Australia news LIVE: Albanese returns after week-long China visit; Trump diagnosed with medical condition
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6.52am
Wall Street ticks towards record high
Wall Street is ticking toward a record following some better-than-expected updates on the economy and a mixed set of profit reports from big US companies.
The S&P 500 was up 0.5 per cent in afternoon trading and on track to top its all-time high set a week ago. The Dow Jones was up 252 points, or 0.6 per cent, in mid-afternoon trade, and the Nasdaq composite was adding 0.8 per cent to its record set the day before.
The Australian sharemarket is set to rise on Friday, after the ASX added 0.9 per cent on Thursday, closing at a record high after the unemployment rate rose to its highest level in nearly four years, increasing the odds of an interest rate cut.
Wall Street trading was calmer than on Wednesday, when President Donald Trump jolted financial markets by saying he had discussed the 'concept' of firing the chair of the Federal Reserve but was unlikely to do so.
Such a move could help Wall Street get the lower interest rates it desires but would also risk a weakened Fed unable to make the unpopular moves needed to keep inflation under control.
6.48am
Trump diagnosed with chronic health condition
By Michael Koziol
US President Donald Trump has been diagnosed with a chronic but non-serious health condition after swelling in his lower legs caused alarm during a recent appearance at a major sporting event.
Press secretary Karoline Leavitt said Trump had noted 'mild swelling' and was evaluated by the White House medical unit, including diagnostic vascular studies and venous Doppler ultrasounds of his lower legs.
The 79-year-old's scans revealed chronic venous insufficiency, Leavitt said, citing a note from the president's doctor. She described it as a 'benign and common condition', particularly for people over 70.
6.44am
What's making news today
By Daniel Lo Surdo
Hello and welcome to the national news live blog. My name is Daniel Lo Surdo, and I'll be helming our live coverage this morning.
Here's what is making news today:
Prime Minister Anthony Albanese will leave China today after a week-long trip that included an expansive meeting with President Xi Jinping and a visit to the Great Wall of China. Albanese spent his last full day in China touring the nation's largest panda centre and dismissing Coalition suggestions that aspects of his visit were indulgent.
US President Donald Trump has been diagnosed with chronic venous insufficiency, a non-serious health condition discovered after Trump observed mild swelling in his lower legs. It comes after photographs showing swelling in Trump's legs caused alarm earlier this week.
The NSW Liberal Party is under fire for its willingness to work with embattled upper house MP Mark Latham, who has been accused of domestic violence, engaging in 'sordid' sexual trysts in his parliamentary office and exchanging offensive messages about female colleagues. Acting Opposition Leader Damien Tudehope has not ruled working with Latham on future legislation nor dining with Latham again.
The Australian sharemarket is expected to grow on Friday, after Wall Street ticked toward a record-high in afternoon trading. The ASX closed at a record high on Thursday after the unemployment rate rose to its highest level in nearly four years, increasing the odds of an interest rate cut.
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