FEAR & GREED | Business News Afternoon Report | Markets, Israel & ChatGPT
Aug 8, 2025
The stock market is feeling the heat as the ASX 200 takes a dip after a strong week. Controversy surrounds Mike Cannon-Brookes, who insists he's here to stay. Global tensions rise with Israel's occupation of Gaza. Trump shakes things up for the Federal Reserve. In tech news, a new model of ChatGPT has just been launched, marking another leap in AI development. All these elements weave a complex narrative of today's business landscape, intersecting markets, politics, and technology.
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ASX Market Highlights
- The ASX 200 dipped 0.3% closing at 8,807 points after a strong week hitting record highs midweek.
- Material and gold stocks led gains, though insurance shares like QBE dropped due to investor profitability concerns.
Atlassian CEO Commitment
- Atlassian CEO Mike Cannon-Brookes assured investors he is "not going anywhere" following Atlassian's strong results and the president's resignation.
- He emphasized his love for the job and the exciting time at Atlassian, amidst recent executive departures and AI-driven job cuts.
Humanitarian Impact of Gaza Occupation
- Australian Foreign Minister Penny Wong warned Israel's plan to occupy Gaza City would worsen humanitarian disaster.
- Israel intends to govern Gaza until Hamas is removed, sparking Australia's call for a ceasefire instead.