Australian shares are expected to open with a mild uptick on Monday as US President Donald Trump showed openness to discussions with Chinese President Xi Jinping about a potential tariff truce.

Trump expressed confidence that speaking with the Chinese president can ease the ongoing trade issues between the countries.

Overnight, the S&P 500, the Nasdaq Composite, and the Dow Jones Industrial Average each fell 0.3%.

In macroeconomy, investors are eyeing the release of the ANZ-Indeed Job Ads.

In corporate news, Sigma Healthcare's (ASX:SIG) merger with Chemist Warehouse prompted the pharmacy retailer's stakeholders to sell AU$2.8 billion of their holdings, according to a May 30 report by the Australian Financial Review, citing research and advisory firm Ownership Matters.

Coles Group (ASX:COL) will reduce prices on over 300 winter products, including meat, dairy, wines, pantry items, and snacks, effective Wednesday, for the next 12 weeks, according to a Monday statement by the company.

Australia's benchmark index was little changed on Friday to close at 8,434.70.