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5 Things you need to know today

Switzer Daily
20 May 2022

1. Finland and Sweden have ‘full backing’ from the US to join NATO
Despite opposition from Turkey, US President Joe Biden has voiced his “strong support” for Finland and Sweden’s bid to join NATO.

“They meet every NATO requirement and then some,” Biden told reporters, standing alongside the two Nordic leaders. “Having two new NATO members in the high north will enhance the security of our alliances and deepen our security cooperation across the board.”

Finland and Sweden “have the full, total, complete backing of the US,” Biden said, adding that his administration is on Thursday “submitting to the US Congress reports on NATO accession for both countries, so the Senate can efficiently and quickly move on advising and consenting to the treaty.”

“But Biden and the two prospective members must first broker an agreement with Turkey, which blocked their formal NATO application from moving forward over President Recep Tayyip Erdogan’s claim that they support Kurdish militias. Erdogan has veto power over the accession of Sweden and Finland, because NATO states must be unanimous in accepting new members,” Bloomberg reports.

2. Russia-Ukraine latest: US ramps up further aid with more artillery
The Biden administration announced a further US$100 million in military supplies to Ukraine “including artillery, radar and other equipment ahead of the $40 billion Ukraine aid package sent to him by Congress on Thursday,” Bloomberg reports.

Biden said the package will “allow us to send even more weapons and ammunition to Ukraine, replenish our own stockpile and support US. troops stationed on NATO territory.”

3. UAP could see more support than poll suggests, analysis hints some voters too embarrassed to voice support
If you’ve watched free-to-air tv at all in the last couple months, it’s not hard to believe that Clive Palmer’s United Australia Party has spent a good chunk of its $70 million election campaign advertising. Some commercials are even an hour-long! However, one data analyst has warned that while many brush off his political aspirations, the fringe party could have more backing than the polls suggest.

“What I’m seeing is that we, Australians, are not enamoured with either of the major party leaders,” data analyst from Maven Data, Elisa Choy said.

“The hard views I have based on the data is that while we are seeing the rise of teal independents in key seats, the UAP appears to be successful in tapping into the great deal of disillusionment across many seats.”

4. Vale: Vangelis, composer of Chariots of Fire and Blade Runner, dies aged 79
Greek composer Evángelos Odysséas Papathanassíou, simply known as ‘Vangelis’, has died aged 79 in a hospital in France overnight. The composer brought us the iconic Chariots of Fire soundtrack, which reached No 1 in the US charts and won him an Oscar in 1981, as well as the groundbreaking futuristic sounds in the original Blade Runner film.

5. ASX to continue slight losses, Wall St mixed, bond yields down
ASX futures were down 9 points or -0.1% to 7051 near 7.30am AEST, with the AUD +1.3% to 70.47 US cents.

On Wall St: Dow -0.75% S&P 500 -0.6% Nasdaq +0.3%.

In Europe: Stoxx 50 -1.4% FTSE -1.8% DAX -0.9% CAC -1.3%.

2-year yield: US -0.05% (2.60%) Australia -0.07% (2.50%). 10-year yield: US -0.05% (2.84%) Australia -0.07% (3.38%). 

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