Five Things You Need to Know to Start Your Day: Asia

Biden pulls out of election. Xi unveils plan to fix the economy. Australians are tapping property cash to help fund retirement. Here’s what you need to know today.

US President Joe Biden has finally abandoned his reelection bid, bowing to relentless pressure from Democrats to drop out over fears he was too feeble to beat Donald Trump. Biden said he would serve out his term but endorsed Vice President Kamala Harris to take his place as the Democratic nominee. Harris pledged to do “everything in my power” to beat Donald Trump at the polls. But Harris isn’t yet a done deal and she could face a challenge for the nomination from others. Here’s what comes next for the Democrats; this is what world leaders had to say about Biden’s decision to pull out; and here’s what investors are saying could come next.