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

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Speaker 1: for Tuesday, the third of September twenty twenty four. Michael Thompson.

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Speaker 1: Every afternoon, we've got the five stories that happened today

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Speaker 1: that you need to know about. So let's get cracking

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Speaker 1: with story number one. The SMPA SEX two hundred closed

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Speaker 1: down zero point one percent today to eight thousand, one

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Speaker 1: hundred and three points, again recovering a bit over the

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Speaker 1: day after some steeper morning losses. It and financials were

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Speaker 1: the top performers over the day, with Commonwealth Bank hitting

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Speaker 1: a new high, ending the day up one percent. The

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Speaker 1: deepest losses were in consumer staples, metals and mining and materials,

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Speaker 1: mid concerns about the Chinese economy and commodity prices. The

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Speaker 1: falls were led by Mineral Resources and Linetown Resources, both

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Speaker 1: down eight point five percent. Woollies fell two point eight percent.

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Speaker 1: Cole's was down two point four percent. Both of those, though,

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Speaker 1: were trading ex dividend. Travel business Kelseyan Group was a

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Speaker 1: top performer, up five point eight percent after posting expectation

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Speaker 1: beating earnings. Keep in mind, though, that just last week

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Speaker 1: it saw a twenty five percent fall on at share

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Speaker 1: price after unveiling cost overruns on construction of its new

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Speaker 1: Kangaroo Island ferry onto Story number two and the mortgage

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Speaker 1: wars might be back on soon. Mcquarie Bank grew its

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Speaker 1: home loan book at five times the rate of competitor

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Speaker 1: banks in July. Australian Crudential Regulation Authority data shows that

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Speaker 1: mcquarie's mortgage business grew by one point six percent compared

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Speaker 1: to a zero point three percent market average. The Financial

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Speaker 1: Review is reporting that this is a sign that competition

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Speaker 1: is soon to heat up for mortgages, which could help

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Speaker 1: drive rates down or spur on some attractive refinance and

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Speaker 1: new loan offers. That's because mcquarie is considered a challenger

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Speaker 1: bank to the Big four, and they were one of

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Speaker 1: the driving forces behind the last twenty twenty two and

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Speaker 1: twenty twenty three mortgage wars by attracting those coming off

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Speaker 1: fixed rates from the big banks. Story number three. In

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Speaker 1: what may well be one of the biggest infrastructure deals

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Speaker 1: of the year, New York based Blackstone has won out

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Speaker 1: as the top bidder to buy Australian data center business

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Speaker 1: air Trunk. The deal is expected to be worth more

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Speaker 1: than twenty billion dollars, including debt and Blackstone has emerged

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Speaker 1: as the top bidder for the business, which was launched

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Speaker 1: in twenty sixteen and has since expanded across Asia. Air

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Speaker 1: Trunk's majority stakeholders Macquarie Group and PSP Investments are looking

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Speaker 1: to finalize a deal, but so far no one is

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Speaker 1: commenting publicly on the tightly held details of the arrangement,

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Speaker 1: though multiple media sources are reporting that it is indeed imminent.

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Speaker 1: Story number four. Foreign Affairs Minister Penny Wong used a

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Speaker 1: significant speech at the Asia Summit today to double down

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Speaker 1: on the need for Australia to undertake more investment in

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Speaker 1: the region. Senator Wong pointed out the enormous amount of

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Speaker 1: cash flooding into Southeast Asia from the US and China

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Speaker 1: and said Australia just isn't keeping pace despite having a

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Speaker 1: good foundation with the region. She warned that Australia has

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Speaker 1: been left behind and that solely relying on a relationship

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Speaker 1: with China means missing the benefit of getting ahead in

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Speaker 1: growing markets and facing instability and vulnerability. She used her

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Speaker 1: speech to explain that while restoring a dialogue with China

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Speaker 1: and improving that relationship is critical a large part of

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Speaker 1: the answer to the shifting global challenge is quote the

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Speaker 1: thousands of kilometers between Australia, the United States, and China

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Speaker 1: and the Inno Pacific, And finally story number five. China

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Speaker 1: has warned Japan that it will retaliate economically should there

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Speaker 1: be more restrictions of sales and servicing of chip making

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Speaker 1: equipment to its firms. Senior but unnamed Chinese officials cited

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Speaker 1: in an exclusive report from Bloomberg say the posturing occurred

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Speaker 1: in recent meetings with Japanese officials. It's particularly concerning to Toyota,

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Speaker 1: which warned that Beijing could make good on threats to

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Speaker 1: restrict access to critical minerals that it needs for car making.

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Speaker 1: At the heart of this fight is US China relations

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Speaker 1: and the battle for AIB progress, with the US government

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Speaker 1: encouraging Japan and the Netherlands to do more to restrict

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Speaker 1: Chinese access to equipment and processes in line with its

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Speaker 1: own efforts in recent years. That's it for the Afternoon

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Speaker 1: Report for Tuesday, the third of September twenty twenty four.

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Speaker 1: Don't forget to hit follow on the podcast and find

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Speaker 1: Fear and Greed on LinkedIn Instagram x TikTok, and Facebook.

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Speaker 1: Join us tomorrow morning for the Fast five Business News

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Speaker 1: by Fear and Greed. The top five business stories you

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Speaker 1: need to know in just five minutes. Oh Michael Thompson.

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Speaker 1: Enjoy your eat,