Westpac and NAB Surveys in Focus Today

• Risk sentiment steadied overnight after G7 finance ministers flagged the potential use of strategic oil reserves if supply disruptions deepen, helping ease some of the pressure that had built in energy markets.
• Oil surged during yesterday’s Asian session, with Brent briefly nearing $120 a barrel, before retreating toward $90 a barrel as the policy signal suggested authorities may step in to stabilise supply if needed.
• In US rates, the 10-year Treasury yield touched 4.21% during trading yesterday before easing back overnight to around 4.11%.
• Australian bond futures saw heavy selling yesterday, with the 3-year implied yield reaching about 4.63%, before futures recovered overnight.
• Up today are the Westpac Consumer Confidence survey and the NAB Business Survey, both expected to give an early read on how recent geopolitical tensions are influencing sentiment among households and businesses.