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

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Speaker 1: for Friday, the first of August twenty twenty five. Are

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Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Let's go

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Speaker 1: story number one. The S and PA sets two hundred

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Speaker 1: fell as much as one percent today before pairing back

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Speaker 1: losses slightly to finish down zero point nine percent to

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Speaker 1: eighty six hundred and sixty two points. For the week,

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Speaker 1: the market was pretty much flat. The slide today followed

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Speaker 1: renewed trade tensions out of the US after Donald Trump

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Speaker 1: raised tariffs on several key partners and more of that

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Speaker 1: one in just a moment. Tech stocks and healthcare companies

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Speaker 1: led the market lower, though financials including the Big four

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Speaker 1: banks were also sold off. Utility stocks performed best. Story

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Speaker 1: number two. As I mentioned before, US President Donald Trump's

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Speaker 1: deadline for tariffs has come and gone, and he has

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Speaker 1: at this point maintained a baseline ten percent tariff on

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Speaker 1: all countries. Australian Trade Minister Don Farrell confirmed that it

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Speaker 1: will be hit by the ten percent rate. Some so

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Speaker 1: called allies haven't fared so well, it seems for example,

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Speaker 1: Trump slapped a thirty five percent tariff on Canadian imports.

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Speaker 1: New Zealand will be hit with a fifteen percent tariff.

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Speaker 1: The US will also introduce new tariffs of nineteen percent

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Speaker 1: on imports from Thailand and Cambodia, twenty percent on goods

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Speaker 1: from Taiwan, and a steep thirty nine percent tariff on

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Speaker 1: Swiss products. The announcements came as US inflation rose more

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Speaker 1: than expected in June, as tariff's pushed up import prices,

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Speaker 1: reinforcing expectations that price pressures will build and delay interest

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Speaker 1: rate cuts until at least October in the world's biggest economy.

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Speaker 1: So in number three, a deal for Star Entertainment to

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Speaker 1: sell its fifty percent ownership in the Queen's Wharf Hotel

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Speaker 1: and Casino complex in Brisbane has collapsed, opening the ASX

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Speaker 1: listed group to a forty one million dollar payment to

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Speaker 1: the potential buyers. The buyers, Choo Fi Fook Enterprises and

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Speaker 1: Far East Consortium, already own the other fifty percent of

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Speaker 1: the complex, so the breakup could be a little bit difficult.

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Speaker 1: The collapse of the deal means Star is on the

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Speaker 1: hook now for almost a billion dollars in debt. Star

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Speaker 1: said it would look for alternative options for its fifty

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Speaker 1: percent stake. Stars share price dropped sixteen percent today, but

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Speaker 1: consider this. Four years ago, a Star share was worth

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Speaker 1: nearly four dollars. Today they're worth around nine cents. That

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Speaker 1: is a record low. Sorry number four. ResMed has beaten

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Speaker 1: fourth quarter earnings forecast due to strong demand for its

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Speaker 1: sleep apnear devices. The group also forecasts an improvement in

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Speaker 1: gross margins for the year ahead. California based ResMed, which

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Speaker 1: is dual listed on New York and the Australian Stock Exchange,

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Speaker 1: said net profit for the full year ending June thirty

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Speaker 1: rows thirty seven percent to two point two billion dollars.

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Speaker 1: Its share price rose about one percent today. RESMD said

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Speaker 1: that it is confident it can keep growing sales of

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Speaker 1: its breathing machines and other sleep devices despite the widespread

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Speaker 1: tak up of weight loss drugs and Finally, story number five,

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Speaker 1: Apple reported sales and profit that beat expectations, suggesting its

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Speaker 1: efforts to reroot its sprawling global supply chain away from

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Speaker 1: US President Donald Trump's trade war have so far succeeded.

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Speaker 1: Now Apple said had earned ninety four billion US dollars

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Speaker 1: in revenue for the June quarter. Apple has been shifting

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Speaker 1: production of goods bound for the US, sourcing iPhones from

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Speaker 1: India and other products such as Max and Apple watches

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Speaker 1: from Vietnam. Still, the company had warned investors that US

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Speaker 1: tariffs could cost it nine hundred million US dollars in

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Speaker 1: the fiscal third quarter. The ultimate tariffs that many Apple

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Speaker 1: products could face still essentially remain in flux, and many

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Speaker 1: of its products are currently exempt. That's it for the

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Speaker 1: afternoon report for Friday, the first of August twenty twenty five.

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Speaker 1: Make sure you hit follow on the podcast and we'll

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Speaker 1: be back tomorrow morning with the weekend edition of Beer

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Speaker 1: and Greed on Mark Thompson. Enjoy your evening,