1 00:00:04,200 --> 00:00:07,120 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,160 --> 00:00:10,040 Speaker 1: for Thursday, the third of July twenty twenty five. Are 3 00:00:10,039 --> 00:00:12,880 Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that 4 00:00:12,920 --> 00:00:15,040 Speaker 1: happened today that you need to know about. Let's go 5 00:00:15,200 --> 00:00:17,520 Speaker 1: story number one. It was a day for profit taking 6 00:00:17,560 --> 00:00:19,600 Speaker 1: on the share market, with the run in stocks over 7 00:00:19,640 --> 00:00:23,400 Speaker 1: recent days, notably the banks and retailers coming to an end. 8 00:00:23,720 --> 00:00:25,960 Speaker 1: By the close, the S and PA Sex two hundred 9 00:00:26,079 --> 00:00:29,720 Speaker 1: was down slightly to eighty five hundred and ninety six points. 10 00:00:30,160 --> 00:00:32,760 Speaker 1: All the big banks lost ground, with Commonwealth Bank off 11 00:00:32,800 --> 00:00:35,960 Speaker 1: two percent. Retailers that had run earlier in the week 12 00:00:35,960 --> 00:00:38,120 Speaker 1: on the hopes of a rate cut also fell back. 13 00:00:38,320 --> 00:00:41,599 Speaker 1: They included JB. High, Fi, Wes Farmers, Harvey Norman. Now, 14 00:00:41,640 --> 00:00:45,120 Speaker 1: profit taking is when investors figure stock won't run much 15 00:00:45,200 --> 00:00:47,080 Speaker 1: higher and could in fact fall, so they may as 16 00:00:47,080 --> 00:00:49,600 Speaker 1: well take the money off the table. The winners yesterday 17 00:00:49,640 --> 00:00:52,280 Speaker 1: were the miners. After Beijing promised to crack down on 18 00:00:52,360 --> 00:00:56,480 Speaker 1: disorderly low priced competition in commodity markets and phase out 19 00:00:56,560 --> 00:01:00,520 Speaker 1: some industrial capacity. BHP, Rio, Tinto and four few metals 20 00:01:00,560 --> 00:01:05,440 Speaker 1: all jumped. Lithium miners, mineral resources Pilborough Minerals and Linetown. 21 00:01:05,480 --> 00:01:08,480 Speaker 1: They all rose as well under story number two. Now 22 00:01:08,520 --> 00:01:12,400 Speaker 1: and the country's corporate regulator says major financial services firms, 23 00:01:12,400 --> 00:01:16,319 Speaker 1: including Macquarie, AMP and Colonial First State, need to do 24 00:01:16,440 --> 00:01:20,560 Speaker 1: more to ensure that retirement savers are protected from complex, 25 00:01:20,680 --> 00:01:24,680 Speaker 1: high risk schemes hosted on their superannuation platforms. The Australian 26 00:01:24,680 --> 00:01:29,360 Speaker 1: Securities and Investments Commission said too many financial advisors were 27 00:01:29,400 --> 00:01:34,680 Speaker 1: inappropriately convincing customers, mostly running self managed superfunds, to put 28 00:01:34,760 --> 00:01:37,479 Speaker 1: savings into these products. This is according to the Financial Review. 29 00:01:37,840 --> 00:01:41,640 Speaker 1: The regulator said it was already investigating two platform trustees, 30 00:01:41,760 --> 00:01:45,720 Speaker 1: Macquarie Bank and Equity Trustees, for failing to protect consumers 31 00:01:45,720 --> 00:01:49,120 Speaker 1: from problematic products. The platforms are the tools used by 32 00:01:49,160 --> 00:01:52,160 Speaker 1: advisors to make investments in certain products that they host. 33 00:01:52,720 --> 00:01:55,280 Speaker 1: Story number three. A bunch of corporate news around today. 34 00:01:55,360 --> 00:01:59,440 Speaker 1: Housing developer gem Life opened five point eight percent higher 35 00:01:59,480 --> 00:02:01,680 Speaker 1: on the aa SEX and its first day of trading. 36 00:02:02,000 --> 00:02:04,720 Speaker 1: There's been a run of strong IPOs over the past 37 00:02:04,760 --> 00:02:07,200 Speaker 1: couple of weeks, and gym Life is the latest of those. 38 00:02:07,880 --> 00:02:10,359 Speaker 1: Pro Medicus jumped more than ten percent today, at one 39 00:02:10,360 --> 00:02:12,959 Speaker 1: point reaching a record high after announcing it won two 40 00:02:13,080 --> 00:02:16,800 Speaker 1: US contracts collectively worth nearly two hundred million dollars. Domino's 41 00:02:16,800 --> 00:02:20,240 Speaker 1: Pizza also rebounded somewhat after its share price tumbled sixteen 42 00:02:20,280 --> 00:02:23,640 Speaker 1: percent yesterday on the news that chief executive Mark Van 43 00:02:23,680 --> 00:02:28,200 Speaker 1: Dyke would resign in December, and G eight Education fell sharply, 44 00:02:28,240 --> 00:02:31,440 Speaker 1: making for its third decline in a row since Victoria 45 00:02:31,480 --> 00:02:33,800 Speaker 1: Police revealed that it had charged one of its former 46 00:02:33,840 --> 00:02:39,000 Speaker 1: employees with dozens of offenses or allegedly abusing eight children. 47 00:02:40,000 --> 00:02:42,880 Speaker 1: Story number four. The Federal government has recommitted to the 48 00:02:42,960 --> 00:02:46,480 Speaker 1: seven point one billion dollar co funding agreement with the 49 00:02:46,560 --> 00:02:49,680 Speaker 1: Queensland government to deliver twenty thirty two Brisbane Olympic and 50 00:02:49,760 --> 00:02:53,160 Speaker 1: Paralympic Games venues. This is ahead of early works beginning 51 00:02:53,240 --> 00:02:57,720 Speaker 1: next week on the Centerpiece Stadium. The renewed intergovernmental agreement 52 00:02:57,880 --> 00:03:00,639 Speaker 1: was announced by the Queensland Government today with Prime Minister 53 00:03:00,680 --> 00:03:04,120 Speaker 1: Anthony Albanezi to tip one point two billion dollars into 54 00:03:04,160 --> 00:03:08,880 Speaker 1: the sixty three thousand seat Victoria Park Stadium. And finally, 55 00:03:08,919 --> 00:03:12,080 Speaker 1: story number five, Rescuers are searching for dozens of people 56 00:03:12,120 --> 00:03:15,720 Speaker 1: missing in rough seas after a ferry carrying sixty five 57 00:03:15,800 --> 00:03:20,320 Speaker 1: people sank near Indonesia's resort island of Bali. The vessel 58 00:03:20,400 --> 00:03:23,560 Speaker 1: sank almost half an hour after leaving East Java on 59 00:03:23,600 --> 00:03:27,320 Speaker 1: a fifty kilometer voyage. The ferry carried fifty three passengers, 60 00:03:27,360 --> 00:03:32,000 Speaker 1: twelve crew members, twenty two vehicles, including fourteen trucks. According 61 00:03:32,040 --> 00:03:34,840 Speaker 1: to Royce's, a number of bodies have been recovered and 62 00:03:34,920 --> 00:03:38,960 Speaker 1: twenty people were rescued, many of them unconscious after drifting 63 00:03:39,000 --> 00:03:42,600 Speaker 1: in choppy waters for hours. Rescuers were battling waves up 64 00:03:42,600 --> 00:03:46,200 Speaker 1: to two meters high. In March, an Australian woman was 65 00:03:46,280 --> 00:03:48,800 Speaker 1: killed when a snorkeling boat carrying a number of Australian 66 00:03:48,800 --> 00:03:52,840 Speaker 1: tourists capsized in rough seas, also off Bali. That's it 67 00:03:52,880 --> 00:03:55,600 Speaker 1: for the afternoon report for Thursday, the third of July 68 00:03:55,720 --> 00:03:58,120 Speaker 1: twenty twenty five. Make sure you hit follow on the 69 00:03:58,160 --> 00:04:00,800 Speaker 1: podcast and we'll be back tomorrow morning with the Friday 70 00:04:00,920 --> 00:04:03,520 Speaker 1: edition of the past five business news by Fear and Greed. 71 00:04:03,760 --> 00:04:05,640 Speaker 1: B'm Michael Thompson. Enjoy your evening.