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

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Speaker 1: for Monday, the third of February twenty twenty five. I'm

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Speaker 1: Sean Almer. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Straight number one,

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Speaker 1: there's in PIX. Two hundred fell by nearly two percent

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Speaker 1: today to finish eighty three hundred and seventy nine points.

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Speaker 1: Australia was the first major economy to trade after the

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Speaker 1: tariff announcement over the weekend from Donald Trump. Basically, he's

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Speaker 1: put twenty five percent tariffs on Mexican goods, on Canadian

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Speaker 1: goods except for oil and energy, and an extra ten

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Speaker 1: percent on Chinese goods. Now, there are fears that a

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Speaker 1: global trade war will hit economic growth and cause inflation,

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Speaker 1: and that hurts earnings. All eleven of the ax's sub

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Speaker 1: indices fell today. There was little escaping, with consumer discretionary, healthcare, financials, materials,

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Speaker 1: real estate, and industrials all falling around two percent. Only

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Speaker 1: ten percent of the top two hundred will hire it today.

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Speaker 1: Worst among the large cafes National Australia Bank, Ford, Schuel,

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Speaker 1: Metals Group, Aristocrat, Leisure, Rio, Tinto, weistet Global, Ariaqbe Promedicus.

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Speaker 1: The list goes on shout out to Telstra though it's

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Speaker 1: the only top forty stock that didn't lose ground today.

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Speaker 1: A couple of big murders. Healthcare group Fisher and Paykel

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Speaker 1: was down seven and a half percent after it came

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Speaker 1: out and said the tariffs would increase its costs because

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Speaker 1: it's got factories in Mexico. And retailer Setai was down

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Speaker 1: eighteen percent. Its sources of goods in Mexico, in Canada,

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Speaker 1: in China the trifecta, so some sales for that real

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Speaker 1: tail or a problematic. Its share price fell. Story number two.

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Speaker 1: The government is hopeful that Australia's trade surplus with the

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Speaker 1: US will prevent the Trump administration from imposing tariff's on

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Speaker 1: local goods. Foreign Minister Penny Wong so the surplus puts

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Speaker 1: Australia in a strong position to navigate changing global markets.

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Speaker 1: She said, Donald Trump wants to do things differently in

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Speaker 1: Australia has to navigate the new world confidently and with

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Speaker 1: our eyes open. Australia and the United States has a

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Speaker 1: free trade agreement that means very few tariffs. In fact,

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Speaker 1: no tariffs on almost everything. About ninety seven percent of

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Speaker 1: things we sell to the US financial services, gold, sheep

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Speaker 1: and goat meat, vaccines we buy from the US financial

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Speaker 1: services and travel computers, it services, cars, trucks, that type

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Speaker 1: of stuff. About twelve thousand Austraian companies sell into the US.

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Speaker 1: Some of the big ones include Woodside, Westfield, brambles At, Lassian, Walley,

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Speaker 1: Visa and Rio Tinto. How they emerge from this global

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Speaker 1: trade war is anyone's guess, but Penny Wong is hoping

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Speaker 1: that Australians won't be hit too hard. Story number three.

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Speaker 1: Senior ABC figures, including then chair Eider Buttros, discussed removing

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Speaker 1: a journalist from her casual radio slot after flagging that

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Speaker 1: they were sick of getting complaints about her anti Israeli views.

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Speaker 1: The ABC hired Antonette Latouf to fill a five day

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Speaker 1: time slot on the Morning Show on ABC Radio Sydney

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Speaker 1: in December twenty twenty three. She lasted three days before

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Speaker 1: being met go after a large number of complaints were

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Speaker 1: sent to the ABC regarding past comments she had made

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Speaker 1: about the conflict in Gaza. The Tooth has sued the

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Speaker 1: ABC in the Federal court over her dismissal. Her barrister

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Speaker 1: Oshafigea told her hearing today that Butto's then ABC Managing

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Speaker 1: Director David Anderson and Chief Content Officer Chris Oliver Taylor

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Speaker 1: discussed how to get rid of her after a concerted

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Speaker 1: campaign from a pro Israel lobbying group. Anderson said the

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Speaker 1: tooth should take a managed exit at the end of

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Speaker 1: the five day shift, agreeing with Oliver Taylor's opinion there'd

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Speaker 1: be a phenomenal blowback if she was fired. Latoof was

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Speaker 1: dismissed that same day after reposting without comment an Instagram

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Speaker 1: post from Human Rights Watch about starvation and gaza being

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Speaker 1: used by the Israeli government as a tool of war.

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Speaker 1: So I'm before building approval and retail trade figures we're

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Speaker 1: out today. We know the government was to build two

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Speaker 1: hundred and forty thousand homes a year for the next

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Speaker 1: five years. Well, we have a long way to go.

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Speaker 1: We're running at about a one hundred and thirty eight

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Speaker 1: thousand a year pace. The good news, I suppose is

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Speaker 1: that's four percent higher than a year ago. Building approvals

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Speaker 1: have certainly trended higher now. Slower inflation has helped the sector,

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Speaker 1: but demand is still outstripping supply. Apartments are relatively low

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Speaker 1: in the total number of building approvals. Apartments obviously house

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Speaker 1: a lot of people in a small space. Completion times

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Speaker 1: the new buildings is still behind the pre pandemic pace.

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Speaker 1: The lack of supply remains a problem for the government.

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Speaker 1: It's also a good argument our house prices won't for much,

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Speaker 1: if at all. On the retail sales side, December figures

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Speaker 1: were better than expected, solid turnover late last year. Basically

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Speaker 1: and story number five, the US has told Panama that

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Speaker 1: the Central American nation must reduce Chinese influence over the

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Speaker 1: Panama Canal or face potential retaliation from the Trump administration.

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Speaker 1: US Secretary of State Marque Rubio, in his first foreign

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Speaker 1: trip as America's top diplomat, spoke to Panamanian President Jose

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Speaker 1: Raoul Milino. After the meeting, mister Mileno said Rubio had

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Speaker 1: not threatened to retake the Panama Canal or use of force.

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Speaker 1: Mister Rubio told mister Moleno that the American president had

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Speaker 1: made a preliminary determination that China's presence in the canal

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Speaker 1: area violates a treaty that led to the US turning

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Speaker 1: the waterway over to Panama in nineteen ninety nine. That's

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Speaker 1: it for the Afternoon Report for Monday, the third of

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Speaker 1: February twenty twenty five. Make sure you hit follow on

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Speaker 1: the podcast. We'll be back tomorrow morning. It's a Tuesday

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Speaker 1: edition off your and green business news. I'm Sean Elmer.

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Speaker 1: Enjoy your evening.