US stocks have posted modest gains to start June, as investors largely shrugged off renewed global trade tensions. Steel and aluminium shares jumped after President Trump pledged to double tariffs on the metals, though the move is expected to raise production costs for automakers. Elsewhere, European markets stumbled in response to the latest tariff threats, while energy shares in North America rose more than 1% as wildfires threatened Canadian oil supply. Meanwhile, the US dollar slipped, providing support for commodities—gold climbed to a three-week high and US copper futures surged amid growing tariff concerns. Closer to home, Aussie shares are set to open higher ahead of the Reserve Bank’s meeting minutes, with the Aussie dollar edging closer to 65 US cents.

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