ASX set to rise as Wall Street whipsaws on tariff turmoil

The news: The Australian sharemarket is set to open higher after a roller coaster session on Wall Street, with US President Donald Trump digging in his heels on tariffs and warning of increased levies on China.

The numbers: Updated at 7.25am AEDT:

• ASX futures: up 55 points or 0.75% at 7,392 points
• Wall Street: Dow Jones down 0.91%, S&P 500 down 0.23%, Nasdaq up 0.10%
• Europe: FTSE 100 down 4.38%, CAC 40 down 4.78%, DAX down 4.13%
• Spot gold: down 0.01% to USD2,982.98 per ounce
• Oil prices: Brent down 2% to USD64.27/bbl, US WTI down 2.08% to USD60.70/bbl
• AUD: up 0.08% at 59.90 US cents
• Bitcoin: up 0.81% to USD78,934.69.

The context: All three major US indices touched their lowest levels in more than a year over concerns of a global trade war, but briefly rallied sharply after social media rumours and news reports that Trump was considering a 90-day pause on tariffs. White House officials quickly denied the reports, sending the market back into the red. The real estate sector lost 2.4% to be the biggest percentage decliner among the S&P's 11 major industry indexes. Apple and Tesla were the biggest drags, while Nvidia and Amazon.com ended higher. Investors worried about signs of a recession will be watching out for several speeches by Federal Reserve officials and a series of economic indicators, including consumer price data, expected later this week.

What to watch: NAB’s monthly business survey; and Westpac’s latest report on consumer sentiment.