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World shares were mixed on Monday as investors watched for further developments after a US court ruled against President Donald Trump's sweeping higher tariffs.

US markets were to remain closed on Monday for the Labor Day holiday. The futures for the S&P 500 and the Dow Jones Industrial Average edged 0.1 per cent higher.

The Australian sharemarket is set to dip, with futures pointing to a loss of 4 points at the open. The ASX lost 0.5 per cent on Monday. The Australian dollar was fetching US65.52¢ at 5.07am AEST.

The US Court of Appeals for the Federal Circuit ruled Friday that Trump went too far when he declared national emergencies to justify imposing sharply higher import taxes on almost every country on earth.