10 things you need to know this morning in Australia

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Mj for scale7 News Brisbane/TwitterMichael Jordan is 6 feet 6 inches tall.

Good morning.

1. US stocks fluctuated as markets assessed the latest US-China trade tensions, after Donald Trump said he expects to increase tariffs on Chinese imports. The Dow initially fell more than 200 points before closing higher. More from markets here.

2. Trump’s trade war could take a gigantic bite out of the US economy. A new report, commissioned by the pro-free-trade Koch Industries, found GDP, household income, and industrial production would fall substantially and that unemployment would rise if Trump were to go through with all of his tariff threats on China and auto imports.

3. The Australian dollar rose against most major currencies on Tuesday, despite mixed news on trade negotiations. At 8.25am AEDT, the Aussie was up 0.07% to 0.7225.

Investing.comAUD/USD Hourly Chart

4. Chinese President Xi faces potential “humiliation” in shaky G20 trade talks with Trump. It comes after the US President said that he is “highly unlikely” to step back on a planned increase in tariffs on $US200 billion worth of Chinese goods to 25%, and that he would introduce tariffs on additional goods if the countries do not reach a position that is favourable to the US.

5. Uh oh. Australian retailers are now “going bust in record numbers”. Just look at this chart from illion:

Sam Jacobs has more on that here.

6. UK Prime Minister Theresa May has been told to set her resignation date in order to win the support of sceptical Brexit-supporting Tory MPs, who could be more tempted to back the deal if a Brexiteer prime minister was installed next year. May’s chances of getting her deal through parliament have decreased further after new, damaging attacks on her Brexit deal from Trump and her loyalist former defence secretary Michael Fallon.

7. Secret Facebook documents are said to reveal the tech company was warned about a potentially huge data issue involving Russia back in 2014. At the time, an engineer reportedly warned that “entities with Russian IP addresses had been using a Pinterest API key to pull over 3 billion data points a day”. The documents were seized by Britain’s Parliament last week and referred to at an international grand committee hearing on Tuesday in which Facebook was grilled on its series of scandals.

8. A month’s worth of rainfall fell over Sydney in just 90 minutes this morning. The radar says it all:

Alex Walker/BOM

The inclement weather is set to continue throughout the day, with the SES responding to nearly 300 calls, including 12 rescues from cars entering floodwaters. Police are urging motorists to take extra care on the roads. Here’s a look at the chaos the wild weather and heavy rain has caused across Sydney.

9. The Google Pixel 3XL is turning heads. One of our US-based reporters, who is an iPhone user, recently tried it and loved it. Her experience seems to part of a growing consumer trend in which users are becoming disenchanted with Apple, and are looking are for new, innovative products to replace their iPhone.

10. Meet Knickers. Knickers is believed to be Australia’s biggest cow. The 7-year-old Holstein-Friesian is 190cm tall and weighs 1.4 tonnes. In fact, he is almost as tall as Michael Jordan. Knickers’ height saved him from being slaughtered and now he’ll live out his life in a pasture.

BONUS ITEM: Don’t try this at home. This is what it looks like when hang gliding over the Switzerland Alps goes disastrously wrong. Luckily for the tourist involved, a broken wrist and torn bicep were the only injuries sustained. What a way to start a holiday.

Have a great day.

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