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

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Speaker 1: for Monday the Talk for May twenty twenty five. I'm

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Speaker 1: suan Alma. Every afternoon, We've got the fire stories that

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Speaker 1: happened today that you need to know about. Stratumer one.

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Speaker 1: The SNPAX two hundred closed flat factor was up two

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Speaker 1: points to eight two hundred and thirty four points. Broadly,

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Speaker 1: mining and energy companies outperformed and pharmaceuticals did worse. Among

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Speaker 1: the large casts, Mcquarie Goodman and Rio Tinto did best,

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Speaker 1: while National Australia Bank and CSL fell Story number two.

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Speaker 1: Some of Australia's most popular biotech companies were sold off

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Speaker 1: heavily today after US President Donald Trump said he wants

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Speaker 1: to slash the price of prescription drugs in the US. Telix,

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Speaker 1: Clarity and Neuron Pharmaceuticals were heavily sold all sell drug

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Speaker 1: therapies in America. So too was Botanics, which makes anti

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Speaker 1: cholinergic medicine that's sweating, even though it said it didn't

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Speaker 1: think it would be caught up in the president's plan.

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Speaker 1: Trump wants to reduce prices by thirty to eighty percent.

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Speaker 1: US consumers pay relatively more for pharmaceuticals than other countries

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Speaker 1: such as Australia. Story number three. In other corporate news today,

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Speaker 1: Nuno Mattos, the new boss of ain Z, started in

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Speaker 1: the job with plenty to think about, starting with corporate

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Speaker 1: governance issues. At the Big four bank, Diversified Minus South

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Speaker 1: thirty two lifted three percent after its long term chief

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Speaker 1: executive Graham Kurz said he'll step down next year after

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Speaker 1: a decade at the helm. Tolstra has hired the managing

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Speaker 1: director of Microsoft Australia and New Zealand, Stephen Worrell, to

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Speaker 1: head up its Infraco business. The gold stocks were sold

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Speaker 1: off after US Treasury Secretary Scott Bessant said significant progress

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Speaker 1: had been made in trade negotiations with China. That comment

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Speaker 1: pushed the price of goal back below thirty three hundred

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Speaker 1: US dollars announced and Hester. The ninety one billion dollars

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Speaker 1: Superannuation Fund has sold its remaining stake in Chris Ellison's

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Speaker 1: Mineral Resources citing serious governance concerns. Storry number four nine

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Speaker 1: entered payment and its streaming service Stand will broadcast the

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Speaker 1: Men's and Women's World Rugby tournaments in Australia under a

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Speaker 1: long term deal, which runs until twenty twenty nine. Nine

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Speaker 1: also gets the broadcast rights to the HSBC World Rugby

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Speaker 1: seven series in the twenty twenty five Pacific Nations Cup.

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Speaker 1: Now the Women's World Cup runs this year from August

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Speaker 1: to September, and an Australia hosts the men's competition in

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Speaker 1: twenty twenty seven. The deal comes a month after Nine

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Speaker 1: signed a five year agreement with Rugby Australia for Super

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Speaker 1: Rugby matches, Wallabies and Wallaroo's tests. The latest deal also

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Speaker 1: includes the let Us Low Cup, the Rugby Championship and

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Speaker 1: soon to launch Nations Cup. Much of that content will

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Speaker 1: be seen on Stan only and Story Number five. As

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Speaker 1: I mentioned earlier, US Treasury Secretary Scott Bessant said the

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Speaker 1: US made substantial progress over two days of trade talks

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Speaker 1: with Chinese officials in Geneva, in the first sign that

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Speaker 1: Washington and Beijing might de escalate economic tensions. Besant and

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Speaker 1: US Trade Representative Jemison Greer held a day meeting with

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Speaker 1: their Chinese counterparts, including Vice Premier he Lifang. Gree said,

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Speaker 1: and I quote, it's important to understand how quickly we

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Speaker 1: were able to come to agreement, which reflects that perhaps

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Speaker 1: the differences were not so large as maybe thought. End quote.

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Speaker 1: That's according to the FT China's mister. He said the

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Speaker 1: talks were and I quote, candid, in depth and constructive,

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Speaker 1: and an important consensus has been reached. There are hopes

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Speaker 1: that talks will calm financial markets, which have been hit

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Speaker 1: hard by fears that tariff's will hit global supply chains

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Speaker 1: and potentially lead to US recession as it For the

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Speaker 1: Afternoon Report for Monday, the twelfth of May twenty twenty five,

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Speaker 1: make sure you hit follow on the podcast. We will

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Speaker 1: be back tomorrow morning with a Tuesday edition of the

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Speaker 1: past five business use by Fear and Greed. I'm sure

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Speaker 1: Elma enjoy your evening