World stocks are headed for a second straight week of gains and the dollar for its first weekly rise in more than a month as investors take comfort from signs the US and China are prepared to pull back from their trade war.

Europe’s benchmark STOXX index rose 0.3 per cent on Friday on hopes of an easing of trade tensions, buoyed also by a range of positive corporate earnings reports from Finnish forestry group Stora Enso to French jet engine maker Safran.

US futures, likewise, climbed after tech giant and Google parent Alphabet also beat profit expectations and reaffirmed AI spending targets, pushing its shares up nearly five per cent in after-hours trade and pulling along peers.

The dollar, which has taken a beating through a volatile few weeks of tariff announcements, reversals and a flight out of US assets, found a footing around $US1.1330 per euro and 143.4 Japanese yen.

“The peak in terms of threatened tariff rates is likely behind us,” said Eli Lee, chief investment strategist at Bank of Singapore.

“In terms of the US-China stand-off, both sides have indicated they would not raise rates beyond current levels.”

Tit-for-tat tariffs that began with US President Donald Trump’s announcement of hefty import levies on April 2 had threatened to stall trade between the world’s two biggest economies and sparked fears of a slowdown in global growth.

This week, the US shifted its tone and said the situation was unsustainable, and China is considering exempting some US imports from its 125 per cent tariffs in the biggest sign yet of Beijing’s concerns about the economic fallout.

In Hong Kong, the Hang Seng rose one per cent and there were small rises for mainland China’s Shanghai Composite and blue chip CSI300.

In Japan, the Nikkei was up 1.8 per cent on Friday and has regained all its losses since Trump’s announcement of the highest US tariffs in 100 years – levies he largely suspended, except for China and a baseline tariff of 10 per cent.

“There is probably a feeling from market participants that they have regained some ‘control’ on the US government, and can somehow force a more friendly stance on key topics,” said ING currency strategist Francesco Pesole in a note to clients.

“Investors will be seeking confirmation of the more optimistic stance on US assets to justify further dollar gains.”

The US dollar index was up 0.2 per cent for the week at 99.623.

Despite the positive mood, there were also plenty of warning signs that markets’ surface calm may not last long.

Overnight Procter & Gamble, PepsiCo, Chipotle Mexican Grill and American Airlines all cut or withdrew forecasts due to elevated uncertainty among consumers.

Gold was firm at $US3,296 an ounce and analysts at Phillip Securities in Singapore noted the Gold/S&P 500 ratio, a gauge of investors’ gloom, was at its highest since the pandemic-driven bear market of 2020.

Pressure eased on the US Treasury market which was sold off heavily as Trump’s tariff barrage rattled confidence in US leadership and assets, with 10-year yields steady at 4.30 per cent on Friday. 

Japanese yields rose along the curve after a hotter-than-expected Tokyo inflation reading.

A “messy” campaign has left the coalition failing to resonate with voters, analysts say, amid a fresh plunge in the polls.

The coalition’s primary vote has dropped to 31 per cent, down from 33 per cent last week, the latest YouGov poll provided to AAP shows.

Labor’s primary vote is up 0.5 per cent to 33.5 per cent.

The lowest-ever primary vote the coalition has received in YouGov polling is driven by the opposition leader’s unpopularity, director of public data Paul Smith says. 

“The public have clearly made a decision that they don’t want Peter Dutton as prime minister,” he told AAP.

The YouGov polling shows Labor leading the coalition by 53.5 per cent to 46.5 per cent on a two-party preferred basis.

The poll results indicated the largest turnaround and rejection of an opposition since 1993, when then-coalition leader John Hewson led prime minister Paul Keating in the polls for two years until “it all changed in the campaign”, Mr Smith said. 

ANU historian Frank Bongiorno said the coalition’s campaign had been consistently poor with its electoral strategy marred by backflips and missteps.

“I don’t recall a campaign quite as messy,” Professor Bongiorno told AAP.

“Simply waiting around for a government to fall over is a pretty dangerous sort of strategy.

“(Mr) Dutton and the coalition seem to believe that you go out and pursue seats in the outer suburbs and the regions through particular issues, such as the cost of living and perhaps also culture wars.”

Mr Dutton’s focus on soft populism rather than hard policies could be shaped by his “instinctive” conservative Queensland political background and was not resonating with a wide swathe of voters, Prof Bongiorno said.

“They (the coalition) have failed to really chase the votes they need in other areas, including large parts of the major cities that have gone over either to Labor, the Greens or teals.”

Labor’s support is higher than its 2022 federal election result of 52.1 per cent, while the coalition’s is 4.7 per cent lower than it achieved at that election.

Anthony Albanese (50 per cent) has also extended his lead over Mr Dutton (35 per cent) as preferred prime minister.

Mr Dutton’s net satisfaction rating dipped to minus 18 from minus 10 last week, while Mr Albanese’s was down slightly to minus seven from minus six. 

“Anthony Albanese is for the first time the preferred prime minister amongst all states, amongst women and men and in regional and rural Australia, as well as the capital cities,” Mr Smith said.

A separate poll reinforces the challenge facing Mr Dutton to become prime minister, after he was viewed as the most distrusted politician in the country.

The opposition leader was considered to be 220 per cent more distrustful than Mr Albanese, the Roy Morgan survey shows.

YouGov polling also shows One Nation could benefit from the slide away from the coalition, with the party up 3.5 per cent to 10.5 per cent.

“It positions them well to probably have their best result in decades,” Mr Smith said.

The coalition had a strategy of winning in working-class seats but its now-dumped policy of banning public servants from working from home “completely alienated a large group of voters”, he said.

The YouGov poll of 1500 voters was conducted between April 17 and Tuesday, with a margin of error of 3.3 per cent.

China has warned a G20 meeting that world economic growth is “insufficient” as tariff and trade wars exacerbate economic and financial instability and sap growth momentum.

Speaking at the group’s meeting in Washington DC, Finance Minister Lan Fo’an called on all parties to strengthen multilateral co-operation, saying that China supported dialogue and consultation “on equal footing” to settle trade and tariff disputes.

Other participants at the finance ministers and central bank governors meeting also flagged the significant increase in risks to global growth from trade tensions, tighter financing conditions and long-term structural challenges, according to the PBOC statement.

They also called for strengthening dialogue and policy coordination, the statement said without referring to the United States.

Meanwhile, People’s Bank of China Governor Pan Gongsheng said economic fragmentation and trade tensions had disrupted supply chains, weakening the momentum of global economic growth, the central bank said in a separate readout on Friday.

Pan also told the meeting, which took place on Wednesday and Thursday, that the world’s major economies should strengthen their participation in international macroeconomic and financial policy coordination.

The Group of 20 major economies were meeting in the wake of US President Donald Trump’s announcement of hefty tariffs on imports that have triggered turmoil in financial markets and prompted the International Monetary Fund to cut its growth forecasts for most countries around the world.

While Trump later put some of the tariffs on hold, he raised China levies to 145 per cent, and maintained a universal import tariff of 10 per cent as well as 25 per cent duties on cars, steel and aluminium.

The US indicated talks were taking place with China on tariffs but Beijing on Thursday denied that, demanding the US drop the levies.

Lan also urged for better implementation of the debt treatment mechanism under the G20’s Common Framework, and said all parties should pool more resources for Africa’s development and strengthen Africa’s capacity-building.

The finance ministry said Lan held bilateral meetings and exchanges with representatives from countries and organisations including South Africa, the European Commission, Pakistan, Germany, South Korea, Indonesia, Britain, Japan and the World Bank.

The meetings were mainly to discuss the macroeconomic situation, key issues of the G20 fiscal channels and bilateral cooperation, the readout said.

From major cities to regional towns and suburban centres in between, Australians have gathered to commemorate the nation’s veterans on Anzac Day.

On the 110th anniversary of the Gallipoli landings, tens of thousands attended dawn services and marches before the more-solemn activities gave way to traditional games of two-up at the pub.

While the majority of the morning’s events were sombre and respectful, a handful were disrupted with interjections, booing and heckling.

At Melbourne’s dawn service, a self-professed neo-Nazi was arrested after booing and calling out during a Welcome to Country from an Indigenous elder, actions that were widely condemned.

Prime Minister Anthony Albanese, who attended the dawn service at the Australian War Memorial in Canberra, said there was no place for those who disrupted the service.

“A neo-Nazi disrupting Anzac Day is abhorrent, un-Australian and disgraceful,” he said.

Veterans’ Affairs Minister Matt Keogh described the behaviour as disgraceful.

A heckler also disrupted a Welcome to Country in Perth during commemorations, while an attendee at the Canberra event shouted “free Palestine” before the national anthems were played.

Elsewhere, bouts of heavy rain in Sydney and Brisbane were no deterrent as large crowds gathered for early services and subsequent parades.

Anzac Day, held annually on April 25, recognises the more than 1.5 million Australians who have served in wars and peace operations, including 103,000 who lost their lives.

Among the crowd at the Sydney dawn service was Gwen Cherne and her children, who lost their husband and father Peter to suicide in 2017 after a long and distinguished military career.

She now serves as Veteran Family Advocate Commissioner, saying she personally understood the sacrifices of veterans and their families who “make sure our society doesn’t crack”.

At Elephant Rock on the Gold Coast, a solemn acknowledgement of sacrifice was held with the ashes of veterans who had recently died given a ceremonial burial at sea during one of Australia’s most poignant dawn services.

Mr Albanese, who like his political opponents suspended election campaigning on Friday for the commemorations, said Anzac Day was a day to contemplate the debt today’s citizens owed to those who served.

“Each year, we renew our vow to keep the flame of memory burning so brightly that its glow touches the next generation and the generation after that,” he said.

Opposition Leader Peter Dutton laid a wreath at a dawn service in his electorate of Dickson in Brisbane’s northern suburbs, alongside his wife Kirilly.

He said commemorations in 2025 were particularly significant, coming on the 80th anniversary of the end of World War II.

“Barely a city or town, a suburb or street, a community or citizen was unscathed in some way by the catastrophe of that all-encompassing conflict,” Mr Dutton said.

Dawn services and marches across the nation honoured the enduring contributions of service personnel at Gallipoli and the 110 years since, RSL Australia national president Greg Melick said.

“The Gallipoli campaign was the first major military action involving Australian and New Zealand forces,” he said.

“They held their ground against almost impossible odds for eight months in the ravines and gullies of that rugged battleground, suffering terrible casualties.

“They fought with endurance, courage, ingenuity, good humour, and mateship.”

Governor-General Sam Mostyn, whose father served in the army for four decades, is the most senior Australian representative at a dawn service at Gallipoli Cove.

Services are also being held across many European battlefronts from World War I where Australians fought, including Villers-Bretonneux.

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Wreaths have been laid and solemn oaths recited as tens of thousands of Australians gathered to commemorate veterans at dawn services across the country.

Friday marks the 110th anniversary of Australian and New Zealand soldiers landing before dawn on Turkish shores at Gallipoli on April 25, 1915, alongside British, French and Indian troops.

More than 8000 Australian soldiers died during the unsuccessful campaign to control the Dardanelles Strait.

Attending the dawn service at the Australian War Memorial in Canberra, Prime Minister Anthony Albanese said it was a day to contemplate the debt today’s citizens owed to those who served.

“Each year, we renew our vow to keep the flame of memory burning so brightly that its glow touches the next generation and the generation after that,” he said.

Just before the anthems played out, one person in the crowd yelled out “free Palestine” – a reminder that while Australians enjoy relative peace, millions of people still face the deadly consequences of conflicts across the world.

Mr Albanese’s political opponent, Peter Dutton, laid a wreath at a dawn service in his electorate of Dickson in Brisbane’s northern suburbs, alongside his wife Kirilly.

Dawn services and marches across the nation honoured the enduring contributions of service personnel at Gallipoli and the 110 years since, RSL Australia national president Greg Melick said.

“The Gallipoli campaign was the first major military action involving Australian and New Zealand forces,” he said.

“They held their ground against almost impossible odds for eight months in the ravines and gullies of that rugged battleground, suffering terrible casualties.

“They fought with endurance, courage, ingenuity, good humour, and mateship.”

Anzac Day, held annually on April 25, recognises the more than 1.5 million Australians who have served in wars and peace operations, including 103,000 who have lost their lives.

Governor-General Sam Mostyn, whose father served in the army for four decades, will be the most senior Australian representative at a dawn service at Gallipoli Cove.

In Melbourne, the solemn air was broken during the dawn service when a small cohort of hecklers – led by a far-right extremist – interrupted Bunurong elder Mark Brown’s Welcome to Country.

Shouts of “this is our country” and “we don’t have to be welcomed” were soon drowned out by applause from the rest of the crowd.

The interruption was widely condemned, with Veterans’ Affairs Minister Matt Keogh describing the behaviour as disgraceful.

“When we come together to commemorate on Anzac Day, we’re commemorating some of those soldiers who fell in a war that was fought against that sort of hateful (neo-Nazi) ideology,” he told ABC radio.

Meanwhile in Sydney, heavy rain was no deterrent as a large crowd gathered at The Cenotaph in Martin Place at a pre-dawn service.

Anzac Day marches will take place in major cities, while in Perth a gunfire breakfast at Government House Gardens is expected to host about 2000 people.

The day will turn more festive when rousing games of two-up – a pastime for soldiers on the battlefield outlawed for 364 days a year – are played at RSLs and pubs throughout Australia.

Mounting dislike of Peter Dutton has sent the coalition’s primary vote plunging to its lowest level in a leading poll as the election looms large.

The coalition’s primary vote has dropped to 31 per cent, down from 33 per cent last week, the latest YouGov poll provided to AAP shows.

Labor’s primary vote is up 0.5 per cent to 33.5 per cent.

The lowest-ever primary vote the coalition had received in YouGov polling is driven by the opposition leader’s unpopularity, director of public data Paul Smith says. 

“The public have clearly made a decision that they don’t want Peter Dutton as prime minister,” he told AAP.

“The coalition is going backwards at a rate of knots.”

The YouGov polling shows Labor leading the coalition by 53.5 per cent to 46.5 per cent on a two-party preferred basis.

Labor’s support is higher than its 2022 federal election result of 52.1 per cent, while the coalition’s is 4.7 per cent lower than it achieved at that election.

Anthony Albanese (50 per cent) has also extended his lead over Mr Dutton (35 per cent) as preferred prime minister.

Mr Dutton’s net satisfaction rating dipped to minus 18 from minus 10 last week while Mr Albanese’s was down slightly to minus seven from minus six. 

“Anthony Albanese is for the first time the preferred prime minister amongst all states, amongst women and men and in regional and rural Australia, as well as the capital cities,” Mr Smith said.

A separate poll reinforces the challenge facing Mr Dutton to become prime minister, after he was viewed as the most distrusted politician in the country.

The opposition leader was considered to be 220 per cent more distrustful than Mr Albanese, the Roy Morgan survey shows.

Behind Mr Dutton were Trumpet of Patriots leader Clive Palmer and US President Donald Trump, who had enough respondents nominate him as a distrusted political leader to put him on the list.

YouGov polling shows One Nation could benefit from the slide away from the coalition. 

Pauline Hanson’s party is up 3.5 per cent to 10.5 per cent, the Greens are up one to 14 per cent, others are up slightly to four per cent while Trumpets of Patriots are on two per cent unchanged.

“One Nation are benefiting from the collapse of the coalition primary vote,” Mr Smith said.

“It positions them well to probably have their best result in decades.”

The coalition had a strategy of winning in working-class seats but its now-dumped policy of banning public servants from working from home “completely alienated a large group of voters”, Mr Smith said.

The poll results indicated the largest turnaround and rejection of an opposition since 1993, when then coalition leader John Hewson led prime minister Paul Keating in the polls for two years until “it all changed in the campaign”, he said. 

The YouGov poll of 1500 voters was conducted between April 17 and Tuesday, with a margin of error of 3.3 per cent.

Australians will remember the courage shown by Anzac soldiers at Gallipoli during dawn services, laying of wreaths and marches across the nation.

Friday marks the 110th anniversary of Australian and New Zealand soldiers landing before dawn on Turkish shores on April 25, 1915, alongside British, French and Indian troops.

More than 8000 Australian soldiers died during the unsuccessful campaign to control the Dardanelles Strait.

Dawn services and marches across the nation would honour the enduring contributions of service personnel at Gallipoli and the 110 years since, RSL Australia national president Greg Melick said.

“The Gallipoli campaign was the first major military action involving Australian and New Zealand forces,” he said.

“They held their ground against almost impossible odds for eight months in the ravines and gullies of that rugged battleground, suffering terrible casualties. 

“They fought with endurance, courage, ingenuity, good humour, and mateship.”

Governor-General Sam Mostyn, whose father served in the army for four decades, will be the most senior Australian representative at a dawn service at Gallipoli Cove.

“As commander-in-chief of the Australian Defence Force, the daughter of a veteran and a proud Australian, it will be a privilege to commemorate my first Anzac Day as Australia’s Governor-General at the 110th anniversary of the landing at Gallipoli,” she said.

Tens of thousands of people are expected to attend events around the nation including a dawn service  at the Australian War Memorial.

Melbourne’s Anzac Day march starts at 8.30am and Sydney will follow at 9am with the annual parade starting in Martin Place and moving through city streets.

A parade in Brisbane will bring out thousands of people and in Perth a gunfire breakfast at Government House Gardens is expected to host about 2000 people.

The day will turn more festive with rousing roars as two-up, a past time for soldiers on the battlefield, is played at RSLs throughout Australia.

China denies US President Donald Trump’s assertion that the two sides are involved in active negotiations over tariffs, saying any suggestion of progress in this matter was as groundless as “trying to catch the wind”.

China’s comments come after Trump said the final tariff rate on China’s exports would come down “substantially” from the current 145 per cent.

“China’s position is consistent and we are open to consultations and dialogues, but any form of consultations and negotiations must be conducted on the basis of mutual respect and in an equal manner,” commerce ministry spokesman He Yadong said.

“Any claims about the progress of China-US trade negotiations are groundless as trying to catch the wind and have no factual basis.”

Trump had told reporters earlier in the week that “everything’s active” when asked if he was engaging with China, although his treasury secretary had said there were no formal negotiations.

Trump placed tariffs of 145 per cent on imports from China, while China hit back with 125 per cent tariffs on US products.

While Trump has given other countries a 90-day pause on the tariffs, as their leaders pledged to negotiate with the US, China remained the exception.

Instead, Beijing raised its own tariffs and deployed other economic measures in response, while vowing to “fight to the end”.

For example, China restricted exports of rare earth minerals and raised multiple cases against the US at the World Trade Organisation.

China also made it clear that talks should involve the cancellation of all tariffs it faces.

“The unilateral tariff increase measures were initiated by the United States,” spokesman He said.

“If the United States really wants to solve the problem, it should face up to the rational voices of the international community and all parties at home, completely cancel all unilateral tariff measures against China, and find ways to resolve differences through equal dialogue.”

Despite the economic measures levelled against China, Trump said he would be “very nice” and not play hardball with Chinese President Xi Jinping.

“We’re going to live together very happily and ideally work together,” Trump said.

Football Australia is set for a legal showdown with Macarthur FC amid claims soccer’s governing body misled club owners when they applied for entry into the A-League.

Documents filed in the Federal Court claim FA breached consumer law and adopted unfair tactics when expanding Australia’s top-flight competition to 12 teams.

A southwestern Sydney team was originally slated to enter the A-League for the 2019-20 season alongside a club from Melbourne’s western suburbs, Western United.

While Western got off the ground in time, the Macarthur Bulls did not kick a ball until the 2020-21 campaign after its major backer, late billionaire property developer Lang Walker, sold back his club shares.

The remaining owners allege FA gave the green light on the condition the club would receive a TV rights windfall, court documents show.

The owners allege they were told by the governing body’s then-chief operating officer, Mark Falvo, in 2018 they would have to pay more than $10 million to secure an A-League licence. 

The Bulls finally agreed to pay a licence fee of $12 million.

Macarthur would be granted $3.25 million per season in central distributions as part of the club participation agreement, the owners allege.

The Bulls’ business plan, which was accepted by FA and attached to the CPA, was on the basis the club would receive $3.25 million per season. 

The club was also informed there would be a minimum distribution amount of $1.2 million inserted into their CPA.

Spelling out a purported conversation, the owners allege Macarthur owner Sam Krslovic received confirmation of the higher payment during a December 2018 meeting with FA.

“Just to confirm we’ll get the distribution of $3.2 million per season as is related directly to our licence fee of around $12 million,” Krslovic said.

“Yes, you’ll receive the distribution of $3.2 million,” the FA in-house legal counsel allegedly replied.

But months out from entering the league in 2020, Macarthur were told by FA it would not be able to pay the $3.25 million per season. 

FA allegedly said Foxtel, the competition’s then-TV rights holder, was unlikely to extend its broadcast deal and FA was concerned about solvency issues.

The club owners claim FA knew as far back as 2018 that Foxtel was not likely to renew terms, which left the governing body facing a shortfall in revenue.

That awareness is shown through FA’s bid to insert the $1.2 million minimum distribution clause into the CPA, the owners say.

Macarthur’s owners are seeking compensation for the $9.6 million they’ve had to fork out on top of a $5 million loan to keep the cash-strapped club afloat.

The owners also seek damages and the potential voiding of elements of their contract with FA.

The matter is due to be heard in court for the first time on Tuesday.

“We’ve been trying to address this amicably for the best part of five years and we are sad that we have been forced to take this step,” said Krslovic, who is Macarthur FC’s CEO. 

FA is yet to file a defence. It declined to comment when contacted by AAP.

Orphaned as a child and raised by nuns, Michael McCormack’s mother will be smiling down on him when he attends the Pope’s funeral.

The Nationals MP for Riverina is one of four Australians selected to represent the country in the Vatican City as Pope Francis is laid to rest on Saturday.

While humbled by the invitation, his first thought was not for himself but his late mother Eileen, who was raised by the Presentation Sisters of Wagga Wagga after losing both her parents by the time she was nine years old.

“She would be so, so thrilled that her son was given this unique opportunity,” Mr McCormack told AAP.

“Mum lived a life of faith – she was more Catholic than most.

“And seriously, if she’s not in heaven, then heaven probably doesn’t exist.”

Catholicism helped Ms McCormack navigate her childhood grief and soon became an important part of her life as she frequently attended mass and took communion.

Archbishop Francis Carroll, in particular, helped marry her and her husband George, buried both members of the couple and would serve as the inspiration for the National MP’s middle name.

“I was quite chuffed when the Pope took on Francis as his name,” Mr McCormack said.

Mr McCormack was baptised and married at Saint Michael’s Cathedral in Wagga Wagga, and continues to live by his mother’s ways, praying every day and regularly attending church.

While he doesn’t “wear his religion on his sleeve” as he wants to acknowledge all perspectives, he believes Catholicism and the late Pope have offered lessons for him as a member of parliament.

“Sometimes people will come to you with their issues – perhaps at the end of a very long day … but you have to stop, take stock of what they’re saying and try to help them,” Mr McCormack said.

“Offering hope is something that I think the Pope did – obviously on a much wider scale – but I think you’ve just got to be there for people.

“It doesn’t matter whether you go to church or not, it doesn’t matter whether you believe or not – just so long as you’re a good human and I think that’s what Pope Francis instilled in his work.”

Cabinet minister Don Farrell, Governor-General Sam Mostyn and Australia’s Ambassador to the Holy See Keith Pitt will also head to Rome to attend Pope Francis’s funeral, leaving behind domestic campaign antics ahead of the May 3 election.

“The things that unite us as Australians (are) far greater than those which divide us,” Mr McCormack said.

“Every parliamentarian is in the parliament to try and make the community a better place, and it’s not a religious thing, it’s just a human thing to want to do the best by other people.”

Australia’s top Catholic and Cardinal Mykola Bychok will also attend the funeral in an official capacity and is expected to be involved in the conclave to select Pope Francis’s successor.

Australians across the country, including the prime minister and opposition leader, have attended local services in memory of the pontiff, who died aged 88 on Monday.

About one in five Australians, or 5.1 million people, identified as Catholic in the 2021 Census.