1 00:00:04,200 --> 00:00:07,040 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,080 --> 00:00:09,920 Speaker 1: for Monday, the ninth of March twenty twenty six. I'm 3 00:00:09,920 --> 00:00:12,559 Speaker 1: Michael Thompson, and every afternoon we've got the five stories 4 00:00:12,560 --> 00:00:14,760 Speaker 1: that happened today that you need to know about. Let's 5 00:00:14,800 --> 00:00:16,919 Speaker 1: go with story number one. It is all about markets. 6 00:00:16,960 --> 00:00:20,599 Speaker 1: The S ANDPASX two hundred has tumbled almost three percent 7 00:00:20,640 --> 00:00:23,759 Speaker 1: today in its worst session since April of last year. 8 00:00:24,160 --> 00:00:26,680 Speaker 1: The share market was down two point nine percent to 9 00:00:26,840 --> 00:00:31,360 Speaker 1: eighty five hundred and ninety nine points, as the escalating 10 00:00:31,440 --> 00:00:34,800 Speaker 1: conflict in Iran since oil prices surging nearly thirty percent, 11 00:00:35,280 --> 00:00:38,760 Speaker 1: rattling global markets. It was actually much worse earlier in 12 00:00:38,800 --> 00:00:41,560 Speaker 1: the day. At one point, the local boss was off 13 00:00:41,800 --> 00:00:45,680 Speaker 1: four point three percent. The price of crude jumped about 14 00:00:45,840 --> 00:00:50,040 Speaker 1: twenty seven percent today to around one hundred and eighteen 15 00:00:50,159 --> 00:00:53,600 Speaker 1: US dollars a barrel after disruption to shipping through the 16 00:00:53,640 --> 00:00:56,160 Speaker 1: Strait of Helmus, which we have talked about on the 17 00:00:56,160 --> 00:00:59,800 Speaker 1: podcast previously. The spike has reignited these fears of hiring 18 00:01:00,000 --> 00:01:03,520 Speaker 1: inflation and the prospect then of further interest rate hikes 19 00:01:03,600 --> 00:01:07,600 Speaker 1: as well. Energy stocks today were among the few gainers. 20 00:01:08,040 --> 00:01:10,280 Speaker 1: Karu and Energy was up more than ten percent, yang 21 00:01:10,360 --> 00:01:13,720 Speaker 1: Cole rose more than thirteen percent, while oil and gas 22 00:01:13,720 --> 00:01:16,399 Speaker 1: giants Santos and Woodside were both up more than two percent. 23 00:01:17,200 --> 00:01:20,280 Speaker 1: But every other sector lost ground today. Materials and tech 24 00:01:20,319 --> 00:01:24,000 Speaker 1: stocks were hardest hit. BHP lost more than five percent, 25 00:01:24,440 --> 00:01:27,720 Speaker 1: Rio tinto almost four percent, while the major banks fell 26 00:01:27,760 --> 00:01:30,360 Speaker 1: between one point six percent and two point three percent. 27 00:01:30,680 --> 00:01:34,479 Speaker 1: Property groups Center and Mervak dropped. Gold miners Northern Star 28 00:01:34,600 --> 00:01:38,119 Speaker 1: and Neumont both tumbled. Big declines all over the place, 29 00:01:38,280 --> 00:01:40,600 Speaker 1: and we'll have a much more detailed look at this 30 00:01:40,680 --> 00:01:44,000 Speaker 1: story tomorrow morning on de story number two. Now and 31 00:01:44,080 --> 00:01:47,600 Speaker 1: still tied to the conflict and turmoil in the Middle East, 32 00:01:47,960 --> 00:01:51,880 Speaker 1: Airlines based in that region are now expanding refund and 33 00:01:51,960 --> 00:01:56,280 Speaker 1: rebooking options as the conflict enters its second week continues 34 00:01:56,320 --> 00:02:00,440 Speaker 1: to disrupt global travel. Emirates has extended its p to 35 00:02:00,480 --> 00:02:03,840 Speaker 1: allow free rebookings or refunds for passengers with bookings through 36 00:02:03,840 --> 00:02:07,840 Speaker 1: to March thirty one. Qatar Airways is offering free rebookings 37 00:02:07,880 --> 00:02:10,760 Speaker 1: or refunds for tickets with travel dates between February twenty 38 00:02:10,760 --> 00:02:15,120 Speaker 1: eight and March fifteen. Another major one, Eddie had Airways, 39 00:02:15,480 --> 00:02:18,720 Speaker 1: also allowing passengers with bookings between February twenty eight and 40 00:02:18,760 --> 00:02:22,080 Speaker 1: March twenty one to rebook flights at no extra cost 41 00:02:22,520 --> 00:02:26,120 Speaker 1: up until May fifteen, or request a refund if they 42 00:02:26,200 --> 00:02:30,000 Speaker 1: choose not to travel. Quantus has matched Emirates approach for 43 00:02:30,080 --> 00:02:33,280 Speaker 1: customers traveling on partner airlines through the Middle East. It 44 00:02:33,400 --> 00:02:37,280 Speaker 1: comes as Australian authorities continue to warn travelers to avoid 45 00:02:37,360 --> 00:02:41,240 Speaker 1: the region and to wait for flight confirmation before heading 46 00:02:41,280 --> 00:02:46,640 Speaker 1: to the airport. Story number three. Australia is facing calls 47 00:02:46,680 --> 00:02:50,880 Speaker 1: to protect Iran's women's national soccer team after players faced 48 00:02:50,880 --> 00:02:54,560 Speaker 1: criticism at home for not singing the national anthem during 49 00:02:54,560 --> 00:02:57,480 Speaker 1: a Women's Asian Cup match on the Gold Coast. Some 50 00:02:57,639 --> 00:03:02,000 Speaker 1: Iranian officials and media figures reported labeled the players traitors, 51 00:03:02,400 --> 00:03:05,600 Speaker 1: raising concerns about their safety if they return now to Iran. 52 00:03:05,919 --> 00:03:08,440 Speaker 1: Footage of the team leaving their final match last night 53 00:03:08,480 --> 00:03:10,680 Speaker 1: reportedly shows one of the players on board the team 54 00:03:10,680 --> 00:03:15,280 Speaker 1: bus making the international sign for SOS. Advocacy groups and 55 00:03:15,360 --> 00:03:17,960 Speaker 1: some politicians are now urging the Australian government to allow 56 00:03:18,000 --> 00:03:21,800 Speaker 1: the team to remain in Australia or to offer humanitarian protection. 57 00:03:22,280 --> 00:03:24,880 Speaker 1: Foreign Minister Pennywong has declined to comment on whether the 58 00:03:24,919 --> 00:03:27,680 Speaker 1: government had been in direct contact with the players, but 59 00:03:27,960 --> 00:03:31,000 Speaker 1: has said that Australians have been moved by their presence 60 00:03:31,080 --> 00:03:34,520 Speaker 1: during the tournament. Story number four, Change of Pace Now 61 00:03:34,600 --> 00:03:39,040 Speaker 1: baby boomers in Australia now hold almost six trillion dollars 62 00:03:39,080 --> 00:03:41,960 Speaker 1: in wealth after an eight hundred and forty percent increase 63 00:03:41,960 --> 00:03:44,960 Speaker 1: over the past two decades, driven largely by rising property 64 00:03:45,000 --> 00:03:48,840 Speaker 1: and share prices. Analysis from the Bankquest Curtain Economic Center 65 00:03:49,720 --> 00:03:54,080 Speaker 1: in nine newspapers today shows that Australians aged over sixty 66 00:03:54,080 --> 00:03:57,600 Speaker 1: five now control nearly a third of national wealth, up 67 00:03:57,640 --> 00:04:00,480 Speaker 1: from about twenty seven percent in two thousand and two. 68 00:04:00,920 --> 00:04:03,720 Speaker 1: Much of that wealth is, of course tied up in housing, 69 00:04:03,800 --> 00:04:07,680 Speaker 1: with property assets owned by baby boomers rising to almost 70 00:04:07,720 --> 00:04:11,800 Speaker 1: three trillion dollars while they're carrying very little debt. Researchers 71 00:04:11,840 --> 00:04:16,479 Speaker 1: say the findings highlight growing into generational inequality, with younger 72 00:04:16,520 --> 00:04:20,920 Speaker 1: Australians holding less wealth while taking on far higher housing 73 00:04:21,000 --> 00:04:24,239 Speaker 1: debt in order to enter the property market. And finally, 74 00:04:24,640 --> 00:04:27,440 Speaker 1: story number five had about this one. Nepal looks set 75 00:04:27,440 --> 00:04:32,000 Speaker 1: for a dramatic political shift after rapper turned politician Belendra 76 00:04:32,160 --> 00:04:36,920 Speaker 1: Shah led his party to a landslide election victory. Now 77 00:04:37,040 --> 00:04:39,360 Speaker 1: Shah's party, which is only formed I think about three 78 00:04:39,440 --> 00:04:42,000 Speaker 1: years ago, one at least one hundred and twenty two 79 00:04:42,160 --> 00:04:44,960 Speaker 1: of the one hundred and sixty five directly elected seats, 80 00:04:45,279 --> 00:04:48,280 Speaker 1: putting it on course for the largest majority since Nepal 81 00:04:48,360 --> 00:04:51,880 Speaker 1: became a democracy. The thirty five year old former rapper 82 00:04:52,080 --> 00:04:55,160 Speaker 1: rose to prominence during protests that had been led by 83 00:04:55,240 --> 00:04:58,840 Speaker 1: youths in the country that toppled the previous government last year, 84 00:04:58,880 --> 00:05:02,360 Speaker 1: and campaigned on promi to tackle corruption and deliver change. 85 00:05:02,600 --> 00:05:07,279 Speaker 1: Supporters say the result represents a generational revolt against Nepal's 86 00:05:07,279 --> 00:05:11,160 Speaker 1: political old card and a powerful endorsement of a growing 87 00:05:11,320 --> 00:05:14,800 Speaker 1: gen Z political movement. And that's it for the Afternoon 88 00:05:14,800 --> 00:05:17,240 Speaker 1: Report for Monday, the ninth of March. Make sure you're 89 00:05:17,240 --> 00:05:19,320 Speaker 1: following the podcast, and please head along to Fear and 90 00:05:19,400 --> 00:05:21,640 Speaker 1: Greed dot com dot au to sign up for our 91 00:05:21,760 --> 00:05:23,760 Speaker 1: free daily newsletter. I'll put a link in the show 92 00:05:23,800 --> 00:05:26,359 Speaker 1: notes as well. I'm Michael Thompson. Enjoy your evening.