Australian shares set to lift after Mexico tariffs delayed

The news: The Australian sharemarket is set to reverse the sharp losses from the previous session, buoyed by US President Donald Trump’s decision to delay new tariffs on Mexico.

The numbers: Updated at 7:25am AEDT:

• ASX futures: up 54 points or 0.65% at 8,400 points
• Wall Street: Dow Jones down 0.05%, S&P 500 down 0.51%, Nasdaq down 0.87%
• Europe: FTSE 100 down 1.04%, CAC 40 down 1.20%, DAX down 1.40%
• Spot gold: up 0.67% to USD2,817.21 per ounce
• Oil prices: Brent up 0.24% to USD75.85/barrel, US WTI up 0.58% to USD72.95/bbl
• AUD: up 0.52% at 61.88 US cents
• Bitcoin: up 4.19% to USD101,775.70

The context: Wall Street's main indices pared losses after Trump delayed tariffs on Mexico and undertakes high-level discussions with Canada and China, a day after levying steep tariffs on the three countries that sparked a global scramble to safe-haven assets.

Meanwhile, fresh data showed US manufacturing grew for the first time in more than two years in January, and investors are awaiting quarterly earnings from several large US companies this week.