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

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Speaker 1: for Tuesday, the fifth of August twenty twenty five. I'm

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Speaker 1: Sean Aylmer. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Story numer one.

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Speaker 1: The local share market closed that are record high today

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Speaker 1: on the back of the surge in Wall Street overnight,

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Speaker 1: reflecting hopes of an interest rate cut in the world's

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Speaker 1: biggest economy. It was the strongest rally on Wall Street

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Speaker 1: since May. As trade has responded to week jobs figures

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Speaker 1: released over the weekend, markets now think there's a ninety

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Speaker 1: five percent chance of rate cut in September. In the US,

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Speaker 1: equities have now rebounded sharply from their April lows, driven

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Speaker 1: by growing investor optimism that Corporate America can absorb the

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Speaker 1: impact of the recent wave of tariffs and the US

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Speaker 1: economy will be able to avoid a recession. Locally. That's

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Speaker 1: good news, and our share price followed. Pretty much. All

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Speaker 1: the sectors did well, led by rate sensitive companies, particularly

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Speaker 1: those of the consumer, discretionary, financials, and property sectors. Story

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Speaker 1: number two. The biggest moves in the market came in

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Speaker 1: the rare earth sector. Amid suggestions that Australia could follow

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Speaker 1: the US and create a floor price for rare earths

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Speaker 1: to counter China's dominance, Resources Minister Madeline King opened the

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Speaker 1: door to the idea, saying mechanisms to set a floor

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Speaker 1: price for rare earths are under active consideration as part

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Speaker 1: of the Critical Mineral Strategic Reserve. The US Department of

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Speaker 1: Defense last month took a fifteen percent stake in a

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Speaker 1: company called MP Materials that's the biggest rare earth producer

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Speaker 1: in the US. It also committed to a minimum price

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Speaker 1: for rare earths from that company for a decade. All

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Speaker 1: that helped Linus and the Lookout today, which rose five

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Speaker 1: and nine percent, respectively. Story number three Japanese company Mitsubishi

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Speaker 1: Heavy Industries has been chosen to deliver ten billion dollars

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Speaker 1: worth of warships for the Australian Navy by twenty thirty.

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Speaker 1: Mitsubishi Heavy Industries is already manufacturing the frigates, with the

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Speaker 1: first expected in the water next year. Defence Minister Richard

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Speaker 1: Miles so the decision to pick the Japanese company was

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Speaker 1: a capability based decision and the deal would improve by

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Speaker 1: latter or relations between the two countries. It is the

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Speaker 1: biggest defense spending announcement by this government since August Storry

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Speaker 1: number four Ostell, the country's only listed shipbuilder, has been

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Speaker 1: designated a strategic asset, making it more difficult for an

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Speaker 1: overseas buyer to bid for the group. Ostell has billions

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Speaker 1: of dollars worth of Defense Department contracts and it will

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Speaker 1: establish a new subsidiary called Hostel Defense Australia. The government

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Speaker 1: will get a wee they're calling a sovereign share, so

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Speaker 1: that if a takeover bid for Ostell is made, the

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Speaker 1: federal government will get the option of acquiring the subsidiary

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Speaker 1: and its shipyards in Perth. South Korean and conglomerate Hanwa

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Speaker 1: has previously proposed a takeover of Hostel and acquired nine

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Speaker 1: point nine percent of the company. In March, it's requested

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Speaker 1: to go to nineteen point nine percent. And Story number

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Speaker 1: five BP has made its biggest oil and gas discovery

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Speaker 1: in twenty five years after drilling a successful well in

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Speaker 1: a field off the coast of Brazil, and a boost

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Speaker 1: to the energy group as it refocuses on fossil fuels.

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Speaker 1: The Boomerang field lies in the Santos basin about four

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Speaker 1: hundred kilometers from Rio de Geneiro and spans more than

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Speaker 1: three hundred square kilometers. The company said it's the biggest

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Speaker 1: fine in two and a half decades. Boomerang is believed

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Speaker 1: to contain a mix of gas, condensate and oil, but

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Speaker 1: BP SAIDs too early to assess the full size or

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Speaker 1: quality of the reserves. That's it for the afternoon report

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Speaker 1: for Tuesday, the fifth of August twenty twenty five. Make

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Speaker 1: sure you follow on the podcast. We will be back

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Speaker 1: tomorrow morning with a Wednesday edition. I'm fearing Greek business News.

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Speaker 1: I'm sure I alma enjoy your evening