Afternoon Report | ASX surges 1.4pc, best day in 6 weeks
episodePreviously titled “Afternoon Report | ASX surges 1.6pc, best day in 6 weeks” — renamed by the publisher on Aug 2, 2026
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What is the main topic discussed in this episode?
Welcome to the Fear and Greed Business News Afternoon Report for Monday, the 27th 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. Story number one, good news for investors.
How did the ASX surge 1.6% and which stocks led the rally?
The S&P ASX 200 recorded its biggest jump in six weeks today. As easing tensions between the United States and Iran lifted investor confidence, the market rose 1.4% to 8,839 points. Tech stocks led the rally. WiseTech Global and Xero both climbed strongly, while BHP, Rio Tinto and the major banks also posted solid gains. Gold miners benefited from a stronger gold price. Bellevue Gold, for instance, surged more than 9% today. Energy stocks, though, were the exception, falling as oil prices dropped almost 6% after fears of supply disruptions eased somewhat. Woodside, Santos, Karun Energy, they all lost a bit of ground today. Among individual companies, Meyer slumped 12% after warning that heavy discounting had squeezed profit margins, while Perpetual rose after receiving an improved takeover offer.
Story number two, the federal government says Australia's first nationwide test of its new AusAlert emergency warning system has been a success, despite acknowledging that some people did not receive the message. At 2pm today, millions of Australians received a text message and a Rather loud alert tone. As part of the nationwide trial, Emergency Management Minister Christy McBain says 94% of mobile phone towers successfully broadcast the test alert, comfortably exceeding the government's target of 90%. The new system will be used to warn Australians about emergencies including bushfires, floods, cyclones, terrorist incidents and major health threats as well. The government is now encouraging people to provide feedback through the AusAlert website as it works to improve the system before it is used in a real emergency.
Story number three, One Nation leader Pauline Hanson has lost her appeal against a federal court ruling that found she racially discriminated against Green Senator Maureen Faruqi. The court upheld an earlier decision that found Hanson breached the Racial Discrimination Act after telling Senator Faruqi to, and I quote, piss off back to Pakistan in a social media post in 2022. A full bench of the federal court today dismissed every ground of appeal describing the original judgment as sound. Senator Faruqi welcomed the decision, saying that it was a victory for Australians who have been told they don't belong in this country. Hanson says that she is disappointed with the ruling and will consider taking the matter now to the High Court.
Story number four, more than 1,800 former Qantas workers will have to wait even longer to receive compensation after being unlawfully sacked during the pandemic. The law firm managing the compensation scheme, Morris Blackburn, says it will ask the federal court for more time to calculate individual payouts, pushing back a key deadline from the end of this month until at least October. The former baggage handlers, cleaners and ground staff are collectively owed $160 million after Qantas lost a lengthy legal battle over outsourcing their jobs. Many of the workers have already waited almost six years now for compensation, with some saying that they had made financial plans expecting payments to arrive this week.
And finally, story number five, hundreds of thousands of people have been forced to flee as massive wildfires continue to burn across parts of Europe. In France, the fires have reached the outskirts of Bordeaux, with authorities describing the situation as unprecedented. As flames move towards the city from surrounding forests, more than 220,000 people have been evacuated in France, while another 75,000 have fled their homes in Spain, where there are several major blazes that remain out of control. Firefighters are being supported by water bombing aircraft, but they are battling extreme heat, dry conditions, and strong winds that are helping the fires spread.
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2 chaptersSpeakers
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