1 00:00:03,560 --> 00:00:06,480 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,559 --> 00:00:09,399 Speaker 1: for Wednesday, the thirteenth of August twenty twenty five are 3 00:00:09,440 --> 00:00:12,000 Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that 4 00:00:12,000 --> 00:00:14,159 Speaker 1: happened today that you need to know about. Let's go. 5 00:00:14,280 --> 00:00:16,800 Speaker 1: It's story number one. What a day on the local 6 00:00:16,800 --> 00:00:20,400 Speaker 1: share market. The SMPA SEX two hundred opened at a 7 00:00:20,440 --> 00:00:25,120 Speaker 1: new record high, but it closed zero point six percent lower, 8 00:00:25,280 --> 00:00:28,720 Speaker 1: dragged down by Commonwealth Bank Now CBA reported a ten 9 00:00:28,760 --> 00:00:33,040 Speaker 1: point two five billion dollar cash profit, which is pretty 10 00:00:33,080 --> 00:00:36,480 Speaker 1: much on expectations, but investors sold off the stock hard 11 00:00:36,479 --> 00:00:40,080 Speaker 1: over concerns about the bank's valuation and the outlook. Australia's 12 00:00:40,159 --> 00:00:45,120 Speaker 1: largest company closed five point four percent lower today. NAB 13 00:00:45,159 --> 00:00:47,880 Speaker 1: and Westpac followed suit, down two point six percent and 14 00:00:47,920 --> 00:00:51,160 Speaker 1: two point one percent respectively. We talked a lot about 15 00:00:51,159 --> 00:00:55,040 Speaker 1: the big switch from banks into minors and BHP, Rio, 16 00:00:55,120 --> 00:00:58,440 Speaker 1: Tinto and Fortescue were all up one percent or more today. 17 00:00:58,640 --> 00:01:01,240 Speaker 1: The other big winner was Healthy Care, led by Clarity 18 00:01:01,280 --> 00:01:05,520 Speaker 1: Pharmaceuticals and csl Onto Story number two. Now CBA certainly 19 00:01:05,520 --> 00:01:07,360 Speaker 1: stole the limelight today, but there were plenty of other 20 00:01:07,400 --> 00:01:11,360 Speaker 1: companies reporting results Treasury wine estates climbed one point two percent, 21 00:01:11,440 --> 00:01:15,520 Speaker 1: helped by strong penfold sales and its US premium wine acquisitions. 22 00:01:16,080 --> 00:01:19,120 Speaker 1: Not a great day for AGL, the energy company, reporting 23 00:01:19,120 --> 00:01:22,320 Speaker 1: a twenty one percent drop in profit. It shares fell 24 00:01:22,520 --> 00:01:26,959 Speaker 1: thirteen percent today, and ensurer IAG increased its net profit 25 00:01:27,000 --> 00:01:29,400 Speaker 1: by fifty one percent to one point four billion dollars 26 00:01:29,440 --> 00:01:32,360 Speaker 1: for the year. Investors liked it at first with the 27 00:01:32,440 --> 00:01:35,160 Speaker 1: share price climbing, but it just couldn't sustain it and 28 00:01:35,200 --> 00:01:38,560 Speaker 1: it closed just zero point one percent higher for the day. 29 00:01:39,160 --> 00:01:41,520 Speaker 1: Onto story number three, And a huge week for the 30 00:01:41,560 --> 00:01:45,080 Speaker 1: economy continues with the Wage Price Index today showing steady 31 00:01:45,080 --> 00:01:48,480 Speaker 1: wages growth of the June quarter. The index rows zero 32 00:01:48,520 --> 00:01:52,680 Speaker 1: point eight percent in the second quarter, holding annual growth 33 00:01:52,760 --> 00:01:55,960 Speaker 1: three point four percent, which was a little bit above market. 34 00:01:56,080 --> 00:02:00,360 Speaker 1: And RBA forecasts the public sector pay increases outpay the 35 00:02:00,440 --> 00:02:03,920 Speaker 1: private sector, but momentum is slowing now. Next up in 36 00:02:04,000 --> 00:02:06,800 Speaker 1: this bumper economics week is the labor force data which 37 00:02:06,840 --> 00:02:10,360 Speaker 1: comes out tomorrow onto story number four. And Epic Games, 38 00:02:10,400 --> 00:02:13,440 Speaker 1: which is the maker of Fortnite, has scored a partial 39 00:02:13,480 --> 00:02:16,600 Speaker 1: win in its long running legal battle against Google and 40 00:02:16,720 --> 00:02:21,200 Speaker 1: Apple in Australia. Back in twenty twenty, Fortnite was removed 41 00:02:21,200 --> 00:02:24,160 Speaker 1: from the Google and Apple app stores after offering its 42 00:02:24,200 --> 00:02:27,000 Speaker 1: own in app payment system that ultimately cut out the 43 00:02:27,000 --> 00:02:30,160 Speaker 1: fees that Apple and Google get for in app payments. 44 00:02:30,880 --> 00:02:35,240 Speaker 1: The Federal Court found both tech giants misused their market 45 00:02:35,320 --> 00:02:38,880 Speaker 1: power by tightly controlling app distribution and in app payments, 46 00:02:39,320 --> 00:02:44,240 Speaker 1: stifling competition. Now, while Epic lost its claim of unconscionable conduct, 47 00:02:44,360 --> 00:02:47,079 Speaker 1: the ruling means Fortnite and the Epic Game Store can 48 00:02:47,160 --> 00:02:51,440 Speaker 1: now return to iPhones in Australia. And finally, story number five, 49 00:02:51,520 --> 00:02:54,639 Speaker 1: a serious one to finish on Israel has intensified air 50 00:02:54,720 --> 00:02:57,840 Speaker 1: strikes on Gaza, killing at least eighty nine people in 51 00:02:57,840 --> 00:03:03,040 Speaker 1: twenty four hours, including fifteen reportedly waiting for food. Australia 52 00:03:03,080 --> 00:03:07,520 Speaker 1: has joined twenty three nations, including Britain, Canada, France and Japan, 53 00:03:07,680 --> 00:03:11,239 Speaker 1: in calling on Israel to allow aid into Gaza, where 54 00:03:11,240 --> 00:03:15,480 Speaker 1: the humanitarian crisis has reached quote unimaginable levels. In a 55 00:03:15,560 --> 00:03:17,919 Speaker 1: joint statement, they called for all crossings to be opened 56 00:03:17,919 --> 00:03:21,639 Speaker 1: for food, water, fuel and medicine, and for civilians, medical 57 00:03:21,639 --> 00:03:25,160 Speaker 1: staff and aid workers to be protected. Alongside pushing for 58 00:03:25,200 --> 00:03:28,400 Speaker 1: a ceasefire and the release of hostages, and a local 59 00:03:28,440 --> 00:03:31,960 Speaker 1: political update to this story. Nine newspapers are reporting that 60 00:03:32,080 --> 00:03:38,160 Speaker 1: Hamas has praised the Albanese government's decision to recognize Palestinian statehood, 61 00:03:38,640 --> 00:03:41,840 Speaker 1: arguing that the move by Australia and other governments around 62 00:03:41,840 --> 00:03:46,000 Speaker 1: the world has vindicated its commitment to armed resistance. That's 63 00:03:46,040 --> 00:03:48,600 Speaker 1: it for the afternoon report for Wednesday, the thirteenth of 64 00:03:48,600 --> 00:03:51,160 Speaker 1: August twenty twenty five. Make sure you follow on the 65 00:03:51,160 --> 00:03:54,040 Speaker 1: podcast and we'll be back tomorrow morning with the Thursday 66 00:03:54,160 --> 00:03:57,480 Speaker 1: edition of Fear and Greed. Are Mirk Thompson. Enjoy your evening.