Transcript generated automatically by AI and may contain errors.
Chapter 1: Why did the ASX climb on softer inflation data?
Welcome to the Fear and Greed Business News Afternoon Report for Wednesday the 27th of May 2026. I'm Michael Thompson and every afternoon we've got the five stories that happened today that you need to know about. Let's go with story number one. The local share market climbed today after softer than expected inflation data reduced the chances of another Reserve Bank rate hike.
in June. Now the S&P ASX 200 added 0.7% today to close at 8,718 points. Headline inflation really was the key factor here, slowing to 4.2% in April. That was lower than expected. It was tipped to come in at around 4.4%. Technology stocks led the gains though today.
Chapter 2: What criticisms did China make about Australia's critical minerals policy?
NextDC rose nearly 4%. Megaport, though, jumped nearly 9%, best of the bunch today. Materials also climbed with BHP up 1.5%, South32 rising 3.5% as aluminium hit a four-year high and copper prices stayed elevated. But
ASX Limited, the company running the bourse, extended yesterday's sell-off, falling almost 10% today to a 10-year low after warning of that sharp jump in costs we spoke about yesterday. That is now two days in a row as the worst performer on the ASX 200. Westpac also slipped after the federal court ordered it to pay a $26 million penalty over financial hardship failures.
On to story number two now, and China has sharply criticised Australia's critical minerals policy after Treasurer Jim Chalmers ordered six China-linked investors to sell their combined 17.6% stake in Northern Minerals. Now, that company is developing a major rare earths project in Western Australia's Kimberley region.
Chapter 3: What details emerged about the return of women linked to ISIS?
China's state-run Global Times has now accused Australia of an irrational approach, saying, and I quote... On the one hand, Australia keeps erecting barriers against China in areas such as critical minerals, technological investment and security issues. On the other hand, it still expects China to continue buying its iron ore, natural gas and agricultural products.
The article also argued that Australia's real weakness is not Chinese investment, but limited manufacturing capability and technology depth. Story number three, a second group of Australian women and children linked to Islamic State has returned from Syria, arriving in Sydney and Melbourne overnight.
Four women and their children landed in Sydney while another two women and their children arrived in Melbourne. Counter-terrorism police searched their belongings and downloaded information from their devices. No one in this group has been charged, but investigations are ongoing. Three women from an earlier group that returned this month have already been charged. Prime Minister Anthony Albanese,
Chapter 4: How is Gina Rinehart involved with Southern Cross Media?
has said that the government had not assisted the group's return and that anyone who broke the law would face the full force of it. Story number four today, and Australia's richest person, Gina Reinhart, has emerged as the financial backer behind Bruce McWilliams' near 10% stake in Southern Cross Media, the owner of Network 7 and Triple M, the radio stations.
ASX filings today reveal that most of the stake purchased by McWilliams, who is a media lawyer and a former Seven commercial director, has been financed by a company linked to Reinhardt and Hancock Prospecting. The disclosure has sparked speculation that the pair could eventually pursue a takeover of the media company, which is currently valued at around $278 million.
Gina Reinhardt has long shown interest in Australian media assets, having previously held stakes in both Network 10 and also in the Fairfax media business, Southern Cross Media shares closed almost 8% higher today following the disclosure. And finally, story number five, Iran has accused the United States of a gross violation of the ceasefire between the two countries.
After American forces carried out what they described as self-defense strikes in southern Iran, we spoke about those strikes this morning. The U.S.
Chapter 5: What accusations did Iran make against the US regarding the ceasefire?
military said that it targeted missile launch sites and boats attempting to lay mines near the Strait of Hormuz. Iran has now said that those strikes did violate the ceasefire, which has been in place for nearly seven weeks, and that it reserves the right to retaliate. Meanwhile, the U.S. military's Central Command has given an update on the blockade of Iranian ports and vessels.
saying that the ongoing effort to stop ships linked with the regime has turned around a total of 108 vessels since it was implemented on April 13. And that is it for the afternoon report for Wednesday, the 27th of May.
Make sure you're following the podcast and head along to fearandgreed.com.au to sign up for our free daily newsletter. I'm Michael Thompson. Enjoy your evening.