1 00:00:03,640 --> 00:00:06,240 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,280 --> 00:00:08,920 Speaker 1: for Thursday, the seventh of November twenty twenty four. I'm 3 00:00:08,920 --> 00:00:11,520 Speaker 1: suan Alma. Every afternoon, We've got the five stories that 4 00:00:11,560 --> 00:00:13,560 Speaker 1: happens today that you need to know about. Story number one. 5 00:00:13,600 --> 00:00:17,239 Speaker 1: Carm La Harris this morning conceded defeat in the presidential election, 6 00:00:17,640 --> 00:00:20,760 Speaker 1: but said she would never give up the fight for democracy. 7 00:00:21,160 --> 00:00:24,439 Speaker 1: Republicans won the White House won the Senate. The House 8 00:00:24,480 --> 00:00:27,800 Speaker 1: of Reps is still up for grabs. That's important because 9 00:00:28,000 --> 00:00:30,760 Speaker 1: Congress can block some of Trump's plans. Things like lowering 10 00:00:30,760 --> 00:00:34,680 Speaker 1: the corporate tax rates needs Congress agreement. Other things, he 11 00:00:34,720 --> 00:00:37,800 Speaker 1: can rely on presidential power, such as increasing tariffs. So 12 00:00:37,840 --> 00:00:40,320 Speaker 1: who wins that House of Reps. That is all important. 13 00:00:40,800 --> 00:00:42,920 Speaker 1: Donald Trump is also on track to win the popular vote. 14 00:00:42,920 --> 00:00:45,319 Speaker 1: When all votes are counted, He's likely to win three 15 00:00:45,440 --> 00:00:48,160 Speaker 1: hundred and twelve Electoral College votes to Harris's two hundred 16 00:00:48,159 --> 00:00:50,800 Speaker 1: and twenty six. According to The New York Times, Trump 17 00:00:50,960 --> 00:00:55,080 Speaker 1: won white working class votes, which used to be Democrat heartland. 18 00:00:55,400 --> 00:00:57,880 Speaker 1: He also made gains in suburbs and cities and with 19 00:00:58,000 --> 00:01:01,720 Speaker 1: black and Latino voters. S'sry number two. Financial markets like 20 00:01:01,760 --> 00:01:04,919 Speaker 1: the US result, the major equities indices on Wall Street 21 00:01:04,959 --> 00:01:08,640 Speaker 1: all hit record highs overnight. A lower corporate tax rate 22 00:01:08,680 --> 00:01:12,120 Speaker 1: and West regulation, both Trump promises, does wonders for the 23 00:01:12,160 --> 00:01:16,560 Speaker 1: bottom line. Today was the largest election day rally in history, 24 00:01:16,560 --> 00:01:18,639 Speaker 1: with the S and P five hundred up half percent, 25 00:01:18,880 --> 00:01:21,640 Speaker 1: Tesla share price jump fifteen percent to its highest level 26 00:01:21,680 --> 00:01:23,920 Speaker 1: in two years. Elon Musk is a big supporter of 27 00:01:23,959 --> 00:01:27,440 Speaker 1: Donald Trump. The banks also did well. US bond yeale 28 00:01:27,520 --> 00:01:31,160 Speaker 1: surged that means expect high rates for a longer time. 29 00:01:31,520 --> 00:01:33,920 Speaker 1: That's the theme on the back of Donald Trump's big 30 00:01:33,920 --> 00:01:36,679 Speaker 1: spending promises that helped the US dollar. The Aussie dollars 31 00:01:36,680 --> 00:01:39,120 Speaker 1: training around sixty six US cents, which is actually not 32 00:01:39,200 --> 00:01:42,080 Speaker 1: too bad. Bitcoin hit a new high above seventy six 33 00:01:42,120 --> 00:01:45,479 Speaker 1: thousand US dollars a unit. Trump has called the US 34 00:01:45,560 --> 00:01:47,480 Speaker 1: or wants the US to be the crypto capital of 35 00:01:47,520 --> 00:01:50,440 Speaker 1: the planet, and he's even talked about a strategic reserve 36 00:01:50,560 --> 00:01:54,559 Speaker 1: of cryptos. So cryptocurrency traders are very excited. Gold price 37 00:01:54,600 --> 00:01:58,360 Speaker 1: has tumbled more than five percent. Local investors weren't quite 38 00:01:58,400 --> 00:02:00,880 Speaker 1: as enamored by the result. The S and PA SX 39 00:02:00,880 --> 00:02:03,880 Speaker 1: two hundred actually dropped in early trading before finishing up 40 00:02:03,880 --> 00:02:07,400 Speaker 1: slightly zero point three percent to two hundred and twenty 41 00:02:07,400 --> 00:02:10,359 Speaker 1: six points. Real estate investment trusts were among the hardest 42 00:02:10,400 --> 00:02:14,440 Speaker 1: hit as well as the goldstocks. Story Number three Reserve 43 00:02:14,520 --> 00:02:18,440 Speaker 1: Bank Governor Michelle Bullock was in front of Parliament today. 44 00:02:18,960 --> 00:02:21,760 Speaker 1: She talked a little about the Trump administration. They didn't 45 00:02:21,760 --> 00:02:23,639 Speaker 1: want to get drawn in too much. They did warn 46 00:02:23,680 --> 00:02:27,600 Speaker 1: about tariffs. She also said that real incomes should recover 47 00:02:27,720 --> 00:02:32,120 Speaker 1: in the months ahead. Wag's growth should outpace inflationary pressure. 48 00:02:32,440 --> 00:02:34,959 Speaker 1: That should help people with the cost of living crisis. 49 00:02:35,080 --> 00:02:37,520 Speaker 1: The cost of living crisis was certainly a topic of 50 00:02:37,560 --> 00:02:42,799 Speaker 1: discussion in the hearing today. Sheelle Bullock said inflation caused 51 00:02:42,800 --> 00:02:45,160 Speaker 1: it rather than anything else, the inference being that we 52 00:02:45,240 --> 00:02:48,600 Speaker 1: need to defeat inflation. She also said that the government 53 00:02:48,880 --> 00:02:51,960 Speaker 1: is aware that fiscal and Montreal policies have to work together. 54 00:02:52,080 --> 00:02:54,359 Speaker 1: She said the government seems to have the right attitude 55 00:02:54,560 --> 00:02:57,520 Speaker 1: at the moment. Straight Numberfore we are well and truly 56 00:02:57,600 --> 00:03:00,960 Speaker 1: in Annual General Meeting Season seven, West Kerry Stokes came 57 00:03:01,000 --> 00:03:03,200 Speaker 1: out fighting today. He had a crack at overseas based 58 00:03:03,240 --> 00:03:06,280 Speaker 1: streaming platforms for not paying taxes and on the government 59 00:03:06,320 --> 00:03:09,480 Speaker 1: for setting what he called unnecessary roadblocks. Its training updates 60 00:03:09,480 --> 00:03:12,400 Speaker 1: suggested a drop in profits this half year, but its 61 00:03:12,560 --> 00:03:16,120 Speaker 1: share price closed. HIME nine Entertainment share price fell after 62 00:03:16,120 --> 00:03:19,560 Speaker 1: providing a training update that said first court revenue was 63 00:03:19,680 --> 00:03:22,720 Speaker 1: high thanks to the Olympics, but conditions remained tough, with 64 00:03:22,840 --> 00:03:25,440 Speaker 1: second quarter earnings expected to be lower than a year ago. 65 00:03:25,800 --> 00:03:29,440 Speaker 1: It came as nine Entertainment's biggest radio personality. Ray Hadley 66 00:03:29,440 --> 00:03:33,200 Speaker 1: of TWOGB for BC Fame, said he was quitting his show. 67 00:03:33,520 --> 00:03:36,160 Speaker 1: He has been on top of the ratings for twenty 68 00:03:36,440 --> 00:03:40,720 Speaker 1: years one hundred and sixty ratings periods. Also, Bendigobank held 69 00:03:40,720 --> 00:03:43,800 Speaker 1: it's agm. The message there was prioritized digital transformation, but 70 00:03:43,880 --> 00:03:46,880 Speaker 1: keep the branches open and story number five. The Corporate 71 00:03:46,960 --> 00:03:50,480 Speaker 1: Regulator has confirmed it's commenced a formal investigation into Mineral 72 00:03:50,520 --> 00:03:54,000 Speaker 1: Resources amid the scandal surrounding the ASX listed miners boss 73 00:03:54,160 --> 00:03:58,080 Speaker 1: Chris Ellison. Appearing before Senate Estimates ASSEG Deputy chairs Thereah 74 00:03:58,200 --> 00:04:01,240 Speaker 1: Court said the regulator had now opened a formal probe 75 00:04:01,240 --> 00:04:04,560 Speaker 1: into the company, but noted investigations remained at a very 76 00:04:04,560 --> 00:04:08,960 Speaker 1: early stage. She told parliament ASSEK was examining some allegations 77 00:04:09,000 --> 00:04:12,200 Speaker 1: and had engaged with the ATO after the Tax Office 78 00:04:12,200 --> 00:04:15,120 Speaker 1: cut a piece deal with mister Ellison over millions in 79 00:04:15,280 --> 00:04:18,480 Speaker 1: unpaid taxes. That's it for the afternoon Report for Thursday, 80 00:04:18,560 --> 00:04:20,920 Speaker 1: the seventh of November twenty twenty four. Adam Lang and 81 00:04:20,960 --> 00:04:23,000 Speaker 1: I will be back tomorrow morning with a Friday edition 82 00:04:23,040 --> 00:04:26,160 Speaker 1: of Fear and Greed Business News. I'm Sean Elma. Enjoy 83 00:04:26,160 --> 00:04:26,599 Speaker 1: your evening.