Australian shares are poised to rise on Monday as renewed optimism around US trade negotiations grew after US President Donald Trump indicated flexibility on the July 9 tariff deadline.

Gains in gold, copper, and lithium prices are also helping offset a downgrade in Australia's commodity export earnings forecast, easing concerns over weakness in iron ore, coal, and liquefied natural gas markets.

The S&P 500 and the Nasdaq Composite each rose 0.5% last week, while the Dow Jones Industrial Average gained 1%.

In macroeconomic news, investors are eyeing the release of the Toronto Dominion Bank-Melbourne Institute inflation gauge, as well as housing and private sector credit reports.

In corporate news, Rio Tinto Group (ASX:RIO) ramped up its search for a new chief executive, according to a Monday report by The Australian, citing unnamed sources.

TPG Telecom (ASX:TPG) received a formal warning from the Australian Communications and Media Authority for allegedly breaching emergency call service rules after it failed to promptly report a network outage to Telstra (ASX:TLS), which handles emergency calls, according to a statement from the regulator on Monday.

Australia's benchmark index fell 0.4% or 36.6 points, to close at 8,514.20 on Friday.