Markets have been calm overnight, in wait and see mode ahead of a series of more important events this week. Phil Dobbie suggests to NAB’s Alex Stanley that there is a very slight risk-off sentiment, with uncertainty mounting over the outcome of the US China trade talks, ahead of the weekend deadline. Alex discusses the outlook for bond yields and the potential for year-end pressures in short term USD funding markets. The NAB Business Survey is out today. Last time forward looking indicators showed a glimmer of hope that conditions might be stabilising a little, but with business confidence and conditions well below the long-run average for most of this year there’s still a fair way to claw back.