Australian shares are set to rise in line with a late recovery in New York as news emerged the US and China are set to revive trade talks as soon as this week.
ASX futures are pointing up 69 points, or 0.8 per cent, predicting the S&P/ASX 200 Index will reverse the prior session’s losses.
US stocks staged a rebound late in the session after the White House indicated it was pressing for a phone call between US President Donald Trump and Xi Jinping at some point this week. The Nasdaq Composite Index was up 0.7 per cent and the S&P 500 0.4 per cent.
After the closing bell, the US Customs and Border Protection agency said it would extend its tariff pause on some Chinese goods until the end of August.
Weak manufacturing data that stoked stagflation concerns and fears about the outlook for global trade had pushed stocks lower earlier in the session and boosted gold, with the precious metal surging 2.8 per cent amid renewed demand for safe havens.
The yield on thirty year Treasuries briefly topped 5 per cent amid renewed concerns about the economic impact of trade tariffs. The greenback slumped to a 2023 low, driving the Australian dollar above 1 per cent.
Source: https://www.afr.com/markets/equity-markets/asx-to-rise-s-and-p-500-edges-higher-20250603-p5m4d9