Breakfast Briefing | 19 May 2026 | Oil and Bond Markets Jittery on Stalled US-Iran Talks

This morning's key themes: energy market uncertainty, persistent cost pressures, and continued softness in Australian property.US-Iran nuclear negotiations remain at an impasse, with the Strait of Hormuz effectively closed and oil sitting just above US$107 a barrel. That is keeping bond markets on edge, with the US 10-year yield at 4.59% and Australia's 10-year holding at 5.08%.Domestically, the property market continues to send cautious signals. The preliminary auction clearance rate came in at 57.5% last week, the fifth reading below 60% in seven weeks. Cotality recorded 1,939 capital city auctions, down 11% on the prior week.China's property downturn shows no sign of abating, with new home prices falling 3.5% in April from a year ago, the 34th consecutive monthly decline. Retail sales slipped 0.5%, adding to concerns about domestic demand. On the positive side, Singapore's non-oil exports surged 24.5% year-on-year in April, the fastest pace in 14 years.The Australian dollar is buying 71.6 US cents, gold is at US$4,547 per ounce, and Bitcoin is at US$76,661.Read the full Briefing at interest.com.au: https://www.interest.com.au/economy/668/no-change-middle-east-us-data-little-changed-still-negative-china-data-weaker-singapore#BreakfastBriefing #AustralianEconomy #InterestRates #PropertyMarket #Oil #Iran #China #Singapore #BondYields #Bitcoin