1 00:00:04,200 --> 00:00:06,800 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,840 --> 00:00:09,320 Speaker 1: for Friday, the sixth of June twenty twenty five. I'm 3 00:00:09,360 --> 00:00:11,920 Speaker 1: Sean Almer. Every afternoon, we've got the five stories that 4 00:00:12,000 --> 00:00:14,720 Speaker 1: happened today that you need to know about. The SMPASX 5 00:00:14,760 --> 00:00:18,080 Speaker 1: two hundred closed down a touch today zero point two percent, 6 00:00:18,360 --> 00:00:21,200 Speaker 1: to finish at eighty five hundred and sixteen points. For 7 00:00:21,239 --> 00:00:24,520 Speaker 1: the week, the market was up almost one percent. Volumes 8 00:00:24,560 --> 00:00:27,680 Speaker 1: were relatively low today ahead of the King's Birthday long weekend. 9 00:00:28,360 --> 00:00:31,960 Speaker 1: Some of the better performing stocks include James Hardy, white Haven, Cole, 10 00:00:32,040 --> 00:00:34,360 Speaker 1: and Quantas. Some of the most sold off stocks were 11 00:00:34,360 --> 00:00:37,080 Speaker 1: critical minerals on the back of talks between Donald Trump 12 00:00:37,120 --> 00:00:40,080 Speaker 1: and Jijing Ping Moore. On that shortly in corporate news, 13 00:00:40,080 --> 00:00:43,120 Speaker 1: gold Digger or a band of mining, downgraded its outlook, 14 00:00:43,159 --> 00:00:45,200 Speaker 1: sending its share price down twelve and a half percent. 15 00:00:45,560 --> 00:00:48,800 Speaker 1: And Sky Sitting Entertainment Group is suing Fletcher Building for 16 00:00:48,880 --> 00:00:51,400 Speaker 1: New Zealand three hundred and thirty million dollars in damages 17 00:00:51,440 --> 00:00:55,760 Speaker 1: for what it claims are unacceptable delays in gross negligence 18 00:00:55,760 --> 00:00:58,520 Speaker 1: in the construction of a convention center in New Zealand. 19 00:00:58,840 --> 00:01:02,920 Speaker 1: Story number two the Elon Musk Donald Trump bromance is 20 00:01:03,000 --> 00:01:06,640 Speaker 1: well and truly over, with open warfare erupting. Over the 21 00:01:06,680 --> 00:01:09,600 Speaker 1: past twenty four hours between the two, Donald Trump has 22 00:01:09,600 --> 00:01:13,560 Speaker 1: attacked Elon Musk as crazy, that's his word, and threatened 23 00:01:13,560 --> 00:01:16,240 Speaker 1: to rip up his government contracts, while the billionaires said 24 00:01:16,360 --> 00:01:21,560 Speaker 1: the president should be impeached. Trump publicly addressing Musk's latest 25 00:01:21,560 --> 00:01:24,160 Speaker 1: attacks on his signature tax bill for the first time, 26 00:01:24,600 --> 00:01:27,680 Speaker 1: said he was disappointed in his former White House advisor 27 00:01:27,959 --> 00:01:33,520 Speaker 1: and suggested he was suffering from Trump derangement syndrome, whatever 28 00:01:33,560 --> 00:01:36,080 Speaker 1: that is. He said he had asked Musk, who until 29 00:01:36,080 --> 00:01:38,800 Speaker 1: two weeks ago was running the Department of Government Efficiency, 30 00:01:38,840 --> 00:01:41,920 Speaker 1: to leave Washington. Mask who spent hundreds of millions of 31 00:01:41,920 --> 00:01:44,760 Speaker 1: dollars to help get Trump reelected, shot back on social 32 00:01:44,760 --> 00:01:47,480 Speaker 1: media that Trump was ungrateful and wouldn't be sitting in 33 00:01:47,520 --> 00:01:51,040 Speaker 1: the avil office without his support straight number three. The 34 00:01:51,160 --> 00:01:53,640 Speaker 1: breaking up of the BroMans had an immediate effect on 35 00:01:53,840 --> 00:01:56,560 Speaker 1: Risky Your Assets. Bitcoin tumble to a one month low, 36 00:01:56,960 --> 00:02:00,400 Speaker 1: back towards one hundred thousand US dollars a unit. Trading 37 00:02:00,440 --> 00:02:03,960 Speaker 1: volumes in Tesla surged, with analysts saying fears that Trump 38 00:02:03,960 --> 00:02:07,520 Speaker 1: will take retribution on Musk via removing government contracts with 39 00:02:07,560 --> 00:02:12,000 Speaker 1: Tesla triggered investors to sell first ask questions. Later, the 40 00:02:12,000 --> 00:02:15,239 Speaker 1: Electric Vehicles Group's share price closed down more than fourteen percent, 41 00:02:15,680 --> 00:02:18,600 Speaker 1: raising about one hundred and fifty three billion US dollars 42 00:02:18,600 --> 00:02:22,040 Speaker 1: from a smart capitalization. For his part, Elon Musk lost 43 00:02:22,080 --> 00:02:25,120 Speaker 1: about thirty four billion US dollars in personal wealth, the 44 00:02:25,240 --> 00:02:30,040 Speaker 1: second largest loss ever daily loss ever. According to Bloomberg's 45 00:02:30,040 --> 00:02:33,040 Speaker 1: Billionaires List story number four, the Aussie dollar has hit 46 00:02:33,080 --> 00:02:35,400 Speaker 1: a six month high, pushing up to sixty five point 47 00:02:35,440 --> 00:02:38,079 Speaker 1: three seven US cents this morning before dropping back a touch, 48 00:02:38,560 --> 00:02:41,560 Speaker 1: staying above that sixty five US cent level. The greenback 49 00:02:41,600 --> 00:02:44,880 Speaker 1: weekend against a basket of currencies overnight, amid softer than 50 00:02:44,919 --> 00:02:49,200 Speaker 1: expected doubless claims data and ongoing concerns about the impact 51 00:02:49,520 --> 00:02:52,919 Speaker 1: of US President Donald Trump's tax bill and finally, sorry 52 00:02:53,000 --> 00:02:55,760 Speaker 1: number five, donald Trump's getting a very big run today. 53 00:02:56,280 --> 00:02:59,800 Speaker 1: He and Chinese President Jijing Ping spoke for ninety minutes 54 00:02:59,840 --> 00:03:02,359 Speaker 1: over night and agreed to further trade talks aimed at 55 00:03:02,360 --> 00:03:05,919 Speaker 1: resolving disputes over tariffs and supplies of rare earth minerals. 56 00:03:06,639 --> 00:03:09,960 Speaker 1: Trump acknowledged the trade relationship with China had gotten his 57 00:03:10,120 --> 00:03:13,880 Speaker 1: quote a little off track end quote, but added, We're 58 00:03:13,919 --> 00:03:18,000 Speaker 1: in good shape with China and the trade deal. Additional negotiations, 59 00:03:18,080 --> 00:03:21,200 Speaker 1: Trump said would occur shortly at a location to be determined. 60 00:03:21,240 --> 00:03:24,160 Speaker 1: There's hope that the call will reduce tariffs, though, in 61 00:03:24,200 --> 00:03:27,280 Speaker 1: a sign of Wall Street's wariness of anything Donald Trump 62 00:03:27,320 --> 00:03:30,320 Speaker 1: says nowadays, the market moved very little after the news 63 00:03:30,320 --> 00:03:33,000 Speaker 1: of the car was reported. That's it for the afternoon 64 00:03:33,040 --> 00:03:35,440 Speaker 1: report for Friday, the sixth of June twenty twenty five. 65 00:03:35,520 --> 00:03:37,680 Speaker 1: Make sure you hit follow on the podcast. We'll be 66 00:03:37,680 --> 00:03:40,160 Speaker 1: back tomorrow morning with the weekend edition of the past 67 00:03:40,160 --> 00:03:43,000 Speaker 1: five business years I Fear and Greed. I'm Joan Elmer 68 00:03:43,280 --> 00:03:43,920 Speaker 1: and Joey Read