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

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Speaker 1: for Thursday, the second of October twenty twenty five. Are

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Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Let's go

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Speaker 1: story number one. The SMPA SEXT two hundred climbed one

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Speaker 1: point one percent today to nine hundred and forty six points,

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Speaker 1: a solid rally led by the materials sector, helped along

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Speaker 1: as well by sharp rising bank stocks. The price of

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Speaker 1: gold set another record today the US government shutdown, sending

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Speaker 1: investors looking for safe havens. Honestly, I could have just

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Speaker 1: copied and pasted that from yesterday afternoon's report. It is

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Speaker 1: the same story again. Locally, it saw the gold miners surge.

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Speaker 1: West Gold was up more than eight percent, Bellevue Gold,

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Speaker 1: Northern Star and Evolution Mining all climbed between three and

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Speaker 1: four percent. I mentioned the banks. All the big four

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Speaker 1: closed hire today, led by A and Z up two percent,

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Speaker 1: and Commonwealth Bank climbed one point seven percent. A good

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Speaker 1: day at last for healthcare stocks. The sector rallied in

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Speaker 1: the US, helping the S and P five hundred there

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Speaker 1: to a record high, and that flowed through to the

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Speaker 1: local bourse too. CSL rose almost four percent. Clarity Pharmaceuticals

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Speaker 1: jumped twelve percent after it said it would present data

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Speaker 1: on a new cancer treatment at an upcoming conference. At

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Speaker 1: the other end of the market today though, was Drone Shield.

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Speaker 1: After rising almost fifty percent in the first three days

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Speaker 1: of the week, it kind of ran out a puff

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Speaker 1: today dropped nearly ten percent. Still, it is a long

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Speaker 1: way ahead of where it started the week on expectations

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Speaker 1: that defense spending in Europe is just going to keep ongoing.

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Speaker 1: On de story number two now and Commonwealth Bank has

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Speaker 1: restored services after a major outage took down online banking,

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Speaker 1: the app and some ATMs as well. The disruption began

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Speaker 1: around midday today, with more than seven thousand outage reports

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Speaker 1: logged online at the peak. Combank has confirmed that services

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Speaker 1: were progressively restored by two thirty this afternoon. The bank

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Speaker 1: has apologized customers but is still investigating the cause of

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Speaker 1: the outage, which saw social media flooded with complaints from

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Speaker 1: customers locked out of urgent payments, also reports of not

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Speaker 1: so urgent payments just not being able to pay for

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Speaker 1: their lunch. Some joint accounts reportedly showed mismatched balances, so

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Speaker 1: a fair bit for the bank to work through there.

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Speaker 1: Story number three. The Abbadezer government is under pressure to

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Speaker 1: step into the escalating standoff between BHP and China after

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Speaker 1: reports Beijing has banned state owned steelmakers from buying the

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Speaker 1: miners Pilborough iron ore as a pricing maneuver. Opposition Finance

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Speaker 1: spokesman James Patterson says Australia must back BEHP in this fight,

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Speaker 1: warning the government as taking a hands off approach to

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Speaker 1: a dispute threatening billions of dollars in export revenue. Shadow

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Speaker 1: Resources spokeswoman Susan McDonald says the Prime Minister's diplomatic efforts

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Speaker 1: had failed to improve trade ties, accusing the government of

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Speaker 1: making it harder for miners by rushing to renewables. Iron

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Speaker 1: Ore is, of course, Australia's largest export's worth more than

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Speaker 1: one hundred billion dollars a year call the federal and

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Speaker 1: state budgets. BHP has declined to confirm the band, but

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Speaker 1: shares rose one point one percent today after a significant

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Speaker 1: dip yesterday. Story number four. More turmoil in the Australian media.

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Speaker 1: The chief executive of radio company ARN has resigned after

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Speaker 1: sixteen years. Kieran Davis was running the company when at

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Speaker 1: Leeward Kyle and Jackie O from Rivals TODAYFM more than

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Speaker 1: a decade ago. That was a hugely successful move. Less

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Speaker 1: successful has been the decision to syndicate Carl and Jackie

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Speaker 1: Oo's Breakfast Show into Melbourne, a decision that came with

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Speaker 1: job cuts and a two hundred million dollar contract for

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Speaker 1: the star duo. Ratings growth in Melbourne has been very sluggish,

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Speaker 1: though Sydney has remained dominant. AARN is also grappling with

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Speaker 1: repeated breaches of broadcast decency standards tied to the program.

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Speaker 1: Kieran Davis is being succeeded by operations boss Michael Stevenson,

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Speaker 1: the former head of sales at nine. He is set

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Speaker 1: to take over the top job in January. And finally,

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Speaker 1: the story number five, the White House is using the

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Speaker 1: US government shutdown to punish political enemies, freezing billions in

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Speaker 1: funding for democratic led states and preparing mass layoffs of

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Speaker 1: civil servants. According to the New York Times, twenty six

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Speaker 1: billion dollars in previously approved spending has been paused or scrapped,

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Speaker 1: including eighteen billion dollars for New York transport projects. President

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Speaker 1: Donald Trump described the shutdown as an opportunity to slash

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Speaker 1: agencies and target Democrats, while unions have launched legal action

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Speaker 1: over potential mass firings. The stalemate has left hundreds of

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Speaker 1: thousands of federal workers without pay, and there is no

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Speaker 1: clear end in sight. That's it for the Afternoon Report

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Speaker 1: for Thursday, the second of October twenty twenty five. Make

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Speaker 1: sure you hit follow on the podcast and we'll be

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Speaker 1: back tomorrow morning with the Friday edition of the Fast

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Speaker 1: five Business News By Fear and Greed are Michael Thompson.

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Speaker 1: Enjoy your evening