Afternoon Report | ASX flat as BHP drags
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What is the main topic discussed in this episode?
Welcome to the Fear and Greed Business News Afternoon Report for Thursday the 16th of July 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.
How did the ASX close and which companies drove today's market moves?
Story number one, the S&P ASX 200 closed virtually flat today down less than half of one point to 8,840.7 points. BHP was the biggest drag really after warning copper production would fall over the coming financial year because of mechanical problems at one South Australian mine and lower grade ore out of its Chilean operations.
Why did BHP warn of lower copper production and how did miners perform?
The mining giant fell more than 2%. Gold miners also weakened as the gold price slipped towards $4,000 an ounce, while Woodside and Santos also lost ground. The financial sector provided most of the support today. Commonwealth Bank climbed almost 2%. NAB, ANZ and Westpac also finished higher. AMP surged almost 10% after forecasting stronger first half earnings, while REA Group jumped more than 6% after stronger than expected property listings data. Story number two, former Prime Minister Scott Morrison says Australia should consider sending military assets to the Persian Gulf as the conflict between the United States and Iran escalates. Speaking in Washington, Morrison argued that Australia has a clear national interest in protecting global energy supplies and freedom of navigation through the Strait of Hormuz.
What did Scott Morrison say about sending Australian forces to the Persian Gulf?
He said Australia successfully deployed a Navy frigate to the Gulf during similar tensions in 2020 and and believes that the government should again examine what contribution it could make. The comments come after the United States carried out two waves of strikes against Iranian targets and intensified efforts to secure shipping through the Strait, while Iran has vowed to maintain control over the waterway. Story number three, Telstra's top executives will front a Senate inquiry tomorrow, examining last week's nationwide outage that disrupted phone and internet services and prevented some customers from reaching triple zero. Chief Executive Vicky Brady and Chief Financial Officer Michael Ackland will appear alongside several senior executives responsible for emergency services, network performance, legal affairs and government relations.
Representatives from the Australian Communications and Media Authority, ACMA, and the Department of Communications will also give evidence. The inquiry is being chaired by Greens Senator Sarah Hansen-Young and will examine whether the outage was linked to Telstra's failure to replace ageing equipment and examine the company's handling of the incident. The hearing begins at midday Eastern time tomorrow.
Which Telstra executives will face the Senate inquiry and what will it examine?
Story number four, Sam Neill's management has confirmed the actor died from pneumonia, seeking to correct what it described as inaccurate reports following his death earlier this week. Longtime manager Philip Gren said that Neill had successfully beaten lymphoma using pioneering T-cell therapy before becoming ill with pneumonia. Gren said the 78-year-old had remained incredibly active, filming four projects over the past year, while also continuing his work at his Two Paddocks winery in New Zealand. Despite the worldwide tributes, Gren said that Neil's family would honour his wishes with a private memorial service at his New Zealand farm, describing him as an intensely private man who loathed a fuss.
And finally, story number five, the Trump administration will issue a new commemorative $1 gold coin featuring President Donald Trump's image to mark America's 250th anniversary. Treasury Secretary Scott Besant announced the U.S.
What were the confirmed details of Sam Neill's death and the US Trump commemorative coin news?
Mint would begin producing the coins, describing them as a celebration of American liberty and patriotism. The move is somewhat controversial because American tradition has generally limited depictions on currency to deceased people. The Treasury argues, though, that it has the legal authority to produce the commemorative coin under legislation passed in 2020. The administration is also introducing new banknotes carrying the signatures of President Trump and Secretary Besant, while a proposal for a $250 banknote featuring Donald Trump's portrait will require approval from Congress.
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Chapters
6 chapters
1
What is the main topic discussed in this episode?
0:03–0:14
2
How did the ASX close and which companies drove today's market moves?
0:14–0:38
3
Why did BHP warn of lower copper production and how did miners perform?
0:38–1:31
4
What did Scott Morrison say about sending Australian forces to the Persian Gulf?
1:31–2:44
5
Which Telstra executives will face the Senate inquiry and what will it examine?
2:44–3:46
6
What were the confirmed details of Sam Neill's death and the US Trump commemorative coin news?
3:46–5:34