Report published August 28, 2026
Westpac Morning Report: RBA Rate Hike Fully Priced, Nvidia Surges, and Oil Climbs (28 August 2026)
Source and citation context
- Issuer
- Westpac
- Report date
- August 28, 2026
- Analysis as of
- August 28, 2026
Authors / editors: Mantas Vanagas (Author)
Finvaulta summarizes Westpac's analysis. Attribute opinions, forecasts, time-sensitive values, and chronology to the issuer and report date; do not treat this page as an independent verification or a current market-data source.
Geopolitical tensions and rising oil prices weighed on global sentiment, though US equities were buoyed by strong forward guidance from Nvidia. In Australia, markets moved to fully price in an RBA rate hike by year-end following strong consumer spending and earlier CPI upside.
Key Takeaways
- 1.Australian markets are now fully pricing in an RBA rate hike before year-end following July's upside CPI surprise, driving a 7bp surge in front-end Australian bond yields.
- 2.Nvidia projected a 70% revenue growth for next year, lifting its shares by 8% and the S&P 500 tech sector by over 3%, supporting broad US equities despite weakness in value sectors.
- 3.Geopolitical tensions rose with US-Canada trade friction and US rejection of Iran MoU talks, pushing Brent and WTI crude contracts up ~2%.
Table of Contents
- Key themes
- Data snapshot
- Financial Markets
- Today's key data and events
- International Data
- Local Data
- Corporate Directory
- DISCLAIMER
Report data
FX Last 24 hrs — as of August 28, 2026.
| Metric | Estimate | Context |
|---|---|---|
| Australia Private Capex | -3.6% | Surprised on the downside, falling 3.6% q/q in the June quarter 2026, though up 10.7% y/y. |
| Australia Household Spending | 1.1% | Rose 1.1% m/m in July, lifting annual growth to 7.0% y/y with 3-month pace accelerating to 3.3%. |
| US Wholesale Inventories | 1.3% | Jumped 1.3% m/m in July, well above expectations of a 0.2% lift. |
| US Trade Deficit | 119 USD billion | Advanced estimate widened from $101bn to $119bn in July as imports rose 3.7% m/m. |
| Australian 3-Year Government Bond Yield | 4.67% | Yield closed up 7bp amid repricing of RBA interest rate expectations. |
Reports in this series
Morning Report is shown in chronological order through this edition, published on August 28, 2026.
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Authors / Editors
Reported Data Context
- Australia Private Capex: -3.6 % (Q2 2026)
- Australia Household Spending: 1.1 % (July 2026)
- US Wholesale Inventories: 1.3 % (July 2026)
- US Trade Deficit: 119 USD billion (July 2026)
- Australian 3-Year Government Bond Yield: 4.67 % (2026-08-28) · Source: Bloomberg