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Russia reports successful test launch of hypersonic missile

The Russian military reported another successful test launch of a new hypersonic cruise missile on Monday.

Russia's Defence Ministry said the Zircon missile was launched from the Admiral Groshkov frigate in the White Sea.

The ministry said the missile flew at a speed seven times the speed of sound and successfully hit a designated practice target more than 350 kilometres away on the coast of the Barents Sea.

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The ministry said the missile successfully hit a target more than 350 kilometres away on the coast of the Barents Sea.

Russian President Vladimir Putin has said Zircon would be capable of flying at nine times the speed of sound and have a range of 1,000 kilometres. Mr Putin has emphasised that its deployment will significantly boost Russian military capability.

The Russian navy has conducted several previous test launches of the new missile, including one on Putin's birthday in October, and officials said the tests are to be completed later this year.

Zircon is intended to arm Russian cruisers, frigates and submarines. It is one of several hypersonic missiles under development in Russia.

NATO responded to Monday's test with a statement that claimed Russia's missile development “create a greater risk of escalation and miscalculation.”

Russian President Vladimir Putin takes part in a videoconference with Cabinet officials at the Novo-Ogaryovo residence outside Moscow, Russia, Tuesday, May 19, 2020. Putin instructed the Cabinet to ensure additional payments to medics that he has ordered, amid the coronavirus pandemic.  (Alexei Nikolsky, Sputnik, Kremlin Pool Photo via AP)

“Russia’s new hypersonic missiles are highly destabilising and pose significant risks to security and stability across the Euro-Atlantic area," the statement said.

“NATO allies are committed to respond in measured way to Russia’s growing array of conventional and nuclear-capable missiles,” the alliance said.

“We will not mirror what Russia does, but we will maintain credible deterrence and defence, to protect our nations.”

The Kremlin has made modernising the country’s arsenals a top priority amid the tensions with the West that followed Russia’s 2014 annexation of Ukraine’s Crimean Peninsula.

Aussie shares plunge early amid nationwide COVID19 uncertainty

Australia's share market plunged heavily upon opening this morning as investors retreated amid fears of the Delta strain of COVID-19 breaking out across multiple states.

Soon after opening the benchmark S&P/ASX 200 followed its US counterpart downwards, dropping 64 points or 0.9 per cent to 7,221 points.

By 1pm the market had recovered slightly, lifting to 7,277.40 points. At the time of publishing the intra-day drop was holding at a minor 0.12 per cent.

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The ASX has dropped substantially in morning trade.

Early notable winners include Pointsbet Holdings (up 3.21 per cent), payment provider ZIP co (up 5.83 per cent) and NIB Holdings (up 2.43 per cent).

The companies most challenged thus far include Bluescope Steel (down 3.48 per cent), Virgin Money UK (down 2.93 per cent) and media and equipment hire business Seven Group Holdings (down 2.33 per cent).

The Aussie Dollar is currently buying 73 US Cents while Bitcoin is currently worth $41,197 per coin.

Sister cryptocurrency Ethereum is currently valued at $2,385.89 per Ether.