1 00:00:03,720 --> 00:00:06,680 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,760 --> 00:00:09,320 Speaker 1: for Wednesday, the second of July twenty twenty five. 3 00:00:09,440 --> 00:00:10,320 Speaker 2: Are Michael Thompson. 4 00:00:10,520 --> 00:00:12,640 Speaker 1: Every afternoon, We've got the five stories that happened today 5 00:00:12,640 --> 00:00:13,520 Speaker 1: that you need to know about. 6 00:00:13,680 --> 00:00:15,240 Speaker 2: Let's get going story number one. 7 00:00:15,600 --> 00:00:18,919 Speaker 1: The local share market finished at a record closed this afternoon, 8 00:00:18,960 --> 00:00:21,880 Speaker 1: with the S and p ASX two hundred finishing up 9 00:00:22,079 --> 00:00:26,079 Speaker 1: zero point seven percent to eighty five hundred and ninety 10 00:00:26,120 --> 00:00:30,120 Speaker 1: eight points. Disappointing retail sales and building approvals data sent 11 00:00:30,280 --> 00:00:33,120 Speaker 1: hopes of a rate cut higher, and the market followed 12 00:00:33,560 --> 00:00:37,000 Speaker 1: interest rates. Sensitive sectors like real estate did best. The 13 00:00:37,000 --> 00:00:39,840 Speaker 1: Big Iron all producers also rose with a high commodity 14 00:00:39,840 --> 00:00:44,040 Speaker 1: price amid signs that Chinese manufacturing activity is recovering. Otherwise, 15 00:00:44,080 --> 00:00:46,559 Speaker 1: text docs, really they were the ones that fell back 16 00:00:46,560 --> 00:00:51,280 Speaker 1: today onto story number two. Quantus' share price tumbled after 17 00:00:51,440 --> 00:00:54,600 Speaker 1: news of a cyber hack that potentially captured the information 18 00:00:54,680 --> 00:00:59,560 Speaker 1: of six million frequent flyers. The attack didn't capture credit 19 00:00:59,600 --> 00:01:02,880 Speaker 1: card detail is important to note elsewhere in corporate news today. 20 00:01:03,000 --> 00:01:06,400 Speaker 1: James Hardy rose five percent after announcing its acquisition of 21 00:01:06,520 --> 00:01:11,119 Speaker 1: US decking company Azek has been completed. And Perpetual surged 22 00:01:11,160 --> 00:01:13,600 Speaker 1: on the back of UBS upgrading its outlook for the 23 00:01:13,600 --> 00:01:17,760 Speaker 1: stock to buy from neutral. Fellow wealth manager Magell and 24 00:01:17,800 --> 00:01:21,040 Speaker 1: also climbed after UBS retained its buy outlook okay. 25 00:01:21,080 --> 00:01:25,480 Speaker 2: Story number three. Lender's mortgage insurer Helia is reeling. 26 00:01:25,120 --> 00:01:27,680 Speaker 1: After the loss of another significant contract prompted it to 27 00:01:27,720 --> 00:01:31,120 Speaker 1: start a comprehensive review of its business and strategy, sending 28 00:01:31,160 --> 00:01:34,520 Speaker 1: its shares tumbling. Helia is formerly known as Genworth, and 29 00:01:34,600 --> 00:01:38,199 Speaker 1: it told investors that ig Bank had decided to negotiate 30 00:01:38,280 --> 00:01:42,200 Speaker 1: with an alternative provider of lenders mortgage insurance, signaling another 31 00:01:42,400 --> 00:01:43,959 Speaker 1: bank contract loss. 32 00:01:44,440 --> 00:01:48,080 Speaker 2: Now. The group flagged the loss of its most lucrative 33 00:01:48,160 --> 00:01:49,680 Speaker 2: contract earlier in the year. 34 00:01:49,680 --> 00:01:52,920 Speaker 1: That was when Commonwealth Bank and exclusive negotiations with the 35 00:01:53,000 --> 00:01:56,320 Speaker 1: rival provider. The industry is expected to suffer as the 36 00:01:56,360 --> 00:01:59,640 Speaker 1: government's home guarantee scheme is broad and to allow MorphOS 37 00:01:59,640 --> 00:02:02,960 Speaker 1: first home buyers to obtain mortgages with deposits of as 38 00:02:03,000 --> 00:02:06,280 Speaker 1: little as five percent of the purchase prices. According to 39 00:02:06,280 --> 00:02:08,680 Speaker 1: the Financial Review herely A share price was down more 40 00:02:08,720 --> 00:02:12,160 Speaker 1: than twenty percent today under story number four, and severe 41 00:02:12,160 --> 00:02:15,519 Speaker 1: weather conditions remain over the New South Wales coastline this evening, 42 00:02:15,560 --> 00:02:18,839 Speaker 1: according to the Bureau of Meteorology, and some thirty four 43 00:02:18,919 --> 00:02:23,160 Speaker 1: thousand homes remain without power. Sydney's Worrigamber Dam as close 44 00:02:23,200 --> 00:02:25,920 Speaker 1: to full capacity and could spill over within hours. 45 00:02:26,440 --> 00:02:27,120 Speaker 2: While the low. 46 00:02:27,000 --> 00:02:30,240 Speaker 1: Pressure system off the New South Wales coast moved slightly 47 00:02:30,320 --> 00:02:35,160 Speaker 1: further offshore this morning, temporarily easing conditions, the rain did 48 00:02:35,160 --> 00:02:38,160 Speaker 1: stop for a while. The complex weather system is still 49 00:02:38,200 --> 00:02:41,600 Speaker 1: impacting areas from Newcastle north of Sydney to Beaga on 50 00:02:41,639 --> 00:02:44,160 Speaker 1: the New South Wales South coast. Flash flooding as a 51 00:02:44,160 --> 00:02:47,480 Speaker 1: particular concern in Sydney, the Illeawarra and South Coast regions. 52 00:02:47,639 --> 00:02:51,120 Speaker 1: A secondary low pressure system will move further towards the 53 00:02:51,120 --> 00:02:53,600 Speaker 1: coast this afternoon and into the evening, leading to an 54 00:02:53,639 --> 00:02:56,760 Speaker 1: increase in winds and rain through eastern Victoria and southern 55 00:02:56,760 --> 00:02:59,720 Speaker 1: parts of New South Wales. And finally, story number five, 56 00:02:59,840 --> 00:03:03,919 Speaker 1: Israel has agreed to the necessary conditions to finalize a 57 00:03:04,000 --> 00:03:07,480 Speaker 1: sixty day ceasefire in Gaza, according to US President Donald 58 00:03:07,520 --> 00:03:11,440 Speaker 1: Trump on truth Social Trump posted quote, we will work 59 00:03:11,480 --> 00:03:14,480 Speaker 1: with all parties to end the war. The Kataris and 60 00:03:14,520 --> 00:03:17,120 Speaker 1: Egyptian to have worked very hard to help bring peace, 61 00:03:17,240 --> 00:03:21,080 Speaker 1: will deliver this final proposal. I hope that Hermas takes 62 00:03:21,120 --> 00:03:23,800 Speaker 1: this deal because it will not get better, and then 63 00:03:24,000 --> 00:03:26,959 Speaker 1: in all caps, he said, it will only get worse. 64 00:03:27,400 --> 00:03:30,560 Speaker 1: Israel's ambassador to the United Nations, Danny Denon, said that 65 00:03:30,720 --> 00:03:34,480 Speaker 1: Israel was absolutely ready for a ceasefire, but it was 66 00:03:34,520 --> 00:03:37,560 Speaker 1: not immediately clear whether Hermas would accept the conditions of 67 00:03:37,560 --> 00:03:40,240 Speaker 1: the proposed deal. According to the BBC, that's it for 68 00:03:40,280 --> 00:03:43,240 Speaker 1: the afternoon report for Wednesday, the second of July twenty 69 00:03:43,280 --> 00:03:45,360 Speaker 1: twenty five. Make sure you hit follow on the podcast 70 00:03:45,560 --> 00:03:47,880 Speaker 1: and we'll be back tomorrow morning with the Thursday edition 71 00:03:47,960 --> 00:03:48,840 Speaker 1: of Vere and Breed. 72 00:03:48,920 --> 00:03:49,800 Speaker 2: I'm Tomson. 73 00:03:50,080 --> 00:03:50,880 Speaker 1: Enjoy your evening.