The fires were lit across the first three months of this year.

Stocks racked up more losses on Wall Street as a trade war between the US and its key trading partners escalated, wiping out all the gains on the S&P 500 since Donald Trump was elected president.

And those losses are bleeding into the Australian sharemarket, with the S&P/ASX 200 dipping 0.2 per cent, or by 18.4 points, to 8179.70 at the opening of trade.

It comes after the Trump administration imposed tariffs on imports from Canada and Mexico and doubled tariffs against imports from China overnight. All three countries announced retaliatory actions, sparking worries about a slowdown in the global economy.

READ MORE: US and Ukraine ready to sign minerals agreement within hours

The S&P 500 fell 1.2 per cent, with more than 80 per cent of the stocks in the benchmark index closing lower. The Dow Jones Industrial Average slid 1.6 per cent.

The Nasdaq composite slipped 0.4 per cent. The tech-heavy index briefly reached a 10 per cent decline from its most recent closing high, which is what the market considers a correction, but gains for Nvidia, Microsoft and other tech heavyweights helped pare those losses.

Financial stocks were among the heaviest weights on the S&P 500 index. JPMorgan Chase fell 4 per cent and Bank of America lost 6.3 per cent.

READ MORE: Trump vows to 'tell it like it is' in his first speech to Congress

Markets in Europe fell sharply, with Germany's DAX falling 3.5 per cent as car makers suffered sharp losses. Stocks in Asia had more modest declines.

“The markets are having a tough time even setting expectations for what this trade war could look like,” said Ross Mayfield, investment strategy analyst at Baird. “This is clearly a level step higher than anything we saw during (Trump's) first term.”

The market could soon face more twists in the tariff drama. President Donald Trump addresses a joint session of Congress tonight. After the closing bell, Commerce Secretary Howard Lutnick told Fox Business News that the US would likely meet Canada and Mexico “in the middle" on tariffs, with an announcement coming as soon as Wednesday.

READ MORE: 'Some random country': Vance irks allies in UK, France with troops comment in Fox News interview

The recent decline in US stocks has wiped out all of the markets’ gains since Trump’s election in November. That rally had been built largely on hopes for policies that would strengthen the US economy and businesses. Worries about tariffs raising consumer prices and reigniting inflation have been weighing on both the economy and Wall Street.

The tariffs are prompting warnings from retailers, including Target and Best Buy, as they report their latest financial results. Target fell 3 per cent despite beating Wall Street’s earnings forecasts, saying there will be “meaningful pressure” on its profits to start the year because of tariffs and other costs.

Best Buy plunged 13.3 per cent for the biggest drop among S&P 500 stocks after giving investors a weaker-than-expected earnings forecast and warning about tariff impacts.

“International trade is critically important to our business and industry,” said Best Buy CEO Corie Barry.

Barry said China and Mexico were the top two sources for products that Best Buy sells, and it also expects vendors to pass along tariff costs, which would make price increases for American consumers likely.

Concerns about profits follow a series of economic reports with worrisome signals that include US households becoming more pessimistic about inflation and pulling back on spending. Consumer spending has essentially driven US economic growth in the face of high interest rates.

Wall Street has been hoping that the Federal Reserve would continue lowering interest rates in 2025. The central bank has signaled more caution, though, partly because of uncertainty surrounding the economic impact of tariffs. The Fed is expected to hold rates steady at its upcoming meeting later in March.

The Fed raised interest rates to their highest level in two decades in order to tame inflation. It started cutting its benchmark rate in 2024 as the rate of inflation moved closer to its target of 2 per cent. But inflation remains stubbornly just above that target and tariffs threaten price increases that could fuel inflation.

In the bond market, Treasury yields were mixed. The yield on the 10-year Treasury rose to 4.20 per cent from 4.16 per cent late Monday. It’s still down sharply from last month, when it was approaching 4.80 per cent, as worries have grown about the strength of the U.S. economy.

“Because tariffs are in effect, and there’s no guarantee that they’re likely to be temporary, that’s filtering its way to the bond market and we’re seeing the threat of higher inflation eroding the value of the 10-year note,” said Sam Stovall, chief investment strategist at CFRA.

The yield on the 2-year Treasury held steady at 3.94%.

All told, the S&P 500 fell 71.57 points to 5778.15. The Dow dropped 670 points to 42,520.99, and the Nasdaq shed 65.03 points to 18,285.16.

The Christchurch Southern Motorway is closed near Curletts Rd following the crash.

A second Sydney nurse has been charged in relation to an alleged antisemetic video that surfaced online.

Ahmad Rashad Nadir, 27, was arrested at Sutherland Police Station about 7.30pm yesterday.

He has been charged with using a carriage service to menace/harass/offend threaten to menace, harass or cause offence along with possessing a prohibited drug.

LIVE UPDATES: Fears cyclone 'storm surge' could see tides flood thousands of homes

Nadir allegedly appeared alongside fellow nurse Sarah Abu Lebdeh in a video made by Israel influence Max Veifer, which circulated widely online earlier this month.

Nadir and Lebdeh were at Bankstown Hospital and in nurse uniforms during the video.

Lebdeh, 26, self-presented at Sutherland Police Station, where she was placed under arrest last week.

She was charged with three Commonwealth offences, including threatening violence and using a carriage service to threaten to kill and to menace.

READ MORE: Woman charged with murder after body found inside Melbourne home

More to come.

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A Brisbane man is accused of making a bomb threat while onboard a flight and travelling under a false name.

The alleged threat happened on January 14 when the 44-year-old man boarded a flight to Brisbane at Sydney Airport. 

It is alleged the man was speaking on a mobile phone before take-off and referred to a bomb. 

READ MORE: Cars caught in surging tides on Gold Coast

Australian Federal Police officers escorted the man off the plane before discovering he was travelling under a fake name. 

Following a search of the aircraft, it was determined there was no bomb threat.

The man was charged with making a threatening statement on an aircraft and travelling under a false name and is due to appear at the Downing Centre Local Court in Sydney today.

The charges come with a maximum one year imprisonment and a $16,500 fine. 

AFP Detective Superintendent Morgen Blunden said the AFP would not tolerate threats to aviation security – overt or overheard.

"Travelling on an aircraft should be a safe experience for passengers and airline crew alike," Blunden said.

"The AFP will continue to work closely with airline partners to deal with any behaviour that interferes with aviation security."

NASA's two stuck astronauts are just a few weeks away from finally returning to Earth after nine months in space.

Butch Wilmore and Suni Williams have to wait until their replacements arrive at the International Space Station next week before they can depart later this month.

They'll be joined on their SpaceX ride home by two astronauts who launched by themselves last September alongside two empty seats.

READ MORE: Private lunar lander Blue Ghost aces moon touchdown with a special delivery for NASA

During a news conference on Tuesday (Wednesday AEDT), Wilmore said that while politics is part of life, it did not play into his and Williams' return, moved up a couple weeks thanks to a change in SpaceX capsules.

US President Donald Trump and SpaceX's Elon Musk said at the end of January that they wanted to accelerate the astronauts' return, blaming the previous administration.

But Williams, in response to a question, did take issue with Musk's recent call to dump the space station in two years, rather than waiting until NASA's projected deorbit in 2031. She noted all the scientific research being performed at the orbiting lab.

"This place is ticking. It's just really amazing, so I would say we're actually in our prime right now," said Williams, a three-time space station resident. "I would think that right now is probably not the right time to say quit, call it quits."

Williams said she can't wait to be reunited with her labrador retrievers. The hardest part about the unexpected extended stay, she added, was the wait by their families back home.

LIVE UPDATES: Fears cyclone 'storm surge' could see tides flood thousands of homes

"It's been a roller coaster for them, probably a little bit more so than for us," she said. "We're here. We have a mission. We're just just doing what we do every day, and every day is interesting because we're up in space and it's a lot of fun."

Wilmore and Williams expected to be gone just a week or so when they launched last June aboard Boeing's new Starliner capsule, making its crew debut after years of delay. The Starliner had so many problems getting to the space station that NASA ruled it too dangerous to carry anyone and it flew back empty.

Their homecoming was further delayed by extra completion time needed for the brand new SpaceX capsule that was supposed to deliver their replacements.

Last month, NASA announced the next crew would launch in a used capsule instead, pushing up lift-off to next Wednesday.

The two crews will spend about a week together aboard the space station before Wilmore and Williams depart with NASA's Nick Hague and the Russian Space Agency's Alexander Gorbunov.

Millions of Australians across Queensland and northern New South Wales are bracing for tropical Cyclone Alfred to make landfall in the next 48 hours.

More than four million people, from Sandy Cape to Grafton, have been warned that the storm is expected to strike by Friday morning, bringing intense rainfall, dangerous winds, and the potential for flash flooding.

Here's everything you need to know about when and where Cyclone Alfred is predicted to strike.

LIVE UPDATES: Fears cyclone 'storm surge' could see tides flood thousands of homes

When will Cyclone Alfred make landfall?

Cyclone Alfred is still predicted to make landfall on Thursday night or Friday morning.

Senior meteorologist Christie Johnson said the storm was currently forecast to cross the coast at 1-2am on Friday, though that could possibly be off by one or two hours either side.

Residents living between the Sunshine Coast and the Gold Coast, including those in Brisbane, are in the firing line.

9News understands Alfred's speed has also picked up, to about 17km/hr.

Damaging wind gusts up to 130km/h are expected to lash the southeast Queensland and northeastern New South Wales coasts starting from Wednesday.

Meanwhile, destructive wind gusts of up to 155km/h may develop about coastal and island locations near and to the south of the track from Thursday afternoon.

There have also been large swells over 7m already recorded.

Heavy rainfall will come next, with possible daily totals of 200 to 400 millimetres, and could cause flash-flooding.

Australians can track the storm's predicted path on the BOM website, which hosts regularly updated 'track maps'.

At the time of writing Alfred was sitting 465 kilometres east of Brisbane, the bureau told media Wednesday in Queensland's capital.

READ MORE: How to prepare for Tropical Cyclone Alfred and what to expect

Where is Cyclone Alfred likely to hit?

Cyclone Alfred is expected to affect the southeast Queensland coast and some parts of northeast New South Wales.

The Bureau of Meteorology currently lists the areas from Double Island Point to Grafton as 'warning zones', including Brisbane, the Gold Coast, Sunshine Coast, and Byron Bay.

However, the warning zone does not include Grafton.

A 'watch zone' is current for Sandy Cape to Double Island Point in Queensland, including K'gari.

The northern NSW towns of Ballina and Lismore are also preparing for the cyclone.

However, the effects of the cyclone – especially strong winds – may extend beyond the currently listed regions.

READ MORE: 'Window is closing': Queenslanders urged to act as cyclone approaches coast

What time will Cyclone Alfred hit Brisbane?

Cyclone Alfred is currently predicted to hit Brisbane late on Thursday night or early Friday morning, bringing damaging winds, intense rain and possible flooding.

READ MORE: Will Tropical Cyclone Alfred impact flights this week?

How far is Cyclone Alfred from Brisbane?

As of Wednesday morning, Cyclone Alfred is building about 465 kilometres east of Brisbane.

At the time of writing, it is listed as a category 2 storm with wind gusts near the center hitting up to 130km/h.

BOM will continue tracking the storm as it creeps closer to the coast.

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US President Donald Trump will use his highly anticipated address to Congress, expected in coming hours, to announce that he has secured a minerals deal with Ukraine.

Trump told his advisers that he wants to announce the agreement in his address to Congress in Washington on Tuesday evening (Wednesday AEDT), sources told the Reuters agency.

The deal was put on hold after last week's White House blow-up between Ukrainian President Volodymyr Zelenskyy and Trump.

READ MORE: Cyclone Alfred U-turns and heads for 4 million people

But on Tuesday the Ukrainian leader said the row with Trump was "regrettable", adding that he stood ready to work under Trump's "strong leadership" to get a lasting peace.

US officials have in recent days spoken to officials in Kyiv about signing the minerals deal despite Friday's blow-up, and urged Zelenskyy's advisers to convince the Ukrainian president to apologise openly to Trump, according to one of the people familiar with the matter.

Zelenskyy's remarks — an apparent attempt to placate Trump — came in a social media post on X on Tuesday (early Wednesday AEDT), hours after the White House announced a pause on military aid to Ukraine that is critical to fighting Russia's invasion.

He also said Ukraine was ready to sign a lucrative deal on rare-earth minerals and security with Washington.

In an apparent reference to Trump's criticism following the contentious White House meeting on Friday that Zelensky does not want a peace deal, the Ukrainian leader said: "None of us want an endless war."

"Ukraine is ready to come to the negotiating table as soon as possible to bring lasting peace closer. Nobody wants peace more than the Ukrainians. My team and I stand ready to work under President Trump's strong leadership to get a peace that lasts," he said.

The meeting "did not go the way it was supposed to be", Zelenskyy said. 

"It is regrettable that it happened this way. It is time to make things right," he said.

"We would like future cooperation and communication to be constructive."

The US decision to pause military aid catapulted his country into alarm and apprehension. Zelenskyy's statement came before Trump was expected to address the US Congress later Tuesday.

READ MORE: China, Canada, Mexico retaliate to Trump's mega tariffs

"Regarding the agreement on minerals and security, Ukraine is ready to sign it in any time and in any convenient format," Zelenskyy said. 

"We see this agreement as a step toward greater security and solid security guarantees, and I truly hope it will work effectively."

British Prime Minister Keir Starmer spoke to the Ukrainian leader on Tuesday and "welcomed President Zelenskyy's steadfast commitment to securing peace".

Zelenskyy's post came as officials in Kyiv said they were grateful for vital US help in the war and wanted to keep working with Washington. 

Ukraine's prime minister, though, said the country still wants security guarantees to be part of any peace deal and won't recognise Russian occupation of any Ukrainian land. Those are potential stumbling blocks for Washington and Moscow, respectively.

READ MORE: Man's jaw broken in alleged random attack on Sydney street

Ukraine and its allies are concerned Trump is pushing for a quick ceasefire that will favour Russia, which Kyiv says cannot be trusted to honour truces.

A White House official said the US was "pausing and reviewing" its aid to "ensure that it is contributing to a solution".

The order will remain in effect until Trump determines that Ukraine has demonstrated a commitment to peace negotiations, said the official, who spoke on condition of anonymity to discuss the assistance.

The pause in US aid isn't expected to have an immediate impact on the battlefield. Ukrainian forces have slowed Russian advances along the roughly 1000-kilometre front line, especially in the fiercely contested Donetsk region some 700 kilometres east of Kyiv. The Russian onslaught has been costly in troops and armour but hasn't brought a strategically significant breakthrough for the Kremlin.

Ukraine needs help to fight Russia

Ukraine, which depends heavily on foreign help to hold back Russia's full-scale invasion that began on February 24, 2022, has feared that aid could be stopped since Trump took office.

US-made Patriot air defence missile systems, for example, are a pivotal part of protecting Ukraine. Just as vital is US intelligence assistance, which has allowed Ukraine to track Russian troop movements and select targets.

"I feel betrayed, but this feeling is not really deep for some reason. I was expecting something like that from Trump's side," said a Ukrainian soldier fighting in Russia's Kursk region, where Ukraine launched a daring military incursion in August 2024 to improve its hand in negotiations. The soldier spoke by phone to The Associated Press on condition of anonymity because he was not authorized to talk to the media.

On the front line, where Ukraine is struggling to fend off the much larger and better-equipped Russian army, another soldier said the US decision would allow further battlefield gains for Moscow.

"War is very pragmatic," he told AP, speaking on condition of anonymity in compliance with military regulations. 

"If we have weapons, enough ammunition, infantry, armored vehicles and aviation — great. If not, then we're done," he said.

He recalled a seven-month delay in US aid that ended in April 2024 but opened a door for the Russian capture of the strategically important city of Avdiivka.

Olena Fedorova, 46, of the southern port city of Odesa, said she hoped Trump's decision would be temporary because "we really need help".

US support is vital because Europe cannot fully provide what Ukraine needs in air defence systems, said lawmaker Yehor Chernov. 

"As a result, this will lead to an increase in the number of casualties among civilians," he said.

The US suspension of military aid is already being felt at a hub in eastern Poland that has been used to ferry Western weapons into neighbouring Ukraine, Polish Prime Minister Donald Tusk said.

The US-Ukraine relationship has taken a downturn since Trump took office and his team launched bilateral talks with Russia.

Trump had vowed during his campaign to settle the war in 24 hours, but later changed that time frame and voiced hope that peace could be negotiated in six months.

Ukrainian Prime Minister Denys Shmyhal said US help is "vital" and has saved "perhaps tens of thousands" of civilian and military lives. But he emphasized that any peace agreement must be "on Ukraine's terms, as the victim country".

Ukraine wants "concrete security guarantees" from Washington, European countries and Group of Seven leading industrialized nations, he said. Giving up territory to Russia, which occupies nearly 20 per cent of Ukraine, "is not possible" under the UN Charter, he said.

European allies stress support for Kyiv

Kremlin spokesman Dmitry Peskov said Washington's decision could act as a spur to a peace agreement.

"The US has been the chief supplier in this war so far," Peskov said.

"If the US suspends these supplies, it will make the best contribution to peace."

Poland's Foreign Ministry said the US had not consulted with or informed NATO countries before announcing the pause.

Russia will likely try to use the halt in supplies to extend its territorial gains and strengthen its position in prospective peace talks.

Russia's state RIA Novosti news agency quoted Andrei Kartapolov, a retired general who chairs the defence committee in the lower house of parliament, as saying Ukraine would exhaust its current ammunition reserves within months. 

"We need to keep up the pressure and continue to target their bases and depots with long-range precision weapons to destroy the stockpiles," he said.

Ukraine's European allies, meanwhile, reaffirmed their commitment to Kyiv.

The chief of the European Union's executive proposed an €800 billion ($1.29 trillion) plan to bolster defences of EU nations and provide Ukraine with military muscle.

The British government, which has been leading European efforts to keep Trump from pushing to end the war on terms that could favor Moscow, said it remains "absolutely committed to securing a lasting peace in Ukraine".

Malcolm Chalmers, deputy director-general of the Royal United Services Institute, a London-based defence think tank, said Washington's move could encourage Russia to ask for more Ukrainian concessions, including demilitarisation and neutrality.

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Vice President JD Vance has struck a nerve with key allies in the UK and France after arguing that a US-Ukraine critical minerals deal is a more practical deterrent against Russian President Vladimir Putin than a peacekeeping force for postwar Ukraine that includes “some random country.”

Vance, in an interview with Fox News Channel’s Sean Hannity aired Monday evening, said the economic pact with Kyiv sought by President Donald Trump “is a way better security guarantee than 20,000 troops from some random country that hasn’t fought a war in 30 or 40 years.”

The Trump administration has been making the case that tightening US-Ukraine economic ties through an agreement that gives the US access to valuable mineral deposits in Ukraine will give Russia pause about taking malign action against Ukraine in the future.

READ MORE: 'Tell it like it is': Trump to address Congress as tariffs trigger trade war

The Republican vice president did not mention any particular country in his skeptical comments about a potential peacekeeping mission. But the “random country” comment was seen by some lawmakers and government officials in the UK and France as a slight that discounted both countries' partnership with the US military in conflict zones over the past 25 years.

UK Prime Minister Keir Starmer and French President Emmanuel Macron are leading the call for a post-conflict peacekeeping force in Ukraine to prevent Russia from invading again if Moscow and Kyiv reach a truce to put a stop to Russia’s invasion, launched in February 2022.

French troops deployed to Afghanistan following the Sept. 11, 2001, attacks on the United States. And British troops have served alongside American forces in Afghanistan and Iraq and in a U.S.-led coalition against the Islamic State group.

Reform UK leader Nigel Farage told broadcaster GB News that “JD Vance is wrong, wrong, wrong, wrong, wrong.”

“For 20 years in Afghanistan, pro rata our size against America’s, we spent the same amount of money, we put the same number of men and women in, and we suffered the same losses," Farage added. “We stood by America all through those 20 years putting in exactly the same contribution. And, all right, they may be six times bigger, but we did our bit.”

Vance on Tuesday took to social media to try to head off the criticism by noting that he didn't name any countries in the TV interview. He also applauded Britain and France for fighting "bravely alongside the US over the last 20 years, and beyond.”

READ MORE: US and Ukraine ready to sign minerals agreement 'within hours'

Later, during an appearance on Capitol Hill, Vance underscored to reporters that “the British and the French have offered to step up in a big way.”

French Defence Minister Sébastien Lecornu, in France’s parliament, noted the move by Vance. "Thankfully, the American vice president corrected his comments,” Lecornu said.

But in London, Liberal Democrat defence spokeswoman Helen Maguire, a former Royal Military Police officer who served in Iraq, called for the UK ambassador in Washington to ask Vance to apologise.

“JD Vance is erasing from history the hundreds of British troops who gave their lives in Iraq and Afghanistan,” she said. “I saw firsthand how American and British soldiers fought bravely together shoulder to shoulder. Six of my own regiment, the Royal Military Police, didn’t return home from Iraq. This is a sinister attempt to deny that reality."

Patrick Bury, a former British Army officer and warfare expert at the University of Bath, said Vance’s comments had caused pain to veterans.

“We sweat and bled with you guys in Iraq and Afghanistan, and previous to that,” said Bury, who served in Afghanistan. “He’s caused a lot of hurt there.”

Vance's comments came in an interview recorded hours before a White House official confirmed on Monday evening that Trump had directed a pause of US assistance to Ukraine as he seeks to pressure Ukrainian President Volodymyr Zelenskyy to engage in negotiations to end the war with Russia.

Trump remains frustrated with Zelenskyy. He again criticised the Ukrainian leader on Monday after Zelenskyy said that reaching an agreement with Russia to end the conflict likely “is still very, very far away.”

Trump administration and Ukrainian officials, during Zelenskyy’s White House visit last week, had been expected to sign off on the critical minerals deal, intended in part to pay back the US for aid it has sent Kyiv since the start of the war.

But that plan was scrapped as the visit was ended abruptly after Trump and Vance had a heated exchange with Zelenskyy during Oval Office talks at the start of the visit.

Ukraine is believed to have deposits of strategically important minerals — including titanium. lithium and manganese — that could be useful for American aerospace, electric vehicle and medical manufacturing.

“The president knows that, look, if you want real security guarantees, if you want to actually ensure that Vladimir Putin does not invade Ukraine again, the very best security guarantee is to give Americans economic upside in the future of Ukraine,” Vance said in the Fox interview.

Trump hasn't given up all hope of reaching an agreement. And the White House has billed such a pact as a way to tighten US-Ukrainian relations in the long term.

Trump on Monday called the proposal “a great deal” for the US and Ukraine and signaled that he would speak to it during his Tuesday address before a joint session of Congress.

Starmer said "a mineral deal is not enough on its own” to ensure Ukraine's security. The British prime minister has no illusions about US troops taking part in a potential peacekeeping mission.

Starmer, who met with Trump last week, and others are trying to make the case to Trump that the plan can only work with a US backstop for European forces on the ground — through US aerial intelligence, surveillance and support, as well as rapid-response cover in case of breaches of a truce.

At least three lawmakers have been injured, one of them seriously, in chaotic scenes in Serbia's parliament, during which smoke bombs and flares were thrown.

Lawmakers were scheduled to vote on a law that would increase funding for university education, but opposition parties insisted the session was illegal and should first confirm the resignation of Prime Minister Milos Vucevic and his government.

The Parliamentary chaos started about an hour after the session started on Tuesday with the opposition blowing whistles and holding up a banner reading "Serbia has risen so the regime would fall!"

READ MORE: Cyclone Alfred U-turns and heads for 4 million people

Video footage from the assembly hall showed a clash first between lawmakers and later flares and smoke bombs being thrown.

Serbian media said eggs and water bottles were also thrown.

Officials later said three people were injured in the disturbance.

Parliament Speaker Ana Brnabic accused the opposition of being a "terrorist gang".

She said one of the injured lawmakers was in a serious condition.

The incident reflects a deep political crisis in the Balkan country where months-long anti-corruption protests have rattled a populist government.

Vucevic resigned the post in January as authorities faced protests over the collapse in November of a concrete canopy in the Serbia's north that killed 15 people and which critics blamed on rampant corruption.

Parliament must confirm the prime minister's resignation for it to take effect.

Opposition parties have insisted that the government has no authority to pass new laws.

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