US markets finished modestly higher on Monday as investors looked past renewed trade tensions and focused on the start of second-quarter earnings season. The S&P 500 rose 0.14% to 6,268.56, the Dow gained 88 points to 44,459.65, and the Nasdaq hit another record close at 20,640.33.
Over the weekend, President Trump announced plans to impose 30% tariffs on EU and Mexican goods starting August 1, but both sides signalled they would continue negotiations. Investors appear to be betting that most of the proposed duties will be watered down.
Earnings season and inflation in focus
Attention now shifts to a wave of corporate earnings, with major banks including JPMorgan reporting results from Tuesday. Inflation data will also be key, with June CPI due tonight. Analysts expect evidence of mild tariff-related price pressures, but no sharp jump yet.
Bitcoin hovers near record, oil slides
Bitcoin briefly hit a record above US$123,000 before easing back to around US$120,100. It remains buoyed by strong ETF inflows and expectations of clearer US regulation. Oil prices fell, with Brent down 1.8% to US$69.11 a barrel, after Trump’s latest Russia plan excluded direct sanctions on Moscow’s energy exports.
Australian market outlook and today’s agenda
The ASX is set to open higher, with futures pointing up 54 points or 0.6% to 8602. Locally, attention turns to the June Westpac-Melbourne Institute Consumer Sentiment report, which is expected to show continued improvement. Overseas, China will release key June economic data, while US inflation figures are due late tonight.
