1
00:00:03,640 --> 00:00:06,480
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,519 --> 00:00:09,280
Speaker 1: for Thursday, the second of October twenty twenty five. Oh

3
00:00:09,320 --> 00:00:12,040
Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that

4
00:00:12,080 --> 00:00:14,400
Speaker 1: happened today that you need to know about. Let's go

5
00:00:14,560 --> 00:00:17,520
Speaker 1: story number one. The SMPA SEXT two hundred climbed one

6
00:00:17,560 --> 00:00:21,680
Speaker 1: point one percent today to nine hundred and forty six points,

7
00:00:21,760 --> 00:00:25,000
Speaker 1: a solid rally led by the materials sector, helped along

8
00:00:25,040 --> 00:00:27,840
Speaker 1: as well by sharp rise in bank stocks. The price

9
00:00:27,840 --> 00:00:31,320
Speaker 1: of gold set another record today the US government shutdown,

10
00:00:31,440 --> 00:00:34,159
Speaker 1: sending investors looking for safe havens. Honestly, I could have

11
00:00:34,240 --> 00:00:36,760
Speaker 1: just copied and pasted that from yesterday afternoon's report. It

12
00:00:36,840 --> 00:00:40,120
Speaker 1: is the same story again. Locally, it saw the gold

13
00:00:40,159 --> 00:00:43,160
Speaker 1: miners surge. West Gold was up more than eight percent,

14
00:00:43,360 --> 00:00:47,400
Speaker 1: Bellevue Gold, Northern Star and Evolution Mining all climbed between

15
00:00:47,400 --> 00:00:50,159
Speaker 1: three and four percent. I mentioned the banks. All the

16
00:00:50,159 --> 00:00:52,639
Speaker 1: big four closed hire today, led by A and Z

17
00:00:52,760 --> 00:00:56,840
Speaker 1: up two percent, and Commonwealth Bank climbed one point seven percent.

18
00:00:57,240 --> 00:01:00,000
Speaker 1: A good day at last for healthcare stocks. The second

19
00:01:00,240 --> 00:01:02,160
Speaker 1: rallied in the US, helping the S and P five

20
00:01:02,240 --> 00:01:05,360
Speaker 1: hundred there to record high, and that flowed through to

21
00:01:05,360 --> 00:01:09,440
Speaker 1: the local bourse too. CSL rose almost four percent. Clarity

22
00:01:09,480 --> 00:01:13,240
Speaker 1: Pharmaceuticals jumped twelve percent after it said it would present

23
00:01:13,480 --> 00:01:16,399
Speaker 1: data on a new cancer treatment at an upcoming conference.

24
00:01:16,880 --> 00:01:18,880
Speaker 1: At the other end of the market today though, was

25
00:01:18,959 --> 00:01:22,280
Speaker 1: Drone Shield. After rising almost fifty percent in the first

26
00:01:22,319 --> 00:01:24,800
Speaker 1: three days of the week, it kind of ran out

27
00:01:24,840 --> 00:01:27,959
Speaker 1: a puff today dropped nearly ten percent. Still, it is

28
00:01:28,000 --> 00:01:30,119
Speaker 1: a long way ahead of where it started the week

29
00:01:30,200 --> 00:01:33,680
Speaker 1: on expectations that defense spending in Europe is just going

30
00:01:33,720 --> 00:01:36,800
Speaker 1: to keep ongoing. On de story number two now and

31
00:01:36,880 --> 00:01:41,080
Speaker 1: Commonwealth Bank has restored services after a major outage took

32
00:01:41,120 --> 00:01:45,039
Speaker 1: down online banking, the app and some ATMs as well.

33
00:01:45,240 --> 00:01:48,480
Speaker 1: The disruption began around midday today, with more than seven

34
00:01:48,560 --> 00:01:53,520
Speaker 1: thousand outage reports logged online at the peak. Combank has

35
00:01:53,600 --> 00:01:58,200
Speaker 1: confirmed that services were progressively restored by two thirty this afternoon.

36
00:01:58,360 --> 00:02:01,520
Speaker 1: The bank has apologized to customers but is still investigating

37
00:02:01,600 --> 00:02:04,800
Speaker 1: the cause of the outage, which saw social media flooded

38
00:02:04,800 --> 00:02:08,280
Speaker 1: with complaints from customers locked out of urgent payments, also

39
00:02:08,360 --> 00:02:10,600
Speaker 1: reports of not so urgent payments just not being able

40
00:02:10,639 --> 00:02:13,600
Speaker 1: to pay for their lunch. Some joint accounts reportedly showed

41
00:02:13,639 --> 00:02:16,320
Speaker 1: mismatched balances, so a fair bit for the bank to

42
00:02:16,360 --> 00:02:19,480
Speaker 1: work through there. Story number three. The Abbadezer government is

43
00:02:19,560 --> 00:02:23,000
Speaker 1: under pressure to step into the escalating standoff between BHP

44
00:02:23,200 --> 00:02:27,080
Speaker 1: and China after reports Beijing has banned state owned steelmakers

45
00:02:27,080 --> 00:02:31,400
Speaker 1: from buying the miners Pilborough iron ore as a pricing maneuver.

46
00:02:31,840 --> 00:02:36,760
Speaker 1: Opposition Finance spokesman James Patterson says Australia must back BEHP

47
00:02:36,960 --> 00:02:39,440
Speaker 1: in this fight, warning the government as taking a hands

48
00:02:39,440 --> 00:02:42,080
Speaker 1: off approach to a dispute threatening billions of dollars in

49
00:02:42,160 --> 00:02:46,880
Speaker 1: export revenue. Shadow Resources spokeswoman Susan McDonald says the Prime

50
00:02:46,919 --> 00:02:51,240
Speaker 1: Minister's diplomatic efforts had failed to improve trade ties, accusing

51
00:02:51,280 --> 00:02:54,200
Speaker 1: the government of making it harder for miners by rushing

52
00:02:54,240 --> 00:02:57,600
Speaker 1: to renewables. Iron Ore is, of course, Australia's largest export's

53
00:02:57,639 --> 00:02:59,600
Speaker 1: worth more than one hundred billion dollars a year, critical

54
00:02:59,639 --> 00:03:02,880
Speaker 1: to freed r at state budgets. BHP has declined to

55
00:03:03,040 --> 00:03:07,000
Speaker 1: confirm the band, but shares rose one point one percent

56
00:03:07,200 --> 00:03:11,680
Speaker 1: today after a significant dip yesterday. Story number four. More

57
00:03:11,720 --> 00:03:15,520
Speaker 1: turmoil in the Australian media. The chief executive of radio

58
00:03:15,560 --> 00:03:20,120
Speaker 1: company ARN has resigned after sixteen years. Kieran Davis was

59
00:03:20,240 --> 00:03:22,960
Speaker 1: running the company when at Leeward Kyle and Jackie O

60
00:03:23,560 --> 00:03:26,880
Speaker 1: from Rivals TODAYFM more than a decade ago. That was

61
00:03:26,919 --> 00:03:30,560
Speaker 1: a hugely successful move. Less successful has been the decision

62
00:03:30,639 --> 00:03:33,480
Speaker 1: to syndicate Carl and Jackie O's Breakfast Show into Melbourne,

63
00:03:33,600 --> 00:03:35,320
Speaker 1: a decision that came with job cuts and a two

64
00:03:35,360 --> 00:03:38,880
Speaker 1: hundred million dollar contract for the star duo. Ratings growth

65
00:03:38,920 --> 00:03:43,480
Speaker 1: in Melbourne has been very sluggish, though Sydney has remained dominant.

66
00:03:43,840 --> 00:03:47,320
Speaker 1: AARN is also grappling with repeated breaches of broadcast decency

67
00:03:47,360 --> 00:03:51,440
Speaker 1: standards tied to the program. Kieran Davis is being succeeded

68
00:03:51,440 --> 00:03:54,240
Speaker 1: by operations boss Michael Stevenson, the former head of sales

69
00:03:54,280 --> 00:03:56,560
Speaker 1: at nine. He is set to take over the top

70
00:03:56,640 --> 00:04:00,400
Speaker 1: job in January, and finally story number on five, The

71
00:04:00,440 --> 00:04:03,920
Speaker 1: White House is using the US government shutdown to punish

72
00:04:03,960 --> 00:04:08,200
Speaker 1: political enemies, freezing billions in funding for democratic led states

73
00:04:08,200 --> 00:04:11,520
Speaker 1: and preparing mass layoffs of civil servants. According to the

74
00:04:11,560 --> 00:04:15,280
Speaker 1: New York Times, twenty six billion dollars in previously approved

75
00:04:15,320 --> 00:04:19,000
Speaker 1: spending has been paused or scrapped, including eighteen billion dollars

76
00:04:19,040 --> 00:04:22,960
Speaker 1: for new York transport projects. President Donald Trump described the

77
00:04:23,000 --> 00:04:26,920
Speaker 1: shutdown as an opportunity to slash agencies and target Democrats,

78
00:04:27,200 --> 00:04:31,280
Speaker 1: while unions have launched legal action over potential mass firings.

79
00:04:31,640 --> 00:04:35,039
Speaker 1: The stalemate has left hundreds of thousands of federal workers

80
00:04:35,040 --> 00:04:38,600
Speaker 1: without pay, and there is no clear end in sight.

81
00:04:39,000 --> 00:04:41,360
Speaker 1: That's it for the Afternoon Report for Thursday, the second

82
00:04:41,360 --> 00:04:44,120
Speaker 1: of October twenty twenty five. Make sure you follow on

83
00:04:44,160 --> 00:04:46,400
Speaker 1: the podcast and we'll be back tomorrow morning with the

84
00:04:46,480 --> 00:04:49,520
Speaker 1: Friday edition of Fear and Greed Are Michael Thompson. Enjoy

85
00:04:49,560 --> 00:04:50,000
Speaker 1: your evening