1. Albanese hits out at China over trade bans
Currently in Tokyo for his meeting with the Quad, newly appointed PM Anthony Albanese has said China must drop its tariffs on Australian exports if it wants to mend ties with Canberra.

As for his stance on military action over Taiwan, Albanese kept his cards closer to his chest. President Biden reaffirmed the US would intervene if China used force over Taiwan.

“President Biden has confirmed there’s no change in the United States’ position. And I confirm there’s no change in Australia’s position,” he said.

”Our position is there should be no unilateral change to the status quo.”

2. North Korea reportedly launches missile into Japanese waters
North Korea appears to have fired what could be a ballistic missile on Wednesday, Japan’s Coast Guard said. The projectile, believed to be a North Korea-fired missile, has already fallen, the coast guard said. There were no further details. (AFR)

3. Latest tech sell-off crushes hopes of bottom
Many optimists in the market were certain we had reached the bottom in the US stock market, however, another tech rout from top market cap companies has laid those hopes to rest.

“The turmoil is giving investors flashbacks to some of the worst days of the pandemic, with Alphabet at a 52-week low after suffering its worst drop since October 2020. Meanwhile, Amazon.com Inc. dropped 3.2%, leaving the e-commerce giant close to falling below $1 trillion in market value for the first time since April 2020,” Bloomberg reports. 

“It appears to be clear that most companies will not avoid the troubling macro backdrop,” said Edward Moya, senior market analyst at Oanda.

4. Conspiracy theories emerge in China of US deliberately releasing monkeypox
Conspiracy theories are picking up steam by large numbers of Chinese social media users who suggest that the US are behind the spread of monkeypox infections, reported in at least a dozen countries including the UK, Spain and here in Australia.

It is important to note that Chinese social media has refrained from accusing the US of intentionally spreading the viral infection.

“A 2021 report on biosecurity preparedness planning by a US non-government organization, Nuclear Threat Initiative, which included a scenario of a monkeypox pandemic, has been taken out of context to suggest that the US government knew the outbreak was coming,” Bloomberg reports.

5. ASX up slightly despite tech slump on Wall St
ASX futures were up 11 points or 0.2% to 7133 near 6.15am AEST, with the AUD -0.01% to 71.08 US cents.

On Wall St: Dow +0.2% S&P 500 -0.8% Nasdaq -2.4%.

In Europe: Stoxx 50 -1.6% FTSE -0.4% CAC -1.7% DAX -1.8%.

2-year yield: US 2.47% Australia 3.01%. 10-year yield: US 2.75% Australia 3.51%.