1 00:00:03,560 --> 00:00:06,200 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,240 --> 00:00:08,800 Speaker 1: for Friday eighty thirteenth to March twenty twenty six. I'm 3 00:00:08,800 --> 00:00:11,680 Speaker 1: Sean Alma. Every afternoon, we've got the five stories that 4 00:00:11,760 --> 00:00:14,360 Speaker 1: happened today that you need to know about. Sorry, Number 5 00:00:14,360 --> 00:00:16,880 Speaker 1: one in the Australian chair market fell to its lowest 6 00:00:17,000 --> 00:00:20,840 Speaker 1: weekly close since last year, as the escalating conflict between 7 00:00:20,840 --> 00:00:24,240 Speaker 1: the US, Israel and Iran sent oil prices beyond one 8 00:00:24,360 --> 00:00:27,800 Speaker 1: hundred US dollars a barrel and lifted expectations of a 9 00:00:27,840 --> 00:00:30,600 Speaker 1: reserve bank raid high co On Tuesday, the SMPA s 10 00:00:30,680 --> 00:00:33,080 Speaker 1: X two hundred index lost two point six percent for 11 00:00:33,120 --> 00:00:36,880 Speaker 1: the week, after falling slightly today to eighty six hundred 12 00:00:36,880 --> 00:00:41,159 Speaker 1: and seventeen points. BHP got hit hard after China widened 13 00:00:41,159 --> 00:00:43,520 Speaker 1: the band on its iron ore for the second time 14 00:00:43,520 --> 00:00:45,559 Speaker 1: in two weeks. Gold Mine and Northern Star tumbled nine 15 00:00:45,640 --> 00:00:49,120 Speaker 1: eight percent after it said hitting the bottom It said 16 00:00:49,159 --> 00:00:51,920 Speaker 1: it would hit the bottom end of its twenty twenty 17 00:00:51,920 --> 00:00:56,160 Speaker 1: five twenty twenty six production guidance. Meanwhile, the Albanezi government 18 00:00:56,160 --> 00:00:59,440 Speaker 1: will released twenty percent of Australia's stock of diesel and 19 00:00:59,520 --> 00:01:04,640 Speaker 1: petrol reserves to help meet localized shortages. Climate Change and 20 00:01:04,760 --> 00:01:07,319 Speaker 1: Energy Minister Chris Bowen said the government would lower the 21 00:01:07,319 --> 00:01:11,200 Speaker 1: minimum stock obbligation for diesel from two point seven billion 22 00:01:11,240 --> 00:01:15,479 Speaker 1: liters to two point two billion leaders Basically, that means 23 00:01:15,480 --> 00:01:18,560 Speaker 1: the government's releasing about sea or allowing the petrol companies 24 00:01:18,600 --> 00:01:22,920 Speaker 1: to release about six days worth of supply. Story number two. 25 00:01:23,000 --> 00:01:25,440 Speaker 1: Quantus has reached a one hundred and five million dollars 26 00:01:25,440 --> 00:01:29,680 Speaker 1: settlement and class action over flight credits issued during COVID, 27 00:01:29,800 --> 00:01:32,840 Speaker 1: subject to approval by the Federal Court. The case began 28 00:01:32,959 --> 00:01:35,760 Speaker 1: in August twenty twenty three and related to flight schedule 29 00:01:35,800 --> 00:01:39,319 Speaker 1: between one January twenty twenty in one November twenty twenty 30 00:01:39,319 --> 00:01:42,520 Speaker 1: two that were canceled. The lawsuit alleged the airline breached 31 00:01:42,560 --> 00:01:47,040 Speaker 1: contractual obligations on refunds. Quantus made no admission of liability. 32 00:01:47,080 --> 00:01:50,279 Speaker 1: As part of the settlement, the carrier removed expiry dates 33 00:01:50,360 --> 00:01:53,400 Speaker 1: on COVID era flight credits in August twenty twenty three, 34 00:01:53,600 --> 00:01:58,559 Speaker 1: allowing customers to request to request cash refunds indefinitely. Story 35 00:01:58,680 --> 00:02:01,280 Speaker 1: number three iron Or shipments are being disrupted by the 36 00:02:01,360 --> 00:02:05,240 Speaker 1: worsting conflict in the Middle East. Some cargoes were diverted 37 00:02:05,400 --> 00:02:08,200 Speaker 1: mid voyage to Asia as a war made passing the 38 00:02:08,200 --> 00:02:12,320 Speaker 1: straight off Homus difficult. Benchmark iron ore futures then surged 39 00:02:12,360 --> 00:02:14,840 Speaker 1: more than four percent towards one hundred and ten US 40 00:02:14,840 --> 00:02:17,920 Speaker 1: dollars a ton. Elevated Freighton bunker rates because of the 41 00:02:17,960 --> 00:02:21,280 Speaker 1: war have also raised the cost of shipments. Now that 42 00:02:21,280 --> 00:02:23,959 Speaker 1: should help the local producers. BHP reo attend to and 43 00:02:24,000 --> 00:02:28,200 Speaker 1: four eskew metals. If China buys your that's not happening 44 00:02:28,240 --> 00:02:31,360 Speaker 1: for BHP. They reottend to. The four Skew Metals share 45 00:02:31,400 --> 00:02:34,200 Speaker 1: price was up four percent today. Straight number four are 46 00:02:34,200 --> 00:02:37,240 Speaker 1: report in the fin Review said that treasure Jim Talmas 47 00:02:37,320 --> 00:02:40,200 Speaker 1: is preparing for the May federal budget to forecast inflation 48 00:02:40,320 --> 00:02:42,840 Speaker 1: to be in the high four percent range on the 49 00:02:42,880 --> 00:02:45,720 Speaker 1: back of higher oil prices that list the prospect of 50 00:02:45,760 --> 00:02:49,679 Speaker 1: an interest rate rise next week up it's higher than 51 00:02:49,880 --> 00:02:52,399 Speaker 1: the three point eight percent or the forecast is higher 52 00:02:52,440 --> 00:02:55,359 Speaker 1: than the three point eight percent inflation rate the Australian 53 00:02:55,360 --> 00:02:58,080 Speaker 1: Bureau of Statistics recorded for the year to January, well above 54 00:02:58,120 --> 00:03:00,720 Speaker 1: the Reserve Bank's target range for inflation of two to 55 00:03:00,760 --> 00:03:03,880 Speaker 1: three percent. All four major banks now expect the Central 56 00:03:03,919 --> 00:03:06,680 Speaker 1: Bank to raise interest thrates next week and then again 57 00:03:06,880 --> 00:03:10,480 Speaker 1: in May. The updated Inflation Forecast issue to be included 58 00:03:10,520 --> 00:03:13,360 Speaker 1: in the May twelve federal budget, and storing number five. 59 00:03:13,480 --> 00:03:17,560 Speaker 1: President Donald Trump and Iran's new supreme leader both struck 60 00:03:17,680 --> 00:03:22,079 Speaker 1: defiant tones today, offering little relief to energy markets despite 61 00:03:22,120 --> 00:03:25,600 Speaker 1: fresh US efforts to curb oil prices. The US President 62 00:03:25,639 --> 00:03:28,080 Speaker 1: sent in a social media post that preventing Iran from 63 00:03:28,120 --> 00:03:31,120 Speaker 1: having nuclear weapons and threatening the Middle East is of 64 00:03:31,240 --> 00:03:34,400 Speaker 1: far greater interest and importance to me than the cost 65 00:03:34,400 --> 00:03:36,800 Speaker 1: of all oil. He later went on to say that 66 00:03:36,840 --> 00:03:41,000 Speaker 1: the US is i quote totally destroying the terrorist regime 67 00:03:41,200 --> 00:03:44,920 Speaker 1: of Iran, end quote, calling for people to quote again, 68 00:03:45,520 --> 00:03:50,640 Speaker 1: watch what happens to those deranged scumbags today end quote. 69 00:03:51,160 --> 00:03:55,680 Speaker 1: Moshtaba Hamani, the head of Iran, said the Islamic Republic 70 00:03:55,800 --> 00:03:59,160 Speaker 1: would seek to ensure the Strait of Homus remains effectively closed. 71 00:03:59,360 --> 00:04:02,920 Speaker 1: In his first public comments since succeeding his father. He 72 00:04:02,960 --> 00:04:05,760 Speaker 1: added that Tehran will look to open other fronts in 73 00:04:05,800 --> 00:04:08,520 Speaker 1: the war if the US and Israel persist with their attacks. 74 00:04:09,120 --> 00:04:11,120 Speaker 1: That's it for the afternoon report for Friday, eight, the 75 00:04:11,200 --> 00:04:14,040 Speaker 1: thirteenth of March twenty twenty six, Make sure you're following 76 00:04:14,040 --> 00:04:16,760 Speaker 1: the podcast and head along to Fearangreed dot com Today. 77 00:04:16,800 --> 00:04:19,520 Speaker 1: You to sign up for our free daily newsletter. I'm 78 00:04:19,520 --> 00:04:21,480 Speaker 1: Sean Elmer. Enjoy your evening.