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ASX to rise as Aussie housing market reaches new heights

A woman standing in front of the ASX with a bubble on the side showing aerial view of an Australian suburbs.
The local market is expected to rise (Source: AAP/Getty)

Good morning, here’s your Friday morning wrap.

ASX: Aussie stocks are expected to open higher today after Wall Street posted gains. The local market fell 0.48 per cent yesterday as increased China tensions and renewed COVID concerns in Sydney weighed on the ASX.

WALL ST: US markets rose overnight with the Dow Jones rose 0.93%, the S&P 500 gained 0.82% and the Nasdaq Composite added 0.37%.

Healthcare took a hit as vaccine makers fell after President Joe Biden backed plans for patent waivers on COVID-19 shots, but losses were capped by an upbeat jobless claims report showing signs the US economy is starting to recover.

TENSIONS ESCALATE: China will “indefinitely suspend” its economic dialogue with Australia in a major escalation of tension between the two countries.

In a statement on Thursday, the Chinese National Development and Reform Commission said the China-Australia Strategic Economic Dialogue framework has been suspended, and laid the blame at Australia’s feet.

$8 TRILLION: The Aussie housing market has surpassed a new record. CoreLogic today announced its estimate of the total value of residential real estate in Australia has reached $8.1 trillion.

The surge in value follows the recent gains witnessed across the country, with many markets now at their peak.

ECONOMIC RECOVERY: Australia's economic recovery has “exceeded all expectations” said Reserve Bank deputy governor Guy Debelle.

This comes ahead of the RBA releasing its quarterly statement on monetary policy (SoMP) today.

The SoMP will contain the central bank's latest economic forecasts and is expected to be wholly positive.

STILL BANNED: Facebook's oversight board has upheld the company's suspension of former US president Donald Trump.

The board said the company was wrong to make the suspension indefinite and gave it six months to determine a "proportionate response".

Trump called the decision "a total disgrace" and said the companies would "pay a political price".

NO HOARDING: Pressure is mounting on holdout countries including Australia to waive patent protections of COVID vaccines to help fast track production of the jabs for developing countries.

This comes after the Biden administration’s move to support an easing of patent and other protections on the vaccines, which many hope will help poorer countries tackle the pandemic sooner.

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