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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Monday, the eighteenth of November twenty twenty four. I'm

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Speaker 1: Sean Elma. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Stort number one.

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Speaker 1: The commodity sector saved the local share market today, with

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Speaker 1: the big miners offsetting losses in other sectors. A bounce

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Speaker 1: a nine ore prices helped BHP, Fort Skew Metals and Rio. Also,

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Speaker 1: there was a bit more confidence in uranium, aluminum, and

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Speaker 1: gold stocks. In the case of aluminium, a potential tax

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Speaker 1: change in China could send up prices of that commodity.

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Speaker 1: That news, for example, send aluminium minus south thirty two

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Speaker 1: up six percent. But the Trump trade stocks, think technology, healthcare, financials,

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Speaker 1: They struggled. Over the weekend. Wall Street fell back as

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Speaker 1: the enthusiasm for Trump trade stocks diminished on fears of

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Speaker 1: higher interstrates for longer that hit the local market. By

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Speaker 1: the end of the day, the SMPA six two hundred

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Speaker 1: was flat. Well that's not true. It was up zero

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Speaker 1: point two percent, not much to ninety three hundred points.

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Speaker 1: In corporate news, Life three sixty co founder Chris Holes

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Speaker 1: sold at one point two percent of total outstanding shares

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Speaker 1: so as to diversify his financial wealth. That hit its

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Speaker 1: share price. It fell more than six percent, but it

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Speaker 1: also meant Chris Hols was about thirty six million dollars richer,

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Speaker 1: at least in cash. Also Worth mentioned bond markets, the

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Speaker 1: enthusiasm for a February rate cut in Australia has diminished.

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Speaker 1: Now the pricing in bond markets is a fifty to

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Speaker 1: fifty per cent chance of a cut by April, one

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Speaker 1: hundred percent chance by July, a straight number two. The

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Speaker 1: big two supermarkets, Woolworth's and Cole's, are having their say

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Speaker 1: at a public hearing into the sector this week. They

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Speaker 1: face allegations of sham discounts from the competition regulator, the

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Speaker 1: Australian Competition and Consumer Commission. What they will say is

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Speaker 1: that the period examined by the ahriablec was particularly volatile.

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Speaker 1: It was post COVID nineteen and the competition watchdog misunderstands

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Speaker 1: how discounting works today. Woolli CEO Amanda Bardwell said the

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Speaker 1: industry is fiercely competitive, not just Woollies versus Coals, but

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Speaker 1: also costco Aldi and chemist warehouse. She also denied that

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Speaker 1: Woolies was land banking. That's the practice of holding onto

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Speaker 1: sites so they can't be used by competitors. Story number three.

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Speaker 1: The outgoing US Ambassador to Australia, Caroline Kennedy, called for

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Speaker 1: calm i over President elect Donald Trump's picks for government positions.

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Speaker 1: Speaking at the National Press Club today, she was asked

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Speaker 1: about whether Australia should trust the US with sensitive information

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Speaker 1: after pro Russian politician Tulsey Gabbard was picked as Director

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Speaker 1: of National Intelligence. Her quote, let's just calm down and

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Speaker 1: see what happens, and quote pointing out that all these

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Speaker 1: people still need to be confirmed. She was a bit

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Speaker 1: of a valedictory speech. She's about to head home. She

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Speaker 1: was very positive about Foreign Affairs Minister Penny Wong. She

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Speaker 1: said she's among the most impressive leaders on the world stage.

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Speaker 1: Is redefining Australia's role in the region. Straight Numberfore. Federal

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Speaker 1: Parliament is sitting this week and next week, the final

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Speaker 1: fortnight before the Christmas break. Although Prime Minister Anthony Albernizi

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Speaker 1: isn't around, he's in Brazil at the G twenty summit.

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Speaker 1: That takes a bit of sting out of proceedings today.

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Speaker 1: Question time was very much about energy policy and climate change,

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Speaker 1: that type of thing. What unusual event today? During question

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Speaker 1: time teal MP Monique Ryan was asked a question that

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Speaker 1: never happens. It's always the coalition and Labor has asked

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Speaker 1: a question anyway. She was asked a question it was

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Speaker 1: all about the private her private member's bill that aims

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Speaker 1: to clean up politics. She got to have a whack

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Speaker 1: at the government. She said, integrity measures placed before the

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Speaker 1: House haven't been debated by this government. And story number five.

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Speaker 1: The Corporate Regulator is suing National Australia Bank, alleging it

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Speaker 1: failed to respond to please for help from hundreds of

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Speaker 1: customers facing financial difficulties. AK alleges several breaches of the

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Speaker 1: credit Code. It alleges that National Australia Bank failed to

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Speaker 1: respond to three hundred and forty five hardship applications between

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Speaker 1: late twenty eighteen and late twenty twenty three within the

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Speaker 1: three week time frame required by law. According to the

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Speaker 1: fin review, some affected National Australia Bank customers were victims

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Speaker 1: of domestic violence or serious medical conditions. In a statement

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Speaker 1: to the ASEX, NAB apologized that's it for the Afternoon

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Speaker 1: Report for Monday, the eighteenth of November twenty twenty four.

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Speaker 1: Don't forget to follow on the podcast and find Fear

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Speaker 1: and Greed on LinkedIn, Instagram, x TikTok and Facebook. Joining

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Speaker 1: Michael Thompson and I tomorrow morning for the Fast Five

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Speaker 1: by Fear and Greed, the top five business stories you

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Speaker 1: need to know in just five minutes. I'm Sean Elmer.

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Speaker 1: Enjoy your reading.