Looking through the fog of war

About this episode

Phil Dobbie and Skye Masters discuss the resilience of U.S. equity markets amidst ongoing conflict and rising costs.

Thursday 23rd April 2026 NAB Markets Research Disclaimer   Financial Services Guide | Information on our services -   NAB In today’s NAB Morning Call, Skye Masters joins Phil to analyse why U.S. equity markets appear to be "looking through the fog of war" as they push to new all-time highs—with the S&P 500 breaking above 7,000—even as oil prices and bond yields remain significantly elevated. As the conflict in the Gulf persists, Skye questions this "curious" appetite for risk and whether investors are underestimating the long-term structural shifts toward higher costs and localized resilience. The discussion covers the latest UK CPI data for March, which demonstrates the immediate inflationary impact of the conflict, and looks ahead to today’s PMI releases, which are expected to further highlight the economic divergence between a robust U.S. and a softening European landscape. Hosted on Acast. See acast.com/privacy for more information.

People in this episode

Host: Phil Dobbie

Guest: Skye Masters

Topics covered

• U.S. equity markets
• oil prices
• bond yields
• inflation
• economic divergence
• Gulf conflict

Keywords

• equity markets
• oil prices
• bond yields
• inflation
• S&P 500
• UK CPI
• PMI releases

Mentioned in this episode

Organizations: NAB

Books & works: S&P 500

Places: U.S., UK

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