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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Tuesday, the third of September twenty twenty four. Michael Thompson.

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Speaker 1: Every afternoon, we've got the five stories that happened today

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Speaker 1: that you need to know about. So let's get cracking

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Speaker 1: with story number one. The S ANDPA Sex two hundred

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Speaker 1: closed down zero point one percent today to eight thousand,

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Speaker 1: one hundred and three points, again recovering a bit over

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Speaker 1: the day after some steeper morning losses. It and financials

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Speaker 1: were the top performers over the day, with Commonwealth Bank

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Speaker 1: hitting a new high, ending the day up one percent.

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Speaker 1: The deepest losses were in consumer staples, metals and mining

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Speaker 1: and materials, mid concerns about the Chinese economy and commodity prices.

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Speaker 1: The falls were led by Mineral Resources and Linetown Resources,

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Speaker 1: both down eight point five percent. Woollies fell two point

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Speaker 1: eight percent. Cole's was down two point four percent. Both

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Speaker 1: of those, though, were trading ex dividend. Travel business Kelseyan

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Speaker 1: Group was a top performer, up five point eight percent

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Speaker 1: after posting expectation beating earnings. Keep in mind, though, that

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Speaker 1: just last week It's saw a twenty five percent fall

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Speaker 1: on at share price after unveiling cost overruns on construction

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Speaker 1: of its new Kangaroo Island ferry onto Story number two,

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Speaker 1: and the mortgage wars might be back on soon. Mcquarie

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Speaker 1: Bank grew its home loan book at five times the

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Speaker 1: rate of competitor banks in July. Australian Crudential Regulation Authority

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Speaker 1: data shows that mcquarie's mortgage business grew by one point

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Speaker 1: six percent compared to a zero point three percent market average.

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Speaker 1: The Financial Review is reporting that this is a sign

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Speaker 1: that competition is soon to heat up for mortgages, which

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Speaker 1: could help drive rates down or spur on some attractive

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Speaker 1: refinance and new loan offers. That's because mcquarie is considered

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Speaker 1: a challenger bank to the Big four, and they were

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Speaker 1: one of the driving forces behind the last twenty twenty

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Speaker 1: two and twenty twenty three mortgage wars by attracting those

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Speaker 1: coming off fixed rates from the big banks. Story number three.

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Speaker 1: In what may well be one of the biggest infrastructure

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Speaker 1: deals of the year, New York based Blackstone has won

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Speaker 1: out as the top bidder to buy Australian data center

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Speaker 1: business air Trunk. The deal is expected to be worth

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Speaker 1: more than twenty billion dollars including debt, and Blackstone has

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Speaker 1: emerged as the top bidder for the business, which was

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Speaker 1: launched in twenty sixteen and has since expanded across Asia.

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Speaker 1: Air Trunk's majority stakeholders Macquarie Group and PSP Investments are

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Speaker 1: looking to finalize a deal, but so far no one

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Speaker 1: is commenting publicly on the tightly held details of the arrangement,

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Speaker 1: though multiple media sources are reporting that it is indeed imminent.

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Speaker 1: Story number four. Foreign Affairs Minister Penny Wong used a

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Speaker 1: significant speech at the Asia Summit today to double down

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Speaker 1: on the need for Australia to undertake more investment in

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Speaker 1: the region. Senator Wong pointed out the enormous amount of

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Speaker 1: cash flooding into Southeast Asia from the US and China

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Speaker 1: and said Australia just isn't keeping pace despite having a

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Speaker 1: good foundation with the region. Warned that Australia has been

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Speaker 1: left behind and that solely relying on a relationship with

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Speaker 1: China means missing the benefit of getting ahead in growing

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Speaker 1: markets and facing instability and vulnerability. She used her speech

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Speaker 1: to explain that while restoring a dialogue with China and

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Speaker 1: improving that relationship is critical. A large part of the

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Speaker 1: answer to the shifting global challenge is quote the thousands

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Speaker 1: of kilometers between Australia, the United States, and China and

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Speaker 1: the Inno Pacific, and finally story number five. China has

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Speaker 1: warned Japan that it will retaliate economically should there be

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Speaker 1: more restrictions of sales and servicing of chip making equipment

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Speaker 1: to its firms. Senior but unnamed Chinese officials cited in

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Speaker 1: an exclusive report from Bloomberg say the posturing occurred in

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Speaker 1: recent meetings with Japanese officials. Is particularly concerning to Toyota,

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Speaker 1: which warned that Beijing could make good on threats to

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Speaker 1: restrict access to critical minerals that it needs for car making.

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Speaker 1: At the heart of this fight is US China relations

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Speaker 1: and the battle for AI progress, with the US government

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Speaker 1: encouraging Japan and the Netherlands to do more to restrict

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Speaker 1: Chinese access to equipment and processes in line with its

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Speaker 1: own efforts in recent years. That's it for the afternoon

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Speaker 1: report for Tuesday, the third of September twenty twenty four.

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Speaker 1: We'll be back tomorrow morning with the Wednesday edition of

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Speaker 1: Fear and Greed. I'm Michael Thompson, enjoy your evening,