Risk sentiment into Monday's open is shaped by three overlapping forces: stalled US-Iran diplomatic progress that is keeping Brent crude anchored near $94 per barrel after six consecutive sessions of gains, a Treasury market where the 30-year yield is holding around 5.23% as Secretary Bessent's fiscal consolidation messaging has yet to materially relieve long-end pressure, and a VIX that has fallen to 15.13 — down 5.5% on Friday — suggesting equity markets are, for now, treating geopolitical and rate risks as manageable. Central bank divergence adds another layer of complexity: the BoJ is increasingly positioned for a September hike after Japanese core CPI printed at 1.8% year-on-year, the ECB is weighing a further move on energy-driven inflation, and the RBA held rates steady while retaining an explicit tightening bias, leaving the Australian dollar exposed to any hawkish repricing. The cross-asset read for Asia-Pacific markets opening today is broadly cautious-but-not-alarming: Wall Street ended Friday higher across all major indices yet still posted weekly losses — Nasdaq off 2.1%, S&P 500 off 1.4% — meaning the positive Friday close provides only a partial tailwind. The ASX 200 closed down 0.27% on Friday and, with the ASX VIX at a very low 10.51, near-term complacency could be vulnerable to any weekend escalation in the Gulf; resources names will take their cue from firm gold (up 2.39% to $4,624/oz), a strong copper print ($6.58/lb, +1.85%), and the aluminium surge of 4.76%, while rate-sensitive sectors face headwinds from a yield curve that is still steepening at the long end.