1. Sydney COVID-19 cluster grows to 49 cases

49 cases have now been reported in Sydney after 11 new infections were announced yesterday. The NSW government has called a crisis meeting for 9:30am this morning to review the state's response to the outbreak. Deputy Premier John Barilaro told Nine's Today that "at this stage I don’t think we need a lockdown", but added that "advice could change in the next few hours and it could change over the weekend".

2. China files WTO lawsuit against Australia

Trade tensions between China and Australia have escalated further after a lawsuit was filed with the World Trade Organization by China over Australia's anti-dumping and anti-subsidy measures on wind towers, railway wheels and stainless steel sinks. Trade Minister Dan Tehan said Australia will be "vigorously defending" the action.

3. Big boom for prestige property prices

Property prices in Australia's wealthiest suburbs are increasing twice as fast as prices at the other end of the property scale according to research by CoreLogic covered by the AFR. Experts are questioning whether this growth is sustainable, with CoreLogic's Eliza Owen noting that the "the acceleration in growth at the top of the market already appears to be easing".

4. French football fans miss game after Bucharest/Budapest mix up

A group of six football fans from France who intended to travel to Budapest to see their national team's Euro 2020 match against Hungary on Saturday instead ended up in Bucharest, the capital of Romania and more than 800km away from their intended destination. The group didn't realise their mistake until after they had arrived.

5. S&P jumps to new record

The S&P 500 rose by 24.65 points or 0.58% to 4,266.49 on Thursday, overtaking the previous record-high close for the index set on June 14. The Dow Jones gained 322.58 points or 0.95% to 34,196.82, while the Nasdaq moved 97.98 points or 0.69% higher to 14,359.71.