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 Tuesday, the 12th of May, 2026. I'm Sean Elmer. Every afternoon, we've got the five stories that happened today that you need to know about.
Chapter 2: Why did the ASX close lower today?
The S&P ASX 200 closed down 0.4% today to 8,671 points. The tech stocks were sold off, as were the retailers, healthcares and financials. The best performers were the miners and utilities companies. BHP hit a new record high of $60.20 a share before finishing just under that mark. It pushed the valuation of Big Australian over $300 billion, and it is, once again, the largest stock on the Bourse.
Rio Tinto jumped 3% today, while Fortescue Metals was up more than 2%. All the big banks were lower today, down between 1.5% and 2.5%. Story number two, Federal Treasurer Jim Chalmers has promised that tonight's budget will include significant economic reforms, predicting that the pace of change will pick up.
He said it will be ambitious, reformist, and will help people through the current downturn with a focus on housing. What we do know is that there will be changes around the taxation of capital gains, of trusts, changes to negative gearing. There'll also be a shift in NDIS costs, as well as productivity measures. The economic forecasts are likely to show higher inflation and lower growth.
It all comes out at 7.30pm tonight. Of course, we'll have a full package of what's in the budget in tomorrow morning's show, plus Stephen Koukoulis giving us his take. Story number three, Defence Minister Richard Marles has announced the ADF will temporarily pause all parachuting exercises after a Special Forces soldier was killed during a drill on the New South Wales coast.
Warrant Officer Lachlan Muddle was killed yesterday when the experienced soldier collided mid-air with a parachute instructor during a routine night training exercise at the Jarvis Bay airfield. Mr Marles said investigations suggested the two parachutes became entangled.
Story number four in corporate news, Life360 tumbled 11% today, worst on the Bourse after the US-based company said a temporary technical issue in the first quarter lowered new user registrations and the company will feel the impact until the third quarter. The news offset an upgrade to full use earnings guidance from that one.
At Insurance Australia Group, well, it refreshed its ambition 2030 strategy. It's targeting more than $25 billion in gross written premium, over 11 million customers by 2030 that helped push up its share price 1%. The plan aims to deliver stronger earnings growth and shareholder returns. And finally, story number five, UK Prime Minister Sir Keir Starmer is under intense pressure to resign.
with several of his cabinet ministers wanting a timetable for when he will step down. The tally of Labor MPs calling for Secure to resign or set out that timetable has reached 72, according to the BBC. However, not everyone wants the PM to go. Starmer has insisted he will prove doubters wrong, adding that his government has made mistakes. But they got the big political choices right.
The next 24 hours will be critical to his chances of staying in the top job. That's it for the afternoon report for Tuesday, the 12th 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. Enjoy your evening.
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