Australia’s 10-year bond yield fell to around 4.12%, moving back toward a six-month low as expectations of imminent rate cuts outweighed optimism over the new US–Australia trade agreement. September’s jobless rate rose to its highest level since 2021, prompting markets to raise bets on an RBA rate cut to about a 70% chance of a 25 bps reduction, up from roughly 40% before the data release last week. Investors are now turning to upcoming economic data that could influence the RBA’s November policy decision, including flash PMI readings this week and the key Q3 CPI report next week. Meanwhile, risk appetite improved after a breakthrough between US President Donald Trump and Australian Prime Minister Anthony Albanese, who signed a critical minerals pact aimed at reducing reliance on China and potentially channeling billions of dollars into local mining projects.