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

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Speaker 1: for Wednesday, the thirteenth of November twenty twenty four. I'm

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

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

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Speaker 1: The local share market tumbled early this morning, but then

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Speaker 1: recovered somewhat. It was on the back of a week

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Speaker 1: a leading from Wall Street that Trump trade was wound

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Speaker 1: back a bit. By the end of the day, the

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Speaker 1: SMPASX two hundred was down three quarters of a percent

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Speaker 1: to eight thousand, one hundred and ninety three points. Financials

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Speaker 1: and industrial sold off hard ain Z ed went Ex

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Speaker 1: dividend finished down more than four percent. Otherwise, the big

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Speaker 1: banks Willawa, as were the retailers, and most of the

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Speaker 1: big miners. Newe's share price tumbled twenty two percent, having

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Speaker 1: just hit a record high, even though the group reiterated

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Speaker 1: its growth target for this financial year. Analyst said the

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Speaker 1: selloff might just reflect the lack of detail in Newey's

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Speaker 1: ASEX announcement. Today. Live three sixty share price tumbled seven

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Speaker 1: percent after it downgraded red new forecast. It was the

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Speaker 1: worst of the top two hundred self Wealth. It's not

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Speaker 1: a top two hundred stock but of a small company,

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Speaker 1: but it sawed seventy five percent after Bell Financial MAYDA

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Speaker 1: fifty one million dollar buy our bid. Best of the

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Speaker 1: top two hundred today was Paladin Energy. It jumped nearly

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Speaker 1: nine percent, having fallen twenty nine percent yesterday. A story

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Speaker 1: number two. The Commonwealth Bank boss Matt Common expects interest

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Speaker 1: rates will start falling early next year, probably February. He

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Speaker 1: said it's a safe bet but also a finely balanced

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Speaker 1: call for the Reserve Bank. In fact, it could be

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Speaker 1: a bit later. He was speaking ahead of the Australian

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Speaker 1: Bureau Statistics release of figures showing a slow down in

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Speaker 1: wages growth that is good news for those wanting a

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Speaker 1: rate cut. Mister Common says that Australia's economy it's growing,

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Speaker 1: but just growing slowly. Inflation is moderating gradually, and there's

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Speaker 1: still plenty of geopolitical tensions creating uncertainty around the place.

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Speaker 1: The Commonwealth Bank provided its first quarter results unaudited, made

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Speaker 1: an AFT tax profit of two point five billion dollars

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Speaker 1: for the three months to the end of September. Its

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Speaker 1: share price finished down about half a percent Destorying number three,

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Speaker 1: a couple of earnings results out today. Aristocrat Leisure will

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Speaker 1: pay a high dividend for announcing a seventeen percent jump

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Speaker 1: in full year profit. That's normalized profit statutory profit was

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Speaker 1: down ten percent, in part due to the right downs

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Speaker 1: of its mobile gaming business. Its share price finished up

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Speaker 1: nearly three percent, and building products group James Hardy share

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Speaker 1: price jumped six percent after Fritz said it expects to

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Speaker 1: deliver better profitability and launched a three hundred million US

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Speaker 1: dollar buyback. The improved outlook comes after a decline in

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Speaker 1: sales and earnings in the September quarter for James Hardy.

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Speaker 1: That profit was actually down twenty three percent due to

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Speaker 1: a challenging demand environment, particularly in Asia and Europe. Story

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Speaker 1: number four. Mineral Resources share price fell seven percent today

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Speaker 1: after it mothballed its bald Hill lithium mine in Western Australia.

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Speaker 1: Takes effect immediately. Three hundred staff will be either sacked

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Speaker 1: or redeployed. Mothballing the mine will preserve cash and the

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Speaker 1: value of bald Hill's spot main or body for when

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Speaker 1: prices improved. The company said. Lithium spot of Man is

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Speaker 1: fetching about eight hundred US dollars a ton at the moment,

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Speaker 1: that's about ten percent of its price two years ago.

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Speaker 1: It was eight thousand US dollars a ton back then.

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Speaker 1: Lithium prices have suffered on the back of a jump

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Speaker 1: in supply, particularly from China and Africa, also less demand

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Speaker 1: for evs. There was also speculation yesterday that Kevin Gallagher,

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Speaker 1: who is the chief executive officer of Santos, might replace

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Speaker 1: Chris Ellison at Mineral Resources. Santos said the rumors were

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Speaker 1: fabricated without foundation and faults and storing number five. Beijing

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Speaker 1: has unveiled its latest stealth fighter, the J three to

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Speaker 1: five A, as part of the modernization of its military.

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Speaker 1: There's a five minute air show. According to The Financial Times,

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Speaker 1: China's trying to modernize its military and challenge US dominance

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Speaker 1: in the Asia Pacific region, especially around Taiwan. Now two countries,

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Speaker 1: the US and China, can produce two types of stealth bombers.

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Speaker 1: What's a stealth bomber. Well, it can't be detected by

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Speaker 1: radar or infrared. In fact, it's not even visible. They say.

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Speaker 1: That's it for the Afternoon Report for Wednesday, the thirteenth

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Speaker 1: of November, twenty twenty four. Don't forget to hit follow

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Speaker 1: on the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok, and Facebook. Join Michael Thompson and I tomorrow

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Speaker 1: morning for the Fast Five by Fear and Greed, Top

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Speaker 1: five business stories you need to know in just five minutes.

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