1. China doubles down on covid zero policy, plans to initiate measures for years
China remains adamant about irradicating the Covid-19 virus from its shores as it implements more stringent policies as part of the covid zero strategy.

“A network of tens of thousands of lab testing booths are being set up across the country’s largest and most economically vital cities, with the goal of having residents always just a 15 minute walk away from a swabbing point. The infrastructure will allow cities like Beijing, Shanghai, tech hub Shenzhen and e-commerce heartland Hangzhou to require tests as often as every 48 hours, with negative results needed to get on the subway or enter a store,” Bloomberg reports.

“It will only make Covid Zero last longer in China,” said Huang Yanzhong, a senior fellow for global health at the New York-based Council on Foreign Relations. “The immunity gap will remain, which makes living with the virus even more unlikely.”

2. Superfund managers warn about switching to cash
As investors see their portfolios and nest eggs dwindle in the current market, the idea of switching to cash can start to look like a smart play. And indeed it can be if timed correctly. However, Mano Mohankumar, senior investment manager at fund researcher Chant West, says someone who was in a “balanced” investment fund option at the start of 2020 and switched to “cash” on March 31 of that year – after the worst of the sharemarket falls –would have seen a cumulative return of minus 9.7 per cent by the end of March this year.

Yet, someone who stayed the course with a balanced investment option – where most people still working have their retirement savings – would have enjoyed a cumulative return of 15.1 per cent over the same period,” the SMH reports.

“More often than not, you will be worse off trying to time the market than if you stay the course,” says Chant West’s Mohankumar.

“When experiencing periods of uncertainty, it’s important to consider your long-term financial objectives, and seek professional financial advice, or leverage the various tools that super funds offer,” says Hostpul deputy chief investment officer, Con Michalakis.

“A diversified asset allocation across multi-asset classes within your super fund can mean [you are] less exposed to volatile areas of the market,” he says.

3. Tom Rogic pulls out of World Cup qualifying match, cites personal reasons
The job for the Socceroos in defeating the UAE next week has become a little harder as key midfielder Tom Rogic announced he will not be part of the squad for the upcoming World Cup qualifier in Doha.

“My focus must now be on the players we have here in Qatar,” head coach Graham Arnold said. “We have selected an extended squad of quality players and I believe that we will achieve something special for Australia over the next two weeks.”

“Australia need to win next Wednesday’s one-off game to keep alive their hopes of reaching a fifth straight World Cup at the end of the year. A final playoff of a long-winded qualification campaign against Peru awaits the winner the following week,” The Guardian reports.

4. Israel signs historic trade deal with UAE
With a stated target of increasing annual bilateral trade to more than $10 billion over the next five years, the trade agreement is the largest ever between Israel and any Arab country. (CNBC)

The signing opened “a new chapter in the history of the Middle East,” Emirati Trade Minister Thani Al Zeyoudi wrote on Twitter.

The signing of the deal came amid renewed violence between Israelis and Palestinians. “Other cities and towns in the West Bank also saw violence and attacks on homes in Palestinian neighborhoods by groups of Israelis. More than 160 Palestinians were injured, with some of those hit by live bullets after staging a counter-protest, according to the Palestinian Red Crescent., CNBC reports.

5. ASX to drop on Wall St performance
ASX futures were down 26 basis points or 0.36% to 7186 near 7am AEST, with the AUD -0.3% to 71.76 US cents.

On Wall St: Dow -0.7% S&P 500 -0.6% Nasdaq -0.4%.

In Europe: Stoxx 50 -1.4% FTSE +0.1% CAC -1.4% DAX -1.3%.

Spot gold -0.7% to $US1842.64.