1. SAS speaks out on alleged war crime allegations against Ben Roberts-Smith
An SAS whistleblower who spoke to the media about a war crime allegedly committed by Ben Roberts-Smith has told the federal court he knew he was defying orders in doing so, but felt he couldn’t walk past such an “egregious” allegation.

“A soldier anonymised as Person 7, a still-serving SAS veteran of multiple deployments to Afghanistan with the SAS, spent a second day under cross-examination in Roberts-Smith’s defamation case on Thursday,” The Guardian reports.

Person 7 said he had been told by another soldier, known as Person 4, that Roberts-Smith had kicked an unarmed Afghan prisoner off a cliff during a raid in the village of Darwan in 2012.

Roberts-Smith’s barrister, Arthur Moses SC, argued Person 7 had no direct knowledge of events at Darwan. The soldier replied: “Mr Moses, if I’m told that a war crime has possibly been committed of a man being kicked off a cliff, dragged under a tree … left to wait there in agony and then executed … my responsibility is to make sure that that allegation is heard.”

2. Ukraine update: US House votes to make Russia a trade pariah
President Joe Biden will tell his Chinese counterpart Xi Jinping that the U.S. will “impose costs” if China backs Russia, Secretary of State Antony Blinken said. The two leaders are scheduled to discuss the war on Friday. In other developments, the Pentagon says Putin may threaten to use nuclear weapons if the war persists, oil jumps back over $100 on doubts about peace talks, WHO says 43 health facilities have been attacked since Russia’s invasion, Mariupol City Council marks situation as critical with an average of 50-100 bombs falling on the city each day.

3. Market corrections almost over according to JPMorgan strategist

The rout in tech, biotechnology and emerging-markets stocks may be nearly over, and it’s time for investors to start adding to beaten-down, high-beta positions, according to JPMorgan strategist Marko Kolanovic.

“While the commodity supercycle will persist,” the strategist said, “the correction in bubble sectors is now likely finished, and geopolitical risk will likely start abating in a few weeks’ time (while a comprehensive resolution may take a few months).”

Kolanovic sees “great opportunities in high-beta, beaten-down segments that now include innovation, tech, biotech, emerging markets,” he wrote in a research note. While investors have become increasingly concerned about inflation and a potential recession, he argues that won’t happen, though he’s not ruling out one in Europe or a further slowdown in the U.S. 

4. Early downturn signs for Sydney property prices
Having climbed almost 27% in 2021, Sydney house prices are finally starting to show some weakness. liza Owen at property consultancy CoreLogic Inc., says a key leading indicator is diminished demand for homes in high-traffic locations in popular inner-city areas. “It really does start to stem from the inner city suburbs and that’s where we think some of the deepest declines at the moment are,” Owen said. “Then it gradually tends to ripple out into more peripheral areas of Sydney.” CoreLogic estimates the number of properties on the market has climbed by 5% as sellers try to cash in before the boom ends, further weighing on prices. 

5. ASX to rise
ASX futures were up 37 points or 0.5 per cent to 7255 near 7am AEDT, while the AUD rose AUD +1.2% to 73.79 US cents. On Wall St at 4pm: Dow +1.2% S&P 500 +1.2% Nasdaq +1.3%. Brent crude +8.4% to $US106.28 a barrel. 2-year yield: US -- (1.94%) Australia +0.04% (1.31%). 10-year yield: US +0.01% (2.19%) Australia +0.01% (2.50%).