Afternoon Report | ASX worst day since April

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 tumbles 1.8pc

2. Gold price rises

3. Govt funds new aged care spots

4. Dan Andrews slammed for China pic

5. US strikes drug ‘terrorists’

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Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News Afternoon Report
for Wednesday, the third 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
story number one. A massive fall on the local bours today,
it's worst day since April. The S and PA SEX
two hundred dropped one point eight percent to eighty seven

(00:23):
hundred and thirty nine points. There were steep falls all
over the place, tech banks, property stocks. In fact, all
eleven sectors were in the red. It came as government
bond yields rose one basis point after data from the
ABS show the economy grew at a faster pace than
expected in the second quarter. The interest rate sensitive tech
stocks were the worst hit. Zero was off six point

(00:44):
two percent, Fintech Block dropped nearly five percent. Life three
sixty was off two point three percent. The bank's losses
there too. Commonwealth Bank, nab A and ZED Westpac all
down somewhere between two point two and three points seven percent,
so big falls across the finance stocks. Even the big
miners dropped too, Even though the iron ore price was

(01:05):
holding steady. I mentioned property before real estate stocks were hammered.
Goodman was off three point seven percent, Vicinity Centers down
three point one percent. I could keep listing them, but
overall it was a very tough day on the local market.
Story number two, Perhaps unsurprisingly, amid all of that bad news,
all at unease, the gold price surged yet again, another

(01:26):
new record gold bully and hitting three thousand, six hundred
US dollars and ounce. That's all still linked back to
the uncertainty out of the US over the federal Reserve,
but it did mean that the local gold miners had
a reasonable day when everyone else really was having a shocker.
Bellevue Gold was up two point eight percent. Regius Resources
Northern Star both closed higher two. Story number three onto

(01:49):
politics now in the federal government has agreed to immediately
fund twenty thousand new home care packages for older Australians,
following weeks of pressure from the Coalition, from the Greens,
from the Inner Paces, basically from everywhere. There was a
projected shortfall of up to one hundred thousand home care
packages by November that could leave seniors living unsafely, ending

(02:09):
up in hospital or forced into residential care. Prematurely, while
more than one hundred and twenty thousand older Australians are
still waiting to be assessed for support to help them
live at home. The government had intended to roll out
eighty thousand new packages under the Aged Care Act in November,
but advocates were warning that even a few months delay
it could be the difference between someone staying basically safe
at home or ending up in hospital. Labour now says

(02:32):
another twenty thousand packages will flow before the end of
the year, with the rest of the promised eighty three
thousand rolling out in twenty twenty six. There's a lot
of numbers through all of that, but the key is
that the federal government has agreed to immediately fund those
new packages, so this is progress today. Story number four.
Former Victorian Premier Dan Andrews has been criticized after posing

(02:52):
for a photo featuring Russian President Vladimir Putin, North Korean
dictator Kim Jong mun alongside Chinese President Jijin Ping in Beijing.
Andrews is in China is an invited guest for the
country's biggest ever military parade marking eighty years since Japan's
defeat in World War Two. But the decision to attend
and to appear in the photos has been criticized by

(03:14):
other Australian politicians from both sides, really, with Shadow Home
Affairs spokesman Andrew Hasty calling it a parade for dictators.
We've got Opposition leader Susan Lee saying Andrews needs to
explain his presence there. Even fellow former labor premier, Queensland
Premier Antasaja Palache said the visit was quote a bridge
too far someone there was one person defending him. Current

(03:38):
Victorian Premier Jacinda Allen said it was good for the
state that Andrews is held in such high regard by
the people of China. Former New South Wales Labor Premier
Bob Carr is also in the countries in China as well,
but he did not attend the parade. Last one story,
number five, Donald Trump says the US military has killed
eleven terrorists in the Caribbean after strike a boat allegedly

(04:01):
carrying drugs from Venezuela. The President posted on truth social
that the vessel was run by NARCO terrorists and was
intercepted in the international waters on its way to the
US Defense Secretary Pete Hegsath released an extraordinary video of
the boat being hit by a missile and bursting into flames.
The Pentagon has deployed thousands of sailors and marines to

(04:22):
the region, the biggest build up since the nineteen eighty
nine invasion of Panama. It is a move that's being
welcomed by some Caribbean nations, condemned by others, and escalating
pressure on Venezuela's president. That's it for the Afternoon Report
for Wednesday, the third of September twenty twenty five. Make
sure you hit follow on the podcast and we'll be
back tomorrow morning with the Thursday edition of Fear and

(04:43):
Greed on Michael Thompson, a Joyery