NAB Morning Call

Hopes remain as real data starts to flow in

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Wednesday 30th April 2025

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We are in the thick of economic data today - Aussie CPI, European and US GDP, US wages and the core PCE deflator. We’ve just seen weaking confidence in the Conference Board’s latest survey. Yet equity markets continue to rise. In fact, the S&P has had its biggest six day rise since March 2022. NAB’s Taylor Nugent says some the optimism is the hope that tariffs will be wound back, with U.S. Commerce Secretary Howard Lutnick saying a trade deal has been reached, but he’s not going to say who with just yet. President Trump gives his big 100-day rally in a few hours’ time. It will be a beautiful thing.

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