Australian shares are poised to rise as US stocks pared gains and traders assessed the latest reports on the White House’s progress in fleshing out trade deals with top economic partners. The S & P 500 was 1.6% higher after rising nearly 3% earlier following Bloomberg News’ report of closed-door comments by Treasury Secretary Scott Bessent saying the tariff standoff with China is unsustainable and that he expects the situation to de-escalate. In a private speech in Washington for JPMorgan Chase, Bessent also cautioned that talks between the United States and China had yet to formally start. “I do say China is going to be a slog in terms of the negotiations,” Bessent said according to a transcript obtained by The Associated Press. “Neither side thinks the status quo is sustainable.” Gold retreated after topping $3,500 an ounce for the first time as traders booked profit following a nearly 10% rally this month. Bullion fell by as much as 1.5%. Aviation giant Boeing lifted after agreeing to sell parts of its digital aviation business to Thoma Bravo. Market highlights ASX futures are pointing up 87 points or 1.1 per cent to 7923. All US prices are as of 2pm New York time. AUD -0.5% to 63.83US¢ -0.5% to 63.83US¢ Bitcoin +5.3% to $U91,480 +5.3% to $U91,480 On Wall St: Dow +2.1% S & P +1.5% Nasdaq +2.3% +2.1% +1.5% +2.3% VIX down 1.9 points to 31.88 down 1.9 points to 31.88 Gold -0.6% to $US3402.15 an ounce -0.6% to $US3402.15 an ounce Brent oil +2.0% to $US67.56 a barrel +2.0% to $US67.56 a barrel Iron ore -0.7% to $US98.65 a tonne -0.7% to $US98.65 a tonne 10-year yield: US 4.39% Australia 4.25% Today’s agenda Tesla is set to report after US markets close. The stock is down 40% this year. Morgan Stanley’s Adam Jonas writes in a note: “[The results] face the lowest margin expectations in 12 years. Stock reaction will be dictated by company’s ability to address sub-VW margins and likely cash burn, confidence in ‘robo’ and a sense of increased attention from their CEO.” The Federal Reserve’s Beige Book is out. S & P issues its global manufacturing and global services PMI for April. Top stories Australia faces hit from Trump’s trade war | The IMF has cut its growth forecast for Australian by half a percentage point, in a sign the country won’t be immune from a global slowdown triggered by Trump’s trade war. Inside the plot to ‘get rid’ of Peter V’landys | In his climb to the top of racing and rugby league, Peter V’landys has broken the rules and challenged the system. But now some in the system are fighting back. How the housing crisis is putting even the safest seats at risk | Pollsters have sounded the alarm about the disruptive potential of Millennial and Gen Z voters who are priced out of their own home and do not trust the major parties. Dutton says polls could be wrong as he lashes PM’s ‘mistruths’ | “You couldn’t lie straight in bed,” Peter Dutton told Anthony Albanese as the pair faced off for their third leaders debate. Musk should get the hell out of DOGE to help Tesla. He won’t | Tesla’s March-quarter earnings call provides the perfect chance for Elon Musk to stop the bleeding at Tesla. Don’t hold your breath, writes James Thomson.