Afternoon Report | Social media plans
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Welcome to Fear and Greed Business News Afternoon Report for Friday the 26th of June, 2026. I'm Sean Aylmer. Every afternoon we've got the five stories that happened today that you need to know about. Story number one, the S&P ASX 200 closed up 0.2% to 8,764 points, meaning for the week it was down about 0.7%. Today, tech stocks were among the worst performers following a sell-off on Wall Street, while the safer sectors, think utilities, consumer staples, did best. Among the large caps, the big miners were higher, while the banks were mixed. West Farmers and Transurban outperformed, while CSL underperformed. Story number two, 11 months into the financial year, it looks like the federal budget deficit has narrowed by half as a combination of delayed spending and much higher tax revenue boosts the bottom line.
Department of Finance figures shows that the underlying budget deficit was just under $11 billion to May 31. Now, the full year result isn't due until the end of September, but at this point, it's tracking well below forecast. In fact, for the full year, the deficit is forecast to hit $28 billion. Government spending tends to be higher in June because departments spend unallocated funds during the month, but still, $28 billion coming in at $11 billion after 11 months, looking pretty good. Story number three, Australia's world first teen social media ban will be strengthened to deal with potential legal challenges. and improve the powers of the online watchdog.
What were the closing statistics for the ASX today?
Nearly eight months since the federal government barred children under 16 years of age from apps like Instagram, Snapchat, TikTok, Reddit and Facebook, Labor is planning further changes to hold tech giants accountable, according to AAP. Prime Minister Anthony Albanese said, what we're looking at doing is any way that we can further strengthen the laws if there are legal challenges. Now, Julie Inman Grant, the eSafety Commissioner, has previously raised concerns about the thin scaffolding. The ban described it as a very blunt force approach. The policy has been highly controversial among tech companies. Two separate court challenges have been lodged, one by Reddit, one by a pair of teenagers backed by the Digital Freedom Project.
While the government says millions of social media accounts have been deleted, recent research has shown the ban can be circumvented with relative ease. Story number four, the International Maritime Organization has paused its evacuation plan for ships stuck in the Strait of Hormuz after a vessel that passed through the waterway was attacked this morning. The UN agency did not identify the ship or who attacked it. in what is the latest test of an interim deal between the US and Iran to reopen the strait and extend a ceasefire between the two sides by 60 days. Iran's powerful Revolutionary Guards had earlier said that coordination with its naval force was mandatory for vessels transiting the strait and warn ships against using any unauthorized routes.
That's all according to the Financial Times. Finally, story number five, nothing to do with business. But well done to the Socceroos for making it to the knockout round of the World Cup. A nil-all draw with Paraguay did the trick, and the next game is at 4am next Saturday morning. The opponent is the second-placed team in Group G, which will come from Egypt, Iran or Belgium. In fact, there's even a slim chance that Australia could play New Zealand in the next round if the Kiwis can beat Belgium today. That'd be fun. That's it for the afternoon report for Friday, the 26th of June, 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.
Täällä Pekka Palvikenkku, ja tänään tutkitaan ruoka-alan kotimaisuutta. Lastauslaiturille on juuri saapunut Valjo Aimon tukkutoimitus. Hei kuljettaja, minne teidän tuotot menevät?
Valjo on suomalaisten maidontuottajien omistama, ja siksi Valjo Aimon tuotot jäävät Suomeen. Olen Aimo, ruoka-alan ammattilaisten kumppani.
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