. Um so, you know, there are some some movements there, um, and that Fourth of July deadline may be looking a little bit more possible than than where we were at at the end of last week after those those efforts over the weekend. Um but you know in terms of actual new news on on changes, I guess one thing to to point out there is that we did see, you know, separately to to what was happening in in the Senate, um, was uh Treasury Secretary Bessant uh did talk about uh or asked for the section eight nine nine or the so-called revenge tax provision to be removed from the bill.
Um and that was after an agreement on on minimum tax agreement. agreements with um with G seven countries. So, you know, that has been something that's been a a concern for investors.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:01–0:21
2
What is the status of the MAGA Mega Bill and its chances of signing by Independence Day?
0:21–2:05
3
How did the Senate vote on the 940‑page bill and what does it mean for markets?
2:05–6:30
4
What are the latest developments in US‑China trade talks and rare‑earth shipments?
6:30–11:29
5
Why are Canada’s digital services tax and US tariff threats affecting equity markets?
11:29–15:23
6
How are OPEC production increases and US consumption trends influencing oil prices?
15:23–16:04