1 00:00:04,200 --> 00:00:07,200 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,240 --> 00:00:09,840 Speaker 1: for Wednesday, the twenty fourth of September twenty twenty five. 3 00:00:09,960 --> 00:00:12,880 Speaker 1: I'm Michael Thompson. Every afternoon, we've got the five stories 4 00:00:12,880 --> 00:00:15,200 Speaker 1: that happened today that you need to know about. Let's 5 00:00:15,200 --> 00:00:17,720 Speaker 1: go with story number one. It is all about markets. 6 00:00:17,760 --> 00:00:20,680 Speaker 1: The S and PA SEX two hundred fell zero point 7 00:00:20,760 --> 00:00:24,239 Speaker 1: nine percent today to eighty seven hundred and sixty five points. 8 00:00:24,680 --> 00:00:27,560 Speaker 1: That's the biggest drop actually in three weeks. Nine of 9 00:00:27,560 --> 00:00:30,640 Speaker 1: the eleven sectors lost ground today. There are a couple 10 00:00:30,640 --> 00:00:33,200 Speaker 1: of factors weighing on markets. First, there was some very 11 00:00:33,320 --> 00:00:37,640 Speaker 1: neutral language from Fed chair Jerome Powell in the US 12 00:00:37,640 --> 00:00:40,920 Speaker 1: about when the Fed would cut rates next. That saw 13 00:00:41,000 --> 00:00:43,840 Speaker 1: wall streets soften. Then here at home, we had higher 14 00:00:43,880 --> 00:00:47,680 Speaker 1: than expected inflation data for August. That's the monthly inflation 15 00:00:47,760 --> 00:00:50,680 Speaker 1: figure coming in at three percent, which was above consensus. 16 00:00:51,240 --> 00:00:54,400 Speaker 1: As a result, the market's then priced in just one 17 00:00:54,520 --> 00:00:58,800 Speaker 1: more cut this cycle, instead of the two interest rate 18 00:00:58,840 --> 00:01:02,200 Speaker 1: cuts that were previously expect did. The banks were hit hardest, 19 00:01:02,600 --> 00:01:05,919 Speaker 1: led by Westpac that slumped three point two percent today 20 00:01:06,240 --> 00:01:08,640 Speaker 1: after it became the latest bank to cut jobs two 21 00:01:08,760 --> 00:01:11,320 Speaker 1: hundred jobs are set to go there. NAB lost two 22 00:01:11,360 --> 00:01:13,919 Speaker 1: point three percent, A and Z down one point eight percent. 23 00:01:14,080 --> 00:01:16,919 Speaker 1: Commonwealth Bank share price is one point four percent lower, 24 00:01:17,160 --> 00:01:19,280 Speaker 1: so a lot of movement there for the banks. Department 25 00:01:19,319 --> 00:01:23,280 Speaker 1: Store Mayer Well it continued its slide after yesterday's big loss, 26 00:01:23,720 --> 00:01:26,679 Speaker 1: down another two point one percent. Investors still processing that 27 00:01:26,840 --> 00:01:31,039 Speaker 1: huge drop in profit that Meyer announced yesterday. Wasn't much 28 00:01:31,040 --> 00:01:34,039 Speaker 1: better elsewhere in retail. Actually, West Farmers down one point 29 00:01:34,040 --> 00:01:37,680 Speaker 1: one percent, JB hi Fi one point four percent lower. 30 00:01:37,920 --> 00:01:39,760 Speaker 1: Bad day for the tech stocks. It sounds like it's 31 00:01:39,800 --> 00:01:43,680 Speaker 1: all bad news. Really. That Wall Street lead in did 32 00:01:43,680 --> 00:01:46,600 Speaker 1: not help the local tech stocks by now pay Later Group, 33 00:01:46,720 --> 00:01:51,200 Speaker 1: zip Wise Tech Global zero, block tracking, app Life three 34 00:01:51,360 --> 00:01:54,320 Speaker 1: sixty all of those lost ground. Was a good day 35 00:01:54,320 --> 00:01:56,120 Speaker 1: for the lithium miners, though at least there was a 36 00:01:56,160 --> 00:02:00,240 Speaker 1: bright spot Pilber Minerals and Mineral Resources up five point 37 00:02:00,280 --> 00:02:03,160 Speaker 1: five percent and four point three percent respectively. All right, 38 00:02:03,280 --> 00:02:06,880 Speaker 1: Moving on now to story number two. Super Retail Groups 39 00:02:06,880 --> 00:02:10,240 Speaker 1: settled with two former employees who sued the company over 40 00:02:10,320 --> 00:02:13,000 Speaker 1: bullying and harassment claims. This is a saga that helped 41 00:02:13,240 --> 00:02:17,160 Speaker 1: bring down former chief executive Anthony Herety last week. Super 42 00:02:17,200 --> 00:02:20,799 Speaker 1: Retail owns brands including BCF, Rebel Sports, Super Chief Auto. 43 00:02:21,240 --> 00:02:26,040 Speaker 1: The case here centered on an undisclosed alleged relationship between 44 00:02:26,080 --> 00:02:29,919 Speaker 1: Herety and the former HR boss of the company, Jane Kelly. 45 00:02:30,160 --> 00:02:33,240 Speaker 1: The eighteen month legal battle had been heading to a 46 00:02:33,280 --> 00:02:36,679 Speaker 1: federal court hearing this week with nearly forty subpoenas, but 47 00:02:36,760 --> 00:02:40,600 Speaker 1: a confidential payout with the two whistleblowers has now been agreed, 48 00:02:40,639 --> 00:02:43,240 Speaker 1: according to the Financial Review. It was reported that the 49 00:02:43,280 --> 00:02:46,680 Speaker 1: claims had originally been pitched at thirty to fifty million dollars, 50 00:02:46,760 --> 00:02:50,040 Speaker 1: but Super Retail says the settlement is well below that range. 51 00:02:50,280 --> 00:02:52,920 Speaker 1: Herety was sacked last week after the board said his 52 00:02:53,040 --> 00:02:58,239 Speaker 1: earlier disclosures about the relationship were quote inadequate. Story Number three. 53 00:02:58,360 --> 00:03:01,160 Speaker 1: Treasurer Jim Chalmers has asked the Board of Taxation to 54 00:03:01,200 --> 00:03:04,440 Speaker 1: review ways to slash compliance costs for business, part of 55 00:03:04,440 --> 00:03:06,960 Speaker 1: the government's push to boost productivity. The review is going 56 00:03:06,960 --> 00:03:10,240 Speaker 1: to be led by former ATO Commissioner Andrew Mills and 57 00:03:10,280 --> 00:03:13,440 Speaker 1: focus on cutting red tape rather than tax rates. Charm 58 00:03:13,520 --> 00:03:17,160 Speaker 1: has also confirmed the Productivity Commission will probe the controversial 59 00:03:17,600 --> 00:03:21,520 Speaker 1: GST deal that guarantees Western Australia a top up payment 60 00:03:21,639 --> 00:03:25,200 Speaker 1: from the one hundred billion dollar GST pool. Under legislation, 61 00:03:25,840 --> 00:03:30,760 Speaker 1: the Productivity Commission is required to review GST distribution by 62 00:03:31,160 --> 00:03:34,519 Speaker 1: next year. Other states have complained about wa receiving top 63 00:03:34,560 --> 00:03:37,880 Speaker 1: up payments. The Treasurer has said that GST distribution is 64 00:03:38,160 --> 00:03:41,760 Speaker 1: often contentious. That seems like a little bit of an understatement. 65 00:03:42,400 --> 00:03:45,320 Speaker 1: Under story number four. US President Donald Trump has used 66 00:03:45,320 --> 00:03:49,960 Speaker 1: the UN General Assembly to blast immigration, climate change, and 67 00:03:50,000 --> 00:03:53,520 Speaker 1: the UN itself. In a somewhat fiery fifty five minute speech, 68 00:03:53,880 --> 00:03:57,520 Speaker 1: Trump told leaders that open borders were destroying Europe and 69 00:03:57,560 --> 00:04:01,320 Speaker 1: called climate change the greatest conjob ever perpetrated. He also 70 00:04:01,440 --> 00:04:04,800 Speaker 1: shamed European countries for continuing to buy Russian oil and gas, 71 00:04:04,800 --> 00:04:08,040 Speaker 1: saying they were funding the war against themselves. He accused 72 00:04:08,120 --> 00:04:11,360 Speaker 1: nations like Australia, Canada, France, and the UK of rewarding 73 00:04:11,400 --> 00:04:15,920 Speaker 1: Hermas by recognizing a Palestinian state. Some delegates walked out 74 00:04:15,920 --> 00:04:19,839 Speaker 1: as Trump railed against globalist concepts and mocked green energy. 75 00:04:20,120 --> 00:04:23,600 Speaker 1: Prime Minister Anthony Alberanezi and Foreign Minister Pennyweng We're watching 76 00:04:23,680 --> 00:04:27,040 Speaker 1: from the floor. There were a few technical mishaps that 77 00:04:27,160 --> 00:04:31,440 Speaker 1: marred the appearance. Somewhat a faulty escalator that stopped when 78 00:04:31,600 --> 00:04:33,520 Speaker 1: the President of the First Lady stepped on to it. 79 00:04:33,680 --> 00:04:39,279 Speaker 1: A broken teleprompter that prompted, somewhat ironically, Donald Trump to 80 00:04:39,440 --> 00:04:42,920 Speaker 1: accuse the un of sabotage. I genuinely do not know 81 00:04:42,960 --> 00:04:46,039 Speaker 1: if he was joking. Onto story number five, our last 82 00:04:46,040 --> 00:04:49,000 Speaker 1: one today, Jimmy Kimmel has returned to air after ABC 83 00:04:49,120 --> 00:04:52,440 Speaker 1: suspended him for remarks about the killing of conservative activist 84 00:04:52,600 --> 00:04:57,080 Speaker 1: Charlie Kirk. Jimmy Kimmel fought back tears speaking on the show, 85 00:04:57,160 --> 00:04:59,760 Speaker 1: saying he never meant to make light of the tragedy. 86 00:05:00,080 --> 00:05:03,760 Speaker 1: He praised Kirk's widow for her selfless act of grace 87 00:05:03,960 --> 00:05:07,840 Speaker 1: in forgiving the killer. Kimmel lashed out at the Trump administration, 88 00:05:07,960 --> 00:05:10,359 Speaker 1: accusing it of trying to censor comedians and the press. 89 00:05:10,400 --> 00:05:13,719 Speaker 1: He also criticized Disney and ABC for taking him off air, 90 00:05:13,760 --> 00:05:16,000 Speaker 1: though he did thank them for allowing the show to resume. 91 00:05:16,400 --> 00:05:20,479 Speaker 1: President Trump has attacked ABC for reinstating Kimmel, suggesting it 92 00:05:20,480 --> 00:05:24,240 Speaker 1: could amount to an illegal campaign contribution to the Democrats. 93 00:05:24,560 --> 00:05:27,280 Speaker 1: There you go. That's it for the afternoon Report for Wednesday, 94 00:05:27,360 --> 00:05:29,640 Speaker 1: the twenty fourth of September twenty twenty five. Make sure 95 00:05:29,680 --> 00:05:32,000 Speaker 1: you hit follow on the podcast and we'll be back 96 00:05:32,000 --> 00:05:34,720 Speaker 1: tomorrow morning with the Thursday edition of The Fast five 97 00:05:34,760 --> 00:05:38,080 Speaker 1: Business News by Fear and Greed. I'm Michael Thompson. Enjoy 98 00:05:38,080 --> 00:05:38,560 Speaker 1: your evening.