Morning close showed the S&P 500 at 6,921.46, the Dow at 49,266.11, and the Nasdaq at 23,480.02.

Australia's goods trade surplus narrowed in November driven by weaker commodity exports and softer capital goods imports, hinting at a possible slowdown in business investment.

Australian shares were expected to rise as investors priced in significant US rate cuts, with expectations of a potential 150 basis-point Fed cut this year.

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GM signaled a pullback in EV production amid policy and demand headwinds, impacting the broader EV and hybrid transition narrative.

Oil rose, with US crude up about 3% and Brent around $62 a barrel as markets weighed ongoing supply concerns, including Venezuelan prospects.

Gold nudged higher as oil markets stabilized, with prices reflecting ongoing supply considerations.

Rio Tinto and Glencore are in preliminary merger talks that could lead to a takeover of Glencore by Rio Tinto, potentially creating one of the world's largest mining groups.

The discussions were confirmed by both companies after a Financial Times report, though there is no certainty about any offer or its terms.

The talks are expected to proceed via a court-sanctioned scheme of arrangement, with Rio Tinto as the potential acquirer, but no assurances of a deal or terms are given.

US markets finished mixed, with the S&P 500 and Dow edging higher while the Nasdaq declined.

Aristocrat Leisure extended its on-market buyback to up to AU$750 million through March 2027, citing strong cash flow and a balance of shareholder returns and growth investments.