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