“Australia’s Trade Surplus Rebounds as Global Yields Ease on Softer US Data”

• Australia’s goods trade surplus rebounded to $3.9bn in September, bouncing back sharply from just $1.1bn in August as exports regained momentum.
• Non-monetary gold exports surged 62% ($2bn), unwinding much of August’s fall and continuing to drive monthly volatility in the trade balance.
• The Bank of England left rates unchanged overnight, though commentary suggested a gradual shift in tone toward potential easing at its final policy meeting of the year.
• US Treasury yields moved lower as softer labour market signals and lingering uncertainty around the US government shutdown and tariff disputes weighed on sentiment.
• The 10-year yield slipped 7bps to 4.09%, with the release of the October payrolls report now delayed amid the ongoing shutdown.