Oil surges 12% on output cuts, weighing on equities and bond yields

Brent crude jumped 12% as major oil producers reduced output, triggering broad losses across European equities and US futures. The dollar strengthened on safe-haven demand while bond yields climbed, signaling hawkish repricing in central bank expectations. Precious metals faced headwinds from dollar strength. Upcoming catalysts include US NY Fed Survey of Consumer Expectations, Australian Westpac Consumer Confidence, Japanese Q4 GDP Final, a G7 emergency oil reserves meeting, and remarks from ECB officials Elderson and Cipollone.