Good morning and welcome back, it’s Ainsley here with all the news you need to start your working week.

Today’s must-reads:
• Albanese and Trump to meet at G-7
• Australians distrust both Trump and Xi
• RBA to decide on publishing unattributed votes

What's happening now

Prime Minister Anthony Albanese will meet President Donald Trump on Tuesday during the G-7 summit in Canada. Albanese will discuss US tariffs on Australian imports, he said during a stopover in Seattle. “We’ll raise the importance of Aukus and have a discussion as two friends should.” 

Australians are equally distrustful of both Trump and Chinese leader Xi Jinping, according to a survey from the Lowy Institute think tank. It showed 72% of respondents didn’t trust Trump to act responsibly in global affairs, just edging out the 71% who said they didn’t trust  Xi. When asked whether Trump or Xi would be a better partner for Australia, the two leaders were tied at 45% apiece.

The RBA will decide at its July meeting whether to publish the unattributed votes of members of its new monetary policy board, according to a government spokesperson. Treasurer Jim Chalmers and Reserve Bank Governor Michele Bullock met Wednesday in Sydney to finalize the Statement on the Conduct of Monetary Policy, which is a formal agreement between the RBA and the government in Canberra. 

The White House's review of the Aukus pact is rattling one of Washington’s closest alliances and playing right into China’s hands, writes Karishma Vaswani for Bloomberg Opinion. Whether Trump reaffirms the pact or reshapes it, this review should serve as a wake-up call. For Australia, it’s a reminder that even the closest alliances are only as stable as the political moment that defines them.

What happened overnight

Here’s what my colleague, market strategist Mike “Willo” Wilson says happened while we were sleeping…

Stocks fell globally on Friday due to fears of escalation in the Middle East conflict over the weekend. The VIX index, a gauge of volatility, rose above 20 for the first time in three weeks. The dollar trimmed a weekly decline. Treasuries closed lower as surging oil prices sparked concerns about a resurgence in inflation. Aussie and kiwi carry the bulk of Friday’s losses into a week that has Australian jobs data and New Zealand 1Q GDP as highlights. ASX stock futures indicate opening weakness.

Oil watchers are bracing for a further price rally after Israeli strikes on Iranian energy assets heightened the risk to Middle East supplies. Israel temporarily knocked out a natural gas processing facility linked to the giant South Pars field, Iran’s biggest, in an attack on Saturday, and targeted fuel storage tanks during strikes as part of its campaign against Tehran’s nuclear program.

Trump vetoed an Israeli plan to kill Iran’s Supreme Leader Ayatollah Ali Khamenei, after Israeli officials said they had an opportunity, according to a senior US official. US officials have been in close touch with Israeli officials ever since they launched a series of missile and drone strikes on Iran. It’s unclear if Trump personally delivered the message waving Israel off a possible assassination plan. 

A demonstrator holds an image of Supreme Leader Ayatollah Ali Khamenei during an anti-Israel and anti-US protest in Tehran on June 14. Photographer: Fatemeh Bahrami/Anadolu

What to watch

• Nothing major scheduled 

One more thing...

Trump earned $57.7 million from token sales by the crypto firm that he and his sons helped launch last year, according to required federal financial disclosure forms. His golf course company produced $110 million and the Mar-a-Lago Club generated more than $50 million.

The Mar-a-Lago Club in Palm Beach, Florida. Photographer: Eva Marie Uzcategui/Bloomberg