Global Pulse

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  • Tech shares and miners lead ASX rebound after strong Wall Street rally

    Tech shares and miners lead ASX rebound after strong Wall Street rally

    Australia’s financial markets staged a robust recovery on Wednesday, reversing a significant $63 billion downturn as new economic data altered monetary policy expectations. The benchmark ASX 200 index climbed 39.10 points (0.44%) to settle at 8,940.30, while the broader All Ordinaries index advanced 47.80 points (0.52%) to reach 9,164.90.

    The resurgence was primarily fueled by unexpectedly modest household spending figures from the Australian Bureau of Statistics, which showed a mere 0.3% increase—substantially below market projections. This development significantly reduced pressure on the Reserve Bank of Australia to implement consecutive interest rate hikes, creating a more favorable environment for equity investments.

    Technology equities spearheaded the market recovery with remarkable sector growth of 4.65%. Leading this charge were WiseTech Global, surging 7.14% to $47.57, Xero climbing 4.26% to $83.89, and Technology One advancing 4.41% to $26.30. Healthcare stocks also contributed substantially to the rally, with industry giant CSL jumping 2.54% to $146.49 following its announcement of a major vaccine supply agreement with Canada for pandemic preparedness.

    The financial sector exhibited mixed performance with three of the four major banks recording gains. National Australia Bank led the group with a 1.39% increase to $47.33, while Commonwealth Bank edged up 0.44% to $172.66, and Westpac rose 0.58% to $41.37. ANZ bucked the trend, declining 0.45% to $37.77.

    Commodity markets provided additional support as Singapore iron ore futures surged to a four-week peak of $US101.20, driven by China’s renewed commitment to addressing steel production overcapacity. This development propelled Rio Tinto shares upward by 1.16% to $164.58 and Fortescue Metals by 2.05% to $19.39. BHP experienced a 0.95% decline to $55.15 as the mining conglomerate traded ex-dividend.

    The domestic recovery mirrored positive momentum on Wall Street, where stronger-than-anticipated ISM Services PMI data demonstrated continued resilience in the U.S. economy. Market analysts noted that declining price subindex components helped alleviate concerns about persistent inflationary pressures.

    AMP economist My Bui commented on the spending data: ‘We anticipate further moderation in spending growth in coming months. Momentum had already begun slowing prior to February’s RBA rate hike, likely driven by weakening consumer sentiment, while rising inflation continues to erode real purchasing power.’

    Overall, eight of the eleven market sectors finished higher, indicating broad-based recovery across the Australian equity landscape.

  • Credit card loyalty costing Australians $1.6bn a year in interest, new figures reveal

    Credit card loyalty costing Australians $1.6bn a year in interest, new figures reveal

    New financial research has uncovered a massive economic drain affecting millions of Australian households, revealing that persistent credit card loyalty is costing consumers approximately $1.6 billion annually in unnecessary interest payments. The comprehensive study conducted by financial comparison platform Canstar surveyed over 2,000 credit cardholders nationwide, uncovering that nearly one-third (31%) have never conducted a formal review of their current credit card arrangements.

    The analysis presents startling figures: Australians collectively paid more than $3.4 billion in credit card interest during the previous year, carrying an average interest rate of 18% on outstanding balances totaling $19.6 billion. Financial experts emphasize that simply transitioning to lower-rate cards offering 10% interest or less could effectively halve this enormous interest burden, creating substantial savings for consumers.

    Sally Tindall, Director of Data Insights at Canstar, characterized these findings as a significant financial oversight by Australian consumers. ‘Our research indicates that one in three cardholders have never reviewed their credit card arrangements. In a marketplace where rates vary dramatically from 8.99% to 28.49%, this approach is essentially equivalent to handing your bank your wallet and hoping for favorable outcomes,’ Tindall explained.

    The personal finance implications are equally striking. For individual consumers carrying an average debt of $4,000, switching from the average rate to a more competitive 10% option could yield annual interest savings approaching $350—funds that could substantially reduce principal debt balances.

    Beyond interest rates, the research highlights how annual fees continue to erode consumer finances regardless of outstanding balances. With some premium cards charging up to $1,200 annually, Tindall notes that eleven providers currently offer credit cards with zero ongoing fees, including three that maintain rewards programs alongside fee-free structures.

    Financial advisors now recommend that consumers conduct comprehensive credit card health checks every twelve months, carefully evaluating interest rates, fee structures, and rewards program valuations to ensure their current banking arrangements remain financially advantageous.

  • Australia opens the World Baseball Classic in Tokyo with a 3-0 victory over Taiwan

    Australia opens the World Baseball Classic in Tokyo with a 3-0 victory over Taiwan

    In a pitching-dominated opening match of the World Baseball Classic, Australia claimed a decisive 3-0 victory against Taiwan at Tokyo Dome on Thursday. The game’s outcome was determined by two crucial home runs that broke through the defensive stalemate.

    Robbie Perkins ignited Australia’s offense with a two-run homer in the fifth inning, providing the initial breakthrough. Travis Bazzana, the top selection in the 2024 MLB amateur draft and Cleveland Guardians prospect, sealed the victory with a solo shot in the seventh inning. Bazzana described the experience as particularly meaningful, noting: ‘Growing up, two of my biggest dreams were playing in the WBC and competing at Tokyo Dome. This moment feels truly special.’

    Australian pitchers delivered an exceptional collective performance. Starter Alex Wells established dominance with three hitless innings, followed by Jack O’Loughlin’s three-inning effort allowing just two hits. Jon Kennedy closed the game with a save, while Taiwan’s Po-Yu Chen absorbed the loss.

    Despite opportunities in the sixth and ninth innings, Taiwan struggled offensively, managing only three hits total. The team suffered an additional setback when Chieh-hsien Chen exited after being hit by a pitch on his right hand.

    The victory continues Australia’s positive trend in the tournament, having also won their opening match in 2023 before eventually reaching the quarterfinals. The top two teams from Group C will advance to the quarterfinals in the United States.

  • South Korea beats the Philippines 3-0 for a second straight Group A win at the Women’s Asian Cup

    South Korea beats the Philippines 3-0 for a second straight Group A win at the Women’s Asian Cup

    GOLD COAST, Australia — The South Korean women’s national football team delivered a commanding performance on Thursday, securing a decisive 3-0 victory against the Philippines in their Group A matchup of the Women’s Asian Cup. The 2022 tournament runners-up demonstrated offensive prowess with rapid-fire scoring early in the match.

    Jeon Yu-gyeong initiated the scoring barrage in the 12th minute, followed swiftly by Park Soo-jeong’s goal just three minutes later. The Philippines’ goalkeeper Olivia McDaniel attempted to stem the tide with an impressive fingertip save against Son Hwa-yeon’s curling shot in the 56th minute, but Mun Eun-Ju capitalized on the resulting corner kick with a clinical close-range volley to seal the outcome.

    The victory marks South Korea’s second consecutive Group A win, having previously defeated Iran 3-0 on Monday. With six goals scored and none conceded, the team solidifies its position at the group’s summit. Meanwhile, the Philippines faces quarterfinal uncertainty after suffering back-to-back losses, having fallen 1-0 to Australia in their opening match.

    In parallel tournament developments, Australia prepared to face Iran later Thursday. The pre-match news conference revealed emotional turmoil within the Iranian squad as striker Sara Didar fought back tears while expressing concerns about family members affected by conflict at home during the team’s continental championship campaign.

    Group B action saw North Korea’s Myong Yu Jong achieve a first-half hat trick in their 3-0 victory over Uzbekistan, while defending champions China secured a 2-0 win against Bangladesh. In Group C, Japan defeated Taiwan 2-0 and Vietnam claimed a dramatic 2-1 victory over India with a stoppage-time goal in Perth.

  • Tensions soar as Hegseth and Rubio feud over US troops in Iran

    Tensions soar as Hegseth and Rubio feud over US troops in Iran

    A significant policy division has emerged within the highest echelons of the US government regarding military strategy toward Iran, with Secretary of War Pete Hegseth and Secretary of State Marco Rubio engaged in intense disagreements over potential ground troop deployment. According to three former US officials and a senior regional official familiar with the matter, the cabinet members have been described as “at each other’s throats” regarding whether to accede to Israel’s request for American boots on the ground.

    Secretary Hegseth, known for his combative media style from his Fox News background, has expressed support for more direct military intervention. In contrast, Secretary Rubio has demonstrated considerable caution about entangling the United States in another prolonged Middle Eastern conflict. This fundamental disagreement reflects broader tensions within the administration about the scope and objectives of military engagement with Iran.

    The current US approach has primarily relied on aerial bombardment and standoff strikes utilizing cruise and ballistic missiles. However, recent reporting indicates an expansion of covert operations, with CNN revealing that the CIA has initiated training and arms provision to Kurdish fighters operating within Iranian territory. According to one Gulf official, discussions have even included deploying special operations teams to target high-ranking Iranian Revolutionary Guard Corps (IRGC) officials and nuclear program personnel.

    The philosophical divide between the officials extends to their public communication strategies. When questioned about potential troop deployments, Hegseth responded with characteristic defiance: “Why in the world would we tell you, the enemy, anybody, what we will or will not do in pursuit of an objective.” Meanwhile, Rubio has shown greater sensitivity to domestic opposition against placing American soldiers in harm’s way.

    Complicating matters further, military personnel have reportedly expressed discomfort with certain commanders framing the conflict in religious terms, describing it as “part of God’s plan” that would facilitate the return of Jesus Christ. Hegseth, who possesses a Crusader cross tattoo on his chest and identifies as an ultra-conservative Christian, has not publicly addressed these concerns.

    President Trump has maintained strategic ambiguity regarding ground operations, telling The New York Post: “I don’t have the yips with respect to boots on the ground – like every president says, ‘There will be no boots on the ground.’ I don’t say it. I say ‘probably don’t need them,’ [or] ‘if they were necessary’.”

    The administration’s stated objectives have similarly fluctuated between destroying Iran’s ballistic missile capabilities and nuclear program to openly advocating for regime change. This week, Rubio initially suggested military action was precipitated by intelligence suggesting an imminent Israeli attack on Iran, though he subsequently retracted this explanation.

    The human cost of the conflict continues to mount, with at least six US service members confirmed killed. During a recent press briefing, Hegseth lamented that military achievements were being overshadowed by combat casualties: “We’ve taken control of Iran’s airspace and waterways without boots on the ground. We control their fate. But when a few drones get through or tragic things happen, it’s front-page news.”

  • Australian superstar Ellyse Perry made a ‘really promising’ return to training on Wednesday

    Australian superstar Ellyse Perry made a ‘really promising’ return to training on Wednesday

    The Australian women’s cricket team enters the one-off Test match in Perth holding a significant four-point lead over India, a position potentially strengthened by the anticipated return of legendary all-rounder Ellyse Perry. However, her role is expected to be limited exclusively to batting due to a recent quad strain that sidelined her during the team’s clean sweep of the One Day International series.

    Captain Alyssa Healy, who has announced her retirement from international cricket following this Test, expressed optimism about Perry’s condition. ‘We’ve got a very rough idea of what the XI is going to look like and obviously Ellyse Perry is the key one,’ Healy stated. ‘She trained really well yesterday so it’s looking really promising. But I dare say there will be debutants so we’ll have to wait and see who that will be.’

    Healy later essentially confirmed Perry’s inclusion in the lineup, though noting her participation would be as a specialist batter. When questioned about how the all-rounder would manage without bowling, Healy responded, ‘hopefully she will just stay out there and bat all day instead.’

    Attention has also turned to potential new faces in the squad, with 19-year-old fast bowler Lucy Hamilton emerging as a strong candidate for a Test debut. Hamilton recently received her ODI cap from Healy and could bring a left-arm bowling option to the iconic WACA pitch, known for favoring such bowlers throughout its history.

    Healy praised the young bowler’s maturity, stating, ‘I am excited if she gets her opportunity to see her do her thing. She’s an incredibly mature 19-year-old and was well-deserved of her ODI debut. If she happens to get the baggy green tomorrow, I am excited to see what she can bring.’

    The captain herself approaches her final international match with characteristic determination, fresh from a spectacular 158-run innings off just 98 balls in her ODI farewell. When asked about the possibility of another century send-off, Healy remarked with laughter, ‘I am not going out there to make a duck. If three figures come up then so be it, but at the end of the day I just want to contribute to the team’s success.’

  • Iranian strike kills 11-year-old Iranian in Kuwait

    Iranian strike kills 11-year-old Iranian in Kuwait

    An 11-year-old girl has become the first child casualty in Gulf nations amid escalating regional conflicts, after remnants of an Iranian rocket struck a residential building in Kuwait’s capital governorate of Al-Asimah. Alna Abdullah was pronounced dead in the early hours of Wednesday following nearly 30 minutes of unsuccessful resuscitation efforts by medical teams.

    While four other family members present in the home escaped serious injury, local media described them as non-Kuwaiti nationals. Funeral footage and interviews suggest the family may be of Iranian descent, reflecting Kuwait’s complex demographic landscape where approximately 40 percent of citizens are Shia Muslims of Iranian origin.

    The tragedy occurs against a backdrop of intensified regional violence, coming just hours after Kuwait buried two military personnel killed in Iranian attacks. This week also witnessed the deaths of six American soldiers in Kuwait, which hosts three major US military bases and several smaller US-operated facilities.

    Remarkably, these attacks have fostered unexpected national unity following years of political tension. Since the emir dissolved parliament—the only elected legislative body in the Gulf—and revoked citizenship from tens of thousands over fraud allegations, approximately 16 percent of Kuwaitis have lost their citizenship status as of last month.

    The health minister recently faced online criticism after stating that none of the patients transferred to hospital following Iranian attacks were Kuwaiti nationals. This comment sparked public discourse about Kuwait’s demographic composition, where citizens constitute only about 30 percent of the population, with nearly 45 percent being South Asian nationals.

    In response to growing tensions, former national assembly speaker Marzouq al-Ghanim struck a conciliatory tone at Abdullah’s funeral, declaring that “all who live on the land of Kuwait, according to Kuwaitis, is a Kuwaiti.”

    Kuwait has formally requested both the UN Secretary General and Security Council president to condemn Iran’s “heinous” attacks, which Kuwait asserts violate its sovereignty and airspace, according to Kuwait Times reports.

  • A breast cancer survivor knits prostheses in Kenya as silicone ones are costly

    A breast cancer survivor knits prostheses in Kenya as silicone ones are costly

    In the Kenyan town of Thika, a remarkable story of resilience and compassion unfolds as breast cancer survivor Mary Mwangi transforms lives through an unexpected medium: knitted prostheses. What began as personal therapy during her recovery has evolved into a movement restoring dignity to thousands of women who have undergone mastectomies without reconstructive surgery.

    Following her cancer diagnosis, Mwangi initially anticipated the worst. However, during recovery, she discovered that knitting provided not just distraction but profound therapeutic value. In 2017, she began creating hats and scarves before encountering another woman crafting breast prostheses. This inspired her to establish the New Dawn Cancer Warriors collective, where survivors now produce affordable alternatives to expensive silicone implants.

    These hand-knitted prostheses, priced at just $10 per breast—approximately one-sixth the cost of silicone options—represent a critical innovation in a country where breast cancer constitutes the most frequently diagnosed cancer among women. With approximately 6,000 new cases identified annually in Kenya, and 40% of the population living below the poverty line, accessible solutions are desperately needed.

    The prostheses consist of yarn exteriors filled with pillow-soft fiber, providing comfort and natural appearance beneath clothing. For many Kenyan women who previously resorted to stuffing bras with clothing material, these creations represent both physical normalcy and emotional restoration.

    Nancy Waithera, a high school science teacher, described her diagnosis as making “everything turn dark,” particularly following her husband’s recent death. Discovering Mwangi’s prostheses before her surgery provided crucial psychological preparation. “My dignity was restored,” Waithera affirmed after wearing her prosthesis to church for the first time.

    Medical experts confirm the significance of such initiatives. Surgeon Daniel Ojuka from Kenyatta National Hospital cancer treatment center notes that mastectomy remains the most affordable option for most Kenyan women, as reconstructive surgery isn’t covered by national health insurance. The emotional impact of waking post-surgery is profound, with many patients experiencing severe distress.

    Beyond physical products, Mwangi’s collective provides community support that proves vital for recovery. Member Eglah Wambui emphasized knitting’s therapeutic benefits, noting how it redirects focus from disease to creation. The community aspect addresses concerning mental health challenges; Wambui recalled one woman who tragically took her own life during treatment due to depression.

    Having distributed over 600 prostheses in three years through organizational partnerships, Mwangi’s group demonstrates how grassroots innovation can address healthcare gaps. More importantly, it spreads a crucial message: “There is life after cancer, and cancer is not a death sentence,” Mwangi declares. “I’m a living testimony.”

  • ‘Forgive the sins’: Penny Wong, Pauline Hanson clash as One Nation leader criticises Labor over fuel reserves

    ‘Forgive the sins’: Penny Wong, Pauline Hanson clash as One Nation leader criticises Labor over fuel reserves

    A heated parliamentary confrontation has unfolded regarding Australia’s fuel reserve policies, sparking intense accusations between political factions. During Thursday’s question time, Foreign Affairs Minister Penny Wong launched a sharp critique against One Nation leader Pauline Hanson, alleging she had effectively “forgiven the sins” of the Coalition while demonstrating clear “political allegiance” through her selective criticism.

    The exchange centered on fuel security concerns amid rising global prices driven by the ongoing US-Israeli conflict with Iran. Senator Hanson had pressed the Labor government over petroleum stockpiles, claiming Australia maintained “only 25 days of diesel” reserves despite Energy Minister Chris Bowen’s assurances about their condition. She further argued that net-zero emissions ambitions jeopardized national security “in the event of a crisis.”

    Minister Wong countered by revealing Australia currently maintains higher aviation fuel, petrol, and diesel reserves than at any point over the past fifteen years. She noted the conspicuous absence of similar scrutiny from Senator Hanson during the Coalition’s administration, suggesting political motivations behind the criticism.

    Industry Minister Tim Ayres intervened, detailing the government’s implementation of minimum stock holding obligations including 1.5 billion litres of petrol and three billion litres of diesel—effectively creating a strategic reserve. He accused both the Coalition and One Nation of attempting “to frighten little old ladies” and profiting from manufactured crises without having taken substantive action during their own tenure.

    The political tensions emerge against a backdrop of surging support for One Nation in recent polls and following the defection of former Nationals MP Barnaby Joyce. Senator Hanson had previously expressed openness to collaborating with either The Nationals or Liberals, though she dismissed joining what she called “the rabble that they are at the moment.”

  • Much of Iran’s navy has been neutralized

    Much of Iran’s navy has been neutralized

    In a devastating blow to Iran’s naval capabilities, United States forces have systematically dismantled key assets of the Islamic Republic’s Navy and Islamic Revolutionary Guard Corps naval units during Operation Epic Fury. The multi-pronged offensive has resulted in the confirmed destruction or severe damage of at least 20 Iranian vessels, marking one of the most significant naval engagements in recent history.

    According to confirmed reports from the Pentagon and statements by War Secretary Pete Hegseth, the IRIS Dana, a Moudge-class corvette from Iran’s Southern Fleet, was sunk by a single Mark 48 ADCAP torpedo fired from a US submarine near Sri Lankan waters. The vessel, named after Mount Dena, carried approximately 140 crew members, with casualty numbers remaining uncertain as rescue operations were undertaken by the Sri Lankan navy.

    Simultaneously, satellite imagery and social media footage confirmed the Shahid Soleimani-class corvette Shahid Sayyad Shirazi engulfed in flames near Bandar Abbas port following precision US strikes. The lead ship Shahid Soleimani and its sister vessel Shahid Hassan Bagheri were also confirmed destroyed during the operation.

    The devastation extended across Iran’s naval hierarchy, with the drone carrier Shahid Bagheri severely damaged or sunk within the initial hours of combat. A Jamaran-class corvette was confirmed by US Central Command to be “sinking to the bottom of the Gulf of Oman” at Chahbahar pier on March 1, 2026. The IRINS Makran, a massive converted tanker serving as a mobile forward base, was documented ablaze at its berth in Bandar Abbas through satellite imagery from March 2.

    Admiral Brad Cooper, CENTCOM commander, revealed that hundreds of small craft—the backbone of Iran’s asymmetric naval strategy—were targeted at their moorings in Bandar Abbas, Bushehr, and Assaluyeh. Iran’s submarine fleet suffered equally catastrophic losses, with a Fateh-class coastal submarine rendered inoperable after sustaining direct damage near Bandar Abbas. Multiple Ghadir-class midget submarines were among the 17 vessels confirmed destroyed during the initial 100 hours of operations.

    Heavy strikes involving B-2 stealth bombers and Tomahawk missiles targeted submarine pens at Bandar Abbas, potentially trapping or disabling Iran’s three Russian-built Kilo-class submarines (Taregh, Nooh, and Yunes) through infrastructure destruction despite ongoing damage assessment.

    The scale of destruction recalls historical naval defeats, though Iranian officials have yet to issue a comprehensive statement regarding the losses. Military analysts suggest this operation represents a fundamental reshaping of naval power dynamics in the Persian Gulf and surrounding waters.