Afternoon Report | Higher oil price hits ASX
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Why did higher oil prices push the ASX 200 down today?
Welcome to the Fear and Greed Business News Afternoon Report for Friday, the 21st of August, 2026. I'm Sean A. Olmer. Every afternoon, we've got the five stories that happened today that you need to know about. Story number one: the SP ASX 200 finished down 0.3% today to 9,059 points after oil prices pushed back above US$93 a barrel. Followed US President Donald Trump threatening to crush the Iranian economy, which reduced the prospects of reopening the Strait of Hormuz. The White House said it would release details of its plan next week. Interest rate sensitive sectors like real estate and consumer discretionary stocks fared worst on the bourse today. While utilities and energy stocks did best among the large caps, Goodman lost nearly 5%.
How could two Qantas flights have been cleared for intersecting routes at Sydney Airport?
West Farmers and CSL were also sold off. The Big Bang Tanks were mixed while Rio and Woodside were among the better performers. Story number two: investigators are examining how two Qantas flights at Sydney Airport were given clearance to take routes that could have caused a collision earlier in the week. It is the fourth incident in the last month. The Australian Transport Safety Bureau said a Qantas 737 coming in from the Gold Coast was heading west on the ground and had clearance to turn right. At the same time, a Qantas Airbus A three twenty one Preparing to depart for Melbourne also had clearance to turn, which would have put it in the other plane's path.
What’s driving Steadfast’s decision to leave the ASX after a $7.7 billion takeover bid?
The smooth operation of Sydney Airport's tower has been a source of concern from the airline industry, which has complained about regular delays at Sydney Airport. Story number three: there's been some takeover activity today. Listed insurance broker group Steadfast is set to leave the ASX after a consortium confirmed it. $7.7 billion bid following weeks of due diligence, M1s, an American insurance distribution diet, Dragon Ear Investment. And private equity group KKR have made their $6 a share bid for Steadfast Binding. According to the Fin Review, trading in Steadfast shares were paused today, pending an announcement. It marks the biggest all-cash MA deal for a financial services company in Australia's history.
An EQT Holdings share price surged after private equity group BGH Capital bid $2.75 a share. For the group, the Board of the Financial Services Company that specializes in trustee and wealth services said it would evaluate the offer before making any recommendation.
Why did ARN Media report a 14% revenue drop and a $28 million loss?
Story number four ARN Media has spent more than $17 million so far on legal costs and its settlement with Carl Sanderlands. And that's so far, the total cost, including lost revenue, is probably closer to $50, $55 million. million dollars. ARN, which owns the KISS and Pure Gold brands and a regional radio network, today reported a 14% drop in net revenue and a loss of $28 million, according to the FIN, is a chaotic half for the company. Its top rating and long-running breakfast radio program, the Colonel Jackie O Show, imploded in February after Sandlands launched a tirade against co-hosts Jackie Henderson, who walked out and refused to work with him. IRN's new chief executive, Michael Stevenson, and Chairman Hamish McClennan said that resolving some of this uncertainty is putting the company on a better footing for the rest of the year.
Let's hope so for shareholders. And story number five: Walmart's shares fell 9% on Wall Street overnight after the world's largest retailer reported its weakest US sales growth in more than six years.
How are higher fuel costs and tariff refunds affecting Walmart’s US sales and pricing strategy?
Years. The company also promised to use a major tariff refund to fund price cuts as American consumers hold back spending. The slowdown comes as higher fuel prices caused by the US war with Iran have pinched consumers and follows national retail sales that declined in July. The company warned of an extra US$D in fuel costs for its own trucking fleet, with about a third of its US merchandise imported. Walmart said it received almost three billion dollars in refunds after emergency tariffs enacted by Donald Trump were struck down by the US Supreme Court in February. Now it's going to use that refund to cut prices, but that will increase pressure on other supermarket chains, places like Costco and Aldi, as as consumers seek out cheaper food.
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Chapters
5 chapters
1
Why did higher oil prices push the ASX 200 down today?
0:03–0:47
2
How could two Qantas flights have been cleared for intersecting routes at Sydney Airport?
0:47–1:28
3
What’s driving Steadfast’s decision to leave the ASX after a $7.7 billion takeover bid?
1:28–2:28
4
Why did ARN Media report a 14% revenue drop and a $28 million loss?
2:28–3:33
5
How are higher fuel costs and tariff refunds affecting Walmart’s US sales and pricing strategy?
3:33–4:31
Speakers
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