1. Westpac lifts interest rates as RBA dumps yield target

Westpac has hiked its fixed mortgage rates for a second time in three weeks, up by 21 basis points or 2.3%, making it the first major bank to increase home loan rates after the RBA’s announcement on Tuesday that it would abandon its yield curve target. Westpac also pushed its four-year and five-year fixed rates up by 10 basis points to 2.69% and 2.99% respectively. “Thursday’s hike means Westpac’s lowest available fixed three-year home loan rate is matched with those offered by CBA and NAB. ANZ’s three-year rate is the highest of the big four banks at 2.39 per cent. Westpac’s four-year fixed rates are ahead of CBA’s and NAB’s, but in lockstep with ANZ. The lowest five-year fixed rate at Westpac, CBA and NAB is 2.99 per cent, while at ANZ it is 2.89 per cent,” the AFR reports.

2. OPEC+ defies US pressure to help cool oil market

The group, known as OPEC+, will roll over its August program to gradually increase oil production by 400,000 barrels per day each month. Oil prices have recently hit their highest levels since 2014, and crude-importing countries are feeling the pain. “Asked why the group was not boosting its production levels despite complaints and requests from oil consumers like the U.S., India and Japan, [Russian Energy Minister Alexander Novak] replied that OPEC and its allies were maintaining market balance and remaining wary of potential changes in demand,” CNBC reports.

3. Specific gene found to double fatality risk from Covid-19

Researchers from the University of Oxford found that a higher-risk version of a gene known as LZTFL1 most likely prevents the cells lining airways and the lungs from responding to the coronavirus properly. About 60% of people with South Asian ancestry carry this version of the gene, compared with 15% of people with European heritage, according to the study published Thursday. The authors of the study say that people with this gene would especially benefit from vaccination.

4. Musk wins latest saga in the entrepreneur battle of the galaxy

The U.S. Court of Federal Claims ruled against Jeff Bezos’ Blue Origin in the company’s lawsuit against NASA over a $2.9 billion lunar lander contract awarded to SpaceX. Federal judge Richard Hertling sided with the defence (Elon Musk’s SpaceX) in his ruling, completing a months-long battle. A Blue Origin spokesperson said in a statement that the company’s lawsuit “highlighted the important safety issues with the Human Landing System procurement process that must still be addressed”.

5. ASX gears for uptrend as Wall St continues to reach new highs

Australian shares are set to trend higher with the S&P 500 reaching its record high yet again as earnings on balance continue to exceed expectations. ASX futures were up 20 points or 0.3% to 7419 near 7am AEDT. In treasuries, 2-year yield: US, 0.42%, Australia, 0.62%; 5-year yield: US, 1.11% Australia, 1.35% ;10-year yield: US 1.53%, Australia, 1.82% Germany -0.23%.