1 00:00:03,560 --> 00:00:06,600 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,640 --> 00:00:09,240 Speaker 1: for Wednesday, the twenty fourth of September twenty twenty five. 3 00:00:09,360 --> 00:00:12,280 Speaker 1: Are Michael Thompson. Every afternoon, We've got the five stories 4 00:00:12,280 --> 00:00:14,520 Speaker 1: that happened today that you need to know about. Let's 5 00:00:14,600 --> 00:00:17,119 Speaker 1: go with story number one. It is all about markets. 6 00:00:17,120 --> 00:00:20,000 Speaker 1: The S and PA SEX two hundred fell zero point 7 00:00:20,160 --> 00:00:23,720 Speaker 1: nine percent today to eighty seven hundred and sixty five points. 8 00:00:24,040 --> 00:00:26,920 Speaker 1: That's the biggest drop actually in three weeks. Nine of 9 00:00:26,960 --> 00:00:30,000 Speaker 1: the eleven sectors lost ground today. There are a couple 10 00:00:30,040 --> 00:00:32,600 Speaker 1: of factors weighing on markets. First, there was some very 11 00:00:32,680 --> 00:00:37,000 Speaker 1: neutral language from Fed chair Jerome Powell in the US 12 00:00:37,040 --> 00:00:40,280 Speaker 1: about when the Fed would cut rates next. That saw 13 00:00:40,400 --> 00:00:43,240 Speaker 1: wall streets soften. Then here at home, we had higher 14 00:00:43,240 --> 00:00:47,040 Speaker 1: than expected inflation data for August. That's the monthly inflation 15 00:00:47,159 --> 00:00:50,040 Speaker 1: figure coming in at three percent, which was above consensus. 16 00:00:50,640 --> 00:00:54,120 Speaker 1: As a result, market's then priced in just one more 17 00:00:54,240 --> 00:00:58,440 Speaker 1: cut this cycle instead of the two interest rate cuts 18 00:00:58,480 --> 00:01:02,160 Speaker 1: that were previously expected. The banks were hit hardest, led 19 00:01:02,200 --> 00:01:05,839 Speaker 1: by Westpac that slumped three point two percent today after 20 00:01:05,880 --> 00:01:08,400 Speaker 1: it became the latest bank to cut jobs. Two hundred 21 00:01:08,480 --> 00:01:10,959 Speaker 1: jobs are set to go there, NAB lost two point 22 00:01:10,959 --> 00:01:13,319 Speaker 1: three percent, A and Z down one point eight percent. 23 00:01:13,440 --> 00:01:16,319 Speaker 1: Commonwealth Bank share price is one point four percent lower, 24 00:01:16,560 --> 00:01:18,680 Speaker 1: so a lot of movement there for the banks. Department 25 00:01:18,680 --> 00:01:22,680 Speaker 1: Store Mayer Well it continued its slide after yesterday's big loss, 26 00:01:23,080 --> 00:01:26,080 Speaker 1: down another two point one percent. Investors still processing that 27 00:01:26,200 --> 00:01:30,400 Speaker 1: huge drop in profit that Meyer announced yesterday. Wasn't much 28 00:01:30,440 --> 00:01:33,400 Speaker 1: better elsewhere in retail. Actually, West Farmers down one point 29 00:01:33,440 --> 00:01:37,080 Speaker 1: one percent, JB hi Fi one point four percent lower. 30 00:01:37,280 --> 00:01:39,160 Speaker 1: Bad day for the tech stocks. It sounds like it's 31 00:01:39,160 --> 00:01:43,040 Speaker 1: all bad news. Really. That Wall Street lead in did 32 00:01:43,080 --> 00:01:46,000 Speaker 1: not help the local tech stocks by now pay Later Group, 33 00:01:46,120 --> 00:01:50,600 Speaker 1: zip Wise Tech Global zero, block tracking, app Life three 34 00:01:50,760 --> 00:01:53,680 Speaker 1: sixty all of those lost ground. Was a good day 35 00:01:53,720 --> 00:01:55,520 Speaker 1: for the lithium miners, though at least there was a 36 00:01:55,520 --> 00:01:59,520 Speaker 1: bright spot Pilber Minerals and Mineral Resources up five point 37 00:01:59,600 --> 00:02:03,040 Speaker 1: five percent four point three percent respectively. Alright, moving on 38 00:02:03,120 --> 00:02:06,680 Speaker 1: now to story number two. Super Retail Group has settled 39 00:02:06,680 --> 00:02:10,160 Speaker 1: with two former employees who sued the company over bullying 40 00:02:10,200 --> 00:02:12,919 Speaker 1: and harassment claims. This is a saga that helped bring 41 00:02:12,960 --> 00:02:16,919 Speaker 1: down former chief executive Anthony Herety last week. Super Retail 42 00:02:17,000 --> 00:02:20,720 Speaker 1: owns brands including BCF, Revel Sports, Super Chief Auto. The 43 00:02:20,840 --> 00:02:25,880 Speaker 1: case here centered on an undisclosed alleged relationship between Herety 44 00:02:26,000 --> 00:02:29,320 Speaker 1: and the former HR boss of the company, Jane Kelly. 45 00:02:29,520 --> 00:02:32,640 Speaker 1: The eighteen month legal battle had been heading to a 46 00:02:32,639 --> 00:02:36,080 Speaker 1: Federal court hearing this week with nearly forty subpoenas, but 47 00:02:36,160 --> 00:02:40,000 Speaker 1: a confidential payout with the two whistleblowers has now been agreed, 48 00:02:40,000 --> 00:02:42,640 Speaker 1: according to the Financial Review. It was reported that the 49 00:02:42,680 --> 00:02:46,120 Speaker 1: claims had originally been pitched at thirty to fifty million dollars, 50 00:02:46,120 --> 00:02:49,400 Speaker 1: but Super Retail says this settlement is well below that range. 51 00:02:49,639 --> 00:02:52,320 Speaker 1: Herety was sacked last week after the board said his 52 00:02:52,400 --> 00:02:57,560 Speaker 1: earlier disclosures about the relationship were quote inadequate. Story Number three. 53 00:02:57,760 --> 00:03:00,520 Speaker 1: Treasurer Jim Chalmers has asked the Board of Tax to 54 00:03:00,560 --> 00:03:03,799 Speaker 1: review ways to slash compliance costs for business, part of 55 00:03:03,800 --> 00:03:06,320 Speaker 1: the government's push to boost productivity. The review is going 56 00:03:06,360 --> 00:03:09,640 Speaker 1: to be led by former ATO Commissioner Andrew Mills and 57 00:03:09,680 --> 00:03:12,880 Speaker 1: focus on cutting red tape rather than tax rates. Charm 58 00:03:12,880 --> 00:03:16,519 Speaker 1: has also confirmed the Productivity Commission will probe the controversial 59 00:03:16,960 --> 00:03:20,880 Speaker 1: GST deal that guarantees Western Australia a top up payment 60 00:03:21,000 --> 00:03:24,560 Speaker 1: from the one hundred billion dollar GST pool. Under legislation, 61 00:03:25,240 --> 00:03:30,119 Speaker 1: the Productivity Commission is required to review GST distribution by 62 00:03:30,520 --> 00:03:33,880 Speaker 1: next year. Other states have complained about wa receiving top 63 00:03:33,960 --> 00:03:37,280 Speaker 1: up payments. The Treasurer has said that GST distribution is 64 00:03:37,560 --> 00:03:41,120 Speaker 1: often contentious. That seems like a little bit of an understatement. 65 00:03:41,800 --> 00:03:44,680 Speaker 1: Under story number four, US President Donald Trump has used 66 00:03:44,720 --> 00:03:49,320 Speaker 1: the UN General Assembly to blast immigration, climate change, and 67 00:03:49,400 --> 00:03:52,920 Speaker 1: the UN itself. In a somewhat fiery fifty five minute speech, 68 00:03:53,240 --> 00:03:56,880 Speaker 1: Trump told leaders that open borders were destroying Europe and 69 00:03:56,920 --> 00:04:00,760 Speaker 1: called climate change the greatest conjob ever perpetrated. He also 70 00:04:00,840 --> 00:04:04,120 Speaker 1: shamed European countries for continuing to buy Russian oil and gas, 71 00:04:04,200 --> 00:04:07,440 Speaker 1: saying they were funding the war against themselves. He accused 72 00:04:07,520 --> 00:04:10,760 Speaker 1: nations like Australia, Canada, France, and the UK of rewarding 73 00:04:10,800 --> 00:04:15,280 Speaker 1: Hermas by recognizing a Palestinian state. Some delegates walked out 74 00:04:15,320 --> 00:04:19,240 Speaker 1: as Trump railed against globalist concepts and mocked green energy. 75 00:04:19,480 --> 00:04:22,720 Speaker 1: Prime Minister Anthony Alberanezi and Foreign Minister Penny Wong. We're 76 00:04:22,720 --> 00:04:25,760 Speaker 1: watching from the floor. There were a few technical mishaps 77 00:04:26,279 --> 00:04:30,520 Speaker 1: that marred the appearance. Somewhat a faulty escalator that stopped 78 00:04:30,560 --> 00:04:32,680 Speaker 1: when the President of the First Lady stepped on to 79 00:04:32,800 --> 00:04:38,520 Speaker 1: it a broken teleprompter that prompted, somewhat ironically, Donald Trump 80 00:04:38,600 --> 00:04:42,159 Speaker 1: to accuse the un of sabotage. I genuinely do not 81 00:04:42,240 --> 00:04:45,160 Speaker 1: know if he was joking. Onto story number five, our 82 00:04:45,240 --> 00:04:47,839 Speaker 1: last one today, Jimmy Kimmel has returned to air after 83 00:04:47,960 --> 00:04:51,280 Speaker 1: ABC suspended him for remarks about the killing of conservative 84 00:04:51,320 --> 00:04:56,040 Speaker 1: activist Charlie Kirk. Jimmy Kimmel fought back tears speaking on 85 00:04:56,120 --> 00:04:58,520 Speaker 1: the show, saying he never meant to make light of 86 00:04:58,560 --> 00:05:02,320 Speaker 1: the tragedy. He praised Kirk's widow for her selfless act 87 00:05:02,560 --> 00:05:06,280 Speaker 1: of grace in forgiving the killer. Kimmel lashed out at 88 00:05:06,279 --> 00:05:09,279 Speaker 1: the Trump administration, accusing it of trying to censor comedians 89 00:05:09,279 --> 00:05:11,800 Speaker 1: and the press. He also criticized Disney and ABC for 90 00:05:11,880 --> 00:05:14,120 Speaker 1: taking him off air, though he did thank them for 91 00:05:14,160 --> 00:05:17,719 Speaker 1: allowing the show to resume. President Trump has attacked ABC 92 00:05:17,839 --> 00:05:21,279 Speaker 1: for reinstating Kimmel, suggesting it could amount to an illegal 93 00:05:21,480 --> 00:05:25,080 Speaker 1: campaign contribution to the Democrats. There you go. That's it 94 00:05:25,120 --> 00:05:27,359 Speaker 1: for the afternoon Report for Wednesday, the twenty fourth of 95 00:05:27,360 --> 00:05:29,760 Speaker 1: September twenty twenty five. Make sure you hit follow on 96 00:05:29,800 --> 00:05:32,600 Speaker 1: the podcast. We'll move back tomorrow morning with the Thursday 97 00:05:32,720 --> 00:05:35,440 Speaker 1: edition of Fear and Greed a Michael Thompson. Enjoy your Eve.