1 00:00:06,040 --> 00:00:08,720 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:08,760 --> 00:00:11,480 Speaker 1: for Tuesday, the eighteenth of March twenty twenty five. I'm 3 00:00:11,480 --> 00:00:14,520 Speaker 1: sure in Alma every afternoon we've got the five stories 4 00:00:14,520 --> 00:00:16,400 Speaker 1: that happened today that you need to know about. Storry 5 00:00:16,480 --> 00:00:19,320 Speaker 1: number one. The S and p ASX two hundred closed 6 00:00:19,400 --> 00:00:22,920 Speaker 1: up just to touch six points to seven eight hundred 7 00:00:22,960 --> 00:00:26,000 Speaker 1: and sixty points. It started the day much higher than 8 00:00:26,120 --> 00:00:30,080 Speaker 1: retraced back towards its opening. Utility stocks did it best 9 00:00:30,120 --> 00:00:32,320 Speaker 1: on a rather quiet day, at least in terms of 10 00:00:32,360 --> 00:00:35,320 Speaker 1: share price movements. More than all the mixed session. Westpac 11 00:00:35,360 --> 00:00:37,600 Speaker 1: jump more than one percent, but National Australia Bank was 12 00:00:37,640 --> 00:00:40,480 Speaker 1: off more than two percent. Fortescu Metals Group was down 13 00:00:40,640 --> 00:00:44,360 Speaker 1: two percent. Aristocrat Legend Mcquarie Group were both off two 14 00:00:44,440 --> 00:00:47,440 Speaker 1: and a half percent. They're both US facing companies. Goodman 15 00:00:47,479 --> 00:00:50,160 Speaker 1: Group was a strong performer more than one percent. Sorry 16 00:00:50,200 --> 00:00:54,360 Speaker 1: Number two. Spot gold hit another record this morning, three 17 00:00:54,360 --> 00:00:58,800 Speaker 1: thirteen dollars and ninety three US cents. That's announced, of course, 18 00:00:59,160 --> 00:01:01,880 Speaker 1: the Aussie dollar hit a three month high, trading above 19 00:01:02,000 --> 00:01:04,640 Speaker 1: sixty four US sense on the back of green back 20 00:01:04,720 --> 00:01:07,520 Speaker 1: weakness and copper, which is seen as a benchmark of 21 00:01:07,560 --> 00:01:10,039 Speaker 1: future growth. It's risen to a five month high on 22 00:01:10,080 --> 00:01:13,400 Speaker 1: the back of stimulus earlier this week out of China, 23 00:01:13,440 --> 00:01:15,360 Speaker 1: but iron Ore is back below one hundred and two 24 00:01:15,480 --> 00:01:17,960 Speaker 1: US dollars a ten. Not so good for our local miners, 25 00:01:18,360 --> 00:01:21,240 Speaker 1: sorry number three. The Reserve Bank's chief economist, Sarah Hunter, 26 00:01:21,760 --> 00:01:25,000 Speaker 1: is confident of an almost immediate pickup in the building 27 00:01:25,000 --> 00:01:28,279 Speaker 1: industry following the recent cut in interest rates. The Reserve 28 00:01:28,319 --> 00:01:31,959 Speaker 1: Bank cut interest rates in February. Doctor Hunter said the 29 00:01:32,000 --> 00:01:34,679 Speaker 1: full impact on growth takes about nine to twelve months, 30 00:01:34,840 --> 00:01:37,920 Speaker 1: the full impact on inflation about eighteen months, but the 31 00:01:37,959 --> 00:01:42,000 Speaker 1: building industry should be feeling the benefits pretty much now. 32 00:01:42,319 --> 00:01:45,800 Speaker 1: She also said the recent pickup in household spending is real, 33 00:01:46,240 --> 00:01:49,320 Speaker 1: which is definitely good news for the economy. Sorry number four. 34 00:01:49,480 --> 00:01:53,600 Speaker 1: Steel making will temporarily stop at the Willa Steel Works 35 00:01:53,720 --> 00:01:57,000 Speaker 1: after a specialist team of engineers from rival steel maker 36 00:01:57,000 --> 00:02:01,760 Speaker 1: Bluescope advised the administrative Cordamna that urgent capital spending is needed. 37 00:02:02,080 --> 00:02:04,880 Speaker 1: The shutdown of the last furnace will last for two days, 38 00:02:04,960 --> 00:02:08,040 Speaker 1: begins tomorrow. According to the finn Review, it demonstrates the 39 00:02:08,120 --> 00:02:11,320 Speaker 1: uphill battle faced by Cordamenta and stabilizing the plant and 40 00:02:11,520 --> 00:02:14,920 Speaker 1: enticing a new buyer for the business. Cordamenta Hide Bluescope, 41 00:02:14,960 --> 00:02:17,960 Speaker 1: which runs Australia's biggest steel plant at Port Kembla in 42 00:02:18,040 --> 00:02:21,200 Speaker 1: New South Wales, as technical advisors to try and improve 43 00:02:21,280 --> 00:02:24,119 Speaker 1: the stability of the aging plant built in the late 44 00:02:24,240 --> 00:02:27,960 Speaker 1: nineteen sixties by BHP and Storing Number five. Israel has 45 00:02:28,000 --> 00:02:33,000 Speaker 1: launched extensive strikes in Gaza, saying it's hitting Hamas targets 46 00:02:33,040 --> 00:02:35,320 Speaker 1: in what appears to be the most intense assault on 47 00:02:35,360 --> 00:02:38,920 Speaker 1: the enclave since a ceasefire took effect in January. Israeli 48 00:02:38,960 --> 00:02:42,760 Speaker 1: Prime Minister Benjamin Netanyahu's office said that the country's military 49 00:02:42,840 --> 00:02:47,360 Speaker 1: launched the attacks after the Palestinian militant group's repeated refusal 50 00:02:47,520 --> 00:02:51,600 Speaker 1: to release our hostages and rejection of all of the 51 00:02:51,600 --> 00:02:55,480 Speaker 1: proposals it has received from US President Envoy Steve Whitkoff 52 00:02:55,800 --> 00:02:59,080 Speaker 1: and from the mediators. Israel will from now on act 53 00:02:59,160 --> 00:03:04,040 Speaker 1: against Hama, it says, with increasing military strength. The Hamas 54 00:03:04,120 --> 00:03:07,919 Speaker 1: run health Ministry in Gaza said more than two hundred 55 00:03:07,960 --> 00:03:11,560 Speaker 1: people were killed in the Israeli air strikes overnight. The 56 00:03:11,639 --> 00:03:13,960 Speaker 1: first age of the seas fire between Israel and Hamas 57 00:03:14,000 --> 00:03:16,600 Speaker 1: which involved the return of Israeli hostages in Gaza in 58 00:03:16,680 --> 00:03:21,680 Speaker 1: exchange for Israel's release of Palestinian prisoners, ended on March one. 59 00:03:21,880 --> 00:03:24,920 Speaker 1: International mediators, including the US have been trying to extend 60 00:03:24,960 --> 00:03:27,360 Speaker 1: the truth and it secure the release of the remaining 61 00:03:27,400 --> 00:03:29,960 Speaker 1: hostages held by the militant group. That's it for the 62 00:03:30,000 --> 00:03:33,000 Speaker 1: afternoon report for Tuesday, the eighteenth of March twenty twenty five. 63 00:03:33,040 --> 00:03:34,760 Speaker 1: Make sure you hit follow on the podcast. We'll be 64 00:03:34,800 --> 00:03:37,160 Speaker 1: back tomorrow morning with the Wednesday edition and the Fear 65 00:03:37,200 --> 00:03:40,440 Speaker 1: and Greed business news. I'm Sean Elmer. Enjoy your evening.