Transcript generated automatically by AI and may contain errors.
Chapter 1: Why did the ASX close lower this week?
Welcome to the Fear and Greed Business News Afternoon Report for Friday, the 24th of April, 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 get going. Story number one, the S&P ASX 200 closed 0.1% lower today to 8,787 points. Not a huge drop. Great.
but enough to record a fourth straight day of losses and leave the market off almost 1.8% for the week.
Broadly, still plenty of wariness around the Middle East, particularly the situation in the Strait of Hormuz, where US President Donald Trump issued a social media post overnight where he said he had ordered the US Navy to shoot and kill any ships that were laying mines in the strait, which of course then has flow-on effects to the movement of traffic through the strait.
impact then on oil prices. And it's a familiar story now.
Chapter 2: What cost increases are affecting Australia's building sector?
The best performing sector today was utilities, followed by the energy companies. At the other end of the bourse, the miners, the price of copper dropped today, along with other metals across the week. The worst performer by far, though, was lithium miner IGO, which tumbled nearly 18% today after it cut back guidance on spodumene production from one of its projects.
Gold miner Newmont, on the other hand, was up 0.7% after reporting record quarterly earnings. Story number two, not great news if you're hoping to build a house. Australia's building sector is facing another wave of cost increases with major concrete suppliers doubling fuel surcharges from May 1.
The Financial Review reports companies including Heidelberg Materials and Wholesome are sharply lifting charges. Following similar moves by Boral earlier this month, now the increases will add around $400 to the cost of a concrete slab for a new home. Builders say overall project costs have already risen by up to 8% since the Middle East conflict pushed fuel prices higher.
A report from investment bank Baron Joey quoted in the financial review report warns that construction inflation could hit close to 6% by September, driven by higher material and labor costs.
Chapter 3: What is the significance of the first AUKUS subs deal?
Story number three, the United States has awarded the first major submarine contract under the AUKUS pact, signing a 197 million US dollar deal with General Dynamics Electric Boat for engineering and design work to support the transfer of nuclear powered submarine capability to Australia. Now the contract is being paid out of Australia's $3 billion payment to the US under AUKUS.
I think $2 billion of the $3 billion has been paid so far, and this $197 million comes out of that. The agreement is a key step in Australia's plan to acquire secondhand Virginia-class submarines in the 2030s before starting to build its own fleet domestically, but it does come as a few concerns grow about delays in the broader program. a couple of submarine stats for your Friday afternoon.
US submarine production is currently running at about 1.1 boats per year. That is well below the 2.33 boats per year that is needed to both meet American needs and supply Australia. Put it all together and there are a few doubts about the timing of the delivery of the program.
Story number four, the corporate regulator is stepping up action against social media finfluencers accused of providing illegal investment advice.
Chapter 4: How is ASIC addressing illegal investment advice from finfluencers?
Now, ASIC has issued warning notices to four influencers suspected of promoting unlicensed financial advice, including claims of guaranteed returns. The regulator is also reviewing three companies that partner with influencers and examining the conduct of 15 finfluencers operating under financial licenses.
ASIC says the concern is that many are really blurring the line between education and advice, often failing to properly outline the risks. And finally, story number five, the owner of Facebook and Instagram and WhatsApp, Meta. will cut around 10% of its workforce, roughly 8,000 jobs, as it ramps up spending on artificial intelligence.
The company is also closing about 6,000 open roles as part of a broader push to improve efficiency and redirect resources into AI development. Chief Executive Mark Zuckerberg has been investing heavily in AI infrastructure, including data centers and advanced models, as Meta competes with rivals like OpenAI and Google. The cuts follow similar moves across the tech sector.
Meta is certainly not alone in this one as companies restructure around AI and automation.
Chapter 5: What impact will Meta's job cuts have on the tech industry?
And that is it for the afternoon report for Friday, the 24th of April, 2026. 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.