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

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Speaker 1: for Friday, the eleventh of July twenty twenty five. I'm

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Speaker 1: Sean Almer. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about story and

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Speaker 1: I'm one. The local share market closed down slightly today

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Speaker 1: to finish the session at eight five hundred and eighty points,

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Speaker 1: even though Wall Street hit new records overnight. The clothes

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Speaker 1: would have been worse but for a strong performance from

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Speaker 1: the material sectors and particularly the miners. There were some

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Speaker 1: serious buyers for battery metals companies, with a Luca Resources

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Speaker 1: and rare earth surging. It came after the Pentagon invested

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Speaker 1: into a group called MP Materials, listed on Wall Street,

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Speaker 1: to gain access to non Chinese rare earths that had

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Speaker 1: an impact on local miners. A Luke closed up twenty

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Speaker 1: two percent, Liners finished seventeen percent higher, b HP, Fortys,

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Speaker 1: Hugh and raw All jumped close to three percent on

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Speaker 1: the back of high iron ore prices. Almost all of

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Speaker 1: the other large cap stocks were lover, with Macquarie, Goodman,

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Speaker 1: Transurban and Wes Farmers doing worst. Storry number two Bitcoin

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Speaker 1: hit another new record this morning Australian time, pushing beyond

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Speaker 1: one hundred and sixteen thousand US dollars a unit. He

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Speaker 1: came as the S and P five hundred hit a

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Speaker 1: record high in hopes that interest rates in the US

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Speaker 1: will fall in coming months. Bitcoin, a risk asset, has

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Speaker 1: defied concerns about global growth and is up more than

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Speaker 1: fifty percent since it's low in early April, supporting the

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Speaker 1: original cryptocurrency is growing institutional support. Storry number three. Prime

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Speaker 1: Minister Anthony Albernizi heads to China this weekend and says

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Speaker 1: business leaders have been highly supportive of the visit, which

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Speaker 1: includes a meeting with President Jijingping. Alberizi will be joined

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Speaker 1: by representatives from major companies including BHP, Rio and Fortescume.

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Speaker 1: The PM also played down suggestions that a meeting in

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Speaker 1: January between Donald Trump and former Prime Minister Kevin Rudd

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Speaker 1: was a secret. Right is now Australia's Ambassador to the

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Speaker 1: US and met with Trump at his Florida golf club.

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Speaker 1: Storry number four, a former deputy mayor of Sydney Municipality, Ashfah,

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Speaker 1: has been picked to be the US Ambassador to Malaysia.

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Speaker 1: Nick Adams, a graduate from the University of Sydney. Was

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Speaker 1: best known in Ashfield for his push to banish pigeons

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Speaker 1: from the suburb. Not sure how he was going to

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Speaker 1: do that, Adams immigrated to the US in twenty twelve,

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Speaker 1: where he has been an avid and consistent backer of

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Speaker 1: the US President. Adams began to gain prominence as a

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Speaker 1: conservative activist, commentator, public speaker, and author, often appearing on

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Speaker 1: the Fox News television network. He posted on X Today,

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Speaker 1: delusional self belief and irrational optimism, along with endless hard

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Speaker 1: work makes anything possible. Adams nomination to be the US's

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Speaker 1: top diplomat in Malaysia has been sent to the Senate

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Speaker 1: for confirmation and story number five. The US will impose

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Speaker 1: a thirty five percent tariff on imports from Canada next month,

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Speaker 1: and plans to hit most other trade partners with blanket

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Speaker 1: tariffs of fifteen to twenty percent. In a letter released

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Speaker 1: on his social media platform, Trump told Canadian Prime Minister

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Speaker 1: Mark Karney that the new rate would take effect on

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Speaker 1: August one, and will rise further if Canada retaliates. The

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Speaker 1: US president added that trading partners that had not yet

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Speaker 1: received letters would likely face blanket tariffs Australia has not

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Speaker 1: yet received a tariff letter from Trump and currently expects

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Speaker 1: to have a ten percent tariff rate. That's it for

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Speaker 1: the Afternoon Report for Friday, the eleventh of July twenty

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Speaker 1: twenty five. Make sure you follow on the podcast. We

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Speaker 1: will be back tomorrow morning with a weekend edition of

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Speaker 1: the Fast Five. This is years by Fear and Greek.

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Speaker 1: I'm Shane Elmer. Enjoy reading