FEAR & GREED | Business News Afternoon Report | Markets tumble
Nov 21, 2025
The markets took a hit this week, with the ASX down 4% as materials and mining stocks suffered. Wall Street experienced a massive rout, wiping out $2 trillion in value, affecting major indexes and Bitcoin. Meanwhile, Cyclone FINA is threatening Darwin, prompting severe weather warnings. In corporate news, the Treasurer blocked a significant takeover bid by Maine Pharma, causing its shares to plummet by 23%. On a brighter note, Bally's received approval to take control of Star, though its Sydney license remains suspended.
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Local Market Sinks On Broad Selling
- The S&P/ASX 200 dropped 1.6% to 8,417, marking nearly a 4% fall for the week and 8% for the month.
- Materials, energy and industrials led losses while healthcare and staples outperformed amid broad selling.
Global Volatility After Nvidia And Jobs Data
- Wall Street swung from gains to heavy losses wiping trillions off global market value in hours.
- Nvidia's strong result couldn't stop fear and volatility driven partly by mixed US jobs data.
Cyclone Fina Threatens Darwin
- Tropical Cyclone Fina moved toward Darwin as a Category 1 and was forecast to strengthen to Category 3.
- Authorities warned gusts could reach 155 km/h as the cyclone tracked southwest through Van Diemen Gulf.