Surge

Jump in imports narrowed Australia’s goods trade surplus to $1.1bn in June quarter. Follow today’s news livePenny Wong says Australia has ‘more work to do’ forging relationships in the PacificThe foreign affairs minister, Penny Wong, is in Fiji today amid a meeting with her counterparts from across the Pacific.We’ve got work more work to do. We’ve announced that we do want to engage with and negotiate with both Tonga and Solomon Islands. Obviously, there’ll be a lot of work there that we want to do with them in partnership.It was a test which was destabilising and in a region where leaders have said we want an ocean of peace. It’s really important that partners respect that, and we would continue to encourage that respect. Continue reading...

• The European Commission is currently in discussions with Spanish officials to provide additional financial support for the city of Ceuta. • This funding is intended to bolster border security forces and increase humanitarian assistance following an unprecedented surge of migrant arrivals. • The measure is critical as Ceuta struggles to manage the logistical and humanitarian aftermath of the record-breaking influx of people.

After Ukraine failed to shoot down a single ballistic missile fired by Russia on Wednesday, the president urged allies to increase supplies of Patriot interceptorsNato is working to get Ukraine the air defences it “urgently needs”, its secretary general has said, after Kyiv failed to shoot down a single Russian missile in an attack on Wednesday, and as Volodymyr Zelenskyy warned that Moscow was seeking to significantly boost missile ⁠production ahead of winter.Speaking at a National Security and Defense Council meeting on winter resilience, the Ukrainian president did not rule out the idea that stalling missile supplies from western allies were “aimed at making Ukraine, so to speak, more willing to compromise” in peace talks with Russia. Continue reading...

• The Dow and S&P 500 reached new record highs, while the Nasdaq rose 2.59%, driven by a rebound in global risk appetite and AI-driven optimism. • Tech stocks led the rally, highlighted by massive gains for Palantir (29%) and ARM (over 17%), though SpaceX and AMD saw post-market sell-offs. • The surge was triggered by cooling inflation expectations, declining Treasury yields, and a reduction in risk premiums as U.S.-Iran geopolitical tensions eased.

• Asia-Pacific technology stocks experienced a broad rally on August 5, with indices in Japan and South Korea surging by over 3%. • The rebound was primarily driven by a sharp decline in oil prices and strong performance from AI-related sectors. • This shift signals a transition in the "AI trade," moving from initial infrastructure investment toward the practical deployment and application of AI in business processes.

Farmers advised to vaccinate after recent hot weather provides ideal conditions for virus-carrying midgesThere has been an “alarming” surge in the number of sheep affected by an outbreak of bluetongue in the UK, with farmers whose livestock are at risk being urged to move them out of areas where midges are plentiful.The virus, which does not necessarily kill sheep but makes them ill and can have a long recovery time, presents as high fever and swelling of the lips and tongue, with a one-week incubation time. The tongue may go blue and even protrude from the mouth. More than 590 cases were reported last week, according to the National Sheep Association. Continue reading...

• Asian stock markets experienced a significant jump, with Japanese and South Korean indices surging as the artificial intelligence rally returned. • The positive momentum follows a record-breaking close on Wall Street, which has also pushed U.S. stock futures higher. • While the broader AI sector is rallying, specific companies like SpaceX and AMD saw dips following their recent earnings reports.