1 00:00:04,160 --> 00:00:07,120 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,160 --> 00:00:09,800 Speaker 1: for Wednesday, the third of September twenty twenty five. Are 3 00:00:09,880 --> 00:00:12,360 Speaker 1: Michael Thompson. Every afternoon, I've got the five stories that 4 00:00:12,400 --> 00:00:14,480 Speaker 1: happened today that you need to know about. Let's go 5 00:00:14,520 --> 00:00:17,119 Speaker 1: story number one. A massive fall on the local boss 6 00:00:17,160 --> 00:00:19,959 Speaker 1: today its worst day since April. The S and PA 7 00:00:20,079 --> 00:00:24,080 Speaker 1: SEX two hundred dropped one point eight percent to eighty 8 00:00:24,160 --> 00:00:26,600 Speaker 1: seven hundred and thirty nine points. There were steep falls 9 00:00:26,640 --> 00:00:29,880 Speaker 1: all over the place, tech banks, property stocks. In fact, 10 00:00:29,920 --> 00:00:32,680 Speaker 1: all eleven sectors were in the red. It came as 11 00:00:32,720 --> 00:00:36,320 Speaker 1: government bond yields rose one basis point after data from 12 00:00:36,360 --> 00:00:38,800 Speaker 1: the ABS show the economy grew at a faster pace 13 00:00:38,960 --> 00:00:42,080 Speaker 1: than expected in the second quarter. The interest rate sensitive 14 00:00:42,080 --> 00:00:44,800 Speaker 1: tech stocks were the worst hit. Zero was off six 15 00:00:44,880 --> 00:00:48,880 Speaker 1: point two percent, Fintech Block dropped nearly five percent. Life 16 00:00:48,920 --> 00:00:51,800 Speaker 1: three sixty was off two point three percent. The bank's 17 00:00:52,120 --> 00:00:55,720 Speaker 1: losses there too, Commonwealth Bank, nab A and ZED Westpac 18 00:00:56,280 --> 00:00:59,240 Speaker 1: all down somewhere between two point two and three points 19 00:00:59,280 --> 00:01:03,000 Speaker 1: seven percent, so big falls across the finance stocks. Even 20 00:01:03,040 --> 00:01:05,640 Speaker 1: the big miners dropped too, even though the iron ore 21 00:01:05,680 --> 00:01:09,440 Speaker 1: price was holding steady. I mentioned property before real estate 22 00:01:09,520 --> 00:01:12,839 Speaker 1: stocks were hammered. Goodman was off three point seven percent, 23 00:01:12,920 --> 00:01:16,200 Speaker 1: Vicinity Centers down three point one percent. I could keep 24 00:01:16,240 --> 00:01:19,000 Speaker 1: listing them, but overall it was a very tough day 25 00:01:19,160 --> 00:01:23,200 Speaker 1: on the local market. Story number two. Perhaps unsurprisingly, amid 26 00:01:23,240 --> 00:01:25,600 Speaker 1: all of that bad news, all at ourneeds, the gold 27 00:01:25,640 --> 00:01:28,840 Speaker 1: price surged yet again, another new record gold bully and 28 00:01:28,959 --> 00:01:32,520 Speaker 1: hitting three thousand, six hundred US dollars and ounce. That's 29 00:01:32,560 --> 00:01:34,679 Speaker 1: all still linked back to the uncertainty out of the 30 00:01:34,800 --> 00:01:37,800 Speaker 1: US over the Federal Reserve, but it did mean that 31 00:01:37,840 --> 00:01:40,679 Speaker 1: the local gold miners had a reasonable day when everyone 32 00:01:40,680 --> 00:01:43,240 Speaker 1: else really was having a shocker. Bellevue Gold was up 33 00:01:43,240 --> 00:01:46,640 Speaker 1: two point eight percent. Regius Resources Northern Star both closed 34 00:01:46,800 --> 00:01:51,000 Speaker 1: Higher two. Story number three onto politics now, and the 35 00:01:51,080 --> 00:01:54,920 Speaker 1: federal government has agreed to immediately fund twenty thousand new 36 00:01:55,160 --> 00:01:58,280 Speaker 1: home care packages for older Australians following weeks of pressure 37 00:01:58,280 --> 00:02:02,040 Speaker 1: from the Coalition, from the Greens, from Independence, basically from everywhere. 38 00:02:02,280 --> 00:02:05,080 Speaker 1: There was a projected shortfall of up to one hundred 39 00:02:05,080 --> 00:02:08,720 Speaker 1: thousand home care packages by November that could leave seniors 40 00:02:08,760 --> 00:02:11,640 Speaker 1: living unsafely, ending up in hospital or forced into residential 41 00:02:11,680 --> 00:02:14,880 Speaker 1: care prematurely. While more than one hundred and twenty thousand 42 00:02:15,000 --> 00:02:17,520 Speaker 1: older Australians are still waiting to be assessed for support 43 00:02:17,520 --> 00:02:20,480 Speaker 1: to help them live at home. The government had intended 44 00:02:20,480 --> 00:02:23,120 Speaker 1: to roll out eighty thousand new packages under the Aged 45 00:02:23,160 --> 00:02:26,079 Speaker 1: Care Act in November, but advocates were warning that even 46 00:02:26,120 --> 00:02:28,200 Speaker 1: a few months delay could be the difference between someone 47 00:02:28,280 --> 00:02:31,480 Speaker 1: staying basically safe at home or ending up in hospital. 48 00:02:31,919 --> 00:02:35,320 Speaker 1: Labour now says another twenty thousand packages will flow before 49 00:02:35,360 --> 00:02:36,919 Speaker 1: the end of the year, with the rest of the 50 00:02:36,960 --> 00:02:39,720 Speaker 1: promised eighty three thousand rolling out in twenty twenty six. 51 00:02:39,760 --> 00:02:41,520 Speaker 1: There's a lot of numbers through all of that, but 52 00:02:41,600 --> 00:02:44,520 Speaker 1: the key is that the federal government has agreed to 53 00:02:44,560 --> 00:02:47,960 Speaker 1: immediately fund those new packages, so this is progress today. 54 00:02:48,400 --> 00:02:51,960 Speaker 1: Story number four. Former Victorian Premier Dan Andrews has been 55 00:02:51,960 --> 00:02:56,000 Speaker 1: criticized after posing for a photo featuring Russian President Vladimir Putin, 56 00:02:56,160 --> 00:02:59,720 Speaker 1: North Korean dictator Kim Jong un alongside Chinese President Jiji 57 00:02:59,760 --> 00:03:03,760 Speaker 1: Pa in Beijing. Andrews is in China is an invited 58 00:03:03,800 --> 00:03:07,959 Speaker 1: guest for the country's biggest ever military parade marking eighty 59 00:03:08,080 --> 00:03:11,120 Speaker 1: years since Japan's defeat in World War Two, but the 60 00:03:11,200 --> 00:03:14,040 Speaker 1: decision to attend and to appear in the photos has 61 00:03:14,080 --> 00:03:17,280 Speaker 1: been criticized by other Australian politicians from both sides, really 62 00:03:17,320 --> 00:03:21,160 Speaker 1: with Shadow Home Affairs spokesman Andrew Hasty calling it a 63 00:03:21,280 --> 00:03:24,840 Speaker 1: parade for dictators. We've got Opposition leader Susan Lee saying 64 00:03:24,919 --> 00:03:28,880 Speaker 1: Andrews needs to explain his presence there. Even fellow former 65 00:03:29,160 --> 00:03:33,800 Speaker 1: labor premier, Queensland Premier Anasajia Palache said the visit was 66 00:03:33,960 --> 00:03:37,800 Speaker 1: quote a bridge too far someone there was one person 67 00:03:37,840 --> 00:03:41,080 Speaker 1: defending him. Current Victorian Premier Jacinda Allen said it was 68 00:03:41,120 --> 00:03:43,360 Speaker 1: good for the state that Andrews is held in such 69 00:03:43,440 --> 00:03:46,320 Speaker 1: high regard by the people of China. Former New South 70 00:03:46,360 --> 00:03:50,440 Speaker 1: Wales Labor Premier Bob Carr is also in the countries 71 00:03:50,480 --> 00:03:53,600 Speaker 1: in China as well, but he did not attend the parade. 72 00:03:53,960 --> 00:03:56,920 Speaker 1: Last one story, number five, Donald Trump says the US 73 00:03:57,000 --> 00:04:00,720 Speaker 1: military has killed eleven terrorists in the Caribbean after striking 74 00:04:00,720 --> 00:04:04,720 Speaker 1: a boat allegedly carrying drugs from Venezuela. The President posted 75 00:04:04,760 --> 00:04:07,200 Speaker 1: on truth social that the vessel was run by Narco 76 00:04:07,320 --> 00:04:11,080 Speaker 1: terrorists and was intercepted in the international waters on its 77 00:04:11,120 --> 00:04:15,080 Speaker 1: way to the US. Defense Secretary Pete Hegsath released an 78 00:04:15,120 --> 00:04:18,520 Speaker 1: extraordinary video of the boat being hit by a missile 79 00:04:18,600 --> 00:04:21,719 Speaker 1: and bursting into flames. The Pentagon has deployed thousands of 80 00:04:21,760 --> 00:04:24,440 Speaker 1: sailors and marines to the region, the biggest build up 81 00:04:24,520 --> 00:04:27,800 Speaker 1: since the nineteen eighty nine invasion of Panama. It is 82 00:04:27,839 --> 00:04:31,160 Speaker 1: a move that's being welcomed by some Caribbean nations, condemned 83 00:04:31,160 --> 00:04:35,560 Speaker 1: by others, and escalating pressure on Venezuela's president. That's it 84 00:04:35,640 --> 00:04:38,240 Speaker 1: for the Afternoon Report for Wednesday, the third of September 85 00:04:38,320 --> 00:04:40,280 Speaker 1: twenty twenty five. Make sure you hit follow on the 86 00:04:40,320 --> 00:04:43,240 Speaker 1: podcast and we'll be back tomorrow morning with the Thursday 87 00:04:43,400 --> 00:04:45,799 Speaker 1: edition of the Fast five Business News by Fear and Greed. 88 00:04:46,040 --> 00:04:47,920 Speaker 1: I'm Michael Thompson. Enjoy your evening.