Stocks to open higher, climate talks, tariff latest

Good morning, it's Ainslie here in Sydney, with all the news about Katy Perry going to space. But first...Today's must-reads:• Australian st

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Good morning, it's Ainslie here in Sydney, with all the news about Katy Perry going to space. But first... Today's must-reads: • Australian stocks to climb • Adelaide picked for potential climate talks • Wall Street traders' biggest ever quarter

What's happening now

Australian stocks look set to open higher this morning, after a positive Monday in US markets. Stocks and bonds in the US notched twin rallies after a wild week in the grip of President Trump's trade war. The S&P 500 gained almost 1%. Apple extended a two-day surge to more than 6% to lead gains in megacaps.  Adelaide will host the  COP31 global climate conference in 2026 if Australia's government wins reelection and succeeds in a joint bid with Pacific nations to stage the UN-backed summit. "It's an economic boost for wherever it's held," Prime Minister Anthony Albanese said Monday on a campaign stop in the city of about 1.5 million people in South Australia-state. And you might have thought Australians were mad about sports gambling but in India, betting on the Indian Premier League cricket is so frenzied that its an operational nightmare for banks, writes Bloomberg Opinion's Andy Mukherjee. The two-month-long cricket league is a major catalyst for annual Indian gambling demand in excess of $100 billion, according to analysts. Sunrisers Hyderabad's Heinrich Klaasen attempts to run out Rajasthan Royals' Rovman Powell (L) during the Indian Premier League (IPL) Twenty20 cricket match. Photographer: Noah Seelam/AFP

What happened overnight

More on tariffs: The Trump administration pressed forward with plans to impose tariffs on semiconductor and pharmaceutical imports by initiating probes led by the Commerce Department. Meanwhile, Trump said he's exploring possible temporary exemptions to his tariffs on imported vehicles and parts to give auto companies more time to set up US manufacturing. And even on TikTok, US consumers are not immune to tariff talk. They are being inundated with videos from Chinese influencers encouraging American buyers to overcome punitive Trump tariffs by buying direct from the "world's factory" — China. Worries over global trade dragged the US dollar to a six-month low on Monday, leaving investors bracing for more weakness ahead. The Bloomberg Dollar Spot Index extended declined for a fifth day, falling a total of 3.3% during that stretch.  Wall Street's biggest stock traders just delivered their best quarter ever. And that was before the trade war made stock and bond markets even wilder.  Goldman Sachs became the latest firm to report its highest-ever quarter for equity trading, after JPMorgan Chase & Co. and Morgan Stanley hit similar milestones last week amid volatility triggered when Trump took office with a raft of audacious policies.  And a Blue Origin rocket sent pop star Katy Perry and company founder Jeff Bezos' fiancee Lauren Sánchez on a trip to the edge of space and back, the first time an all-female crew went to space in more than 60 years."I feel super connected to love," Perry said afterward, holding a Daisy she brought with her to space. "It is the highest high, it is surrender to the unknown." Gayle King, Aisha Bowe, Lauren Sanchez, Amanda Nguyen, Katy Perry and Kerianne Flynn Source: Blue Origin

What to watch

11:30 a.m. RBA releases April policy meeting minutes

One more thing...

Toho Co., the Japanese studio behind Godzilla and the anime Jujutsu Kaisen, has allocated ¥120 billion over the next three years to fuel its global expansion, betting on the rising international demand for Japanese films and anime. The initiative marks a strategic pivot toward overseas markets as growth at home is expected to slow over the next decades due to aging demographics. A woman poses for a photo in front of an installation to promote the film Godzilla Minus One, in Tokyo.  Photographer: Richard A. Brooks/AFP

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