Morning Report 12 May 25: US investors hold off ahead of Geneva trade talks

US stocks eased ahead of the upcoming US-China trade talks, with energy stocks leading gains in the S&P 500 after a rebound in oil prices. Pharmaceutical stocks remained under pressure amid ongoing regulatory concerns, while Tesla shares staged a notable recovery despite prior underperformance. Meanwhile, weaker-than-expected Chinese inflation data created headwinds for AXS miners, adding further uncertainty to the market. Locally, SPI futures suggest a modest gain for the ASX200, while the Aussie dollar holds steady as investors await more details on trade negotiations. The content in this podcast is prepared, approved and distributed in Australia by Commonwealth Securities Limited ABN 60 067 254 399 AFSL 238814. The information does not take into account your objectives, financial situation or needs. Consider the appropriateness of the information before acting and if necessary, seek appropriate professional advice.