1 00:00:04,160 --> 00:00:07,040 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,080 --> 00:00:09,800 Speaker 1: for Friday, the twentieth of March twenty twenty six. I'm 3 00:00:09,800 --> 00:00:12,120 Speaker 1: Michael Thompson, and every afternoon we've got the five stories 4 00:00:12,160 --> 00:00:14,240 Speaker 1: that happened today that you need to know about. Let's 5 00:00:14,240 --> 00:00:15,920 Speaker 1: go a story. Number one. The S and p A 6 00:00:16,120 --> 00:00:19,119 Speaker 1: is Sex two hundred fell zero point eight percent today 7 00:00:19,480 --> 00:00:22,319 Speaker 1: to eight thousand, four hundred and twenty eight points. That 8 00:00:22,480 --> 00:00:25,720 Speaker 1: is down about two point two percent now for the week, 9 00:00:25,840 --> 00:00:29,080 Speaker 1: the third week in a row of losses, with the 10 00:00:29,120 --> 00:00:31,800 Speaker 1: benchmark index down more than eight percent since the war 11 00:00:31,840 --> 00:00:35,440 Speaker 1: in the Middle East began. Gold mine has led the declines. Today, 12 00:00:35,440 --> 00:00:38,360 Speaker 1: the price of gold suffered its sharpest weekly fall since 13 00:00:38,440 --> 00:00:43,199 Speaker 1: early twenty twenty. Rising inflation and the really now distant 14 00:00:43,200 --> 00:00:46,000 Speaker 1: hopes of interest rate cuts isn't helping. In fact, the 15 00:00:46,080 --> 00:00:49,200 Speaker 1: Financial Review reports commentary from central banks around the world 16 00:00:49,240 --> 00:00:52,479 Speaker 1: has seen markets now price in three more rate hikes 17 00:00:52,720 --> 00:00:55,960 Speaker 1: from the RBA, potentially taking the cash rate to four 18 00:00:56,000 --> 00:00:59,240 Speaker 1: point eight five percent, which would be if that was 19 00:00:59,280 --> 00:01:02,280 Speaker 1: the case, the highest since two thousand and eight. But 20 00:01:02,400 --> 00:01:05,240 Speaker 1: as far as the gold miners went, today, Neumont was 21 00:01:05,240 --> 00:01:08,200 Speaker 1: off two point six percent, or a Banda and Greatland 22 00:01:08,240 --> 00:01:12,200 Speaker 1: Resources both fell more than seven percent. Oil pulled back, 23 00:01:12,240 --> 00:01:15,479 Speaker 1: the price of oil coming off ever so slightly today 24 00:01:15,480 --> 00:01:19,959 Speaker 1: as US and Israeli leaders sought to reassure investors following 25 00:01:20,080 --> 00:01:22,880 Speaker 1: damage that has been done to energy infrastructure in the 26 00:01:22,920 --> 00:01:26,720 Speaker 1: Middle East, but coal miners climbed. Yan Coal was up 27 00:01:26,840 --> 00:01:28,919 Speaker 1: three and a half percent, white Haven nearly four percent 28 00:01:28,959 --> 00:01:33,120 Speaker 1: after reports that attacks on Qatar's LNG facilities had damaged 29 00:01:33,600 --> 00:01:37,800 Speaker 1: seventeen percent of its capacity and may take years to repair. 30 00:01:38,120 --> 00:01:40,479 Speaker 1: Elsewhere on the course, the healthcare stocks had a pretty 31 00:01:40,520 --> 00:01:42,959 Speaker 1: good day, while the bank's all slid NAB was off 32 00:01:42,959 --> 00:01:45,720 Speaker 1: more than two percent. Of Westpac, Conwealth Bank and A 33 00:01:45,800 --> 00:01:48,600 Speaker 1: and Z were all down around one percent. Onto story 34 00:01:48,680 --> 00:01:51,280 Speaker 1: number two. Now and Coal's will review how much it 35 00:01:51,320 --> 00:01:55,639 Speaker 1: pays transport providers more frequently as fuel costs surge following 36 00:01:55,640 --> 00:01:59,640 Speaker 1: the Middle East conflict, signaling broader price pressures across the economy. 37 00:02:00,000 --> 00:02:03,000 Speaker 1: At the supermarket, State will move from monthly to twice 38 00:02:03,040 --> 00:02:07,160 Speaker 1: monthly reviews of the fuel component of freight rates, allowing 39 00:02:07,240 --> 00:02:12,000 Speaker 1: transporters to recoup rising costs more quickly. Airlines are also responding. 40 00:02:12,040 --> 00:02:15,920 Speaker 1: Virgin Australia has now declared that fares will need to 41 00:02:16,040 --> 00:02:18,840 Speaker 1: rise about five percent and as we already know, Quantas 42 00:02:18,840 --> 00:02:22,200 Speaker 1: said that it will be reviewing fares more frequently as 43 00:02:22,240 --> 00:02:26,920 Speaker 1: fuel costs certainly remain volatile. Story number three. Now in 44 00:02:26,960 --> 00:02:30,760 Speaker 1: far north Queensland, cyclone NREL is continuing to move across 45 00:02:30,800 --> 00:02:34,720 Speaker 1: Cape York Peninsula, with authorities warning communities to remain alert 46 00:02:34,800 --> 00:02:38,600 Speaker 1: as the system tracks west. This has been developing over 47 00:02:38,600 --> 00:02:41,200 Speaker 1: the last few days. It is a major major storm. 48 00:02:41,240 --> 00:02:44,840 Speaker 1: The cyclone has weakened to a Category three system but 49 00:02:45,080 --> 00:02:49,239 Speaker 1: is expected to intensify again over the Gulf of Carpenteria, 50 00:02:49,400 --> 00:02:52,720 Speaker 1: bringing destructive winds and heavy rain. Hundreds of properties are 51 00:02:52,760 --> 00:02:56,600 Speaker 1: without power across the region, with emergency crews unable to 52 00:02:56,639 --> 00:02:59,400 Speaker 1: access some remote communities due to flooded roads, meaning that 53 00:02:59,480 --> 00:03:03,080 Speaker 1: rescue f to being conducted by air. Queensland Premier David 54 00:03:03,120 --> 00:03:06,080 Speaker 1: chris A fully has said that recovery efforts would focus 55 00:03:06,080 --> 00:03:10,080 Speaker 1: on restoring essential services and helping communities rebuild, with support 56 00:03:10,160 --> 00:03:14,800 Speaker 1: from both state and federal governments. Story number four. The 57 00:03:14,919 --> 00:03:17,800 Speaker 1: cost of living crisis is hitting stationery and back to 58 00:03:17,840 --> 00:03:21,920 Speaker 1: school supplies. A sharp drop in smiggle sales has weighed 59 00:03:21,960 --> 00:03:25,760 Speaker 1: on premier investments, with the retailer reporting a weeker first half. 60 00:03:25,840 --> 00:03:30,000 Speaker 1: Despite a small lift in overall profit, sales at Smiggle 61 00:03:30,160 --> 00:03:34,120 Speaker 1: fell ten point seven percent as households really tightened their belts, 62 00:03:34,160 --> 00:03:38,040 Speaker 1: while the company's pajama brand Peter Alexander, actually performed more 63 00:03:38,080 --> 00:03:41,880 Speaker 1: strongly with sales up just under five percent. Chair Solomon 64 00:03:41,920 --> 00:03:44,840 Speaker 1: Lou said a strategic review had identified the need to 65 00:03:44,920 --> 00:03:48,640 Speaker 1: refocus Smiggle on its core customer base, with a new 66 00:03:48,680 --> 00:03:52,440 Speaker 1: chief executive appointed to lead a turnaround. Premier Investments closed 67 00:03:52,440 --> 00:03:56,360 Speaker 1: four point three percent lower today and finally story number 68 00:03:56,360 --> 00:04:00,200 Speaker 1: five a big one. European leaders and Japan have sign 69 00:04:00,400 --> 00:04:03,320 Speaker 1: they are prepared to help secure shipping through the Strait 70 00:04:03,320 --> 00:04:07,640 Speaker 1: of Humus as attacks on energy infrastructure continue to disrupt 71 00:04:07,720 --> 00:04:11,720 Speaker 1: global supply. I've already talked about the tax on Qatar 72 00:04:11,960 --> 00:04:16,080 Speaker 1: and other energy infrastructure within the region. A joint statement 73 00:04:16,279 --> 00:04:20,600 Speaker 1: from the leaders of the United Kingdom, France, Germany, Italy, 74 00:04:20,720 --> 00:04:25,359 Speaker 1: the Netherlands and Japan condemned Iran's actions against commercial vessels 75 00:04:25,360 --> 00:04:28,880 Speaker 1: and energy facilities and called for a halt to attacks 76 00:04:29,400 --> 00:04:33,400 Speaker 1: on Sevilian infrastructure. US President Donald Trump has been urging 77 00:04:33,520 --> 00:04:39,040 Speaker 1: allies to deploy naval resources to escort tankers, and up 78 00:04:39,080 --> 00:04:42,400 Speaker 1: until now there hasn't been a great response. Details of 79 00:04:42,400 --> 00:04:45,880 Speaker 1: any coordinated response remain unclear, but now this is a 80 00:04:46,000 --> 00:04:48,880 Speaker 1: very firm signal that there will be some support coming. 81 00:04:49,240 --> 00:04:52,760 Speaker 1: After the statement, the President met with Japan's Prime Minister 82 00:04:52,839 --> 00:04:57,559 Speaker 1: Sena at Takaichi, which included one very awkward moment after 83 00:04:57,600 --> 00:05:00,480 Speaker 1: a question from a journalist about why the US didn't 84 00:05:00,520 --> 00:05:04,080 Speaker 1: tell its allies about the attack on Iran that it 85 00:05:04,160 --> 00:05:07,120 Speaker 1: was coming. In response, Donald Trump made a joke about 86 00:05:07,200 --> 00:05:10,599 Speaker 1: Japan not warning the US about attacking Pearl Harbor in 87 00:05:10,680 --> 00:05:14,039 Speaker 1: World War Two. It did not go down particularly well. 88 00:05:14,240 --> 00:05:17,360 Speaker 1: That's it for the afternoon report for Friday, the twentieth 89 00:05:17,400 --> 00:05:20,080 Speaker 1: of March. Make sure you're following the podcast and please 90 00:05:20,120 --> 00:05:21,919 Speaker 1: head along to Fear and Greed dot com today you 91 00:05:22,000 --> 00:05:25,120 Speaker 1: to sign up for our free daily newsletter. I'm Michael Thompson. 92 00:05:25,440 --> 00:05:26,080 Speaker 1: Enjoy your Eve.