1 00:00:03,520 --> 00:00:06,360 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,680 --> 00:00:09,600 Speaker 1: for Wednesday, the sixteenth of July twenty twenty five. I'm 3 00:00:09,600 --> 00:00:12,160 Speaker 1: Sean Alma. Every afternoon, we've got the five stories that 4 00:00:12,240 --> 00:00:14,600 Speaker 1: happened today that you need to know about. Straight number one, 5 00:00:14,840 --> 00:00:17,800 Speaker 1: the good news and the local chair market yesterday didn't 6 00:00:17,840 --> 00:00:21,160 Speaker 1: last long, with the SMPASX two hundred today having its 7 00:00:21,280 --> 00:00:23,640 Speaker 1: worst one day loss since May on the back of 8 00:00:23,840 --> 00:00:27,560 Speaker 1: inflation fees in the US. The SMPASX two hundred closed 9 00:00:27,560 --> 00:00:30,480 Speaker 1: down zero point eight percent to eight thousand, five hundred 10 00:00:30,480 --> 00:00:33,519 Speaker 1: and sixty two points, with the financials struggling. Most that 11 00:00:33,600 --> 00:00:36,080 Speaker 1: includes the big banks. National Australia Bank was off three percent, 12 00:00:36,120 --> 00:00:38,360 Speaker 1: Westpac was down one point six percent. Come Off Bank 13 00:00:38,440 --> 00:00:41,120 Speaker 1: was off more than one percent. The minus started lower, 14 00:00:41,159 --> 00:00:43,840 Speaker 1: but by the closed BHP, Rio and Fortes QW Metals 15 00:00:43,840 --> 00:00:46,879 Speaker 1: had all outperformed the market. The tech stocks were the 16 00:00:47,080 --> 00:00:50,960 Speaker 1: best or among the best, including Promedicus Zero and Ria Group. 17 00:00:51,200 --> 00:00:54,200 Speaker 1: Goldiger Newmont felt six percent after it sold its stakes 18 00:00:54,200 --> 00:00:57,160 Speaker 1: in two North American Minds and its CFO resigned. The 19 00:00:57,280 --> 00:01:00,480 Speaker 1: drop on the AX today followed a nine percent fall 20 00:01:00,520 --> 00:01:03,960 Speaker 1: on Wall Street overnight for the dualisted company Evolution Mining, 21 00:01:04,120 --> 00:01:06,560 Speaker 1: also a gold company, fell two percent even though it 22 00:01:06,600 --> 00:01:10,679 Speaker 1: reported significantly higher cash generation during the last six months, 23 00:01:10,760 --> 00:01:13,240 Speaker 1: and then Lee dropped two percent after it announced plans 24 00:01:13,280 --> 00:01:15,280 Speaker 1: to develop a two and a half billion dollar luxury 25 00:01:15,480 --> 00:01:19,960 Speaker 1: luxury residential tower in Sydney. Sorry Number two The Council 26 00:01:20,040 --> 00:01:23,520 Speaker 1: of Financial Regulators wants new powers for the federal government 27 00:01:23,720 --> 00:01:26,679 Speaker 1: or regulator to step in and regulate cash in the 28 00:01:26,760 --> 00:01:32,360 Speaker 1: economy if the last remaining cash transport service, armor Guard, collapses. 29 00:01:32,680 --> 00:01:35,320 Speaker 1: The big users of cash been working with Reserve Bank 30 00:01:35,480 --> 00:01:39,120 Speaker 1: and others to ensure cash continues to be transported around 31 00:01:39,120 --> 00:01:41,760 Speaker 1: the country. The problem is that the use of cash 32 00:01:41,800 --> 00:01:45,480 Speaker 1: has diminished to the point whereby transporting it is uneconomic. 33 00:01:45,720 --> 00:01:49,120 Speaker 1: Commonwealth Bank, Westpac, National Australia Bank, ain Zed, Cole's Woollies, 34 00:01:49,280 --> 00:01:52,320 Speaker 1: Bunnings and Australia Posts agreed to inject twenty five million 35 00:01:52,400 --> 00:01:54,920 Speaker 1: dollars to keep armor Guard operating until the end of 36 00:01:54,920 --> 00:01:58,240 Speaker 1: the year. The CFR is now proposing an overhaul of 37 00:01:58,280 --> 00:02:01,600 Speaker 1: how cash is managed and distributed to give regulators similar 38 00:02:01,600 --> 00:02:05,040 Speaker 1: powers over cash distribution services as they have over the 39 00:02:05,080 --> 00:02:09,320 Speaker 1: bank's superfunds and insurers. Straight number three Local rare earths 40 00:02:09,320 --> 00:02:13,720 Speaker 1: miners outperformed today after Apple did a five hundred million 41 00:02:13,800 --> 00:02:17,400 Speaker 1: US dollar deal with the only US rare earth's minor, 42 00:02:17,560 --> 00:02:21,320 Speaker 1: MP Materials to purchase magnets from the company. Now rare 43 00:02:21,360 --> 00:02:24,720 Speaker 1: earth magnets are used in iPhones. Rare earths, which are 44 00:02:24,720 --> 00:02:28,239 Speaker 1: actually seventeen different chemical elements, aren't very rare. In fact, 45 00:02:28,240 --> 00:02:31,680 Speaker 1: they're pretty common, but they're very difficult to process. China 46 00:02:31,680 --> 00:02:33,760 Speaker 1: produces more than half of all rare earths, but the 47 00:02:33,840 --> 00:02:36,160 Speaker 1: US wants to find its own sources. Last week, the 48 00:02:36,160 --> 00:02:39,280 Speaker 1: Pentagon invested in MP Materials. That's the same company that 49 00:02:39,320 --> 00:02:42,120 Speaker 1: Apple's done to deal with MP. Share price is almost 50 00:02:42,200 --> 00:02:44,520 Speaker 1: doubled in the past week. So what does this mean 51 00:02:44,560 --> 00:02:47,200 Speaker 1: for the local rare earth's players like I Luka Resources 52 00:02:47,280 --> 00:02:50,720 Speaker 1: and Linus. Rare earths investors love them, hoping that the 53 00:02:50,800 --> 00:02:54,640 Speaker 1: US players will look to Australia for rare earth chemicals. 54 00:02:54,760 --> 00:02:57,399 Speaker 1: MP can't provide everything a Luca and Linus to share. 55 00:02:57,440 --> 00:02:59,799 Speaker 1: Prices are up nearly twenty five percent in the last week. 56 00:03:00,200 --> 00:03:03,120 Speaker 1: Sorry number four. In state politics, Tasmanians go to the 57 00:03:03,120 --> 00:03:06,560 Speaker 1: polls this weekend, with Labour leader Dean Winter up against 58 00:03:06,600 --> 00:03:09,920 Speaker 1: the premier Jeremy Rockcliffe, and a hung parliament seems the 59 00:03:09,960 --> 00:03:13,560 Speaker 1: most likely outcome. Polls suggests the Liberals will win but 60 00:03:13,680 --> 00:03:16,320 Speaker 1: be short of a majority. Today, the two faced off 61 00:03:16,320 --> 00:03:19,720 Speaker 1: in a televised debate hosted on Sky News. Rockcliffe and 62 00:03:19,760 --> 00:03:22,960 Speaker 1: Winter clashed over healthcare, the state's debt, and the controversial 63 00:03:22,960 --> 00:03:26,800 Speaker 1: efforts to build a new AFL stadium at Macquarie Point. Meanwhile, 64 00:03:26,800 --> 00:03:29,520 Speaker 1: in New South Wales's independent MP and former leader of 65 00:03:29,520 --> 00:03:32,600 Speaker 1: Federal Labor Mark Latham is under fire over allegations of 66 00:03:32,680 --> 00:03:37,440 Speaker 1: threatening and coercive behavior from his former partner, allegations he denies. 67 00:03:37,840 --> 00:03:40,640 Speaker 1: Natalie Matthews made the allegations in an application for an 68 00:03:40,640 --> 00:03:44,200 Speaker 1: apprehended violence order against Latham. Latham has dismissed them as 69 00:03:44,280 --> 00:03:47,760 Speaker 1: preposterous and will contest them in court. Sorry Number five. 70 00:03:47,840 --> 00:03:50,360 Speaker 1: US President Donald Trump says he'll impose the tariff on 71 00:03:50,400 --> 00:03:53,440 Speaker 1: pharmaceuticals by the end of the month before ramping it 72 00:03:53,520 --> 00:03:55,520 Speaker 1: up over a year or so. Said the tariff will 73 00:03:55,520 --> 00:03:58,520 Speaker 1: below to begin with to give the pharmaceutical companies time 74 00:03:58,520 --> 00:04:01,480 Speaker 1: to relocate to the USA, and I quote, there are 75 00:04:01,520 --> 00:04:03,600 Speaker 1: two ways you do it. You make money or you 76 00:04:03,720 --> 00:04:05,800 Speaker 1: have them move here so they don't have to pay 77 00:04:05,840 --> 00:04:08,640 Speaker 1: the tariff. Those are the two ways the pharmaceutical companies 78 00:04:08,640 --> 00:04:11,480 Speaker 1: are moving back to America where they should be. Trump 79 00:04:11,520 --> 00:04:14,360 Speaker 1: also said he had reached a deal with Indonesia where 80 00:04:14,360 --> 00:04:17,120 Speaker 1: that country will face a nineteen percent tariff, and also 81 00:04:17,240 --> 00:04:20,120 Speaker 1: deal with Vietnam, which will pay a twenty percent tariff, 82 00:04:20,400 --> 00:04:23,720 Speaker 1: well down from the initial forty six percent tariff. Outlined. 83 00:04:24,080 --> 00:04:26,560 Speaker 1: That's it the Afternoon Report for Wednesday, the sixteenth of 84 00:04:26,640 --> 00:04:28,800 Speaker 1: July twenty twenty five. Make sure you hit follow on 85 00:04:28,800 --> 00:04:30,840 Speaker 1: the podcast. We will be back tomorrow morning. It's the 86 00:04:30,880 --> 00:04:34,200 Speaker 1: first edition Appear and Greed Business years. I'm Schanielma. Enjoy 87 00:04:34,240 --> 00:04:34,679 Speaker 1: your evening.