Friday 20th February 2026

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Australia’s unemployment rate held steady at 4.1%, reinforcing the case for a potential RBA rate hike in May as the labour market remains tighter than expected. Meanwhile, oil prices have surged above $71.80 a barrel as the U.S. bolsters its air power in the Middle East to levels not seen since 2003, creating a volatile backdrop of geopolitical risk. While the U.S. continues to show economic resilience with a strong labor market, a record-high trade deficit and cautious outlooks from major retailers like Walmart are tempering global market optimism. NAB’s Skye Masters joins Phil to talk through the overnight market news.

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Thursday 19th February 2026

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Financial Services Guide | Information on our services - NAB

Things are heating up in the Middle East, with Iran getting itself ready in case talks fail. As a result oil prices have moved up sharply, with Brent back over $70 a barrel. While the geopolitical scene is tense, tech stocks are bouncing back, perhaps using a set of moderately optimistic second-tier data as the reason. Meanwhile NAB’s Gavin Friend talks through UK inflatioin, which has cooled to 3%, and Aussie wages holding steady at 3.4%. Australian employment numbers are out today and, to top it all off, the tech world is bracing for Mark Zuckerberg’s landmark testimony on whether Meta’s algorithms are intentionally addictive—an outcome that could have a big impact on share prices. Gavin also manages to sneek in the FOMC minutes, just released.

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Wednesday 18th February 2026

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Financial Services Guide | Information on our services - NAB

A choppy session for equities, bonds and energy, as Iran went from powder keg to hopes of peace. As NAB’s Rodrigo Catril says the talks have a long way to go and oil is still well down despite the switch in sentiment. Phil and Rodrigo also break down the pound’s 0.6% slide following a rise in UK unemployment to 5.2% and they dive into the RBA’s latest minutes, which showed a hold was given consideration. There’s also discussion on Canada’s "slow grind" disinflation and a look ahead to today’s Australian Wage Price Index and the RBNZ rate decision.

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