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Former defence minister Linda Reynolds must have known Brittany Higgins had been sexually assaulted when she met with her junior staffer, a defamation trial has been told.

Australian market tipped for steep fall US recession rumblings to roil ASX

A former PwC chief executive who was linked to the consulting firm's tax leak scandal will be dragged under the spotlight for the first time.

The ASX200 gained 0.3 per cent to close above 8,100 for the first time after Fed chairman Jay Powell talked up a September rate cut in the United States.

The ASX200 rose 1.8 per cent in its best single-day performance since late 2022, while the Aussie fell under 65 US cents for the first time in three months.

The ASX200 finished down 0.5 per cent after slipping more than twice that in early trading, while Fortescue Metals fell to a 20-month low.

The ASX200 briefly reclaimed the 8,000 level as traders wait for what one analyst calls the biggest data point of the year for Australia's market.

The Australian share market was 0.8 per cent higher at the bell following goldilocks US economic data and a rally across mining stocks.

Heat on ANZ top brass