1
00:00:03,480 --> 00:00:06,360
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,400 --> 00:00:09,160
Speaker 1: for Thursday, the twenty sixth of March twenty twenty six.

3
00:00:09,200 --> 00:00:11,520
Speaker 1: I'm Michael Thompson, and every afternoon we've got the five

4
00:00:11,560 --> 00:00:13,680
Speaker 1: stories that happened today that you need to know about.

5
00:00:13,920 --> 00:00:16,479
Speaker 1: Let's go with story number one. The S and PA

6
00:00:16,640 --> 00:00:20,120
Speaker 1: SEX two hundred closed zero point one percent lower today

7
00:00:20,560 --> 00:00:23,400
Speaker 1: to eighty five hundred and twenty six points, holding onto

8
00:00:23,480 --> 00:00:26,000
Speaker 1: most of yesterday's gains. Though yesterday, of course, we had

9
00:00:26,000 --> 00:00:28,520
Speaker 1: the strongest day in a year, up one point nine percent,

10
00:00:28,560 --> 00:00:31,720
Speaker 1: on optimism about the potential peace talks in the Middle East,

11
00:00:32,000 --> 00:00:35,440
Speaker 1: but there is still plenty of confusion with conflicting signals

12
00:00:35,479 --> 00:00:39,440
Speaker 1: from the US and Iran over these possible negotiations. Oil

13
00:00:39,520 --> 00:00:43,360
Speaker 1: prices pushed higher. Brent crude was up nearly two percent

14
00:00:43,600 --> 00:00:46,680
Speaker 1: to above one hundred and four US dollars a barrel.

15
00:00:47,080 --> 00:00:50,000
Speaker 1: Local energy stocks gained ground off the back of that.

16
00:00:50,080 --> 00:00:53,080
Speaker 1: Santos was up two and a half percent, Karun Energy

17
00:00:53,159 --> 00:00:57,240
Speaker 1: up three point seven percent, Woodside gained two point three

18
00:00:57,280 --> 00:01:02,000
Speaker 1: percent today. Defense stocks also lined, with both drone, shield

19
00:01:02,160 --> 00:01:06,040
Speaker 1: and electro optics systems up around five percent. As investors

20
00:01:06,040 --> 00:01:10,120
Speaker 1: continued to position around the conflict. Banks were mixed, with

21
00:01:10,200 --> 00:01:13,040
Speaker 1: Commonwealth Bank and Westpac edging higher, while A and D

22
00:01:13,240 --> 00:01:17,280
Speaker 1: National Australia Bank both slips, reflecting that uncertain outlook. Gold

23
00:01:17,319 --> 00:01:19,959
Speaker 1: miners weighed on the market. Newmont was down nearly three percent,

24
00:01:20,040 --> 00:01:25,440
Speaker 1: Genesis Minerals four point three percent, Resolute Mining off six percent. Technology,

25
00:01:25,480 --> 00:01:28,600
Speaker 1: though was the worst performing sector. The tech stock's got

26
00:01:28,920 --> 00:01:31,720
Speaker 1: little bit hammered today. Wistech Global and Zero were both

27
00:01:31,880 --> 00:01:34,800
Speaker 1: down more than three percent on Destory number two Now

28
00:01:34,840 --> 00:01:37,720
Speaker 1: in Australia has moved to Titan entry rules for some

29
00:01:37,840 --> 00:01:41,520
Speaker 1: Iranian visa holders as the war drags on. Amid broader

30
00:01:41,560 --> 00:01:46,840
Speaker 1: security and border concerns, more than seven thousand Iranian temporary

31
00:01:46,920 --> 00:01:50,680
Speaker 1: visa holders have been barred from traveling to Australia, framed

32
00:01:50,680 --> 00:01:54,080
Speaker 1: as an adjustment in visitor visa settings as the conflict develops.

33
00:01:54,280 --> 00:01:56,360
Speaker 1: It is a sensitive one for the government, wanting to

34
00:01:56,360 --> 00:01:59,800
Speaker 1: project firmness on security but also want to avoid punishing

35
00:01:59,800 --> 00:02:02,920
Speaker 1: peace people who have nothing to do with the conflict.

36
00:02:02,960 --> 00:02:05,760
Speaker 1: But the change announced by Home Affairs Minister Tony Burke

37
00:02:06,160 --> 00:02:08,600
Speaker 1: aims to deal with concerns that those who come here

38
00:02:09,000 --> 00:02:12,360
Speaker 1: may be unable or unwilling to return home during the

39
00:02:12,440 --> 00:02:15,600
Speaker 1: conflict in the Middle East. The government says exceptions will

40
00:02:15,639 --> 00:02:19,559
Speaker 1: remain in effect, including for visa holders already in Australia

41
00:02:19,680 --> 00:02:22,920
Speaker 1: or for partners and children of an Australian citizen for

42
00:02:22,960 --> 00:02:27,320
Speaker 1: instance story number three. A senior Reserve Bank official has

43
00:02:27,400 --> 00:02:32,840
Speaker 1: warned the wars supply shock creates countervailing forces for monetary policy.

44
00:02:33,240 --> 00:02:37,600
Speaker 1: Reserve Bank Assistant Governor Chris Kent says a negative supply

45
00:02:37,680 --> 00:02:41,080
Speaker 1: shock pushes up prices while weakening activity, and that central

46
00:02:41,080 --> 00:02:44,840
Speaker 1: banks can't change that trade off, but must prevent inflation

47
00:02:45,120 --> 00:02:49,320
Speaker 1: expectations from lifting. He points to the way tighter commodity supplies,

48
00:02:49,360 --> 00:02:52,560
Speaker 1: such as a disruption to oil flows, can effectively tighten

49
00:02:52,639 --> 00:02:55,959
Speaker 1: financial conditions without any rate move. At the same time,

50
00:02:56,000 --> 00:03:01,160
Speaker 1: inflation risks can demand a more restrictive STANCEBA has of course,

51
00:03:01,200 --> 00:03:03,520
Speaker 1: lifted the cash rate now by fifty basis points in

52
00:03:03,520 --> 00:03:05,480
Speaker 1: the last couple of months, taking it to four point

53
00:03:05,480 --> 00:03:10,639
Speaker 1: one percent. If inflation rises because fuel and energy spike,

54
00:03:10,720 --> 00:03:14,519
Speaker 1: the Reserve Bank needs to respond because inflation psychology can change.

55
00:03:15,040 --> 00:03:19,040
Speaker 1: That's when price rises become sticky and businesses start setting

56
00:03:19,080 --> 00:03:23,240
Speaker 1: prices essentially just in case The other part is confidence.

57
00:03:23,360 --> 00:03:27,080
Speaker 1: Prolonged conflicts can force a repricing of assets and that

58
00:03:27,200 --> 00:03:31,760
Speaker 1: hits households through superannuation and businesses through financing costs. So

59
00:03:31,800 --> 00:03:35,640
Speaker 1: the RBA is watching these inflation expectations, but it's also

60
00:03:35,720 --> 00:03:39,560
Speaker 1: watching financial stability. It is quite a juggling act. Story

61
00:03:39,640 --> 00:03:43,240
Speaker 1: Number four further industrial action that the ABC is quote

62
00:03:43,360 --> 00:03:47,080
Speaker 1: absolutely on the table as tensions escalate between staff and

63
00:03:47,120 --> 00:03:50,280
Speaker 1: management following the end of a twenty four hour strike

64
00:03:50,360 --> 00:03:54,120
Speaker 1: today at the National broadcaster, The Media, Entertainment and Arts

65
00:03:54,160 --> 00:03:56,720
Speaker 1: Alliance says it is preparing for the next phase of

66
00:03:56,720 --> 00:03:59,560
Speaker 1: the dispute, with talk set for the Fair Work Commission

67
00:03:59,560 --> 00:04:03,640
Speaker 1: on Money Day and members considering additional strikes. The union

68
00:04:03,720 --> 00:04:05,840
Speaker 1: is pushing for pay rises of four and a half

69
00:04:05,840 --> 00:04:09,440
Speaker 1: percent a year over three years, rejecting management's offer of

70
00:04:09,440 --> 00:04:12,160
Speaker 1: a ten percent increase over the same period plus of

71
00:04:12,280 --> 00:04:16,000
Speaker 1: one off one thousand dollars bonus. ABC boss Hugh Marx

72
00:04:16,320 --> 00:04:20,560
Speaker 1: has warned that the union's demands would force cuts to services,

73
00:04:20,600 --> 00:04:25,279
Speaker 1: citing the broadcast's fixed funding model, which is set by

74
00:04:25,400 --> 00:04:28,640
Speaker 1: the government. While staff argue that current pay and conditions

75
00:04:28,640 --> 00:04:32,320
Speaker 1: are driving talent out, staff returned to work this morning

76
00:04:32,360 --> 00:04:35,119
Speaker 1: after walking off the job for twenty four hours, during

77
00:04:35,120 --> 00:04:38,800
Speaker 1: which time regular programs were canceled and replaced by international

78
00:04:38,800 --> 00:04:43,520
Speaker 1: feeds and reruns, And finally, story number five. Elon Musk's

79
00:04:43,640 --> 00:04:47,279
Speaker 1: SpaceX is considering a massive initial public offering that could

80
00:04:47,360 --> 00:04:50,719
Speaker 1: raise more than seventy billion US dollars, potentially making it

81
00:04:50,760 --> 00:04:55,080
Speaker 1: the largest IPO in history. Bloomberg reports that SpaceX is

82
00:04:55,080 --> 00:04:57,880
Speaker 1: now targeting evaluation of more than one point seventy five

83
00:04:58,000 --> 00:05:01,240
Speaker 1: trillion US dollars, which would place among the most valuable

84
00:05:01,240 --> 00:05:05,240
Speaker 1: companies globally, ahead of names like Meta and Tesla. It

85
00:05:05,240 --> 00:05:09,040
Speaker 1: would also dwarf Saudi Aramco's twenty nine billion US dollar

86
00:05:09,120 --> 00:05:11,799
Speaker 1: listing in twenty nineteen, which is currently the biggest IPO

87
00:05:11,880 --> 00:05:15,799
Speaker 1: on record. SpaceX is reportedly aiming for a June listing,

88
00:05:16,160 --> 00:05:20,240
Speaker 1: with preparations for a confidential filing already underway. Those plans

89
00:05:20,279 --> 00:05:23,159
Speaker 1: could of course still change. The scale of the float

90
00:05:23,480 --> 00:05:28,040
Speaker 1: reflects strong investor appetite for space and AI linked assets

91
00:05:28,080 --> 00:05:32,719
Speaker 1: following SpaceX's expansion into satellite services and its integration with

92
00:05:32,839 --> 00:05:37,279
Speaker 1: Musk's AI venture XAI. And that's it for the afternoon

93
00:05:37,320 --> 00:05:40,360
Speaker 1: report for Thursday, the twenty sixth of March. Make sure

94
00:05:40,360 --> 00:05:42,920
Speaker 1: you're following the podcast, and please head along to Fearangreed

95
00:05:42,960 --> 00:05:44,840
Speaker 1: dot com dot au to sign up for our free

96
00:05:44,960 --> 00:05:46,919
Speaker 1: daily newsletter. I'm Michael Thompson.