1 00:00:03,560 --> 00:00:06,120 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,160 --> 00:00:08,640 Speaker 1: for Friday, the eleventh of July twenty twenty five. I'm 3 00:00:08,640 --> 00:00:11,640 Speaker 1: Sean Almer. Every afternoon, We've got the five stories that 4 00:00:11,760 --> 00:00:13,520 Speaker 1: happened today that you need to know about story and 5 00:00:13,560 --> 00:00:17,120 Speaker 1: I'm one. The local share market closed down slightly today 6 00:00:17,160 --> 00:00:20,360 Speaker 1: to finish the session of eight five hundred and eighty points, 7 00:00:20,600 --> 00:00:23,640 Speaker 1: even though Wall Street hit new records overnight. The clothes 8 00:00:23,680 --> 00:00:26,040 Speaker 1: would have been worse but for a strong performance from 9 00:00:26,120 --> 00:00:29,720 Speaker 1: the material sectors and particularly the miners. There were some 10 00:00:29,880 --> 00:00:33,440 Speaker 1: serious buyers for battery metals companies, with a Luca Resources 11 00:00:33,479 --> 00:00:37,159 Speaker 1: and rare Earth surging. It came after the Pentagon invested 12 00:00:37,200 --> 00:00:40,400 Speaker 1: into a group called MP Materials, listed on Wall Street, 13 00:00:40,640 --> 00:00:44,480 Speaker 1: to gain access to non Chinese rare earths that had 14 00:00:44,520 --> 00:00:47,240 Speaker 1: an impact on local miners. A Luca closed up twenty 15 00:00:47,280 --> 00:00:50,440 Speaker 1: two percent, Liners finished seventeen percent higher. B HP of 16 00:00:50,479 --> 00:00:53,320 Speaker 1: Fortyshew and raw All jumped close to three percent on 17 00:00:53,360 --> 00:00:56,360 Speaker 1: the back of higher iron ore prices. Almost all of 18 00:00:56,400 --> 00:00:58,760 Speaker 1: the other large cap stocks were lover, with Macquarie, Goodman, 19 00:00:58,840 --> 00:01:02,639 Speaker 1: Transurban and Wes doing worst. Storry number two. Bitcoin hit 20 00:01:02,720 --> 00:01:05,680 Speaker 1: another new record this morning, Australian time, pushing beyond one 21 00:01:05,760 --> 00:01:08,400 Speaker 1: hundred and sixteen thousand US dollars a unit. He came 22 00:01:08,440 --> 00:01:10,240 Speaker 1: as the S and P five hundred hit a record 23 00:01:10,319 --> 00:01:12,640 Speaker 1: high in hopes that interest rates in the US will 24 00:01:12,680 --> 00:01:17,120 Speaker 1: fall in coming months. Bitcoin, a risk asset, has defied 25 00:01:17,160 --> 00:01:20,120 Speaker 1: concerns about global growth and is up more than fifty 26 00:01:20,120 --> 00:01:24,240 Speaker 1: percent since it's low in early April, supporting the original 27 00:01:24,280 --> 00:01:28,520 Speaker 1: cryptocurrency is growing institutional support. Storry number three. Prime Minister 28 00:01:28,600 --> 00:01:31,600 Speaker 1: Anthony Albernizi heads to China this weekend and says business 29 00:01:31,680 --> 00:01:34,679 Speaker 1: leaders have been highly supportive of the visit, which includes 30 00:01:34,720 --> 00:01:37,960 Speaker 1: a meeting with President Jijingping. Alberizi will be joined by 31 00:01:38,040 --> 00:01:42,679 Speaker 1: representatives from major companies including BHP, Rio and Fortescume. THEPM 32 00:01:42,760 --> 00:01:45,559 Speaker 1: also played down suggestions that a meeting in January between 33 00:01:45,560 --> 00:01:49,400 Speaker 1: Donald Trump and former Prime Minister Kevin Rudd was a secret. 34 00:01:49,720 --> 00:01:52,360 Speaker 1: Right is now Australia's Ambassador to the US and met 35 00:01:52,400 --> 00:01:55,920 Speaker 1: with Trump at his Florida golf club. Storry number four, 36 00:01:56,040 --> 00:02:00,680 Speaker 1: a former deputy mayor of Sydney Municipality Ashfield, has been 37 00:02:00,720 --> 00:02:04,520 Speaker 1: picked to be the US Ambassador to Malaysia. Nick Adams, 38 00:02:04,520 --> 00:02:06,680 Speaker 1: a graduate from the University of Sydney. Was best known 39 00:02:06,680 --> 00:02:10,800 Speaker 1: in Ashfield for his push to banish pigeons from the suburb. 40 00:02:10,919 --> 00:02:13,080 Speaker 1: Not sure how he was going to do that, Adams 41 00:02:13,680 --> 00:02:16,359 Speaker 1: immigrated to the US in twenty twelve, where he has 42 00:02:16,400 --> 00:02:19,680 Speaker 1: been an avid and consistent backer of the US President. 43 00:02:19,919 --> 00:02:23,600 Speaker 1: Adams began to gain prominence as a conservative activist, commentator, 44 00:02:23,639 --> 00:02:27,400 Speaker 1: public speaker, and author, often appearing on the Fox News 45 00:02:27,400 --> 00:02:32,280 Speaker 1: television network. He posted on X Today, delusional self belief 46 00:02:32,360 --> 00:02:37,239 Speaker 1: and irrational optimism, along with endless hard work makes anything possible. 47 00:02:37,520 --> 00:02:40,840 Speaker 1: Adams nomination to be the US's top diplomat in Malaysia 48 00:02:41,120 --> 00:02:44,239 Speaker 1: has been sent to the Senate for confirmation and Story 49 00:02:44,320 --> 00:02:47,000 Speaker 1: number five. The US will impose a thirty five percent 50 00:02:47,080 --> 00:02:50,160 Speaker 1: tariff on imports from Canada next month, and plans to 51 00:02:50,200 --> 00:02:53,240 Speaker 1: hit most other trade partners with blanket tariffs of fifteen 52 00:02:53,400 --> 00:02:57,079 Speaker 1: to twenty percent. In a letter released on his social 53 00:02:57,120 --> 00:03:00,880 Speaker 1: media platform, Trump Toll, Canadian Prime Minister Mark Carne that 54 00:03:01,000 --> 00:03:03,640 Speaker 1: the new rate would take effect on August one, and 55 00:03:03,840 --> 00:03:08,280 Speaker 1: will rise further if Canada retaliates. The US president added 56 00:03:08,400 --> 00:03:11,640 Speaker 1: that trading partners that had not yet received letters would 57 00:03:11,720 --> 00:03:15,120 Speaker 1: likely face blanket tariff's Australia has not yet received a 58 00:03:15,160 --> 00:03:17,720 Speaker 1: tariff letter from Trump and currently expects to have a 59 00:03:17,800 --> 00:03:20,720 Speaker 1: ten percent tariff rate. That's it for the afternoon report 60 00:03:20,720 --> 00:03:23,120 Speaker 1: for Friday, the eleventh of July twenty twenty five. Make 61 00:03:23,120 --> 00:03:25,000 Speaker 1: sure you hit follow on the podcast. We will be 62 00:03:25,040 --> 00:03:27,160 Speaker 1: back tomorrow morning with a weekend edition of Fear and 63 00:03:27,200 --> 00:03:30,000 Speaker 1: Greed Business News. I'm Sean Elmer. Enjoy your evening.