1 00:00:03,600 --> 00:00:06,600 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,640 --> 00:00:09,200 Speaker 1: for Tuesday, the twenty sixth of August twenty twenty five. 3 00:00:09,320 --> 00:00:11,920 Speaker 1: Are Michael Thompson. Every afternoon, We've got the five stories 4 00:00:11,920 --> 00:00:14,000 Speaker 1: that happened today that you need to know about. Let's 5 00:00:14,000 --> 00:00:15,920 Speaker 1: go with story number one. The S and p ASX 6 00:00:15,920 --> 00:00:19,080 Speaker 1: two hundred fell zero point four percent today to eighty 7 00:00:19,239 --> 00:00:22,160 Speaker 1: nine hundred and thirty six points, a pretty broad based 8 00:00:22,320 --> 00:00:25,400 Speaker 1: sell off. Eight of the eleven sectors closing lower, pulled 9 00:00:25,400 --> 00:00:29,080 Speaker 1: down by weaker global sentiment after US President Donald Trump 10 00:00:29,400 --> 00:00:33,879 Speaker 1: said he's firing Federal Reserve Governor Lisa Cook. More on 11 00:00:33,920 --> 00:00:36,239 Speaker 1: that one shortly. There's a lot to that story. Not 12 00:00:36,320 --> 00:00:39,000 Speaker 1: a good day for the big miners. Four DEESKEW shares 13 00:00:39,080 --> 00:00:42,000 Speaker 1: closed nearly four percent lower after the miner reported a 14 00:00:42,040 --> 00:00:44,400 Speaker 1: forty one percent drop in profit for the last year 15 00:00:44,520 --> 00:00:47,240 Speaker 1: due to a weaker iron ore price. Better news though, 16 00:00:47,280 --> 00:00:51,200 Speaker 1: for consumer staples Cole's jumped eight point six percent today 17 00:00:51,240 --> 00:00:54,840 Speaker 1: after it delivered a bumper result, driven largely by better 18 00:00:54,880 --> 00:00:59,600 Speaker 1: than expected supermarket sales. And tech company Nuex jumped seventeen percent, 19 00:00:59,640 --> 00:01:03,080 Speaker 1: whereas plumbing group Reese fell another seven point four percent. 20 00:01:03,200 --> 00:01:06,000 Speaker 1: That came up to yesterday's tumble. Both of those companies 21 00:01:06,000 --> 00:01:08,640 Speaker 1: reported their results yesterday, and both of those moves today 22 00:01:08,720 --> 00:01:11,720 Speaker 1: coming as analysts examined those results in a bit more detail. 23 00:01:12,160 --> 00:01:16,080 Speaker 1: Story number two. Prime Minister Anthony Abernezi has described two 24 00:01:16,120 --> 00:01:19,400 Speaker 1: attacks by Iran on Jewish targets in Sydney and Melbourne 25 00:01:19,480 --> 00:01:24,120 Speaker 1: as quote extraordinary and dangerous acts of aggression orchestrated by 26 00:01:24,120 --> 00:01:27,399 Speaker 1: a foreign nation on Australian soil. The Prime Minister held 27 00:01:27,440 --> 00:01:30,760 Speaker 1: a press conference today flanked by Azoboss Mike Burgess, Foreign 28 00:01:30,760 --> 00:01:33,959 Speaker 1: Minister Pennywong and Home Affairs Minister Tony Burke, where he 29 00:01:34,080 --> 00:01:37,840 Speaker 1: revealed that Azio had traced last year's arson attack on 30 00:01:37,880 --> 00:01:40,680 Speaker 1: a restaurant in Sydney and a synagogue in Melbourne back 31 00:01:40,720 --> 00:01:45,560 Speaker 1: to Iran's Revolutionary Guard. Now Australia has expelled Iran's ambassador 32 00:01:45,600 --> 00:01:48,480 Speaker 1: and shut its embassy in Tehran. We'll have more on 33 00:01:48,520 --> 00:01:52,200 Speaker 1: this developing story in tomorrow morning's episode. Story number three. 34 00:01:52,280 --> 00:01:54,320 Speaker 1: More interest rate cuts are on the way, at least 35 00:01:54,320 --> 00:01:57,040 Speaker 1: that's what the minutes of the Reserve Bank Board meeting 36 00:01:57,280 --> 00:02:00,960 Speaker 1: two weeks ago suggest. The RBA the cash rate by 37 00:02:01,000 --> 00:02:03,560 Speaker 1: a quarter of one percent. Of that meeting, citing easing 38 00:02:03,560 --> 00:02:07,600 Speaker 1: inflation and a slowing economy. But the minutes go further, 39 00:02:07,760 --> 00:02:12,840 Speaker 1: noting that preserving full employment while bringing inflation sustainably back 40 00:02:12,880 --> 00:02:16,799 Speaker 1: to target will likely require further reductions over the year ahead. 41 00:02:17,040 --> 00:02:20,000 Speaker 1: Markets are already betting on another cut in November, though 42 00:02:20,000 --> 00:02:22,160 Speaker 1: the minutes make clear it could come sooner if the 43 00:02:22,240 --> 00:02:27,160 Speaker 1: jobs market weakens unexpectedly. Story number four. Telco's that rip 44 00:02:27,200 --> 00:02:30,080 Speaker 1: off or mistreat their customers are about to face much 45 00:02:30,080 --> 00:02:33,480 Speaker 1: tougher penalties, with the Albanezi government moving to dramatically beef 46 00:02:33,560 --> 00:02:36,720 Speaker 1: up consumer protections. New laws will give AKMA, which is 47 00:02:36,760 --> 00:02:40,320 Speaker 1: the industry watchdog, the power to fine phone and internet 48 00:02:40,320 --> 00:02:42,920 Speaker 1: providers up to ten million dollars for misconduct, which is 49 00:02:42,960 --> 00:02:46,839 Speaker 1: forty times the current maximum. In serious cases, penalties could 50 00:02:46,880 --> 00:02:49,760 Speaker 1: be even higher, tied to a company's turnover or the 51 00:02:49,800 --> 00:02:53,840 Speaker 1: benefit gained from breaking the rules. The changes follow what's 52 00:02:53,880 --> 00:02:56,120 Speaker 1: been a pretty bruising run for the sector. You've got 53 00:02:56,160 --> 00:02:58,959 Speaker 1: Opta still reeling from its twenty twenty two cyber attack 54 00:02:59,320 --> 00:03:02,120 Speaker 1: are fourteen hour outage last year, and then one hundred 55 00:03:02,160 --> 00:03:04,120 Speaker 1: million dollar fine just a couple of months ago for 56 00:03:04,200 --> 00:03:06,760 Speaker 1: selling phones and contracts to people who didn't need them. 57 00:03:07,000 --> 00:03:09,600 Speaker 1: Telstra was fined fifty million dollars in twenty twenty one 58 00:03:09,639 --> 00:03:13,160 Speaker 1: for similar behavior. TPG was recently worn for failing to 59 00:03:13,200 --> 00:03:16,880 Speaker 1: comply with triple zero rules. After this update, the telcos 60 00:03:16,919 --> 00:03:20,160 Speaker 1: are very much on notice. And finally, story number five, 61 00:03:20,280 --> 00:03:23,240 Speaker 1: US President Donald Trump has taken the extraordinary step, as 62 00:03:23,240 --> 00:03:26,960 Speaker 1: I mentioned earlier, of trying to sack Federal Reserve Governor 63 00:03:27,040 --> 00:03:30,800 Speaker 1: Lisa Cook, a move that could trigger a constitutional showdown. 64 00:03:31,160 --> 00:03:35,400 Speaker 1: Trump claims Cook made false statements on mortgage applications, saying 65 00:03:35,520 --> 00:03:38,680 Speaker 1: that gives him grounds to fire her. But Cook, who 66 00:03:38,720 --> 00:03:41,280 Speaker 1: is the first black woman to serve on the Fed's board, 67 00:03:41,800 --> 00:03:44,520 Speaker 1: says the president has no such power and she will 68 00:03:44,520 --> 00:03:47,360 Speaker 1: not resign. The fight really goes to the heart of 69 00:03:47,400 --> 00:03:50,400 Speaker 1: the Fed's independence. Analysts worn that Trump is trying to 70 00:03:50,480 --> 00:03:53,200 Speaker 1: bend the world's most powerful central bank to his will. 71 00:03:53,600 --> 00:03:55,960 Speaker 1: The standoff is now expected to head to the courts 72 00:03:56,000 --> 00:03:58,760 Speaker 1: and could even end up before the Supreme Court. The 73 00:03:58,840 --> 00:04:01,800 Speaker 1: gold price rose response to the news, with investors looking 74 00:04:01,840 --> 00:04:04,160 Speaker 1: once again for a safe haven. That's it for the 75 00:04:04,160 --> 00:04:07,320 Speaker 1: Afternoon report for Tuesday, the twenty sixth of August twenty 76 00:04:07,320 --> 00:04:09,440 Speaker 1: twenty five. Make sure you hit follow on the podcast, 77 00:04:09,440 --> 00:04:11,600 Speaker 1: and we'll be back tomorrow morning with a Wednesday edition 78 00:04:11,640 --> 00:04:14,400 Speaker 1: of Fear and Greed. Are Michael Thompson enjoy your evening.