1 00:00:04,160 --> 00:00:07,200 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,240 --> 00:00:09,800 Speaker 1: for Tuesday, the twenty sixth of August twenty twenty five. 3 00:00:09,920 --> 00:00:12,520 Speaker 1: Are Michael Thompson. Every afternoon, We've got the five stories 4 00:00:12,520 --> 00:00:14,600 Speaker 1: that happened today that you need to know about. Let's 5 00:00:14,600 --> 00:00:16,440 Speaker 1: go with story number one. The S and p ASX 6 00:00:16,520 --> 00:00:20,040 Speaker 1: two hundred fell zero point four percent today to nine 7 00:00:20,079 --> 00:00:23,400 Speaker 1: hundred and thirty six points, a pretty broad based sell off. 8 00:00:23,720 --> 00:00:26,360 Speaker 1: Eight of the eleven sectors closing lower, pulled down by 9 00:00:26,400 --> 00:00:30,479 Speaker 1: weaker global sentiment after US President Donald Trump said he's 10 00:00:30,600 --> 00:00:35,160 Speaker 1: firing Federal Reserve Governor Lisa Cook. More on that one shortly. 11 00:00:35,200 --> 00:00:37,440 Speaker 1: There's a lot to that story. Not a good day 12 00:00:37,600 --> 00:00:40,520 Speaker 1: for the big miners. Four Deeskew shares closed nearly four 13 00:00:40,560 --> 00:00:43,440 Speaker 1: percent lower after the miner reported a forty one percent 14 00:00:43,520 --> 00:00:45,479 Speaker 1: drop in profit for the last year due to a 15 00:00:45,479 --> 00:00:49,080 Speaker 1: weaker iron ore price. Better news though, for consumer staples 16 00:00:49,159 --> 00:00:52,560 Speaker 1: Cole's jumped eight point six percent today after it delivered 17 00:00:52,600 --> 00:00:57,080 Speaker 1: a bumper result, driven largely by better than expected supermarket sales, 18 00:00:57,360 --> 00:01:01,280 Speaker 1: and tech company Nuix jumped seventeen percent, whereas plumbing group 19 00:01:01,440 --> 00:01:04,240 Speaker 1: Reese fell another seven point four percent. That came up 20 00:01:04,280 --> 00:01:07,880 Speaker 1: to yesterday's tumble. Both of those companies reported their results yesterday, 21 00:01:07,880 --> 00:01:10,759 Speaker 1: and both of those moves today cumming as analysts examined 22 00:01:10,760 --> 00:01:13,560 Speaker 1: those results in a bit more detail. Story number two. 23 00:01:13,800 --> 00:01:17,880 Speaker 1: Prime Minister Anthony Abernezi has described two attacks by Iran 24 00:01:18,000 --> 00:01:22,120 Speaker 1: on Jewish targets in Sydney and Melbourne as quote extraordinary 25 00:01:22,160 --> 00:01:25,400 Speaker 1: and dangerous acts of aggression orchestrated by a foreign nation 26 00:01:25,640 --> 00:01:28,760 Speaker 1: on Australian soil. The Prime Minister held a press conference 27 00:01:28,760 --> 00:01:32,360 Speaker 1: today flanked by Azoboss Mike Burgess, Foreign Minister Pennywong and 28 00:01:32,400 --> 00:01:35,679 Speaker 1: Home Affairs Minister Tony Burke, where he revealed that Azio 29 00:01:35,880 --> 00:01:39,080 Speaker 1: had traced last year's arson attack on a restaurant in 30 00:01:39,120 --> 00:01:43,039 Speaker 1: Sydney and a synagogue in Melbourne back to Iran's Revolutionary Guard. 31 00:01:43,360 --> 00:01:47,360 Speaker 1: Now Australia has expelled Iran's ambassador and shut its embassy 32 00:01:47,400 --> 00:01:50,280 Speaker 1: in Tehran. We'll have more on this developing story in 33 00:01:50,320 --> 00:01:53,960 Speaker 1: tomorrow morning's episode. Story number three. More interest rate cuts 34 00:01:53,960 --> 00:01:55,720 Speaker 1: are on the way, at least that's what the minutes 35 00:01:55,760 --> 00:01:59,360 Speaker 1: of the Reserve Bank Board meeting two weeks ago suggest 36 00:01:59,800 --> 00:02:02,000 Speaker 1: The The RBA cut the cash rate by a quarter 37 00:02:02,040 --> 00:02:04,880 Speaker 1: of one percent of that meeting, citing easing inflation and 38 00:02:04,920 --> 00:02:08,880 Speaker 1: a slowing economy. But the minutes go further, noting that 39 00:02:09,320 --> 00:02:14,040 Speaker 1: preserving full employment while bringing inflation sustainably back to target 40 00:02:14,320 --> 00:02:18,040 Speaker 1: will likely require further reductions over the year ahead. Markets 41 00:02:18,040 --> 00:02:20,680 Speaker 1: are already betting on another cut in November, though the 42 00:02:20,680 --> 00:02:23,120 Speaker 1: minutes make clear it could come sooner if the jobs 43 00:02:23,160 --> 00:02:27,960 Speaker 1: market weakens unexpectedly. Story number four. Telco's that rip off 44 00:02:28,040 --> 00:02:31,560 Speaker 1: or mistreat their customers are about to face much tougher penalties, 45 00:02:31,600 --> 00:02:35,400 Speaker 1: with the Albanezi government moving to dramatically beef up consumer protections. 46 00:02:35,720 --> 00:02:38,359 Speaker 1: New laws will give AKMA, which is the industry watchdog, 47 00:02:38,600 --> 00:02:41,600 Speaker 1: the power to fine phone and internet providers up to 48 00:02:41,639 --> 00:02:44,400 Speaker 1: ten million dollars for misconduct, which is forty times the 49 00:02:44,480 --> 00:02:48,120 Speaker 1: current maximum. In serious cases, penalties could be even higher, 50 00:02:48,200 --> 00:02:51,320 Speaker 1: tied to a company's turnover or the benefit gained from 51 00:02:51,400 --> 00:02:55,120 Speaker 1: breaking the rules. The changes follow what's been a pretty 52 00:02:55,120 --> 00:02:57,720 Speaker 1: bruising run for the sector. You've got Opta still reeling 53 00:02:57,720 --> 00:03:01,400 Speaker 1: from its twenty twenty two cyber attack, fourteen hour outage 54 00:03:01,480 --> 00:03:03,720 Speaker 1: last year, and then one hundred million dollar fine just 55 00:03:03,760 --> 00:03:06,200 Speaker 1: a couple of months ago for selling phones and contracts 56 00:03:06,200 --> 00:03:08,760 Speaker 1: to people who didn't need them. Telstra was fined fifty 57 00:03:08,760 --> 00:03:11,919 Speaker 1: million dollars in twenty twenty one for similar behavior. TPG 58 00:03:12,160 --> 00:03:15,560 Speaker 1: was recently worn for failing to comply with triple zero rules. 59 00:03:16,000 --> 00:03:19,079 Speaker 1: After this update, the telcos are very much on notice. 60 00:03:19,400 --> 00:03:22,240 Speaker 1: And finally, story number five, US President Donald Trump has 61 00:03:22,280 --> 00:03:25,560 Speaker 1: taken the extraordinary step, as I mentioned earlier, of trying 62 00:03:25,600 --> 00:03:29,040 Speaker 1: to sack Federal Reserve Governor Lisa Cook, a move that 63 00:03:29,120 --> 00:03:33,800 Speaker 1: could trigger a constitutional showdown. Trump claims Cook made false 64 00:03:33,800 --> 00:03:37,720 Speaker 1: statements on mortgage applications, saying that gives him grounds to 65 00:03:37,760 --> 00:03:40,320 Speaker 1: fire her. But Cook, who is the first black woman 66 00:03:40,400 --> 00:03:43,560 Speaker 1: to serve on the fed's board, says the president has 67 00:03:43,600 --> 00:03:46,680 Speaker 1: no such power and she will not resign. The fight 68 00:03:46,920 --> 00:03:49,600 Speaker 1: really goes to the heart of the Fed's independence. Analysts 69 00:03:49,680 --> 00:03:52,200 Speaker 1: worn that Trump is trying to bend the world's most 70 00:03:52,240 --> 00:03:55,200 Speaker 1: powerful central bank to his will. The standoff is now 71 00:03:55,240 --> 00:03:57,520 Speaker 1: expected to head to the courts and could even end 72 00:03:57,600 --> 00:04:00,560 Speaker 1: up before the Supreme Court. The gold price rose in 73 00:04:00,600 --> 00:04:03,040 Speaker 1: response to the news, with investors looking once again for 74 00:04:03,040 --> 00:04:06,240 Speaker 1: a safe haven. That's it for the afternoon report for Tuesday, 75 00:04:06,320 --> 00:04:08,960 Speaker 1: the twenty sixth of August twenty twenty five. Make sure 76 00:04:09,000 --> 00:04:10,760 Speaker 1: you hit follow on the podcast, and we'll be back 77 00:04:10,800 --> 00:04:13,080 Speaker 1: tomorrow morning with the Wednesday edition of the past five 78 00:04:13,120 --> 00:04:16,080 Speaker 1: business news by Fear and Greed. A'm Michael Thompson. Enjoy 79 00:04:16,120 --> 00:04:16,599 Speaker 1: your evening.