Afternoon Report | Rates on hold

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 drops

2. PC warning

3. Fundies merge

4. Aldi deal with DoorDash

5. Trump-Netanyahu talks

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Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News Afternoon Report
for Tuesday, the eighth of July twenty twenty five. I'm
Sean Aelma. Every afternoon, we've got the five stories that
happened today that you need to know about. Storingam one,
The Reserve Bank today kept the official interest rate on
hold at three point eighty five percent, which in economic
terms is a bit of a bombshell. Triggered a jump

(00:25):
in the Aussie dollar and a drop in the share market.
By the closed the SMPASX two hundred was flat at
eight thousand, five hundred and ninety one points. Goldstocks did
best today on the back of rising price for the
precious metal after the Trump Trade letters overnight, where Donald
Trump started imposing tariffs on other economies. The consumer staples, utilities,

(00:47):
improper property industries did worst, reflecting in part the interest
rate decision. Today, the telco's financials and consumer discretionary induices
did best. Among the large caps, The big miners and
retailers were love oh, while the big banks were mixed.
Story number two. The Productivity Commission in Australia has warned
that billions of dollars in taxpayer subsidies for manufacturing and

(01:08):
green energy could be deemed trade protectionism. The Productivity Commission,
in fairly frank advice said subsidies under the Future Made
in Australia Banner and the National Reconstruction Fund could be
considered in that way. According to the Finn Review. The
Commission also advised the government to lower prices for consumers
and compliance costs for business by extending cuts to so

(01:29):
called newstance tariffs on more than three hundred imported goods,
including steel, appliances and plastics. Story number three to two
major fund managers, Platinum Asset Management and l One Capital
are set to merge, creating an investment group with about
sixteen and a half billion dollars in funds under management.
Under the deal, Platinum will acquire one hundred percent of
the issued share capital in l one Capital and L

(01:52):
one shareholders get Platinum stock. L One Capital shareholders will
hold seventy four percent of the merged group. Platinum shareholders
will hold about twenty six percent. Story number four Aldi
has done a deal with door Dash, launching home delivery
for the first time in Australia, escalating its fight against
woolies and coals. The service commenced in Canberra today. It

(02:13):
will be rolled out nationally in coming months. More than
eighteen one hundred products, including fresh produce, meat, seafood, dairy, bread,
and household staples, will be available for delivery via the platform.
The online grocery segment now commands eleven percent of the
overall market in Australia and story number five. President Donald
Trump hosted Israeli Prime Minister Benjamin netanya Who at the

(02:37):
White House this morning Australian Time, saying the US had
scheduled talks with Iran and indicated progress on efforts to
relocate Palestinians out of Gaza. Trump said the US and
Israel were working with other countries to give Palestinians a
better future, suggesting that the residents of Gaza could move
to neighbouring nations. Trump and Nettnya, who met for several

(02:57):
hours in Washington, while Israeli officials continued in direct negotiations
with Hamas aimed at securing the US broken guards the
ceasefire and hostage release deal. The president also announced the
US would send more weapons to the Ukraine to help
that country defend itself against Russia. Meanwhile, Naho told Trump
that he had nominated the US president for the Nobel

(03:19):
Peace Prize. That's it for afternoon report for Tuesday, the
eighth of July twenty twenty five. Make sure you hit
follow on the podcast. We'll be back tomorrow morning with
a Wednesday edition of Fear and Greed Business News. I'm
Sean Elmer. Enjoy your evening.