Afternoon Report | Barnaby’s dog & Trump’s tariffs
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Welcome to the Fear and Greed Business News Afternoon Report for Tuesday the 21st 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 get cracking.
How did the ASX 200 perform today and which sectors led the recovery?
Story number one, the S&P ASX 200 recovered from early losses today to finish virtually unchanged, up just two points to 8,793 points It was much lower earlier in the day, registering a two-week low shortly after opening before regaining ground throughout the morning. Technology was the strongest sector today. Investors buying back into AI-related stocks after concerns over China's new Kimmy K3 stock. model, well, they eased a little today. NextDC jumped almost 8%. Technology One and Megaport also posted strong gains. Gold miners rebounded as the gold price climbed back above $4,000 an ounce. Evolution at Northern Star, Newmont all rose strongly. South32 extended gains after its better-than-expected quarterly production report.
The banks weighed on the market. But oil prices eased slightly after recent gains, although conflict in the Middle East continues. More ships struck and details revealed as well of the number of US personnel who have been injured over the last couple of weeks. On to story number two now, and One Nation MP Barnaby Joyce has, well, he's gone viral after shouting at his pet dog during a live TV interview defending Pauline Hanson. Joyce was speaking to the ABC's 7.30 program about Hansen's recent trip to Europe when he suddenly interrupted himself yelling, sit down, at the dog who was off camera before apologising, explaining what he was yelling at and then continuing the interview. The somewhat unusual moment has certainly captured wider attention and comes during a broader discussion about Hansen's comments on immigration, her meeting with British far-right activist Tommy Robinson, her relationship with Gina Reinhart
Meanwhile, Hansen herself says that she is willing to work with the coalition to defeat Labor, but she has ruled out serving in a coalition cabinet if that were to happen. She was speaking at a business event in Perth today and declared that she believed she was capable of becoming prime minister and announced plans for a nationwide listening tour as One Nation support continues to climb in opinion polls. Story number three, KPMG has appointed longtime executive John Sams as its new chief executive as the consulting giant attempts to rebuild following its whistleblower scandal. Sams, who has worked at KPMG now for more than two decades, most recently serving as chief financial officer, He says that the firm must make tough decisions now to restore trust and improve its culture and governance.
His appointment comes as KPMG prepares for potential job cuts amid weaker consulting demand and the fallout from revelations that confidential client information was allegedly used to win new business, Labor Senator Deb O'Neill, who helped expose the scandal, has questioned the decision to appoint another long-serving insider, arguing that the firm needs stronger accountability. On to story number four now and looking overseas, Britain's new PM Andy Burnham has already unveiled his first major policy measures promising immediate action to ease cost of living pressures and help restore confidence after years of political instability. Burnham, who only took office... yesterday has already announced the removal of the value added tax equivalent of our gst really on power bills is also pledged to tackle rough sleeping as one of his first priorities but reuters reports that financial markets will be watching his policy announcements closely after government borrowing costs rose on concerns about how the new administration intends to fund its plans while remaining within britain's fiscal rules
And finally, story number five, US President Donald Trump has announced sweeping new tariffs of 50% on most Canadian imports, dramatically escalating trade tensions between the two countries. The White House says the move is in response to what it describes as unfair Canadian treatment of American vehicles, dairy products, and alcohol, as well as Canada's retaliation against previous US tariffs.
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