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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Wednesday, the eighteenth of September twenty twenty four. I'm

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Speaker 1: sure elma heavy afternoon. We've got the five stories that

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Speaker 1: happened today that you need to know about. Storing one.

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Speaker 1: The SMPA six two hundred hit a new record high

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Speaker 1: today of one hundred and fifty three point five points,

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Speaker 1: though it closed flat for the day at eighty one

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Speaker 1: hundred and forty two points. Five of the eleven sub

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Speaker 1: indices of the index were higher, five were lower, and

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Speaker 1: the consumer staples index was flat. Utility stocks were among

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Speaker 1: the best performers, while materials companies were among the worst.

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Speaker 1: The big miners continue to struggle, with BHP and RIO

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Speaker 1: both down more than one percent today after forecasts of

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Speaker 1: iron ore prices falling to eighty US dollars a ton.

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Speaker 1: National Australia Bank was a standout among the large caps,

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Speaker 1: jumping one point one percent, hitting a new seventeen year high.

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Speaker 1: Story number two. Echo Law has launched a class action

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Speaker 1: in the Federal court on behalf of Harvey Norman customers

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Speaker 1: allegedly sold unnecessary and worthless extended warranties. Tens of thousands

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Speaker 1: of Harvey Norman Domain and Joy's Main customers who have

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Speaker 1: sold extended warranties between September twenty eighteen and now will

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Speaker 1: be covered by the class action, with hundreds of millions

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Speaker 1: of dollars estimated to have been paid by these customers

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Speaker 1: in largely worthless warranty costs over the period. The class

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Speaker 1: action lawsuit alleges Harvey Norman breached the law by engaging

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Speaker 1: in misleading or deceptive conduct, as well as unconscionable conduct

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Speaker 1: by leading customers to believe that the extended warranty would

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Speaker 1: give them additional protection they wouldn't have had otherwise. Harvey

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Speaker 1: Norman said that its stores have complied with all relevant

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Speaker 1: laws at all times and intend to defend proceedings vigorously.

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Speaker 1: Story number three. New Hope has entered the race to

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Speaker 1: buy Anglo Americans five coal mines in Queensland and warned

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Speaker 1: the UK listed minor that it's asking price will need

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Speaker 1: to come down to get a deal done. New Hope

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Speaker 1: is primarily a thermal coal producer, and Anglo's mines are

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Speaker 1: cocin coal, cocin coal or metal logical coal typically contained

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Speaker 1: more carbon, produces high quality cope, which is used in

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Speaker 1: blast furnaces to make steel, therm or coal is mostly

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Speaker 1: used for electricity. Angoy's portfolio was expected to be sold

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Speaker 1: in one parcel and fetch five billion US dollars, but

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Speaker 1: in June a fire broke out in the grove of

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Speaker 1: mine and the asking price is tipped to be less.

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Speaker 1: Sorry Number four, The war in the Middle East has

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Speaker 1: taken a dangerous turn, with pages used by HESBLA members

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Speaker 1: used as weapons purportedly by Israel. In an attack that

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Speaker 1: killed nine and injured thousands. Pages belonging to HESBLA members

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Speaker 1: exploded across Lebanon in an apparent sabotage of the low

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Speaker 1: tech systems the militant group users to evade Israeli's surveillance

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Speaker 1: and assassination attempts. The blast took place in several areas

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Speaker 1: of Lebanon, including the capital, Beirut. Iran backed HEZBLA, the

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Speaker 1: dominant political and military force in Lebanon, blamed Israel for

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Speaker 1: what it described as a criminal attack, adding that reprisals

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Speaker 1: are likely. Israel's military declined to comment. In a statement overnight,

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Speaker 1: the US when Special Coordinator for Lebanon called the attack

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Speaker 1: an extremely concerning escalation urged all parties to refrain from

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Speaker 1: any further action or belly coast rhetoric which could trigger

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Speaker 1: a wider conflagration that nobody can afford. Hesblas said that

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Speaker 1: at about three thirty pm local time, many pages belonging

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Speaker 1: to people working in its different units and institutions exploded.

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Speaker 1: Lebanon's Health ministry said nine people, including a child, had

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Speaker 1: been killed in the blast and more than twenty seven

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Speaker 1: hundred were injured and story number five markets are holding

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Speaker 1: on the head of the Federal Reserves interest rates setting

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Speaker 1: meeting tomorrow morning, Australian time traders think there's a sixty

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Speaker 1: five percent chance at the Federal cut rates by half

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Speaker 1: a percentage point. A twenty five basis point cut is

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Speaker 1: all but assured. Locally. Bond traders of priced in an

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Speaker 1: eighty five percent chance of rate cut this year from

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Speaker 1: the Reserve Bank, even though Governor Michelle Bullock has made

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Speaker 1: it clear she doesn't see rays falling until at least

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Speaker 1: twenty twenty five. As if the afternoon report for Tuesday,

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Speaker 1: the eighteenth of September twenty twenty four, don't forget Tip

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Speaker 1: follow on the podcast and find fear and greed on LinkedIn, Instagram, xcheck,

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Speaker 1: and Facebook. Join Michael Thomas and I tomorrow morning for

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Speaker 1: the Fast Five by Fear and Greed, the top five

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Speaker 1: business stories you need to know in just five minutes.

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Speaker 1: I'm Sean Elma. Enjoy your evening,