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Speaker 1: It's Wednesday, the twelfth of March twenty twenty five. Welcome

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Speaker 1: to the Fast five Business News by Fear and Greed.

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Speaker 1: Will we give you the top five business stories you

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Speaker 1: need to know in US five minutes. I'm Michael Thompson

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Speaker 1: and good morning Sean Aylmer.

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Speaker 2: Good morning, Michael Shawn.

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Speaker 1: Five stories in five minutes. Let's get going with story

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Speaker 1: Number one is a big one. Global share markets are

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Speaker 1: falling as fears of a recession in the US and

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Speaker 1: nervousness around global trade wars overwhelm investors' confidence, and TEX

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Speaker 1: stocks Sean are among the hardest hit.

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Speaker 2: There was, at least at the beginning of the session yesterday,

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Speaker 2: a proverbial sea of red across the ASEX. All eleven

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Speaker 2: sub indices were lower. The market hit a seven month

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Speaker 2: low to finish down nearly one percent under seventy nine

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Speaker 2: hundred points. It could have been much worse, for the

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Speaker 2: index almost as low as seventy eight hundred points around lunchtime.

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Speaker 2: As it was, about nineteen billion dollars was wiped off

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Speaker 2: the value of the BOSS. Three quarters of the stocks

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Speaker 2: on the ASEX two hundred ended lower. US companies got

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Speaker 2: hit cs Hel mcquarie Bank brambled, but it was really

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Speaker 2: the tech stocks that got hammered. Pro me tickets, clothes

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Speaker 2: down more than ten percent, zero, computer share Technology one

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Speaker 2: all ended sharply lower.

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Speaker 1: Michael and the seller followed a wipeout on Wall Street,

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Speaker 1: where trillions of dollars of value was lost.

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Speaker 2: On Monday night, the tech heavy NASDAC ended down five percent.

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Speaker 2: That's about one point one trillion US dollars in value,

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Speaker 2: highlighted by a fifteen percent drop in Tesla. The main

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Speaker 2: reason for Wall Streets sell off and the ax's sell

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Speaker 2: off were comments from Donald Trump that the US may

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Speaker 2: feel a little disturbance stemming from trade wars with Canada, Mexico,

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Speaker 2: and China that triggered fears of a recession in the

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Speaker 2: world's biggest economy. Bitcoin was sold off, Oil was lower.

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Speaker 2: Recession talk isn't good for our local currency, are they?

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Speaker 2: It's back below sixty three US cents on.

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Speaker 1: Destory number two. A bit of good news. Consumer sentiment

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Speaker 1: has hit a three year high on the back of

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Speaker 1: the recent interest rate cut. But these unsettled global markets

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Speaker 1: are weighing on confidence in the economy.

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Speaker 2: That's right, Westpac Melbourne Institute's Consumer Sentiment Index posted a

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Speaker 2: four percent rise in March, lifting to ninety five point nine.

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Speaker 2: Now that's not far off one hundred, which indicates the

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Speaker 2: same numbers of optimists as pessimis. The level is now

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Speaker 2: back to pre May twenty twenty two. That's when the

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Speaker 2: Reserve Bank started lifting interest rates. All in all, people

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Speaker 2: are just starting to feel a bit better, Westpac said.

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Speaker 2: Slowly inflation in the Reserve Bank of Australia's first rate

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Speaker 2: cut in four years last month meant cost of living

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Speaker 2: pressures were easing, providing a clear lift. Now, if consumers

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Speaker 2: are happier, Michael, they spend more money. Good for the economy.

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Speaker 1: That does make sense. Star At number three, the value

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Speaker 1: of scam losses in Australia fell by twenty six percent

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Speaker 1: to two billion dollars last year. It's still way too high,

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Speaker 1: but at least things are getting better, right, Yeah, that's

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Speaker 1: exactly right. This report combines information from a bunch of watchdogs.

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Speaker 1: It shows that the value of losses decreased, so too

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Speaker 1: did the.

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Speaker 2: Number of reported scams. They dropped on percent to under

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Speaker 2: five hundred thousand. Still a lot of scams. The top

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Speaker 2: five scam types in the combined data were investment scams,

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Speaker 2: romance payment redirection, remote access and fishing scam, which jointly

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Speaker 2: accounted for more than seventy percent of the total combined

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Speaker 2: at losses. Investment scams resulted in the highest overall combined losses,

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Speaker 2: not that far off of biddion dollars reported loss last

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Speaker 2: year that was actually lower than twenty twenty three. Last year,

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Speaker 2: the National Anti Scam Center referred more than eight thousand

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Speaker 2: URLs for takedown.

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Speaker 1: How about this one sean story number four. Disney is

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Speaker 1: considering spending more money on domestic sports rights as it

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Speaker 1: prepares to launch ESPN on its streaming app in direct

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Speaker 1: competition to Foxtel from the end of this month.

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Speaker 2: So ESPN has things like the NBA, Major League Baseball,

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Speaker 2: the National Hockey League in the USUFC Fight Night that

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Speaker 2: begins to appear on Disney Plus from March twenty six.

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Speaker 2: Disney Plus has about three point one million subscribers in Australia.

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Speaker 2: It's also got the rights to the local basketball competition

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Speaker 2: the NBL. Now, ESPN will remain on Foxtel and KO

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Speaker 2: as well as Telstra's Fetch TV, but subscription fees at Foxtel,

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Speaker 2: for example, are much more expensive than Disney Plus. It

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Speaker 2: won't cost existing users anymore, so if you've got Disney Plus,

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Speaker 2: you'll get ESPN for free, and Australia will be the

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Speaker 2: first English language market outside the US to add ESPN.

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Speaker 2: According to the fin Review, Disney Plus is really trying

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Speaker 2: to push hard into sporting rights around the world and

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Speaker 2: in Australia as well. After six years of operation, it's

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Speaker 2: the third biggest streaming service in this country, behind Netflix

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Speaker 2: and Amazon Prime, and it's certainly going to setting out

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Speaker 2: to disrupt Foxtel.

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Speaker 1: Last one story number five, Elon Musk is under pressure

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Speaker 1: to spend more time running his businesses and less time

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Speaker 1: advising Donald Trump, with all three of his main businesses,

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Speaker 1: EV maker Tesla, social media site X, rocket maker SpaceX

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Speaker 1: all running into challenges.

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Speaker 2: On Monday, US time, uses of X reported widespread outages.

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Speaker 2: The same day, Tesla stock price film more than fifteen percent,

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Speaker 2: amid concerns including declining EV sales and politically driven protests

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Speaker 2: against the manufacturer. Now last week, a SpaceX rocket exploded

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Speaker 2: in Florida during the launch, showering some places with debris

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Speaker 2: into The New York Times that Musket blamed the X

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Speaker 2: issues on our cyber attack stemming from Ukraine. They didn't

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Speaker 2: provide any evidence on that one. He passed it on

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Speaker 2: our next that Democratic donors were responsible for seeding protests

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Speaker 2: against Tesla, again without evidence, and in response to the

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Speaker 2: SpaceX explosion, he simply said, rocks are hard.

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Speaker 1: There we go the top five business stories in five minutes.

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Speaker 1: Thank you Sean, Thank you Michael. It is Wednesday, the

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Speaker 1: twelfth of March twenty twenty five. Remember to hit follow

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Speaker 1: on the podcast, and if five minutes isn't enough, you

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Speaker 1: sign up for our free weekly newsletter which comes out today.

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Speaker 1: I'm Michael Thompson and that was the fast five business

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Speaker 1: news by Fear and Greed. Have a great day.