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Speaker 1: It's Tuesday, the eighth of April twenty twenty five. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed,

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Speaker 1: where we give you the top five business stories you

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Speaker 1: need to know when just five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael, Sean.

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Speaker 1: Five stories in five minutes. Let's go a story. Number one.

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Speaker 1: Nearly one hundred billion dollars was wiped off the ASX yesterday,

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Speaker 1: with the benchmark index finishing down more than four percent.

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Speaker 1: It could have been much worse, though, with the S

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Speaker 1: and P ASX two hundred at one point down six percent.

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Speaker 2: It was pretty brutal, Michael, and the biggest one day

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Speaker 2: loss in five years. Of course, it followed a four

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Speaker 2: percent loss on Friday. Asian stock marks markets also slumped.

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Speaker 2: Cyclical stocks and companies operating into the US were hit hardest.

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Speaker 2: Defensive plays like the big supermarkets, Telstra infrastructure companies they outperformed,

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Speaker 2: albeit they still fell yesterday. The big miners were hit

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Speaker 2: hard on fears of US tariffs triggering a global recession.

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Speaker 2: In fact, BHP tumble to its lowest level since November

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Speaker 2: twenty twenty one, market leader Comonwealth Bank lost six percent,

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Speaker 2: while the big energy company Santos and Woodside also tumbled.

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Speaker 2: All eleven sub indices on the ASEX two hundred dropp yesterday,

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Speaker 2: About nine percent of stocks dropped. The big concern uncertainty

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Speaker 2: around these tariffs and what it means for the global economy.

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Speaker 1: But what are the economic consequences from the sell off shown?

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Speaker 1: What's it mean for growth and what does it mean

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Speaker 1: for interest rates?

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Speaker 2: So Treasury says that there will be big hits to

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Speaker 2: America and Chinese growth, as well as the spike and

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Speaker 2: US inflation. The treasure Jim Chalmers said he expects the

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Speaker 2: Australian GDP to take a hit. There will be some

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Speaker 2: impact on prices, but it will be manageable and the

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Speaker 2: local economy is well placed in uncertain times now. Treasury

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Speaker 2: released its pre election economic and fiscal outlook yesterday. We

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Speaker 2: had the budget recently. What was interesting out of yesterday

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Speaker 2: was that Treasury said Trump's tariffs could reduce consumer confidence

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Speaker 2: potentially damage the budget by causing a decline in commodity prices.

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Speaker 2: In bond markets, traders have priced in a reserve bank

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Speaker 2: cut of the official cut the official cash rate in

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Speaker 2: May than July and August. Jim Chalmers actually yesterday talked

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Speaker 2: about potential for a fifty basis point cut in May.

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Speaker 2: Wait and see whether that happens. The Aussie dollar yesterday

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Speaker 2: fell under sixty US cents.

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Speaker 1: Okay, so we've gone through what's happening on equity markets

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Speaker 1: and what the tariffs and the selloff means for the

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Speaker 1: economy and interest rates. Story number two, Sean is what

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Speaker 1: it means for the Aussie dollar and commodity prices.

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Speaker 2: Yeah, so the Aussie dollar it fell below sixty cents,

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Speaker 2: then bounced a bit yesterday after and kind of ironic,

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Speaker 2: but in times of turmoil, even when America is causing

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Speaker 2: all the strife, investors tend to buy the US dollars

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Speaker 2: sell commodity currencies. Hence we get hit. Really isn't much

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Speaker 2: that's been spared. Copper, which is a bell weather for commodities,

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Speaker 2: falling sixteen percent three days goals now trading around three

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Speaker 2: thousand US dollars, and ounce oils tumbled Brench down to

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Speaker 2: sixty four US dollars a barrel, low US in about

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Speaker 2: four years. Silver ligning on that one, Michael, Petrol prices

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Speaker 2: should be lower in the next two or three weeks.

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Speaker 2: Price of iron ore fell to ninety seven US dollars

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Speaker 2: a ton, Cryptos fell, bitcoins down, Ether's down, everything down.

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Speaker 1: Michael to see I've red, shan see of red?

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Speaker 2: Thank you.

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Speaker 1: On to story number three. The board of Star Entertainment

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Speaker 1: has agreed to hand over the casino group to US

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Speaker 1: based Bally's Corporation in a three hundred million dollar deal,

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Speaker 1: which means shown that the casinos in Sydney, Brisbane and

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Speaker 1: the Gold Coast will continue operating.

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Speaker 2: Under the plan, Ballys will inject about two hundred and

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Speaker 2: fifty million dollars into Star, while largest shareholder Publican Bruce

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Speaker 2: Matheson will put in about fifty million dollars. According to

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Speaker 2: The Finn Review, some of that money is expected this week.

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Speaker 2: Lowing the gaming group to meet its obligations been quite

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Speaker 2: the right. A cost blowout at its new Queen's Wharf

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Speaker 2: Entertainment precinct in Brisbane precipitated months of financial stress, including

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Speaker 2: an additional one hundred million dollar loan from lenders. Last September.

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Speaker 2: Almost run out of cash, it had a seven hundred

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Speaker 2: and fifty million dollar lifeline that it had to leave

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Speaker 2: and a deal to sell its fifty percent stake in

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Speaker 2: the Queen's Wharf Precinct, which will go ahead. Still Bally's

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Speaker 2: owns nineteen casinos in the US. Looks like the Star

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Speaker 2: will make it, though we think we.

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Speaker 1: Think Story number four. Opposition leader Peter Dutton is battling

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Speaker 1: to ward off comparisons to US President Donald Trump, saying

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Speaker 1: his policies are not controversial. Mind you, he was talking

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Speaker 1: after hopping out of an oil tanker to spook his

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Speaker 1: promise to cut fuel prices, which are slightly reminiscent of

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Speaker 1: Donald Trump jumping out of a garbage truck during his campaign.

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Speaker 2: It was a great prop I mean, the truck had

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Speaker 2: saved twenty five cents per to vote Liberal, But maybe

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Speaker 2: ill advised, especially since he's trying to push Trump away

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Speaker 2: a bit. Opposition leader was in South Australia promost one

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Speaker 2: hundred and forty million dollars for Adelaide Rhodes. He spent

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Speaker 2: some of yesterday repeating his mea culpa that the Liberals

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Speaker 2: work from home policy, which said federal bureaucrats need to

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Speaker 2: work five days a week in the office, was a mistake.

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Speaker 2: He said the Coalition got it wrong. He also warded

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Speaker 2: down plans to reduce the public service by forty one thousand.

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Speaker 2: Still wants to do that. But over five years.

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Speaker 1: Last One story number five shown the third season of

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Speaker 1: HBO series White Lotus and it's finale yesterday Australian Time,

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Speaker 1: has become one of the most popular TV series on

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Speaker 1: record for the Warner Brothers pay TV service.

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Speaker 2: This one's for you, Michael. Its third season is far

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Speaker 2: and away the most popular yet, attracting around eighteen eighteen

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Speaker 2: to twenty million viewers in the US double what season

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Speaker 2: one attracted. The only other reason HBO original series for

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Speaker 2: the higher audience figure the Last of Us, which had

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Speaker 2: more than thirty million viewers for its first season in

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Speaker 2: twenty twenty three, and then House of Dragon the Game

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Speaker 2: of Thrones. Oh shoot, it posted to clients in its

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Speaker 2: second season last year, but still collected more than twenty

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Speaker 2: four million viewers. According to The New York Times, the

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Speaker 2: White Loaders is far from the most popular show. The

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Speaker 2: streaming services Netflix, Amazon, they have the most popular shows,

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Speaker 2: but the White Loaders for HBO incredibly successful.

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Speaker 1: Yeah, it is a winner, all right. There we go.

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Speaker 1: The top five business stories in five minutes. Thank you Sean,

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Speaker 1: Thank you Michael. It is Tuesday, the eighth of April

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Speaker 1: twenty twenty five. Remember to hit follow on the podcast

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Speaker 1: our free daily newsletter. It comes out every morning by

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Speaker 1: six am, a quick hit of all the news you

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Speaker 1: need for a very successful day. I'm Michael Thompson and

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Speaker 1: that was the fast five business news by Fear and Greed.

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Speaker 1: Had a great day,