1 00:00:04,120 --> 00:00:06,720 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,760 --> 00:00:09,200 Speaker 1: for Tuesday, the fifth of August twenty twenty five. I'm 3 00:00:09,200 --> 00:00:12,000 Speaker 1: Suan Aylmer. Every afternoon, we've got the five stories that 4 00:00:12,080 --> 00:00:14,400 Speaker 1: happen today that you need to know about. Story numer one, 5 00:00:14,520 --> 00:00:17,400 Speaker 1: A local share market closed that are record high today 6 00:00:17,680 --> 00:00:20,080 Speaker 1: on the back of a surge in Wall Street overnight, 7 00:00:20,160 --> 00:00:22,560 Speaker 1: reflecting hopes of an interest rate cut in the world's 8 00:00:22,600 --> 00:00:26,600 Speaker 1: biggest economy. It was the strongest rally on Wall Street 9 00:00:26,720 --> 00:00:29,680 Speaker 1: since May. As trade has responded to week jobs figures 10 00:00:29,680 --> 00:00:32,440 Speaker 1: released over the weekend. Markets now think there's a ninety 11 00:00:32,440 --> 00:00:35,160 Speaker 1: five percent chance of rate cut in September. In the US, 12 00:00:35,400 --> 00:00:38,800 Speaker 1: equities have now rebounded sharply from their April lows, driven 13 00:00:38,840 --> 00:00:42,519 Speaker 1: by growing investor optimism that Corporate America can absorb the 14 00:00:42,560 --> 00:00:45,200 Speaker 1: impact of the recent wave of tariffs and the US 15 00:00:45,200 --> 00:00:49,080 Speaker 1: economy will be able to avoid a recession. Locally. That's 16 00:00:49,120 --> 00:00:51,680 Speaker 1: good news, and our share price followed. Pretty much. All 17 00:00:51,680 --> 00:00:55,040 Speaker 1: the sectors did well, led by rate sensitive companies, particularly 18 00:00:55,120 --> 00:00:58,960 Speaker 1: those of the consumer, discretionary, financials, and property sectors. Story 19 00:00:59,080 --> 00:01:01,160 Speaker 1: number two. The biggest in the market came in the 20 00:01:01,240 --> 00:01:04,679 Speaker 1: rare earth sector, amid suggestions that Australia could follow the 21 00:01:04,760 --> 00:01:08,039 Speaker 1: US and create a floor price for rare earths to 22 00:01:08,120 --> 00:01:12,480 Speaker 1: counter China's dominance, Resources Minister Madeline King opened the door 23 00:01:12,520 --> 00:01:15,839 Speaker 1: to the idea, saying mechanisms to set a floor price 24 00:01:15,880 --> 00:01:19,959 Speaker 1: for rare earths are under active consideration as part of 25 00:01:19,959 --> 00:01:23,000 Speaker 1: the Critical Mineral Strategic Reserve. The US Department of Defense 26 00:01:23,120 --> 00:01:25,240 Speaker 1: last month took a fifteen percent stake in a company 27 00:01:25,319 --> 00:01:28,160 Speaker 1: called MP Materials that's the biggest rare earth producer in 28 00:01:28,200 --> 00:01:30,720 Speaker 1: the US. It also committed to a minimum price for 29 00:01:30,800 --> 00:01:33,840 Speaker 1: rare earths from that company for a decade. All that 30 00:01:33,920 --> 00:01:37,000 Speaker 1: helped Linus and the Lookout today, which rose five and 31 00:01:37,120 --> 00:01:41,040 Speaker 1: nine percent, respectively. Story number three Japanese company Mitsubishi Heavy 32 00:01:41,040 --> 00:01:44,479 Speaker 1: Industries has been chosen to deliver ten billion dollars worth 33 00:01:44,480 --> 00:01:49,080 Speaker 1: of warships for the Australian Navy by twenty thirty. Mitsubishi 34 00:01:49,080 --> 00:01:51,880 Speaker 1: Heavy Industries is already manufacturing the frigates, with the first 35 00:01:51,880 --> 00:01:55,200 Speaker 1: expected in the water next year. Defence Minister Richard Miles 36 00:01:55,200 --> 00:01:57,760 Speaker 1: so the decision to pick the Japanese company was a 37 00:01:57,760 --> 00:02:00,560 Speaker 1: capability based decision and the deal would improve by lateral 38 00:02:00,600 --> 00:02:03,800 Speaker 1: relations between the two countries. It is the biggest defense 39 00:02:03,840 --> 00:02:08,200 Speaker 1: spending announcement by this government since August. Storry number four Ostell, 40 00:02:08,680 --> 00:02:13,720 Speaker 1: the country's only listed shipbuilder, has been designated a strategic asset, 41 00:02:13,800 --> 00:02:16,000 Speaker 1: making it more difficult for an overseas buyer to bid 42 00:02:16,040 --> 00:02:18,560 Speaker 1: for the group. Ostell has billions of dollars worth of 43 00:02:18,560 --> 00:02:22,200 Speaker 1: Defense Department contracts and it will establish a new subsidiary 44 00:02:22,240 --> 00:02:25,600 Speaker 1: called Hostel Defense Australia. The government will get a wee 45 00:02:25,639 --> 00:02:28,800 Speaker 1: they're calling a sovereign share, so that if a takeover 46 00:02:28,840 --> 00:02:31,000 Speaker 1: bid for Ostell is made, the federal government will get 47 00:02:31,000 --> 00:02:34,480 Speaker 1: the option of acquiring the subsidiary and its shipyards in Perth. 48 00:02:34,840 --> 00:02:38,639 Speaker 1: South Korean and conglomerate Hanwa has previously proposed a takeover 49 00:02:38,720 --> 00:02:41,560 Speaker 1: of Hostel and acquired nine point nine percent of the company. 50 00:02:41,600 --> 00:02:44,359 Speaker 1: In March, it's requested to go to nineteen point nine percent. 51 00:02:44,880 --> 00:02:48,360 Speaker 1: And Story number five BP has made its biggest oil 52 00:02:48,360 --> 00:02:50,960 Speaker 1: and gas discovery in twenty five years after drilling a 53 00:02:51,000 --> 00:02:53,800 Speaker 1: successful well in a field off the coast of Brazil 54 00:02:53,840 --> 00:02:56,440 Speaker 1: and a boost to the energy group as it refocuses 55 00:02:56,520 --> 00:03:01,360 Speaker 1: on fossil fuels. The Boomerang field line in the Santos 56 00:03:01,440 --> 00:03:04,240 Speaker 1: Basin about four hundred kilometers from Rio de Geneiro and 57 00:03:04,320 --> 00:03:07,679 Speaker 1: spans more than three hundred square kilometers. The company said 58 00:03:07,720 --> 00:03:10,200 Speaker 1: it's the biggest fine in two and a half decades. 59 00:03:10,560 --> 00:03:13,880 Speaker 1: Boomerang is believed to contain a mix of gas, condensate 60 00:03:13,919 --> 00:03:16,320 Speaker 1: and oil, but BP SAIDs too early to assess the 61 00:03:16,400 --> 00:03:19,480 Speaker 1: full size or quality of the reserves. That's it for 62 00:03:19,480 --> 00:03:22,000 Speaker 1: the afternoon report for Tuesday, the fifth of August twenty 63 00:03:22,000 --> 00:03:23,959 Speaker 1: twenty five. Make sure you hit follow on the podcast. 64 00:03:24,400 --> 00:03:26,480 Speaker 1: We will be back tomorrow morning with a Wednesday edition 65 00:03:26,520 --> 00:03:28,760 Speaker 1: of the past five visiness us by Fear and Greek. 66 00:03:29,040 --> 00:03:30,959 Speaker 1: I'm Sean Elma. Enjoy your eavening.