1 00:00:04,200 --> 00:00:06,920 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,960 --> 00:00:09,840 Speaker 1: for Thursday, the thirteenth of November. I'm Michael Thompson, and 3 00:00:09,880 --> 00:00:12,560 Speaker 1: every afternoon we have the five big stories that you 4 00:00:12,600 --> 00:00:14,960 Speaker 1: need to know about. Today, let's get cracking with story 5 00:00:15,040 --> 00:00:17,439 Speaker 1: number one. The S and PA SEX two hundred fell 6 00:00:17,560 --> 00:00:20,599 Speaker 1: zero point five percent today to eighty seven hundred and 7 00:00:20,640 --> 00:00:23,680 Speaker 1: fifty three points. It wasn't going too badly until the 8 00:00:23,760 --> 00:00:26,920 Speaker 1: labor force figures were published late this morning. Australia added 9 00:00:26,960 --> 00:00:30,280 Speaker 1: forty two thousand, two hundred jobs last month, taking the 10 00:00:30,360 --> 00:00:33,640 Speaker 1: unemployment rate down to four point three percent it was 11 00:00:33,680 --> 00:00:37,839 Speaker 1: previously four point five percent. Further dowsing hopes of an 12 00:00:37,880 --> 00:00:40,440 Speaker 1: interest rate cut next year at the ASEX two hundred 13 00:00:40,479 --> 00:00:43,640 Speaker 1: tumbled as much as one percent on the back of 14 00:00:43,680 --> 00:00:45,680 Speaker 1: the data, before gaining a bit of ground through the 15 00:00:45,680 --> 00:00:47,680 Speaker 1: rest of the day to close half a percent down. 16 00:00:48,080 --> 00:00:51,360 Speaker 1: The worst performers today were the TEXTOCS Cloud of Counting 17 00:00:51,400 --> 00:00:55,400 Speaker 1: Group zero dropped nine percent after its operating expenses ratio 18 00:00:55,520 --> 00:00:59,080 Speaker 1: came in above expectations. Next DC was down four percent. 19 00:00:59,200 --> 00:01:02,120 Speaker 1: Wise Tech Global off more than two percent. Taking a 20 00:01:02,120 --> 00:01:04,920 Speaker 1: look at the banks, A and Z went ex dividend today, 21 00:01:05,000 --> 00:01:07,240 Speaker 1: so if you own shares before that point you get 22 00:01:07,240 --> 00:01:09,760 Speaker 1: the dividend, afterwards you don't. As a result, it was 23 00:01:09,800 --> 00:01:13,119 Speaker 1: down almost five percent today. NAB and Westpac both fell 24 00:01:13,160 --> 00:01:17,080 Speaker 1: around one percent, but Commonwealth Bank bucked the trend, climbing 25 00:01:17,120 --> 00:01:19,480 Speaker 1: one point one percent after some big sell offs in 26 00:01:19,520 --> 00:01:22,600 Speaker 1: recent days. Another good day for the gold miners. The 27 00:01:22,600 --> 00:01:25,640 Speaker 1: gold price around forty two one hundred US dollars an ounce. 28 00:01:25,720 --> 00:01:29,039 Speaker 1: Newmont was up nearly four percent. The worst performer though 29 00:01:29,080 --> 00:01:31,200 Speaker 1: today was Drone Shield, which has been a bit of 30 00:01:31,240 --> 00:01:34,360 Speaker 1: a share mark at Darling this year. Not anymore, it seems. 31 00:01:34,400 --> 00:01:37,080 Speaker 1: The defense tech company plummeted thirty one and a half 32 00:01:37,160 --> 00:01:42,039 Speaker 1: percent today after chief executive Oleg Vaornik sold nearly fifteen 33 00:01:42,120 --> 00:01:46,360 Speaker 1: million shares valued at around fifty million dollars. On to 34 00:01:46,440 --> 00:01:49,960 Speaker 1: story number two, and the Liberal Party has formally agreed 35 00:01:50,120 --> 00:01:52,960 Speaker 1: to abandon its commitment to net zero emissions by twenty 36 00:01:52,960 --> 00:01:56,520 Speaker 1: to fifty, confirming a major shift in climate policy. The 37 00:01:56,680 --> 00:01:59,720 Speaker 1: Liberal Party room had flagged this yesterday, we spoke about 38 00:01:59,760 --> 00:02:03,200 Speaker 1: that on This Morning show, and today a meeting of 39 00:02:03,240 --> 00:02:07,200 Speaker 1: shadow ministers confirmed it. The party also resolved to repeal 40 00:02:07,440 --> 00:02:11,440 Speaker 1: Labour's twenty thirty emissions reduction legislation, but said it would 41 00:02:11,520 --> 00:02:14,720 Speaker 1: remain part of the Paris Agreement and set five year 42 00:02:15,440 --> 00:02:20,079 Speaker 1: interim targets once they were elected to government. Oppositionally to 43 00:02:20,160 --> 00:02:22,840 Speaker 1: Susan Lee said that omissions would be reduced and I 44 00:02:22,919 --> 00:02:27,120 Speaker 1: quote as fast and as far as technologies allow without 45 00:02:27,200 --> 00:02:31,880 Speaker 1: imposing mandatory costs. National's leader David Little Proud praised the 46 00:02:32,000 --> 00:02:35,519 Speaker 1: move as leadership, saying it aligned closely with the National's 47 00:02:35,520 --> 00:02:39,919 Speaker 1: position to prioritize energy affordability. The two coalition parties will 48 00:02:39,960 --> 00:02:42,919 Speaker 1: now meet on Sunday to finalize their joint policy. 49 00:02:43,760 --> 00:02:46,600 Speaker 2: Story number three bit of corporate news around today, Guzmani 50 00:02:46,680 --> 00:02:50,680 Speaker 2: Gomez said it had maintained its earnings guidance and expects 51 00:02:50,760 --> 00:02:55,840 Speaker 2: strong sales growth this financial year through menu innovation, operational excellence, 52 00:02:56,040 --> 00:02:59,680 Speaker 2: marketing and digital initiatives. Goosman share price fell almost two 53 00:02:59,680 --> 00:03:03,160 Speaker 2: percent today. It's down forty percent over the past year. 54 00:03:03,639 --> 00:03:06,680 Speaker 2: Grain Corp tumbled almost eleven percent today after reporting a 55 00:03:06,720 --> 00:03:08,960 Speaker 2: thirty five percent drop in net profit for the twenty 56 00:03:09,000 --> 00:03:13,800 Speaker 2: twenty five fiscal year. Softer international grain margins are offsetting 57 00:03:13,840 --> 00:03:17,440 Speaker 2: some strong local volumes. Ourica rallied two and a half 58 00:03:17,440 --> 00:03:21,040 Speaker 2: percent after posting its strongest earnings in thirteen years, with 59 00:03:21,200 --> 00:03:24,760 Speaker 2: full year net profit up thirty two percent. Webjet Group 60 00:03:24,960 --> 00:03:28,239 Speaker 2: fell more than seventeen percent after downgrading its full year 61 00:03:28,320 --> 00:03:32,559 Speaker 2: profit outlook, and the A Triple C has provided informal 62 00:03:32,639 --> 00:03:36,240 Speaker 2: clearance for the proposed merger between Southern Cross Media and 63 00:03:36,280 --> 00:03:40,680 Speaker 2: Seven West Media. Story number four. Rio Tinto has dumped 64 00:03:40,760 --> 00:03:44,280 Speaker 2: a twenty one year old ambition to develop a lithium 65 00:03:44,280 --> 00:03:48,480 Speaker 2: mine in Serbia, with the Ydar project falling victim to 66 00:03:48,520 --> 00:03:51,080 Speaker 2: the miners cost cutting program that's already cut hundreds of 67 00:03:51,160 --> 00:03:54,920 Speaker 2: jobs from Rio's Australian iron ore division. The lithium and 68 00:03:55,160 --> 00:03:58,920 Speaker 2: borates deposit in the Yadar Valley was discovered by Rio 69 00:03:58,960 --> 00:04:02,280 Speaker 2: in two thousand and five or in twenty twenty one. 70 00:04:02,360 --> 00:04:06,040 Speaker 2: The company promised to spend two point four billion US 71 00:04:06,040 --> 00:04:09,600 Speaker 2: dollars building Europe's biggest lithium mind if all permits were 72 00:04:09,600 --> 00:04:14,400 Speaker 2: forthcoming from the Serbian government, but Rio temporarily lost its 73 00:04:14,440 --> 00:04:17,280 Speaker 2: license for the project between January twenty twenty two and 74 00:04:17,400 --> 00:04:21,960 Speaker 2: July twenty twenty four continues to battle community opposition and 75 00:04:22,120 --> 00:04:24,839 Speaker 2: political uncertainty towards the project. This is according to the 76 00:04:24,839 --> 00:04:29,160 Speaker 2: Financial Review. Also, Rio has spent what is it more 77 00:04:29,200 --> 00:04:33,239 Speaker 2: than ten billion dollars buying arcadium lithium's established and revenue 78 00:04:33,240 --> 00:04:36,880 Speaker 2: generating business earlier this year, as well as some earlier 79 00:04:36,920 --> 00:04:40,600 Speaker 2: stage Chilean lithium assets. The big challenge here is the 80 00:04:40,600 --> 00:04:45,080 Speaker 2: competition for capital is rising within Rio's lithium division. As 81 00:04:45,080 --> 00:04:47,720 Speaker 2: a result, YadA has been put onto the back burner. 82 00:04:48,440 --> 00:04:52,440 Speaker 2: Last one story number five. Newly released emails suggest Donald 83 00:04:52,440 --> 00:04:56,760 Speaker 2: Trump knew about the conduct of convicted sex offender Jeffrey Epstein. 84 00:04:56,800 --> 00:04:59,599 Speaker 2: The messages, made public by Democrats on the House Oversight 85 00:04:59,600 --> 00:05:03,120 Speaker 2: commiss He include one in which Epstein allegedly said, of 86 00:05:03,240 --> 00:05:07,320 Speaker 2: course Trump knew about the girls, and another claiming that 87 00:05:07,360 --> 00:05:10,919 Speaker 2: Trump spent hours with a victim at Epstein's home. The 88 00:05:11,040 --> 00:05:13,719 Speaker 2: emails have renewed pressure on the White House to release 89 00:05:13,760 --> 00:05:18,760 Speaker 2: the full Epstein files. Republicans responded by releasing twenty three 90 00:05:18,920 --> 00:05:22,440 Speaker 2: thousand of their own documents, accusing the Democrats of cherry 91 00:05:22,480 --> 00:05:26,680 Speaker 2: picking the material. For his part, Trump dismissed the reports 92 00:05:26,720 --> 00:05:30,320 Speaker 2: as a hoax on truth social saying Democrats were trying 93 00:05:30,360 --> 00:05:33,679 Speaker 2: to distract from the government shutdown. Speaking of the government 94 00:05:33,720 --> 00:05:37,480 Speaker 2: shutdown legislation to end it was passed today by Congress. 95 00:05:37,600 --> 00:05:39,919 Speaker 2: The final stage now in the process is for Donald 96 00:05:39,920 --> 00:05:42,680 Speaker 2: Trump to sign the bill. That's it for the Afternoon 97 00:05:42,720 --> 00:05:45,480 Speaker 2: Report for Thursday, the thirteenth of November. Make sure you 98 00:05:45,560 --> 00:05:47,880 Speaker 2: hit follow on the podcast and head along. 99 00:05:47,680 --> 00:05:50,480 Speaker 1: To Fear and Greed dot com dot au or click 100 00:05:50,480 --> 00:05:52,039 Speaker 1: the link in the show notes to sign up for 101 00:05:52,080 --> 00:05:54,159 Speaker 1: our free daily newsletter. 102 00:05:53,760 --> 00:05:56,479 Speaker 2: In your inbox by six am every weekday. Great cheat, 103 00:05:56,520 --> 00:05:59,719 Speaker 2: cheap help you get ahead. I'm Michael Thompson. Enjoy your evening.