FEAR & GREED | Business News Afternoon Report | ASX hits new high
Aug 5, 2025
The Australian share market is soaring to new heights, thanks to optimism over potential U.S. interest rate cuts. Discover how various sectors, including rare earths, are capitalizing on this surge. Mitsubishi has secured a massive $10 billion defense contract, marking a significant milestone. Additionally, BP’s latest oil discovery adds another layer of intrigue to the energy landscape. Stay updated with these key developments that are reshaping the market and economy!
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ASX Hits Record High on Optimism
- The Australian share market hit a record high due to Wall Street's biggest rally since May.
- Investors are optimistic about a US interest rate cut and corporate America avoiding recession risks.
Rare Earths Floor Price Strategy
- Australia may set a floor price for rare earths to challenge China's market dominance.
- The US has taken a stake in its largest rare earths producer and committed to minimum pricing as part of defense strategy.
Mitsubishi Wins Major Naval Contract
- Mitsubishi Heavy Industries will supply $10 billion worth of warships to Australia by 2030.
- This deal strengthens bilateral ties and is the government's largest defense spending announcement since AUKUS.