Transcript generated automatically by AI and may contain errors.
Chapter 1: What is the main topic discussed in this episode?
Welcome to the Fear and Greed Business News Afternoon Report for Monday, the 11th of May, 2026. I'm Sean Aylmer. Every afternoon, we've got the five stories that happened today that you need to know about.
Chapter 2: Why is the ASX down for the 8th consecutive day?
The S&P ASX 200 fell half a percent today to just over 8,700 points after hopes of a peace deal between the United States and Iran were dashed by President Donald Trump. He called a proposal from Iran to end the conflict totally unacceptable. That set the tone and then CSL unveiled a $5 billion or $7 billion Aussie write-down, one of the largest in Australian corporate history.
That sent its share price down 16%. Not surprisingly, the healthcare sector was the worst performer today while the energy index was the best as the price of Brent pushed back above $105 a barrel. All the big banks were lower today while the miners rose. Goodman Group was the best of the large caps, rising 2%.
The big drivers of the local market at the moment are tomorrow night's budget, of course, and the war in the Middle East. In terms of the war, Donald Trump's visit to China from Wednesday through Friday, where he'll meet Xi Jinping, is critical.
Chapter 3: What impact does the US Fed's decision to hold rates have on the market?
Trump is likely to urge China not to support Iran, while Xi Jinping is likely to push for an end to hostilities. Story number two, the government will activate a quarantine centre built during the COVID pandemic to house the Australians evacuated from the cruise ship where a hantavirus outbreak has killed three people. Four Australian citizens, one permanent resident and a New Zealand citizen
will be subject to a quarantine order and confined to the Bullsbrook Quarantine Centre near Perth for at least three weeks. Now, the incubation period for the disease is up to seven weeks.
Health Minister Mark Butler said the government would consult with chief health officers and the Australian Health Protection Committee to determine next steps after the initial three-week isolation period. The evacuated passengers are expected to arrive in Western Australia on a chartered flight from Tenerife tomorrow.
Story number three, in corporate news, Dyno Nobel's share price jumped after the business reported a sharp rise in first half profit and reaffirmed full year earnings.
Chapter 4: How is JBS affected by the recent tax bill?
Wholesaler Metcash also rose sharply after it reported stronger than expected trading across its food, liquor and hardware divisions. Ingham's Poultry Group rose after it confirmed its profit guidance in Woodside Energy.
says independent modelling shows its proposed browsed northwest shelf gas development could deliver a $141 billion uplift to Australia's gross domestic product and generate more than $56 billion in tax revenue over the longer term.
Story number four, Grant Thornton Australia's near 200 partners will vote on a $1 billion buyout by its parent entity, which is likely to deliver an average of $5 million to each of them. The deal's value, disclosed today, is higher than the previously speculated $800 million.
It follows board approval to sell the audit and advisory firm to Grant Thornton Advisors, which is a majority owned by private equity group New Mountain Capital. The transaction is the biggest private equity investment in a local accounting firm ever. And story number five, President Donald Trump has dismissed Iran's response to US proposals to end the war as totally unacceptable.
Chapter 5: What warning did Stockland's CEO issue about the market slowdown?
As I mentioned earlier in the show, Iran's semi-official Tasmanian news agency, said Tehran's proposal sent via Pakistan, which has served as a mediator, included an immediate end to the war on all fronts, a halt to a US naval blockade, and guarantees of no further attacks on Iran.
A ceasefire meant to facilitate talks to end the war launched by the US and Israel in February has largely been observed, despite occasional exchanges of fire. Now, of course, as I mentioned, Trump posted on Truth Social he found the deal Totally unacceptable. There you go. That's it for the afternoon report for Monday, the 11th of May, 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 Sean Aylmer.
Chapter 6: What was discussed during the Trump and Putin phone call?
Enjoy your evening.