FEAR & GREED | Business News Afternoon Report | Markets, tax and planes
May 22, 2025
Markets experienced a dip with the S&P ASX 200 feeling the pressure from global trends. Bitcoin made headlines by reaching an all-time high. There’s buzz around potential changes to the luxury car tax, and Rio Tinto is gearing up for a bauxite expansion. In a surprising turn, Trump has accepted a gift of a plane, stirring up more political intrigue. Stay tuned for the latest insights!
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ASX Market Shows Mixed Performance
- The ASX 200 index dipped by 0.5%, showing a market cooldown.
- Tech stocks and gold miners fared best despite banks and supermarkets falling.
US Market Jitters Boost Gold, Bitcoin
- Soft US government bond demand caused a 1.5% drop in S&P 500 amid Moody's US debt downgrade.
- Gold surged 4% this week while Bitcoin hit an all-time high above $109,000 overnight.
Gradual Luxury Car Tax Reduction Planned
- Australia considers a gradual cut to the 33% luxury car tax amid free trade negotiations with the EU.
- Luxury car buyers hesitate due to the tax inflating prices, e.g., by over $11,000 on some models.