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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 seventh of May twenty twenty five. I'm

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Speaker 1: sure in Alma every afternoon we've got the five stories

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

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Speaker 1: Number one, the SMPASX two hundred closed up zero point

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Speaker 1: three percent today to eight thousand, one hundred and seventy

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Speaker 1: eight points. Brent oil prices rose again, pushing towards sixty

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Speaker 1: three US dollars a barrel helping lift woodside and Santos

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Speaker 1: iron ore prices were also higher, edging towards one hundred

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Speaker 1: US dollars a ton helping BHP and Rio tinto. The

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Speaker 1: banks were mixed, while CSL was sold off. Newek's tumbled

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Speaker 1: seventeen percent, out withdrawing full year guidance for revenue growth

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Speaker 1: and underlying cash flow, reporting that customers are holding off

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Speaker 1: committing to new IT contracts. It was easily the worst

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Speaker 1: performer among the top two hundred today, and Zipco rose

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Speaker 1: twelve percent after talking about a significant turnaround over the

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Speaker 1: past couple of years for the buy now, pay later operator.

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Speaker 1: Story Number two. There's plenty of hope following news that

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Speaker 1: the US and China have taken small early steps around tariffs.

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Speaker 1: Senior Chinese officials are expected to meet with US Treasury

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Speaker 1: Secretary Scott Bessant and Trade Representative jameson Greer in Switzerland

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Speaker 1: this week, the first formal step towards negotiating down Donald

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Speaker 1: Trump's huge tariffs on Chinese imports to the US that

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Speaker 1: helped risk your assets like bitcoin, which pushed up towards

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Speaker 1: ninety eight thousand US dollars a unit sorry number three.

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Speaker 1: The corporate regulator has ordered Mcquaribank to appoint an independent

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Speaker 1: expert to review its futures and derivatives trading business and

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Speaker 1: improve compliance, criticizing the group for ineffective supervision of trading desks.

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Speaker 1: ASEK said it had identified nine areas of concern over

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Speaker 1: the part eighteen months and has put additional conditions on

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Speaker 1: mcquarie Bank's financial services license. According to the finn review,

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Speaker 1: those concerns include missed reporting of derivative transactions assex also

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Speaker 1: concerned with ineffective supervisions and weakly compliance in control management.

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Speaker 1: It involved poor change management practices, unclear roles and responsibilities,

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Speaker 1: and an incomplete understanding of its own processes and controls,

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Speaker 1: including around data governance. Straight number four, sales growth at

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Speaker 1: market Darling JB Hi Fi has slowed somewhat, with the

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Speaker 1: group's good guys in E and S brands being challenged

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Speaker 1: by lower consumer spending. March quarter sales grew overall on

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Speaker 1: a same store sales basis at six percent. Now the

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Speaker 1: numbers decent, but faster growth came in January. It had

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Speaker 1: slowed down by March that newcent JB High Fi share

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Speaker 1: price down slightly today. Another retailer to report half year

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Speaker 1: sales growth was online furniture group Temple and Webster. It

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Speaker 1: said growth had risen to eighteen percent. Sounds good, but

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Speaker 1: it was blow expectations and its share price fell eight percent.

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Speaker 1: CEO Mark Coulter commented that the US China tariff war

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Speaker 1: was beneficial to the business, which ships from several countries

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Speaker 1: including China, because inbound shipping rates have fallen. And finally,

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Speaker 1: story number five, Canadian Prime Minister Mark Carney visited the

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Speaker 1: White House yesterday for his first talks with Donald Trump

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Speaker 1: and told the US President that Canada would never be

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Speaker 1: for sale. Carney was elected late last month mostly on

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Speaker 1: his stance standing up to Trump. Trump of course has

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Speaker 1: imposed tariffs on some Canadian products and talked about annexing

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Speaker 1: the country. The two leaders showed little animosity during an

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Speaker 1: opening session at the Oval Office. Both men praised each other.

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Speaker 1: Trump said that the two sides would not be discussing

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Speaker 1: Canada becoming part of the United States, but he then

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Speaker 1: went on to say it would be a wonderful marriage.

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Speaker 1: Carney put down the idea firmly. I quote it's not

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Speaker 1: for sale. It won't be for sale ever end quote.

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Speaker 1: Trump's response, never say never, never say never. There you go.

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Speaker 1: That's it for the Afternoon Report for Wednesday, the seventh

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Speaker 1: of May twenty twenty five. Make sure you hit follow

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Speaker 1: on the podcast. We will be back tomorrow morning with

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

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Speaker 1: and Greek. I'm Sean Elmer. Enjoy your eavening