1 00:00:04,160 --> 00:00:07,000 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,040 --> 00:00:09,800 Speaker 1: for Wednesday, the twelfth of November. I'm Michael Thompson, and 3 00:00:09,920 --> 00:00:12,440 Speaker 1: every afternoon we've got the five big stories that happen 4 00:00:12,480 --> 00:00:14,720 Speaker 1: today that you need to know about. Let's go with 5 00:00:14,760 --> 00:00:17,759 Speaker 1: story number one. Let's take a look at markets first. 6 00:00:17,840 --> 00:00:20,360 Speaker 1: The S and PA Sex two hundred finished the day 7 00:00:20,440 --> 00:00:24,439 Speaker 1: off a touchdown zero point two percent today to eighty 8 00:00:24,600 --> 00:00:27,880 Speaker 1: seven hundred and ninety nine point five points. Normally I 9 00:00:27,880 --> 00:00:30,080 Speaker 1: would round that up, but that would take it to 10 00:00:30,200 --> 00:00:33,320 Speaker 1: eight eight hundred points, and that feels like a milestone 11 00:00:33,320 --> 00:00:36,280 Speaker 1: that we just didn't quite get to today. Stronger commodity 12 00:00:36,280 --> 00:00:39,360 Speaker 1: prices helped the local miners. The price of iron ore 13 00:00:39,440 --> 00:00:42,720 Speaker 1: rows one percent, which was helped along by expectations of 14 00:00:42,800 --> 00:00:45,879 Speaker 1: more stimulus in China to help the economy. That boosted 15 00:00:45,880 --> 00:00:48,280 Speaker 1: our big miners. Rea Tinto was up two point three percent, 16 00:00:48,320 --> 00:00:51,760 Speaker 1: BHP up zero point six percent, a good day for 17 00:00:51,800 --> 00:00:55,000 Speaker 1: the gold miners two and copper as well. Lithium is 18 00:00:55,040 --> 00:00:57,480 Speaker 1: worth a mention on its own because Mineral Resources was 19 00:00:57,520 --> 00:01:00,680 Speaker 1: the best performer on the balls today, up nine point 20 00:01:00,800 --> 00:01:03,960 Speaker 1: two percent after selling a steak in its lithium business. 21 00:01:03,960 --> 00:01:07,520 Speaker 1: To a South Korean company. Liontown Resources was the next best, 22 00:01:07,680 --> 00:01:11,240 Speaker 1: up six percent after its own deal. The price of 23 00:01:11,280 --> 00:01:16,080 Speaker 1: crude oil climbed overnight, which saw our energy giants gain ground. 24 00:01:16,640 --> 00:01:20,360 Speaker 1: Woodside was up one point four percent, Santos up one 25 00:01:20,360 --> 00:01:22,800 Speaker 1: point seven percent. At the other end of the market, though, 26 00:01:22,840 --> 00:01:26,920 Speaker 1: the tech stocks tracking app Life three sixty tumbled more 27 00:01:26,920 --> 00:01:30,919 Speaker 1: than thirteen percent today after a trading update yesterday showed 28 00:01:31,000 --> 00:01:35,320 Speaker 1: lower than expected user growth numbers, and Commonwealth Bank followed 29 00:01:35,360 --> 00:01:39,160 Speaker 1: up yesterday's six point six percent dip with another sell off, 30 00:01:39,360 --> 00:01:42,040 Speaker 1: down another three point one percent to hit a seven 31 00:01:42,120 --> 00:01:45,200 Speaker 1: month low. Ont Story number two and a bit of 32 00:01:45,240 --> 00:01:49,160 Speaker 1: corporate news around today, Australian Vintage, which owned mcgwigan, Tempest 33 00:01:49,160 --> 00:01:54,040 Speaker 1: two and nepentthe Wines, said it expects first half sales 34 00:01:54,040 --> 00:01:56,880 Speaker 1: would be flat, but is forecasting full year sales growth 35 00:01:56,880 --> 00:02:00,720 Speaker 1: of between five and seven percent. Aristocrat Leisure shares despite 36 00:02:00,760 --> 00:02:03,240 Speaker 1: posting a nine percent rise in net profit to one 37 00:02:03,280 --> 00:02:06,880 Speaker 1: point six billion dollars after its interactive gaming division including 38 00:02:06,920 --> 00:02:11,600 Speaker 1: Neo Games, missed expectations. Flight Center rose after managing director 39 00:02:11,639 --> 00:02:14,520 Speaker 1: Graham Turner said second half earnings are expected to drive 40 00:02:14,639 --> 00:02:17,800 Speaker 1: growth following a strong start to the year, and arn 41 00:02:17,919 --> 00:02:22,440 Speaker 1: Media tumbled after warning full year earnings will be about 42 00:02:22,639 --> 00:02:26,600 Speaker 1: twenty six percent below last year due to a sharp 43 00:02:26,680 --> 00:02:30,880 Speaker 1: downturn in the Australian advertising market. Story number three a 44 00:02:30,919 --> 00:02:33,640 Speaker 1: big one coming out of Canbro. The Federal Liberal Party 45 00:02:33,760 --> 00:02:37,000 Speaker 1: is inching closer to dumping its commitment to net zero, 46 00:02:37,320 --> 00:02:41,760 Speaker 1: with a marathon party room meeting still underway. Media is 47 00:02:41,800 --> 00:02:44,639 Speaker 1: reporting the party room has split sixty forty right now 48 00:02:44,680 --> 00:02:47,880 Speaker 1: in favor of axing the net zero policy. Liberal leader 49 00:02:47,919 --> 00:02:50,480 Speaker 1: Susan Lee is in favor of retaining the commitment to 50 00:02:50,480 --> 00:02:53,280 Speaker 1: net zero by twenty fifty, but her deputy Ted O'Brien 51 00:02:53,639 --> 00:02:56,679 Speaker 1: has reportedly dropped his support, along with a growing number 52 00:02:56,720 --> 00:03:00,000 Speaker 1: of other MPs. This has been a long simmering issue 53 00:03:00,280 --> 00:03:02,640 Speaker 1: for the opposition really since the election back in May, 54 00:03:02,919 --> 00:03:05,720 Speaker 1: with the National Party against it and a growing number 55 00:03:05,800 --> 00:03:09,880 Speaker 1: of Conservative Liberals pushing to dump it. Andrew Hasty, who 56 00:03:10,000 --> 00:03:12,640 Speaker 1: quit the Liberal front bench over the issue, has reportedly 57 00:03:12,639 --> 00:03:14,880 Speaker 1: told the party room that if the Coalition wins the 58 00:03:14,919 --> 00:03:19,800 Speaker 1: next election, it should repeal Labour's carbon target legislation and 59 00:03:20,200 --> 00:03:23,239 Speaker 1: if that has resisted, should have a double dissolution election. 60 00:03:23,960 --> 00:03:26,959 Speaker 1: Angus Taylor, who took the net zero policy to the 61 00:03:27,040 --> 00:03:29,680 Speaker 1: cop summit in Glasgow in twenty twenty one when he 62 00:03:29,800 --> 00:03:33,040 Speaker 1: was Energy Minister. Mind You has also called for it 63 00:03:33,120 --> 00:03:36,360 Speaker 1: now to be dumped. The meeting is well into its 64 00:03:36,480 --> 00:03:39,960 Speaker 1: fifth hour, nearly into its sixth now it may have 65 00:03:40,080 --> 00:03:42,320 Speaker 1: some time still to go. We'll have a lot more 66 00:03:42,360 --> 00:03:45,760 Speaker 1: on this one tomorrow morning. Story number four. Australia's spy 67 00:03:45,920 --> 00:03:49,480 Speaker 1: chief has warned that foreign state backed hackers are now 68 00:03:49,560 --> 00:03:53,640 Speaker 1: capable of carrying out large scale sabotage on critical infrastructure, 69 00:03:53,920 --> 00:03:59,240 Speaker 1: including power grids, telecommunications networks and airports. AZIO Director General 70 00:03:59,400 --> 00:04:02,240 Speaker 1: Mike Burge just told a forum in Melbourne that the 71 00:04:02,240 --> 00:04:06,960 Speaker 1: threat of high impact sabotage is no longer theoretical. He said, 72 00:04:07,320 --> 00:04:11,120 Speaker 1: quote we're there now, he said. Chinese groups such as 73 00:04:11,320 --> 00:04:15,920 Speaker 1: salt Typhoon and vault Typhoon have been scanning and probing 74 00:04:15,920 --> 00:04:20,400 Speaker 1: Australian networks, using sophisticated tools to map systems and maintain 75 00:04:20,600 --> 00:04:24,400 Speaker 1: hidden access now. Burgess said that such access could allow 76 00:04:24,480 --> 00:04:27,960 Speaker 1: hostile actors to quote turn off the power during a 77 00:04:27,960 --> 00:04:31,320 Speaker 1: heat wave, or pollute out drinking water. He urged Australian 78 00:04:31,320 --> 00:04:36,679 Speaker 1: businesses and boards to take cybersecurity far more seriously, and finally, 79 00:04:36,720 --> 00:04:40,080 Speaker 1: story number five Extraordinary scenes out of China, where a 80 00:04:40,200 --> 00:04:43,880 Speaker 1: newly opened seven hundred and fifty eight meter long bridge 81 00:04:44,279 --> 00:04:47,880 Speaker 1: has collapsed into a river in Sechuan Province. There were 82 00:04:47,920 --> 00:04:51,279 Speaker 1: no casualties reported because the bridge was actually closed a 83 00:04:51,360 --> 00:04:55,360 Speaker 1: day earlier after cracks were detected following heavy landslides that 84 00:04:55,400 --> 00:04:58,920 Speaker 1: were triggered by unstable mountain terrain. If you haven't seen 85 00:04:58,960 --> 00:05:00,880 Speaker 1: the video of this, you can check it out on 86 00:05:01,000 --> 00:05:03,760 Speaker 1: any news site. It shows a huge chunk of the 87 00:05:03,800 --> 00:05:07,359 Speaker 1: bridge basically just plunging into the river below after the 88 00:05:07,400 --> 00:05:10,520 Speaker 1: ground just pretty much gives way beneath it. The collapse 89 00:05:10,600 --> 00:05:15,200 Speaker 1: comes amid growing safety concerns about China's massive infrastructure expansion 90 00:05:15,520 --> 00:05:18,560 Speaker 1: following a series of fatal bridge and road failures in 91 00:05:18,600 --> 00:05:22,000 Speaker 1: recent years. That's it for the afternoon report for Wednesday, 92 00:05:22,080 --> 00:05:24,760 Speaker 1: the twelfth of November. Make sure you hit follow on 93 00:05:24,800 --> 00:05:27,520 Speaker 1: the podcast and head along to Fearandgreed dot com dot 94 00:05:27,560 --> 00:05:30,800 Speaker 1: au to sign up for our free daily newsletter. I'll 95 00:05:30,800 --> 00:05:32,760 Speaker 1: put a link in today's show notes as well. The 96 00:05:32,839 --> 00:05:35,560 Speaker 1: daily newsletter comes out every morning by six am and 97 00:05:35,640 --> 00:05:39,159 Speaker 1: it is a terrific cheat sheet for basically the business 98 00:05:39,200 --> 00:05:41,600 Speaker 1: news of the day, so you get to work ready 99 00:05:41,920 --> 00:05:44,239 Speaker 1: a little bit ahead of your colleagues. I'm Michael Thompson. 100 00:05:44,400 --> 00:05:45,119 Speaker 1: Enjoy your evening.