1 00:00:03,720 --> 00:00:06,920 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,000 --> 00:00:09,760 Speaker 1: for Friday, the twenty eighth of February twenty twenty five. 3 00:00:10,039 --> 00:00:12,760 Speaker 1: I'm Michael Thompson. Every afternoon, we've got the five stories 4 00:00:12,760 --> 00:00:15,400 Speaker 1: that happened today that you need to know about. And 5 00:00:15,480 --> 00:00:17,320 Speaker 1: there's some big ones today, So let's get going a 6 00:00:17,400 --> 00:00:20,720 Speaker 1: story number one. The S and P ASX two hundred 7 00:00:20,840 --> 00:00:24,439 Speaker 1: finished down one point two percent today to eighty one 8 00:00:24,480 --> 00:00:27,159 Speaker 1: hundred and seventy two points. It is, of course, the 9 00:00:27,240 --> 00:00:29,320 Speaker 1: last ay of February, so looking at the full month, 10 00:00:29,440 --> 00:00:32,559 Speaker 1: the ASEX is down four point two percent. The market 11 00:00:32,800 --> 00:00:35,200 Speaker 1: is now lower than it was at the start of January, 12 00:00:35,320 --> 00:00:37,680 Speaker 1: which means all of the games so far this year 13 00:00:37,720 --> 00:00:40,440 Speaker 1: have now been wiped off. There really wasn't much good 14 00:00:40,479 --> 00:00:43,240 Speaker 1: news today. It was a pretty much broad based sell 15 00:00:43,280 --> 00:00:47,280 Speaker 1: off following more tariff announcements from US President Donald Trump. 16 00:00:47,360 --> 00:00:50,639 Speaker 1: More on that later. The big minor is Coppter Hammering, BHP, 17 00:00:51,040 --> 00:00:53,680 Speaker 1: Rio and Fortescue, all falling more than two and a 18 00:00:53,720 --> 00:00:57,120 Speaker 1: half percent. Tech stocks were down two with the sector 19 00:00:57,240 --> 00:01:00,800 Speaker 1: off nearly three percent after US chip ma in Vidia's 20 00:01:00,840 --> 00:01:04,080 Speaker 1: eight and a half percent plunge overnight at Wistech Global, 21 00:01:04,120 --> 00:01:06,039 Speaker 1: which has been in the headlines this week because of 22 00:01:06,040 --> 00:01:09,279 Speaker 1: the return of Richard White as executive chair, fell nearly 23 00:01:09,360 --> 00:01:12,880 Speaker 1: five percent today. The worst performer was Star Entertainment, and 24 00:01:12,920 --> 00:01:15,080 Speaker 1: we'll have more on that one in a moment as well. 25 00:01:15,800 --> 00:01:19,080 Speaker 1: On to story number two now, Prime Minister Anthony Abernezi 26 00:01:19,360 --> 00:01:23,840 Speaker 1: has dismissed suggestions that a Chinese flotilla is rehearsing a 27 00:01:23,920 --> 00:01:28,440 Speaker 1: land strike mission against Australian infrastructure, declaring that he quote 28 00:01:28,560 --> 00:01:32,240 Speaker 1: stands by the Australian Defense Force personnel. The Prime Minister 29 00:01:32,400 --> 00:01:34,800 Speaker 1: said the warships were about five hundred and ninety three 30 00:01:34,920 --> 00:01:39,080 Speaker 1: k's southwest of Adelaide, after circumnavigating much of Australia just 31 00:01:39,120 --> 00:01:42,320 Speaker 1: outside its exclusive economic zone. He added that the vessels 32 00:01:42,319 --> 00:01:46,240 Speaker 1: had been monitored and shadowed by Australian or New Zealand 33 00:01:46,280 --> 00:01:49,880 Speaker 1: defense ships the entire time. Mister Alberanzi said the government 34 00:01:49,960 --> 00:01:53,720 Speaker 1: had protested China's decision to fire rounds during a drill 35 00:01:53,760 --> 00:01:57,560 Speaker 1: at short notice. Meanwhile, local politicians of all persuasions have 36 00:01:57,720 --> 00:02:00,840 Speaker 1: rushed to excuse US President Donald Trump forgetting what the 37 00:02:00,960 --> 00:02:04,280 Speaker 1: Orcus Agreement is. Mister Trump is asked whether he would 38 00:02:04,280 --> 00:02:08,160 Speaker 1: discuss the ORCUS Trilateral Security partnership. When meeting with British 39 00:02:08,280 --> 00:02:12,040 Speaker 1: PM Keir Starmer Now, Mister Trump appeared confused by the 40 00:02:12,120 --> 00:02:14,760 Speaker 1: question after being told it was a defense partnership. The 41 00:02:14,760 --> 00:02:18,040 Speaker 1: President confirmed that yes, Orcus would be discussed, and he 42 00:02:18,120 --> 00:02:21,359 Speaker 1: also defended the strength of the US relationship with Australia. 43 00:02:21,960 --> 00:02:25,520 Speaker 1: Story number three. I mentioned Star Entertainment before the group 44 00:02:25,680 --> 00:02:28,600 Speaker 1: is on the verge of collapse, with management hoping a 45 00:02:28,760 --> 00:02:32,000 Speaker 1: last minute proposal will prevent the company from closing its doors. 46 00:02:32,400 --> 00:02:35,720 Speaker 1: Star owned precincts in Sydney, Brisbane and the Gold Coast. 47 00:02:35,800 --> 00:02:39,760 Speaker 1: The company this afternoon was waiting on one or more 48 00:02:39,840 --> 00:02:43,720 Speaker 1: liquidity proposals that might improve its financial position. Its half 49 00:02:43,800 --> 00:02:47,600 Speaker 1: year results could not be finalized until the proposals were received. 50 00:02:48,000 --> 00:02:50,520 Speaker 1: The financial reviewers reporting that the Star is struggling to 51 00:02:50,520 --> 00:02:53,520 Speaker 1: meet payroll now. Stars lenders are rowed about four hundred 52 00:02:53,560 --> 00:02:56,160 Speaker 1: and thirty million dollars and have security over its assets. 53 00:02:56,480 --> 00:02:59,920 Speaker 1: CEO Steve McCann has been asking for more funds for months. 54 00:03:00,360 --> 00:03:03,800 Speaker 1: Stars share price fell more than fifteen percent today it 55 00:03:03,919 --> 00:03:07,080 Speaker 1: is one fifth of what it was in late July 56 00:03:07,240 --> 00:03:11,119 Speaker 1: last year. Story number four strong demand for a new 57 00:03:11,200 --> 00:03:15,600 Speaker 1: generation of artificial intelligence enabled devices is driving sales growth. 58 00:03:15,639 --> 00:03:19,079 Speaker 1: At Harvey Norman, the white goods and electronic retailer, announced 59 00:03:19,080 --> 00:03:22,040 Speaker 1: better than expected first half results and chair Jerry Harvey 60 00:03:22,080 --> 00:03:27,119 Speaker 1: expects ongoing sales strength in home appliances, TVs, audio devices, 61 00:03:27,280 --> 00:03:31,519 Speaker 1: mobile phones and computers. Sales in Australia were higher, particularly 62 00:03:31,600 --> 00:03:33,920 Speaker 1: in the important pre Christmas season, though the news from 63 00:03:33,960 --> 00:03:39,440 Speaker 1: overseas stores including New Zealand, the UK, Singapore, Malaysia that 64 00:03:39,600 --> 00:03:42,760 Speaker 1: was less positive. Harvey Normo's share price, though, rose two 65 00:03:42,800 --> 00:03:45,760 Speaker 1: and a half percent today and finally story number five. 66 00:03:46,000 --> 00:03:49,440 Speaker 1: Donald Trump says he is working on a trade deal 67 00:03:49,520 --> 00:03:52,680 Speaker 1: with the UK and has suggested that Britain could escape 68 00:03:52,720 --> 00:03:56,040 Speaker 1: tariffs if the country's secure one but the allies failed 69 00:03:56,080 --> 00:04:00,520 Speaker 1: to agree on US security guarantees for Ukraine. During warm 70 00:04:00,840 --> 00:04:03,480 Speaker 1: joint press conference at the White House, the US President 71 00:04:03,520 --> 00:04:06,920 Speaker 1: said that his UK counterpart, so Kiir Starmer, was quite 72 00:04:07,000 --> 00:04:10,960 Speaker 1: working very hard to persuade him not to impose tariffs 73 00:04:10,960 --> 00:04:15,000 Speaker 1: on Britain. According to The Financial Times, the suggestion by 74 00:04:15,040 --> 00:04:17,600 Speaker 1: Donald Trump that the UK could avoid tariffs came a 75 00:04:17,680 --> 00:04:20,880 Speaker 1: day after he threatened the EU with twenty five percent 76 00:04:20,960 --> 00:04:23,760 Speaker 1: duties on its exports. An hours after he said he'd 77 00:04:23,760 --> 00:04:27,520 Speaker 1: press ahead with tariffs on Mexico and Canada and boosted 78 00:04:27,640 --> 00:04:31,479 Speaker 1: his planned levy on China as well. Mister Trump said 79 00:04:31,520 --> 00:04:34,880 Speaker 1: the UK was a very different place from the EU. 80 00:04:35,200 --> 00:04:37,839 Speaker 1: British officials said the two sides were aiming for a 81 00:04:37,960 --> 00:04:40,760 Speaker 1: phased economic and tech agreement that stopped short of a 82 00:04:40,800 --> 00:04:43,839 Speaker 1: full free trade agreement. That's it for the afternoon report 83 00:04:43,880 --> 00:04:46,720 Speaker 1: for Friday, the twenty eighth of February twenty twenty five. 84 00:04:46,920 --> 00:04:48,880 Speaker 1: Make sure you hit follow on the podcast and we'll 85 00:04:48,880 --> 00:04:51,640 Speaker 1: be back tomorrow morning with the weekend edition of Er 86 00:04:51,720 --> 00:04:54,120 Speaker 1: and Greed. I'm Michael Thompson. Enjoy your evening.