Afternoon Report | ASX snaps three-day losing streak
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What is the Fear & Greed Afternoon Report and who is presenting it?
Welcome to the Fear and Greed Business News Afternoon Report for Thursday, the 3rd of September, 2026. I'm Michael Thompson, and every afternoon we have the five stories that happened today that you need to know about. Let's get cracking with story number one. The SP A Sex 200 rose half of 1% today to 9,020.8 Of the 11 sectors finishing higher. Banks led the gains. NAB was up nearly 2%. Westpac 1.5%. ANZ 1.3%. The miners also rallied, including Rio Tinto and Fortescue. Gold Miners, Evolution, Newmont, Northern Star, they were all up more than 2% today as the price of gold rose. A bunch of companies, though, went ex dividend today, meaning that if you owned them before today, you'd receive The dividend that they had declared recently.
Woodside, for example, was off 2.6%. BHP was down 1.4%.
Why did the ASX snap its three‑day losing streak and which sectors led the gains?
Underpinning the slightly better day on the local bourse really was a slightly calmer global backdrop. The price of oil easing to below $95 US dollars a barrel. Bond yields also eased a bit. Markets are still pricing in, though, a 65% chance to build a building. chance of a reserve bank rate rise later this month.
How are Pacific leaders divided over China’s missile test and what are the diplomatic implications?
On to story number two now, Pacific leaders meeting in Palau are divided over whether to condemn China for firing a nuclear-capable ballistic missile into the region several months ago. Highlighting the growing difficulty of really keeping the Pacific united as competition between China and the West intensifies, Prime Minister Anthony Albanese has defended U.S. missile testing in the Pacific as fundamentally different, saying Washington provides advanced notice under long-standing agreements, while China gave very little warning before its July test near Tuvalu and Nauru. The Australian reports that Kira Kiribati and Nauru have resisted singling out Beijing, while the president of Palau, where the Pacific Island Summit is being held,
backed Australia's concerns and called on China to respect the sovereignty of Pacific nations.
What boost has Santos seen from its new PICA oil project in Alaska and what are the production targets?
On to story number three. Santos has almost doubled production from its new PICA oil project in Alaska as it races towards full production by the end of the month. Pica is now producing about 40,000 barrels of oil a day, up from around 23,000 when continuous production began in June. Santos is targeting about 80,000 barrels a day by the end of September. The latest boost follows the first time. As the start of seawater injection, which helps maintain pressure in the oil reservoir and allows production to increase. Pika is one of two major new projects that Santos expects will lift its total production this year by between 20 and 30% compared with the first half of the year. Santos owns 51% of the Pika project.
And honestly, I just like talking about it because you need to go to YouTube, look up The Pika oil project, and just look at the conditions in which they built this thing. It is quite incredible.
Why is Atlassian now charging for excess AI usage and how will it affect software‑as‑a‑service pricing?
There is snow and ice and wind everywhere. It is quite incredible. On to story number four, the days of unlimited artificial intelligence being bundled into your software subscription. Well, it may be coming to an end. At Lassian will start charging customers who exceed their included Allowance for its Rovo AI tools from December after usage surged. Rovo use jumped more than 50% in the latest quarter, while the number of AI credits consumed doubled. The Financial Review estimates that a 200-person company could pay anywhere between 600 US dollars to 2,600 U.S. extra each month, depending on how heavily it uses the tech.
What are the new U.S. tariffs on imported drones and how might they impact the drone market?
It highlights a A pretty fundamental problem, really, for the software industry that unlike traditional software, every AI query costs the provider money. And as usage grows, more companies are likely to make customers pay for what they actually use. And finally, story number five: the Trump administration has imposed tariffs of up to 100% on imported drones in its latest attempt to reduce America's Reliance on Chinese technology. The New York Times reports that the top tariff applies to larger drones and those using thermal imaging, while smaller drones face just a 25% levy.
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Chapters
6 chapters
1
What is the Fear & Greed Afternoon Report and who is presenting it?
0:03–0:56
2
Why did the ASX snap its three‑day losing streak and which sectors led the gains?
0:56–1:17
3
How are Pacific leaders divided over China’s missile test and what are the diplomatic implications?
1:17–2:11
4
What boost has Santos seen from its new PICA oil project in Alaska and what are the production targets?
2:11–3:08
5
Why is Atlassian now charging for excess AI usage and how will it affect software‑as‑a‑service pricing?
3:08–3:50
6
What are the new U.S. tariffs on imported drones and how might they impact the drone market?
3:50–5:05
Speakers
1 identifiedMore from FEAR & GREED | Business News
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