1 00:00:04,200 --> 00:00:07,520 Speaker 1: Welcome to Fear and Greed. Business News Afternoon Report for Thursday, 2 00:00:07,600 --> 00:00:10,520 Speaker 1: v second of April twenty twenty six. I'm Sean Alma. 3 00:00:10,640 --> 00:00:13,039 Speaker 1: Every afternoon, We've got the five stories that happened today 4 00:00:13,039 --> 00:00:15,120 Speaker 1: that you need to know about. Story number one, the 5 00:00:15,200 --> 00:00:17,560 Speaker 1: S ANDPA SX two hundred finished the day of trading 6 00:00:17,560 --> 00:00:20,040 Speaker 1: ahead of the East to break down more than one percent. 7 00:00:20,480 --> 00:00:23,600 Speaker 1: Markets started the day pretty well, but at noon Australian time, 8 00:00:23,760 --> 00:00:26,920 Speaker 1: US President Donald Trump gave a national address and provided 9 00:00:26,960 --> 00:00:29,200 Speaker 1: no timeline for the end of the war in the 10 00:00:29,240 --> 00:00:33,400 Speaker 1: Middle East. Markets had hoped for something more concrete. Oil 11 00:00:33,440 --> 00:00:37,280 Speaker 1: prices rose, share markets in the Asia region fell. The 12 00:00:37,280 --> 00:00:39,720 Speaker 1: Aussie dollar finished the day trading back below sixty nine 13 00:00:39,840 --> 00:00:43,080 Speaker 1: US cents on the local market. Textocks were hit hardest, 14 00:00:43,320 --> 00:00:45,440 Speaker 1: while the big miners were also sold off. The banks 15 00:00:45,440 --> 00:00:49,360 Speaker 1: were mixed, while the retailers generally outperformed the broader market. 16 00:00:49,720 --> 00:00:52,760 Speaker 1: Story number two, the fallout and I mean fallout from 17 00:00:52,760 --> 00:00:56,800 Speaker 1: Prime Minister Anthony Albernizi's national address last night, continues. The 18 00:00:56,920 --> 00:00:59,840 Speaker 1: general gist is why did the PM eat into broadcaster 19 00:01:00,160 --> 00:01:04,039 Speaker 1: in radio airtime to say not very much? In fact, 20 00:01:04,319 --> 00:01:07,199 Speaker 1: given that there was a rush to buy petrol ahead 21 00:01:07,200 --> 00:01:10,400 Speaker 1: of the speech. Maybe it actually had a negative impact. 22 00:01:10,600 --> 00:01:14,160 Speaker 1: Opposition leader Angus Taylor said Prime Minister Anthony Alberzi's national 23 00:01:14,200 --> 00:01:18,679 Speaker 1: address could have been a social media post Deputy Prime Minister, 24 00:01:18,720 --> 00:01:20,880 Speaker 1: which Miles defended his boss, saying it was the right 25 00:01:20,880 --> 00:01:23,080 Speaker 1: thing for the austral and PM to do, and that's 26 00:01:23,120 --> 00:01:26,520 Speaker 1: what Albanezi said himself. He was at the National Press 27 00:01:26,520 --> 00:01:30,040 Speaker 1: Club today. He said he needed to speak directly to Australians, 28 00:01:30,080 --> 00:01:33,640 Speaker 1: not through social media. Story number three, a nine month 29 00:01:33,680 --> 00:01:37,240 Speaker 1: investigation into the failings of the share market operator, has 30 00:01:37,280 --> 00:01:41,240 Speaker 1: slammed the AX management and its board for prioritizing shareholder 31 00:01:41,280 --> 00:01:45,200 Speaker 1: returns over its ability to deliver stable infrastructure to run 32 00:01:45,200 --> 00:01:48,680 Speaker 1: the country's financial markets. A final report by a three 33 00:01:48,800 --> 00:01:52,440 Speaker 1: member independent panel led by Compwealth Bank director Rob Whitfield, 34 00:01:52,840 --> 00:01:56,160 Speaker 1: was also damning of the company's culture. According to the 35 00:01:56,200 --> 00:01:59,520 Speaker 1: Finn Review, the report says, I quote too often, ASEX 36 00:01:59,560 --> 00:02:03,000 Speaker 1: has a dopted to tactical solutions to solving problems rather 37 00:02:03,000 --> 00:02:05,680 Speaker 1: than addressing the root cause of its issues, and focused 38 00:02:05,680 --> 00:02:10,239 Speaker 1: on remedying obvious shortcomings rather than striving for best practices. 39 00:02:10,600 --> 00:02:13,520 Speaker 1: This incremental approach, combined with an insular and defensive culture 40 00:02:13,960 --> 00:02:16,480 Speaker 1: led to a focus on meeting minimum standards rather than 41 00:02:16,520 --> 00:02:19,400 Speaker 1: striving to fulfill its role in a way that best 42 00:02:19,440 --> 00:02:24,200 Speaker 1: serves Australia's interests end quote OLCH. The inquiry was investigated 43 00:02:24,200 --> 00:02:27,640 Speaker 1: by the Australian Securities Investments Commission, which has joined supervision 44 00:02:27,720 --> 00:02:30,839 Speaker 1: of the AX along with the Reserve Bank. Story number four. 45 00:02:30,880 --> 00:02:33,639 Speaker 1: The share price of KMD Brands, owner of Catmandu and 46 00:02:33,720 --> 00:02:37,840 Speaker 1: Rip Call, fell more than fifty percent today after assuming 47 00:02:37,919 --> 00:02:41,679 Speaker 1: training following the completion of an institutional component of its 48 00:02:41,680 --> 00:02:44,840 Speaker 1: emergency capital raising. It's now trading at seven cents a share. 49 00:02:45,240 --> 00:02:48,800 Speaker 1: The company's market capitalization is down to about two hundred 50 00:02:48,880 --> 00:02:52,600 Speaker 1: million dollars. Chief executive Brent Scrimshaw, so the fresh capital 51 00:02:52,600 --> 00:02:56,000 Speaker 1: will strengthen strengthen kmd's balance sheet and allow it to 52 00:02:56,040 --> 00:03:00,760 Speaker 1: continue its turnaround program. KMD previously rejected it approach from 53 00:03:01,000 --> 00:03:04,160 Speaker 1: rival surf player Stokehouse regarding the d merger of the 54 00:03:04,240 --> 00:03:08,560 Speaker 1: ripcore brand. Finally, Story number five. Four astronauts are headed 55 00:03:08,600 --> 00:03:11,560 Speaker 1: to the Moon, having reached orbit shortly after takeoff at 56 00:03:11,600 --> 00:03:15,399 Speaker 1: the Kennedy Space Center in Florida this morning. NASA's Artemis 57 00:03:15,400 --> 00:03:19,440 Speaker 1: two space launch system rocket carried the Orion spacecraft under 58 00:03:19,440 --> 00:03:23,919 Speaker 1: mission commander Reid Wiseman. After a last minute hiccup involving 59 00:03:24,000 --> 00:03:27,399 Speaker 1: a battery, Artemis lifted off about nine thirty am Australian time, 60 00:03:27,800 --> 00:03:30,160 Speaker 1: five minutes into humanity's first flight to the Moon in 61 00:03:30,200 --> 00:03:33,760 Speaker 1: fifty three years. Commander Wiseman saw the team's target the 62 00:03:33,800 --> 00:03:37,920 Speaker 1: moon instead. We have a beautiful moonrise. We're headed right 63 00:03:37,960 --> 00:03:40,440 Speaker 1: at it. That's it for the afternoon report for Thursday, 64 00:03:40,480 --> 00:03:42,720 Speaker 1: the second of April twenty twenty six. Make sure you're 65 00:03:42,760 --> 00:03:45,040 Speaker 1: following the podcast and headlong to Fair and Greed dot 66 00:03:45,040 --> 00:03:47,200 Speaker 1: com today. You to sign up for our free daily newsletter. 67 00:03:47,360 --> 00:03:49,360 Speaker 1: I'm Sean ae elma. Enjoy your evening.