Sintra in Focus as Middle East Tensions Flare

• A rough end to the week as technology sector wobbles soured the mood, while the weekend brought a fresh escalation in the US-Iran conflict – the ceasefire has effectively broken down with both sides trading blame.
• Crude shed another 4.3% to around $72, capping a weekly loss of roughly 10% as the Middle East risk premium continues to leak out. Bond markets were steadier, the US 10-year flat at 4.38% and the 2-year edging down to 4.10%.
• The domestic calendar is relatively light this week. Kent speaks in Sydney this morning, though the real focus falls on Tuesday’s RBA Board meeting minutes – the market will be combing through every line for any shift in tone.
• Offshore, the ECB’s Sintra forum wraps up Wednesday with a marquee policy panel featuring Lagarde, Warsh, Bailey and Macklem. Four major central bank heads on one stage is a rare opportunity to gauge divergence in the global policy outlook.