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

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Speaker 1: for Friday, the thirteenth of September twenty twenty four. I'm

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Speaker 1: Sean Elma. Every afternoon, We've got five stories that happen

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Speaker 1: today that you need to know about. Sorry, Tom one,

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Speaker 1: I'm the SMPA six two hundred close up zero point

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Speaker 1: three percent to eighty one hundred points today, taking the

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Speaker 1: weekly gain to just table one percent. It peaked today

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Speaker 1: eight eight one hundred and forty three point six points,

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Speaker 1: just five points off the all time record set in August.

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Speaker 1: Gold miners with a standout sector, with West African resources,

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Speaker 1: Perseus Mining, and Evolution Mining all surging. Hope of more

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Speaker 1: fiscal stimulus in China boosted the big miners for a

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Speaker 1: few menalscriup jumped five percent. Oil prices were also high,

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Speaker 1: helping both Woodside and Santas. Some of the lithium companies

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Speaker 1: which jumped in recent sessions were among the worst performers today.

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Speaker 1: The big banks were also lower. In corporate news, Singapore

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Speaker 1: based Ola Magri has lifted its bid for Namoy cotton

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Speaker 1: to seventy five cents a share from seventy cents, and

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Speaker 1: noted that It's offer is nearly twelve more than the

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Speaker 1: sixty seven cents a share offered by the Luid Drefus company.

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Speaker 1: Olo Maghri said it's in discussion with the Australian Competition

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Speaker 1: regulator and is confident of a positive outcome. Tollrod Group

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Speaker 1: Atlas Arteria will proceed with a compensation claim against the

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Speaker 1: French state after the French Constitutional Council ruled that a

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Speaker 1: new tax applicable to the company's operating long distance transport

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Speaker 1: infrastructure is compliant with the constitution. Problem is the tax

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Speaker 1: hits Atlas's earnings and it wants compensation. Storying number two

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Speaker 1: plenty going on in international markets, with gold today hitting

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Speaker 1: a new record of two thousand, five hundred and seventy

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Speaker 1: dollars and twenty eight cents an ounce that's the US dollars.

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Speaker 1: It followed the European Central Bank cutting interest rates for

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Speaker 1: a second time overnight. The US Federal Reserve is widely

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Speaker 1: tipped to start its interst rate cutting cycle next week.

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Speaker 1: Oil prices arising as Hurricane Francine moves through offshore production

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Speaker 1: areas near Texas, Over seven hundred and thirty thousand barrels

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Speaker 1: per day nearly forty two percent of Gulf of Mexico

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Speaker 1: oil output was shut due to friends scene yesterday. That's

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Speaker 1: according to the US Bureau of Safety and Environmental Enforcement.

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Speaker 1: On Wall Street, overnight, both the broad based SMP five

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Speaker 1: hundred and tech heavy NASDAK closed up around one percent,

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Speaker 1: and in Beijing, Chinese President Shijingping called on government officials

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Speaker 1: to help achieve the country's annual growth target of five percent.

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Speaker 1: Straight number three Tesla and ex owner Elon Musk has

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Speaker 1: called Australian's fascists for threatening to find social media giants

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Speaker 1: for enabling misinformation. He reposted a story on x from

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Speaker 1: Reuters about the federal government's push to find Internet platforms

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Speaker 1: five percent of their global revenue for failing to prevent

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Speaker 1: the spread of misinformation. He added one word to the post, fascists.

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Speaker 1: There you go. Both NDIS Minister Bill Shorten and Opposition

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Speaker 1: leader Peter Dunton played down the tweet. Sean put it

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Speaker 1: pretty nicely, he said, an I quota. Elon Musk has

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Speaker 1: had more positions on free speech than the Karma Sutra.

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Speaker 1: When it's in his commercial interests. He's the champion of

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Speaker 1: free speech. When he doesn't like it. He is. You

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Speaker 1: know he's going to shut it all down a straightam before.

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Speaker 1: Australia has signed a deal with a German government for

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Speaker 1: six hundred and sixty million dollars of shared investment in

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Speaker 1: Australian hydrogen projects as part of a joint initiative to

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Speaker 1: support supply of low emissions fuel to the European market

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Speaker 1: and help replace Russian gas. The deal, according to the

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Speaker 1: fin Review, is underpinned by the H two Global Program,

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Speaker 1: a funding initiative supported by the German government that seeks

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Speaker 1: to close the gap between the price of producing hydrogen

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Speaker 1: and its derivatives and what customers are prepared to pay.

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Speaker 1: The joint funding arrangement will signed this morning. Australia now

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Speaker 1: has a pipeline of more than two hundred billion dollars

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Speaker 1: of proposed hydrogen projects, but progress in the emerging industry

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Speaker 1: has been slower than hoped as project backers struggle to

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Speaker 1: find customers willing to pay premiums for greener fuel and

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Speaker 1: to make their ventures economic. The funding will be available

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Speaker 1: over the next ten years and will involve guaranteed off

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Speaker 1: take arrangements for production. Meanwhile, it's been confirmed that US

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Speaker 1: President Joe Biden will host the Quad Leaders that's of Australia,

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Speaker 1: India and Japan in his hometown of Wilmington, Delaware next weekend.

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Speaker 1: And finally, story umber five, Donald Trump ruled out another

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Speaker 1: presidential debate against Carmela Harris overnight as her campaign announced

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Speaker 1: a massive fundraising haul. In the hours after the two

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Speaker 1: candidates met on stage, Trump, the Republican nominee, posted on

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Speaker 1: Truth social media in all caps, that there will be

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Speaker 1: no third debate. Miss Harris's campaign revealed that it had

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Speaker 1: raised forty seven million newest dollars from nearly six hundred

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Speaker 1: thousand donors in the twenty four hours after her debate

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Speaker 1: against mister Trump. This week's debate was the first time

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Speaker 1: that mister Trump and Miss Harris had met in person,

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Speaker 1: and the Vice President largely controlled the tenor and was

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Speaker 1: able to bait her opponent into agitated responses, some of

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Speaker 1: which contained what do we call them, I suppose exaggerations

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Speaker 1: and mistruths. That's It's the Afternoon Report for Friday, the

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Speaker 1: thirteenth of September twenty twenty four. Michael Thompson and Lang

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Speaker 1: and I will be back tomorrow morning with the weekend

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Speaker 1: edition of Fear and greed. I'm sure Elma enjoy your

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Speaker 1: evening