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Speaker 1: Today on Fear and Greed. Donald Trump is set to

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Speaker 1: become the forty seventh president of the United States. Equities,

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Speaker 1: the US dollar and bitcoin surged on the back of

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Speaker 1: the Trump trade, and the head of the Federal Treasury

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Speaker 1: says changing taxes isn't the answer to the housing crisis.

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Speaker 1: Welcome to Fear and Greed. Daily business news for people

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Speaker 1: who make their own decisions. It's Thursday, the seventh of

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Speaker 1: November twenty twenty four. I'm Adam Lang and good morning,

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Speaker 1: Sean Almer.

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Speaker 2: Good morning, Adam Atra.

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Speaker 1: Very late night, a very late night, indeed, Sean. The

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Speaker 1: main story this morning, and it is a big one.

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Speaker 1: Donald Trump has claimed victory and is set to become

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Speaker 1: the forty seventh president of the United States after winning

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Speaker 1: crucial battleground states like Pennsylvania and the US election.

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Speaker 2: In the end, it wasn't as close as expected, with

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Speaker 2: Trump claiming key states like Pennsylvania you mentioned, but Georgia

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Speaker 2: and North Carolina as well. Talking outside marri Lago, Trump

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Speaker 2: forecast a golden age for the US, saying he'd been

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Speaker 2: given an unprecedented and powerful mandate. He was speaking a

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Speaker 2: couple of hours before the election was actually called for

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Speaker 2: him while counting in other battleground states Michigan, Arizona, and

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Speaker 2: Nevada and Wisconsin, continues, Donald Trump could well sweep them,

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Speaker 2: meaning he could end up with not just a majority

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Speaker 2: of the electoral votes, but a popular majority as well.

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Speaker 2: He didn't receive that. In twenty sixteen, the Republicans are

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Speaker 2: set to win control of the Senate, while the House

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Speaker 2: of Reps remains in the balance. While there were sporadic

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Speaker 2: reports of interruption to voting, including Haig's bomb threats, the

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Speaker 2: election ran relatively smoothly. Exit polls show that the number

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Speaker 2: one issue for thirty five percent of voters was the

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Speaker 2: fate of American democracy, followed by the economy at thirty

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Speaker 2: one percent. Abortion was cited by fourteen percent, and immigration

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Speaker 2: just eleven percent. Last night, world leaders, including the heads

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Speaker 2: of France, the UK, and Israel, congratulated mister Trump, as

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Speaker 2: did Ukrainian President Vladimir Zelenski. He's got quite a bit

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Speaker 2: in this fight, Sean.

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Speaker 1: It seems that markets were confident of a Trump victory too,

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Speaker 1: with the US dollar jumping and bitcoin hitting a new record.

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Speaker 2: Well, the US dollars up one and a half percent

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Speaker 2: against major currencies, not good news. For the Aussie dollar.

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Speaker 2: It's now trading around sixty five US since that move

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Speaker 2: in the usd over the past twenty four hours was

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Speaker 2: the biggest one day move since March twenty twenty. It

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Speaker 2: hit a four month high. Bitcoin we all know Donald

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Speaker 2: Trump seems to become hasal He has become a crypto fan.

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Speaker 2: Bitcoin hit an all time record of seventy four four

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Speaker 2: hundred US dollars a unit. It's up eighty percent this year.

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Speaker 2: Local crypto exchanges yesterday said volumes were very high. With

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Speaker 2: the US dollar high, some commodities started feeling the pressure.

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Speaker 2: Copper was an example of that. Gold was the outlier.

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Speaker 2: It's still trading near record higher levels. Bond yields also rose.

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Speaker 2: Now Donald Trump's plans to restrict immigration and place tariffs

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Speaker 2: on imports are inflationary. That could mean higher interest rates

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Speaker 2: for longer. Hence that's what's happened in that market.

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Speaker 1: Sure on, Prime Minister Anthony Albanezi was quick to come

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Speaker 1: out and so that Australian's relationship with the US will

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Speaker 1: remain strong no matter who wins the election. How are

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Speaker 1: you seeing it?

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Speaker 2: Yeah, well, I mean he said that before the actual

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Speaker 2: result came out. He said that the election of a

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Speaker 2: new US president is always a moment of profound consequence

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Speaker 2: for the world and our region. He said that the

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Speaker 2: alliance between the US and Australia has always been much

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Speaker 2: much bigger than the individual. He also paid tribute to

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Speaker 2: Joe Biden, the outgoing president. He called him a friend.

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Speaker 2: He's obviously clearing the way for a better relationship with

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Speaker 2: Donald Trump, perhaps than Malcolm Turnbull had when Donald Trump

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Speaker 2: first got to office and jud Donald Trump did do

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Speaker 2: things like he ratified the Quad Agreement between India, Japan,

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Speaker 2: Australia and the US, and he certainly supported Australia's role

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Speaker 2: as a player in the India Pacific against China. So

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Speaker 2: it's unfair to say he's not a friend of Australia.

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Speaker 2: But you know, with suggestions he wants to put massive

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Speaker 2: tariffs on I'm not sure he's a friend either.

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Speaker 1: Yeah, there is a change there Sean now. The local

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Speaker 1: sheer market seemed enthused by the election results. The S

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Speaker 1: and p ASX two hundred closed up nearly one percent

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Speaker 1: to eighty two hundred points.

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Speaker 2: So there's a general feeling that Trump is good for equities.

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Speaker 2: That's mostly because he wants to cut the corporate tax

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Speaker 2: rate in the US, which should boost earnings. We'll have

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Speaker 2: to wait and see on that, because if he does

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Speaker 2: keep interest rates higher for longer, the long term impact

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Speaker 2: might actually be negative, but at least in the short term,

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Speaker 2: equity seem happy tech stocks In Australia yesterday, financials and

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Speaker 2: consumer discretionary stocks all did best. Energy stocks were worse.

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Speaker 2: Come Off Bank hit a record high one hundred and

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Speaker 2: forty five dollars and thirty one cents a share. What

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Speaker 2: a juggernaut, Adam, What a juggernaut? Up forty five percent

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Speaker 2: is incredible. It's up forty five percent of the last

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Speaker 2: year and just doesn't know when to stop. Australia Banks.

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Speaker 2: It's releasing its results today. Ain Z is out tomorrow. Otherwise,

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Speaker 2: Domain dropped sharply yesterday after delivering a trading update which

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Speaker 2: wasn't overly appreciated, and Mineral Resources was down after Australia's

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Speaker 2: biggest investors, The Future Fund, said it wants to seek

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Speaker 2: more information from the board on Chris Ellison's involvement in

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Speaker 2: tax evasion. Chris Ellison, being the founding, a founder and

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Speaker 2: managing director of Mineral Resources. Future Fund, has about eighty

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Speaker 2: eight million dollars worth of stock in that company. If

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Speaker 2: anyone is going to put pressure on the board over

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Speaker 2: corporate governance, it should actually be the Future Fund, and

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Speaker 2: that's exactly what they're doing.

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Speaker 1: Sean, it has been an enormous forty eight hours. We'll

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Speaker 1: be back in a moment with the rest of the

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Speaker 1: day's business news. National Senator and Opposition Transport spokesperson Bridget

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Speaker 1: mackenzie failed to declare more than a dozen free flight

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Speaker 1: upgrades in breach of Senate disclosure rule.

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Speaker 2: Sean Ouch, whoops, embarrassing back down for Senator Mackenzie. She

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Speaker 2: certainly led the attacks on Anthony Alberisi and his relationship

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Speaker 2: with Alan Joyce. She previously said she hadn't received any perks. Well,

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Speaker 2: she has at least twelve domestic and international business class

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Speaker 2: upgrades on Quantus and Virgin flights since twenty eleven when

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Speaker 2: she joined parliament. She wrote to those airlines in the

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Speaker 2: last couple of weeks and asked whether she had received upgrades.

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Speaker 2: They came back clearly she has. She hasn't updated that

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Speaker 2: at least in her register of interest. She hasn't declared that,

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Speaker 2: so technically she's actually in breach of Senate disclosure rules.

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Speaker 2: A spokesperson for the Senator said that she's just working

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Speaker 2: through the records at the moment all this stuff, Adam,

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Speaker 2: it comes down to a question of character. So the

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Speaker 2: claims that Anthony Albanezi rang Alan Joyce see of Quantus

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Speaker 2: for upgrades when he was Transport Minister didn't look good

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Speaker 2: at all. That came out of a book by a

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Speaker 2: guy called Joe Ashton, a former coll at the AFAR.

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Speaker 2: Now the Parliament that the Prime Minister's people have just

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Speaker 2: flatly denied that it happened. They said it didn't happen.

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Speaker 2: Opposition lyder Peter Dutton's been caught up in it. He

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Speaker 2: took a flight on Geena Reinhardt's private plane from Brisbane

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Speaker 2: to Sydney. He called on her for some help. Now

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Speaker 2: we've got Bridget McKenzie under fire. It's just one of

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Speaker 2: those ones which keeps giving. What is interesting in Parliament

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Speaker 2: sitting this week, not many questions from either side about

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Speaker 2: this particular issue.

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Speaker 1: Hmm. It's a story that keeps giving for journalists, Sean,

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Speaker 1: and taking from reputations of politicians. Yeah, So moving on, Sean,

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Speaker 1: the Boss of Treasury, Stephen Kennedy, So the best way

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Speaker 1: to improve the housing crisis is not by charging taxes,

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Speaker 1: but by increasing supply.

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Speaker 2: Yes. He was appearing before a Senate hearing. He was

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Speaker 2: asked about whether cutting capital gains, tax breaks, and negative

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Speaker 2: gearing would help improve housing affordability. He said, we call

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Speaker 2: them areas of interro but ultimately it's a supply question.

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Speaker 2: He went on to say tax reform, this is right

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Speaker 2: up your alley, Adam. Tax reform should be thought of

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Speaker 2: in the context of the broader system rather than individual taxes,

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Speaker 2: and that border affordability issues were too complex to come

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Speaker 2: down to any single policy. He said, Treasury has modeled

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Speaker 2: these sorts of reforms as a matter of practice for

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Speaker 2: several years now. There was a bit of a who ha,

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Speaker 2: shall we say, in the past couple of months. Want

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Speaker 2: it emerged that Josh why Neddie said, Josh Fredenberg, he

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Speaker 2: was a former treasure Jim Chalmers, I mean Jim Chalmers

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Speaker 2: that asked Treasury from modeling on these Now. I don't

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Speaker 2: know whether he asked Treasury for modeling on it or not,

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Speaker 2: But what the head of Treasury, Stephen Kennedy said yesterday

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Speaker 2: was they do it as a matter of practice anyway.

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Speaker 2: He also went on to say government spending on disability

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Speaker 2: and healthcare was making a strong contribution to economic growth,

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Speaker 2: and he said any higher tariffs under the Trump presidency

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Speaker 2: could hurt local economic growth.

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Speaker 1: Sean, Given we are talking housing, good time to mention

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Speaker 1: today's edition to the Property Pendulum. This is coming up

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Speaker 1: in your playlist straight after the show this week. It's

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Speaker 1: all about what a property listing is really telling you.

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Speaker 1: The listings are full of secret codes, and if you

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Speaker 1: know what to look for, you can save yourself a

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Speaker 1: bunch of time and a lot of hassle.

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Speaker 2: Yeah, that's they're great friends at Domain. Looking forward to

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Speaker 2: that one because you know when you read those listings

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Speaker 2: and you think, I'm not sure that what that's saying

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Speaker 2: actually is going to reflect what I'm going.

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Speaker 1: To view renovators to light Sean, stuff like that. I'm

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Speaker 1: keen to understand the code myself. Moving on to Industrial

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Speaker 1: Property Group Godman, they've done a lot more power deals

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Speaker 1: for a new wave of data centers that are being

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Speaker 1: developed globally.

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Speaker 2: Yes, Goodman's incredible company, the ninth largest company on the AX.

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Speaker 2: It's up sixty five percent of the last year, easily

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Speaker 2: the best of the top ten companies. The only one

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Speaker 2: in the top of the top twenty companies better than

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Speaker 2: it is wise Tech Global. Goodman has a network of

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Speaker 2: eighty billion dollars worth of global properties. It held its

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Speaker 2: annual general meeting Yesterday's Yesterday's yesterday, Adam Yesterday. It's pushing

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Speaker 2: into data centers. Big question about data centers is power.

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Speaker 2: How to get power into it? Anyway, Goodman said, It's

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Speaker 2: done a bunch of powered deals for all these new

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Speaker 2: data centers. The CEO, Greg Goodman said that data centers

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Speaker 2: in the end would be built in the industrial parks

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Speaker 2: in places like Western Sydney. It certainly seems to be

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Speaker 2: the future for a lot of these industrial property companies.

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Speaker 1: FORDESQW Metals Group held its annual general meeting yesterday and

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Speaker 1: Shawn executive chairman Andrew Forrest said the company still planned

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Speaker 1: to be a major player in green energy, and that's

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Speaker 1: despite its retreat from hydrogen this year.

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Speaker 2: Yes so, mister Forrest said that the company plans to

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Speaker 2: eliminate the use of fossil fuels in its own or

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Speaker 2: operation by twenty forty. Remember a couple of months ago,

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Speaker 2: back in July, it dropped its green hydrogen ambitions basically

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Speaker 2: too expensive, too hard. So how do they get to

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Speaker 2: neutral fossil fuels by twenty forty Well, mister Forest yesterday

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Speaker 2: said it was via technological breakthroughs whatever they're going to be,

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Speaker 2: and electrification of its mining fleet. Fourdeskew Metals also said

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Speaker 2: it will lean on governments to help reduce the cost

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Speaker 2: of producing green.

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Speaker 1: Energy Sean Staying and iron ore prices jumped yesterday ahead

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Speaker 1: of expected stimulus from Beijing, and then they tumbled, taking

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Speaker 1: the share price of the big miners with them.

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Speaker 2: Really weird day. So the share prices of the big

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Speaker 2: miners actually jumped at around one percent, but then they

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Speaker 2: ended up the end of the day about one percent lower.

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Speaker 2: As a grew, the big three miners have been very

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Speaker 2: ordinary over the past year. BHP is down about seven percent.

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Speaker 2: Forour esqu Metals group was up, he's down about nine percent.

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Speaker 2: Is down about three percent. Remember a few weeks back

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Speaker 2: with going on about BHP being the biggest company on

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Speaker 2: the burs again, well come off, Bank is well and

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Speaker 2: truly big. It's about ten percent bigger than BHP. And

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Speaker 2: that's all occurred in the past couple of weeks. Really

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Speaker 2: only Woodside, which is down thirty percent, Woolies, which is

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Speaker 2: down sixteen percent, have performed worst among the big stocks.

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Speaker 2: So big miners are really really struggling. They just can't

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Speaker 2: overcome the weakness in China. Iinaw itself is still training

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Speaker 2: above one hundred US dollars a ton, but I mean

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Speaker 2: it's been that way since the beginning of last month.

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Speaker 2: It's just that they just can't seem to get any

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Speaker 2: momentum going whatsoever. The Minus Sean.

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Speaker 1: Moving to international news, Israeli Prime Minister Benjamin Netanna, who

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Speaker 1: fired Defense Minister Yoav Gallant, saying long standing disagreements between

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Speaker 1: them over the conduct of the conflicts with Hamas and

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Speaker 1: Hezbollah had become impossible to bridge.

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Speaker 2: Mister Netanyahu said that mister Glant's statements and action contradicted

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Speaker 2: the decisions of the government and the Security Cabinet. For

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Speaker 2: his part, mister Glant said he was sacked because of

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Speaker 2: his advice to compromise over the war in the Middle

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Speaker 2: East in order to recover hostages. He also said he

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Speaker 2: was sacked for his call for the construcription of young

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Speaker 2: religious men. Now tens of thousands of Israelis protested the

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Speaker 2: decision blocking streets and starting fires. The bottom line here,

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Speaker 2: mister Glant, he's really been pushing for a ceasefire to

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Speaker 2: hopefully help get free those hostages, but the Prime Minister

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Speaker 2: Benjamin Yahu keeps saying that Israel must keep fighting to

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Speaker 2: defeat Hamas Sean.

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Speaker 1: Moving to Apple, Apple has worn that future products may

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Speaker 1: never be as profitable as its iPhone business as it

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Speaker 1: pushes into artificial intelligence and virtual reality headsets. Now, Sean,

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Speaker 1: I've got a confession to make here. I'm a recent

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Speaker 1: purchase of a brand new iPhone, so I've contributed to

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Speaker 1: that profit.

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Speaker 2: Hmm. What's interesting because I mean this whole came out

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Speaker 2: in the Apple and you'll report until now, Apple's never

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Speaker 2: really been so direct in addressing the financial profile of

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Speaker 2: its future products. According to report in the Financial Times,

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Speaker 2: so Apple has really lived off the iPhone for a

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Speaker 2: decade or so. People are you as still buying them,

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Speaker 2: So they're still doing well. But the pushon to China,

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Speaker 2: the pushon that China hasn't been quite as successful as

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Speaker 2: they'd hoped, and some of the other things artificial intelligence,

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Speaker 2: virtual reality headsets, they probably just won't be earning the

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Speaker 2: revenue or at least the profitabillit the profits that iPhones have.

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Speaker 2: Apple's basically investing heavily in AI to catch up with

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Speaker 2: rivals like Google and Meta, as well as in its

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Speaker 2: new Vision pro spatial computing headset, its first, in fact,

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Speaker 2: it first Apple Intelligence features were launched last week for

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Speaker 2: that headset. Plenty going on with Apple is a really

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Speaker 2: interesting stock at the moment. It's facing regulatory pressure on

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Speaker 2: its App store and other parts of its services business.

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Speaker 2: There's a recent US anti trust victory against Google that

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Speaker 2: threatens to cut off billions of dollars of licensing revenues

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Speaker 2: that Apple makes from the search group, and of course

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Speaker 2: they have the last week we found out that Warren

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Speaker 2: Buffett is selling down holdings of Apple Assault into the wound.

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Speaker 2: It's lost its position as the largest company on Wall Street,

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Speaker 2: and Video's share price was up nearly three percent. I

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Speaker 2: have the past twenty four hours. It's worth three point

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Speaker 2: four to three trillion dollars. Apple's at about three point

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Speaker 2: three eight trillion US.

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Speaker 1: Dollars, staggering numbers. Yeah, Sean moving to South Korea a celebrity,

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Speaker 1: has become one of the richest chefs in the world

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Speaker 1: after his restaurant franchise was listed on the Korean Exchange

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Speaker 1: and he's worth sword to about four hundred million dollars.

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Speaker 2: Apparently, his South Korea's Gordon Ramsey, Adam, that's what they say, Okay, I.

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Speaker 1: Hope and I give my feedback pretty directly there.

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Speaker 2: I think, so apologize if I get the pronunciation wrong here.

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Speaker 2: But Pac Yong w was in Netflix's Culinary Class Wars,

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Speaker 2: which apparently is the top streaming title for non English shows.

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Speaker 2: His restaurant liston on South Korean bors almost doubled in price,

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Speaker 2: and the restaurant's called The Born Career. I'm sure the

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Speaker 2: Korean name is something a little easier to the year,

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Speaker 2: but the Born Career, basically k culture has just taken

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Speaker 2: off plenty of fans, particularly in the food and culinary

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Speaker 2: sector of the chef. It's also a master marketer. Fifty

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Speaker 2: eight years old, He's had a bunch of TV shows.

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Speaker 2: His YouTube channel has six point six million subscribers. The

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Speaker 2: restaurant chain itself affordable menus with casual dining experiences makes

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Speaker 2: him one of the richest chefs in the world. Who else.

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Speaker 2: I'm going to give you one guess, Adam, who's the richest.

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Speaker 2: This is According to Bloomberg, who do you reckon? The

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Speaker 2: richest chef in the world is?

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Speaker 1: What's his? No, Wolfgang Puck in America? Would he be one?

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Speaker 2: Well, day, say, Jamie Oliver is okay, four hundred million dollars.

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Speaker 1: Oh, look, that's fair enough. He is a machine.

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Speaker 2: Here's a machine. Here's a machine. I once went saw

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Speaker 2: him at the State Theater in Sydney and it was

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Speaker 2: one of the did I short, one of the more

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Speaker 2: interesting things I've ever seen? I must say it was

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Speaker 2: fantastic Jamie Oliver.

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Speaker 1: It was like a rock show.

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Speaker 2: Yeah it was. And I don't know what there was

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Speaker 2: one that you saw, But when he did, he said,

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Speaker 2: I'm going to make a pizza from scratch. And first

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Speaker 2: thing I'm going to do is ring up Dominoes and

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Speaker 2: order a pizza, and I'll tell you how to make

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Speaker 2: a pizza quicker than the guy that delivers it. And

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Speaker 2: the guy turns up thirty minutes later with a pizza,

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Speaker 2: and he walks on stage and looks into the crowd

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Speaker 2: and goes, oh my god, where am I? And Jamie

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Speaker 2: Oliver's there saying now. And in that thirty minutes he'd

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Speaker 2: created the bass in this incredible pizza and he basically said,

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Speaker 2: come on mate, and the guy just looks at the

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Speaker 2: crowd and goes, oh, what am I doing? And anyway,

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Speaker 2: he got a hundred He got a hundred dollars tip

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Speaker 2: from Jamie Oliver, which I think I think was happy

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Speaker 2: about that. Jamie Oliver threw the I don't know there's

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Speaker 2: dominoes but it was like a chain pizza into the

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Speaker 2: bin and started lunching into his own. There you go.

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Speaker 1: I must have been a different night showing my my

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Speaker 1: night was with pasta, not pizza.

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Speaker 2: Ah, right now, I was a pizza night. There you go.

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Speaker 1: Now up next is the property pendulum on what real

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Speaker 1: estate ads are actually saying. That's right in the Your

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Speaker 1: Fear and Greed playlist on your favorite podcast platform or

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Speaker 1: at Fearangreed dot com dot au. Thank you, Sean, thank

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Speaker 1: you Adam. It's Thursday, the seventh of November twenty twenty four.

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Speaker 1: Make sure you're following the podcast, join us online on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook, and please have a great day.