Afternoon Report | ASX surge

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. Large caps lead the way

2. PBS non-negotiable

3. CFMEU claims

4. Copper tariffs

5. Missing surfer found

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Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News Afternoon Report
for Thursday, the tenth of July twenty twenty five. I'm
Sean Aylmer. Every afternoon, we've got the five stories that
happened today that you need to know about. Story number one.
The SMPA six two hundred finished up zero point six
percent today to eight thousand, five hundred and eighty nine points.
It's back training close to record levels, with hopes of

(00:25):
local interest rate cuts and a strong shift on Wall
Street pushing the market along. It's school holidays across the country,
so training is lighter than normal now. In terms of
sub and disease materials, industrials and real estate did best today,
while the healthcare index was worse. Only two of the
top twenty companies ended in the red, one with CSL

(00:45):
on the back of tariff concerns on pharmaceuticals. The other
was Sigma Healthcare. Woodside was flat, while the other seventeen
stocks rose. Story number two. The Prime Minister Anthony Alberizi
was asked today about Donald Trump's plans to introduce two
hundred percent tariffs on pharmaceuticals, which would put at risk
two billion dollars worth of drug sales from Australia into
North America. Misster Albernesi said the Pharmaceutical Benefit Scheme, which

(01:09):
subsidizes the cost of drugs in Australia, would not be
compromised in trade talks with the US. Now, US drug
makers have a complained to the White House about having
slow access to the Australian market, saying the PBS often
subsidizes cheaper generic products over THEIRS. The fear is that
Donald Trump uses this as a reason for Australian goods

(01:29):
with higher tariffs, but mister Alberesi reckons the PBS ain't
a negotiating point. Another point of contention is the government's
Media Bargaining Code, which forces big tech to pay media
companies for content. The Prime Ministers said that was also
not up for negotiation. Storing number three investigation by anti
corruption barrister Jeffrey Watson sc has found the CFMEU in

(01:52):
Queensland deliberately inflicted physical, sexual, emotional and economic abuse on others,
from labor politicians to public service and rival unionists, including
women and children. The investigation accused the group's former Queensland
leadership of overseeing a regime that was violent, cruel, misogynistic,
and targeted family members as fair game Media's reporting union sources,

(02:16):
saying six organizers have now been removed from their roles.
The forty five page investigation details dozens of incidents, and
Washton Watson said he fears it only scratches the surface.
He described the union violence as childish and cowardly, but
said far and away the worst hypocrisy from the CFMEMEU
relates to its treatment of women. Story number four. In

(02:37):
the United States, Donald Trump has confirmed the fifty percent
tariff on US copper imports will come into effect on
one August. He's also threatened to hit Brazil with tariffs
of fifty percent and accused it of attacking free speech
over the treatment of the country's former right wing president,
j Baltonaro. Trump is critical of Brazil's policies on US

(02:58):
tech companies as well. Brazil had attracted just a ten
percent tariff like Australia, now it's fifty percent. Boltonaro, a
longtime Trump ally, is currently on trial in Brazil over
an alleged cop attempt against the city and government. Finally,
storying number five, one of the more remarkable stories of
the year, which admittedly has nothing to do with business,
but it's worth telling. A nineteen year old surfer who

(03:21):
went missing off the New South Wales North Coast has
been found alive on a remote island, eighteen hours after
he disappeared. Darcy Defaults was last seen leaving his home
on bike at Woolle yesterday at four pm to go
for a surf at Willoe Beach in calm conditions. After
he failed to return home, his family contacted the police

(03:42):
to report him missing. Search efforts began and defaults bike
and clothes were recovered at a local spot known as
One Tree. By nightfall yesterday, he hadn't been found. The
search was called off started again this morning, and at
nine am he was found alive and well on North
Solitary Island, thirteen kilometers southeast of Wuly Now. North Sualtree

(04:02):
Island is one of the largest islands off the New
South Wales Coast, approximately five hectares no significant infrastructure. Somehow
he was found. That's it for the Afternoon Report for Thursday,
the tenth of July twenty twenty five. Make sure you
hit follow on the podcast. We will be back tomorrow
morning with the Friday edition. A few and green business News.
I'm Sean Almer. Enjoy your evening.