US confidence slides, tech expectations rise, Aussie CPI out today
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Why is US consumer confidence sliding despite a strong stock market?
The Bank of Canada and the Fed are just around the corner, along with a whole heap of tech earnings, and Donald Trump is in deal-making mode. This time with Japan on rare earths. Next, we assume there's going to be that deal with China. Whilst back in the US, the shutdown continues, and many on low incomes are about to feel the hurt. Not surprising then. Consumer confidence is sliding. And Australian CPI today, uber important when it comes to figuring out where next for the RBA. It's Wednesday. It's the twenty-ninth of October twenty twenty-five. It's the morning call from Nab. Good morning. Well the US dollar is slightly weaker, but the Aussie is up almost half percent this morning, around sixty-five point nine US cents.
The yen is up by a similar amount. Compare that to the pound, which fell naught point four percent. We've seen further rises in US equities. The Nasdaq is up naught point six percent, a quarter percent for the S P, which hit a new intraday high uh in this session, whereas we saw a half percent fall in the ASX two hundred yesterday, but maybe it'll pick up on the back. Of those uh gains in the US. Nothing much happening with bonds and oil is down. 1.9% off WTI, 1.8% off Brent, gold down further today as well, sitting well below 4,000 now, uh again because of a large outflow from ETFs. And here's now the Ken Crompton in Sydney. So tech stocks up. I guess this is because we're about twenty-four hours from getting earnings results from Microsoft, Google and Meta, and then a day later we get Apple and Amazon.
This is the uh the the real test, isn't it, about AI? We're gonna have lots of questions about future earnings, payback on investment, the sustainability of the of this spurt in shares driven by AI. Is AI gonna be the is it gonna deliver? That's gonna be the question.
Yeah, morning Phil.
How are upcoming tech earnings expected to influence AI‑driven market sentiment?
I think that that's certainly gonna be the case. I mean I mean the thing that's still unresolved in my mind as to whether the massive productivity gains from AI is something that we're gonna uh something that we're in the midst of at the moment or are gonna see very soon, or whether this is something more akin to the introduction of desktop personal computing, you know, where those devices started to become available in the late eighties, early nineties, but the productivity gains sort of probably followed uh uh a a d a decade, decade or so later once people figure out how to use them. Yeah. This this this time could be different, but um but certainly that that's the thing that still needs to be sort of worked through.
And in the meantime there's some eye watering CapEx numbers, you know, being thrown out there. You know, you can sort of aggregate these numbers into into the trillions across um
Yeah.
Yeah, a across the key players involved and um you know, we're seeing more headlines overnight with things like um, you know, sort of Google um sort of signing deals to get to get another nuclear power plant reopened. That's been a common a common theme over the past few months. I think um you know the the the the big headlines a few months ago were Microsoft getting uh get getting part of the three mile island plant reactivated in the US, that sort of thing. That's gonna be not the only theme as well. There's a lot of And then
we've had the NVIDIA CEO as well just giving a speech just an hour or so ago about uh how uh their future twins infrastructure with energy. So um, you know, we were seeing a lot more of this vertical integration happening where, you know, where big big tech actually become energy companies. So I mean it's a juggernaut, isn't it?
Yeah. And I mean it'd be interesting to see sort of what what the end game there is. Um yeah. I mean the The US has uh has has placed a lot of faith in in relatively cheap energy costs, sort of underpinning some of the the expansion they're looking for under um under President under President Trump. Um they certainly seem to seem seem to be helping to to lead the way in that. So that's certainly un underpinning some of their growth prospects.
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Chapters
8 chapters
1
Why is US consumer confidence sliding despite a strong stock market?
0:01–1:50
2
How are upcoming tech earnings expected to influence AI‑driven market sentiment?
1:50–3:39
3
What do the latest Conference Board numbers reveal about US job prospects and hiring trends?
3:39–5:56
4
How will today’s Australian CPI impact the RBA’s upcoming rate decision?
5:56–7:55
5
What are the implications of the rare‑earth deal between the US and Japan for the Aussie dollar?
7:55–10:10
6
Why are market participants betting on a Fed rate cut tomorrow?
10:10–13:08
7
How might the Bank of Canada’s policy move affect global currency markets?
13:08–15:21
8
What are the key takeaways from today’s morning call for investors?
15:21–17:11