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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 April twenty twenty five. I'm

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

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

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Speaker 1: the local share market fell nearly one percent today to

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Speaker 1: seven six hundred and forty six points, retracing some of

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Speaker 1: yesterday's big gains. It actually fell almost two percent, then

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Speaker 1: spent most of the day recovering. Technology energy in bank

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Speaker 1: stocks fell sharply, while energy stocks also dropped on the

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Speaker 1: back of lower oil prices. CSL and BHP were particularly

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Speaker 1: hard hit. At the other end of the spectrum, gold

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Speaker 1: miners did well. The precious metal hit a record high

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Speaker 1: today of three thousand, two hundred and twenty dollars in

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Speaker 1: eight US cents. That's announced it pushed up gold stocks.

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Speaker 1: In fact, the top five performers on the ASEX two

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Speaker 1: hundred today were gold stocks. Story number two. Opposition leader

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Speaker 1: Peter Dunton was allegedly the target of a Brisbane schoolboy's

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Speaker 1: failed attempt at a terrorist attack. The sixteen year old

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Speaker 1: allegedly bought ingredients to make homemade bombs and was testing

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Speaker 1: them before planning to attack Dunn's home in Brisbane's North.

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Speaker 1: According to The Australian, Dutton was asked how he felt

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Speaker 1: when the Australian Federal Police told him of the failed

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Speaker 1: terror plot. He said his thoughts were always around the

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Speaker 1: safety of his family. He also said the Australian Federal

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Speaker 1: Police do a great job. Anthony Albanese said he reached

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Speaker 1: out to Peter Dutton on hearing that The Prime Minister

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Speaker 1: said He's also been part of a series of threatening incidents,

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Speaker 1: one that is currently before a legal process. Story number three.

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Speaker 1: Staying in politics, Anthony Albanese says he supports Australia's defense

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Speaker 1: packed with the US. After Donald Trump tasked Elon Musk

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Speaker 1: with improving US capability to build the submarines, Trump signed

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Speaker 1: an executive order this morning that seeks to revive US

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Speaker 1: shipbuilding and will dispatch Musk's Efficiency Group to investigate how

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Speaker 1: the US Navy fell so far behind in turning out vessels.

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Speaker 1: The orders intended to blunt China's maritime dominance by offree

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Speaker 1: new funding streams to support American shipbuilding. According to Bloomberg,

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Speaker 1: the executive ordered directs fees and tariffs collected from Chinese

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Speaker 1: affiliated vessels and cargo handling equipment such as cranes, to

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Speaker 1: create a new revenue stream for investment in domestic maritime industries,

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Speaker 1: the official said. Now Anthony Abernezi was asked repeatedly if

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Speaker 1: he'd look at any changes to the arrangement given Musk's involvement.

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Speaker 1: He said he supports the current arrangements, adding I'm confident

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Speaker 1: about ORCUST because I had those first hand discussions with

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Speaker 1: the President of the United States and also with more

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Speaker 1: than one hundred members of Congress in the Senate during

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Speaker 1: my state visit to the US straight um before Reserve

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Speaker 1: Bank Governor Michelle Bullock says the turmoil moyle claused by

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Speaker 1: Donald Trump's trade war is not as bad as the

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Speaker 1: two thousand and eight global financial crisis, hosing down calls

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Speaker 1: for an emergency rate cut. Speaking for the first time

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Speaker 1: since Trump announced a sweeping set of global tarists last week,

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Speaker 1: Bullock sought to project calm. She said on our quote,

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Speaker 1: it will take some time to see how all of

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Speaker 1: this plays out, and the added unpredictability means we need

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Speaker 1: to be patient as we work through how all of

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Speaker 1: this could affect demand. And supply globally. Bullock said the

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Speaker 1: ructions caused by the tariffs were not the same as

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Speaker 1: the GFC in two thousand and eight, when the Reserve

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Speaker 1: Bank cut the cash rate by nearly four percentage points

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Speaker 1: in a matter of months. And story number five, Beijing

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Speaker 1: has reduced a number of Hollywood films it will allow

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Speaker 1: to screen in China, and Washington has hiked tariffs on

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Speaker 1: parcels carrying goods from Chinese retailers like Timu As Xijingping

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Speaker 1: and Donald Trump continue to counter punch in their trade battle,

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Speaker 1: using a justification it employed at the start of its

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Speaker 1: twenty twenty trade assault on Australia. Beijing claimed its heightened

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Speaker 1: restrictions on America movies was a response to Chinese public sentiment.

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Speaker 1: According to the OS, the new restriction, which will limit

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Speaker 1: already tight quotas on the number of foreign films allowed

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Speaker 1: to screen in the country, came as state media amplified

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Speaker 1: Beijing's warnings about safety concerns for Chinese citizens considering travel

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Speaker 1: or study in America. That's it for the Afternoon Report

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Speaker 1: for the eleventh of ap Will twenty twenty five. Make

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Speaker 1: sure you follow on the podcast. We will be back

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Speaker 1: tomorrow morning. With the weekend vision off here and great

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Speaker 1: business news. I'm Sean Elmer. Enjoy your evening,