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

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Speaker 1: for Wednesday, the second of July 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 get

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Speaker 1: going story number one. The local share market finished at

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Speaker 1: a record closed this afternoon, with the S and p

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Speaker 1: ASX two hundred finishing up zero point seven percent to

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Speaker 1: eighty five hundred and ninety eight points. Disappointing retail sales

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Speaker 1: and building approvals data sent hopes of a rate cut higher,

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Speaker 1: and the market followed. Interest rates sensitive sectors like real

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Speaker 1: estate did best. The Big Iron all producers also rose

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Speaker 1: with a higher commodity price amid signs that Chinese manufacturing

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Speaker 1: activity is recovering. Otherwise, text docs, really they were the

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Speaker 1: ones that fell back today onto story number two. Quantus'

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Speaker 1: share price tumbled after news of a cyber hack that

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Speaker 1: potentially captured the information of six million frequent flyers. The

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Speaker 1: attack didn't capture credit card detail is important to note

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Speaker 1: elsewhere in corporate news today. James Hardy rose five percent

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Speaker 1: after announcing its acquisition of US decking company Azek has

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Speaker 1: been completed. And Perpetual surged on the back of UBS

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Speaker 1: upgrading its outlook for the stock to buy from neutral.

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Speaker 1: Fellow wealth manager magell And also climbed after UBS retained

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Speaker 1: its buy outlook okay. Story number three. Lender's mortgage insurer

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Speaker 1: Helia is reeling after the loss of another significant contract

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Speaker 1: prompted it to start a comprehensive review of its business

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Speaker 1: and strategy, sending its shares tumbling. Helia is formally known

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Speaker 1: as Genworth, and it told investors that ig Bank had

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Speaker 1: decided to negotiate with an alternative provider of lenders mortgage insurance,

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Speaker 1: signaling another bank contract loss. Now. The group flagged the

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Speaker 1: loss of its most lucrative contract earlier in the year.

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Speaker 1: That was when Commonwealth Bank entered exclusive negotiations with the

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Speaker 1: rival provider. The industry is expected to suffer as the

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Speaker 1: government's home guarantee scheme is broad and to allow more

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Speaker 1: folks first home buyers to obtain mortgages with deposits of

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Speaker 1: as little as five percent of the purchase prices. According

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Speaker 1: to the Financial Review herely A share price was down

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Speaker 1: more than twenty percent today under story number four, and

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Speaker 1: severe weather conditions remain over the new South Wales coastline

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Speaker 1: this evening, according to the Bureau of Meteorology, and some

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Speaker 1: thirty four thousand homes remain without power. Sydney's Worrigamber Dam

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Speaker 1: as close to full capacity and could spill over within hours.

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Speaker 1: While the low pressure system off the New South Wales

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Speaker 1: coast moved slightly further offshore this morning, temporarily easing conditions,

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Speaker 1: the rain did stop for a while. The complex weather

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Speaker 1: system is still impacting areas from Newcastle north of Sydney

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Speaker 1: to Beaga on the New South Wales South coast. Flash

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Speaker 1: flooding as a particular concern in Sydney, the Illawarra and

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Speaker 1: South Coast regions. A secondary low pressure system will move

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Speaker 1: further towards the coast this afternoon and into the evening,

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Speaker 1: leading to an increase in winds and rain through eastern

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Speaker 1: Victoria and southern parts of New South Wales. And finally,

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Speaker 1: story number five, Israel has agreed to the necessary conditions

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Speaker 1: to finalize a sixty day ceasefire in Gaza, according to

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Speaker 1: US President Donald Trump on truth Social Trump posted quote,

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Speaker 1: we will work with all parties to end the war.

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Speaker 1: The Kataris and Egyptian to have worked very hard to

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Speaker 1: help bring peace, will deliver this final proposal. I hope

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Speaker 1: that Hermas takes this deal because it will not get better,

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Speaker 1: and then in all caps he said, it will only

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Speaker 1: get worse. Israel's ambassador to the United Nations, Danny Denon,

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Speaker 1: said that Israel was absolutely ready for a ceasefire, but

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Speaker 1: it was not immediately clear whether Hermas would accept the

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Speaker 1: conditions of the proposed deal. According to the BBC, that's

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Speaker 1: it for the afternoon report for Wednesday, the second of

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Speaker 1: July twenty twenty five. Make sure you hit follow on

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Speaker 1: the podcast and we'll be back tomorrow morning with the

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Speaker 1: Thursday edition of the Fast five Business News by Fear

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Speaker 1: and Greed are Michael Thompson, joy Euri