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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Friday, the first of August twenty twenty five. Are

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Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Let's go

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Speaker 1: story number one. The S and PA SEX two hundred

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Speaker 1: fell as much as one percent today before pairing back

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Speaker 1: losses slightly to finish down zero point nine percent to

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Speaker 1: eighty six hundred and sixty two points. For the week,

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Speaker 1: the market was pretty much flat. The slide today followed

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Speaker 1: renewed trade tensions out of the US after Donald Trump

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Speaker 1: raised tariffs on several key partners and more of that

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Speaker 1: one in just a moment. Tech stocks and healthcare companies

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Speaker 1: led the market lower, though financials including the Big four

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Speaker 1: banks were also sold off. Utility stocks performed best. Story

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Speaker 1: number two. As I mentioned before, US President Donald Trump's

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Speaker 1: deadline for tariffs has come and gone, and he has

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Speaker 1: at this point maintained a baseline ten percent tariff on

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Speaker 1: all countries. Australian Trade Minister Don Farrell firmed that Australia

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Speaker 1: will be hit by the ten percent rate. Some so

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Speaker 1: called allies haven't fared so well. It seems. For example,

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Speaker 1: Trump slapped a thirty five percent tariff on Canadian imports.

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Speaker 1: New Zealand will be hit with a fifteen percent tariff.

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Speaker 1: The US will also introduce new tariffs of nineteen percent

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Speaker 1: on imports from Thailand and Cambodia, twenty percent on goods

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Speaker 1: from Taiwan, and a steep thirty nine percent tariff on

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Speaker 1: Swiss products. The announcements came as US inflation rose more

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Speaker 1: than expected in June, as tariff's pushed up import prices,

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Speaker 1: reinforcing expectations that price pressures will build and delay interest

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Speaker 1: rate cuts until at least October in the world's biggest economy.

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Speaker 1: So in number three, a deal for Star Entertainment to

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Speaker 1: sell its fifty percent ownership in the Queens Wharf Hotel

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Speaker 1: and Casino complex in Brisbane has collapsed, opening the ASX

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Speaker 1: listed group to a forty one million dollar payment to

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Speaker 1: the potential buyers. The buyers, Chow Fai Fook Enterprises and

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Speaker 1: Fari Consortium, already owned the other fifty percent of the complex,

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Speaker 1: so the breakup could be a little bit difficult. The

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Speaker 1: collapse of the deal means Star is on the hook

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Speaker 1: now for almost a billion dollars in debt. Star said

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Speaker 1: it would look for alternative options for its fifty percent stake.

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Speaker 1: Stars share price dropped sixteen percent today, But consider this,

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Speaker 1: Four years ago, a Star share was worth nearly four dollars.

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Speaker 1: Today they're worth around nine cents. That is a record low.

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Speaker 1: Sorry number four, ResMed has beaten fourth quarter earnings forecast

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Speaker 1: due to strong demand for its sleep apnear devices. The

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Speaker 1: group also forecasts an improvement in gross margins for the

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Speaker 1: year ahead. California based ResMed, which is dual listed on

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Speaker 1: New York and the Australian Stock Exchange, said net profit

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Speaker 1: for the full year ending June thirty rows thirty seven

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Speaker 1: percent to two point two billion dollars. Its share price

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Speaker 1: rose about one percent today. RESMD said that it is

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Speaker 1: confident it can keep growing sales of its breathing machines

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Speaker 1: and other sleep devices despite the wides takeup of weight

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Speaker 1: loss drugs and Finally, story number five, Apple reported sales

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Speaker 1: and profit that beat expectations, suggesting its efforts to reroot

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Speaker 1: its sprawling global supply chain away from US President Donald

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Speaker 1: Trump's trade war have so far succeeded. Now Apple said

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Speaker 1: had earned ninety four billion US dollars in revenue for

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Speaker 1: the June quarter. Apple has been shifting production of goods

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Speaker 1: bound for the US, sourcing iPhones from India and other

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Speaker 1: products such as Max and Apple watches from Vietnam. Still,

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Speaker 1: the company had warned investors at US tariffs could cost

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Speaker 1: it nine hundred million US dollars in the fiscal third quarter.

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Speaker 1: The ultimate tariffs that many Apple products could face still

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Speaker 1: essentially remain in flux, and many of its products are

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Speaker 1: currently exempt. That's it for the afternoon report for Friday,

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Speaker 1: the first of August twenty twenty five. Make sure you

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Speaker 1: hit follow on the podcast and we'll be back tomorrow

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Speaker 1: morning with the weekend edition of the Fast five Business

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Speaker 1: News by Fear and Greed. I'm Michael Thompson. Enjoy your evening,