Afternoon Report | ASX dips; mushroom killer sentenced

This is the Fear and Greed Afternoon Report - everything you need to know about what happened in the markets, economy and world of business today, in just a few minutes.

1. ASX dips

2. Erin Patterson sentenced

3. Maybe pharma tumbles

4. Rate cut hopes fading

5. Florida dumps compulsory vaccinations

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Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News Afternoon Report
for Monday, the eighth of September twenty twenty five. Are
Michael Thompson. Every afternoon, We've got the five stories that
happened today that you need to know about. Let's go
a story. Number one. The S and p ASX two
hundred closed zero point two percent lower today to eight
hundred and fifty points, with eight of the eleven sectors
losing ground. Oil producers Woodside and Santos felled two point

(00:27):
seven percent on one point two percent, respectively, after a
decision by OPEK plus to increase oil output at a
slower pace from next month, anticipating weaker demand. Woolworths and
Coals flagged a billion dollars in back pay under payments
following a federal court decision last week that was more
than previously expected. Coals closed zero point eight percent lower today,

(00:48):
while Woolies actually climbed half a percent. Three of the
four big banks all dropped. Commonwealth was the only one
to record an increase, but even then it was just
zero point one percent. A good day for the lift
are miners and for the tech stocks two headlined by
Life three sixty, which was up more than six percent,
and drone technology company Drone Shield jumped more than five

(01:09):
percent after announcing it'll soon be included in the ASX
two hundred onto Story number two and Aaron Patterson, the
Victorian woman at the center of the infamous mushroom lunch case,
has been sentenced to life in prison with a non
parole period of thirty three years. Justice Christopher Beale found
Patterson deliberately served Beef Wellington's laced with deathcap mushrooms in

(01:32):
July twenty twenty three, killing Don and Gail Patterson and
Heather Wilkinson and leaving Ian Wilkinson critically ill. Today's sentencing
saw TV cameras allowed inside the courtroom for the first time,
streaming the sentence live. Fifty one year old Patterson will
not be eligible for release until twenty fifty six, when
she will be eighty two, making her one of Victoria's

(01:54):
longest serving female inmates. Story number three takeover target Maini
share price tumbled thirteen percent today after reports that its
suitor had plans to close its Adelaide manufacturing plant. Maine
said it is aware that US healthcare giant Cosette had
told the Foreign Investment Review Board that it may close

(02:15):
the factory if it's six hundred and seventy two million
dollar takeover bid for the company is successful. The plant
makes pharmaceuticals and employs two hundred people, and the South
Australian Premier said that Cosette had told the Foreign Investment
Review Board of its intention to close the plant. In
a statement yesterday, Maine Farmer said it was not previously
aware of any communication between the South Australian Government, Cosette

(02:38):
and the Foreign Investment Review Board. However, it added that
it was now aware that Cosette had indicated a possible
intention to either close or sell the site if successful,
and as a result it's share price tumbled. Story number
four Hopes of two or three more interest rate cuts
might be fading, with Investment Bank City revising its forecast

(02:59):
to just one more move from the RBA. It had
previously expected another two cuts in this cycle. The Reserve
Bank has of course lowered the cash rate three times
this year and is widely expected to ease again in November.
In fact, prior to last week, markets had actually priced
in a one hundred percent chance of a cut at
the November meeting, but better than expected economic growth figures
last week saw that paired back to a seventy five

(03:21):
percent chance, reflected now in this forecast from City and Finally,
story number five, Florida's health department is pushing ahead with
a plan to drop compulsory vaccinations for kids. The change
will come into effect in ninety days, applying initially to
illnesses including chicken pox, hepatitis B, and new macoccal disease.
It follows the state Surgeon General's announcement that Florida would

(03:44):
become the first US state to make school vaccinations voluntary,
shifting responsibility to parents. Vaccines for measles, polio, diphtheria, mumps, tetanus,
and hooping cough will remain compulsory unless lawmakers extend the
roll back, which is something that can't actually her until
the next legislative session in January of next year. Public
health groups, including the American Academy of Pediatrics warn that

(04:08):
the change risks student and staff safety at a time
when the US is facing its worst measles outbreak in
three decades and a sharp rise in hooping cough cases.
That's it for the Afternoon Report for Monday, the eighth
of September twenty twenty five. Make sure you hit follow
on the podcast, and we'll be back tomorrow morning with
the Tuesday edition of Fear and Greed. A'm Michael Thompson.

(04:28):
Enjoy your evening.