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US indices are down as CPI data indicates tariff costs are being passed on to consumers, lowering the likelihood of interest rate cuts. The Hang Seng Index rose 0.7% this morning, reaching its highest level in four months.

After Trump's announcement of a 30% tariff on EU goods, the EU responded with a finalized second list of countermeasures targeting US goods worth €72 billion ($84 billion), including Boeing aircraft, automobiles, and bourbon—if it decides to retaliate—as transatlantic trade tensions intensify.

The Australian dollar weakened this morning to around $0.656, reversing gains from last week, as renewed tariff threats from Trump raise concerns of a potential global trade war. Trump has proposed a 200% tariff on Australian pharmaceuticals, which, if implemented, could cost the Australian economy up to A$2.8 billion.