Australian shares seen flat after Europe stocks rally on tariff delay
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The news: The Australian sharemarket is set to open flat as European stocks rallied after US President Donald Trump delayed placing 50% tariffs on European Union goods from 1 June to 9 July.
The numbers: Updated at 7.25am AEDT:
- ASX futures: up 0.1 points or 0.001% at 8,361 points
- Wall Street: Dow Jones, S&P 500 and Nasdaq did not trade on Monday
- Europe: CAC 40 up 1.21%, DAX up 1.68%, FTSE 100 did not trade
- Spot gold: down 0.41% at USD3,343.84 per ounce
- Oil prices: Brent down 0.06% to USD64.74/bbl, US WTI unchanged USD61.53/bbl
- AUD: down 0.14% at 64.89 US cents
- Bitcoin: up 0.44% to USD109,286.
The context: The EU said it planned to fast track trade talks with the US to avoid a transatlantic trade war and had offered to jointly remove tariffs on industrial goods, boost access for some American agricultural products and co-develop AI data centres.
Meanwhile, European Central Bank president Christine Lagarde said in a speech on Monday (Europe time) that the euro could become a viable alternative to the dollar if Europe strengthened its economic foundation and security capabilities.
What to watch: ALS will post its full-year results while Neuren Pharmaceuticals will hold its annual general meeting today.
