1 00:00:04,240 --> 00:00:07,080 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,160 --> 00:00:10,000 Speaker 1: for Tuesday, the eleventh of November. I'm Michael Thompson, and 3 00:00:10,160 --> 00:00:12,960 Speaker 1: every afternoon we bring you the five big stories that 4 00:00:13,039 --> 00:00:15,360 Speaker 1: happen today that you need to know about. Let's get 5 00:00:15,360 --> 00:00:18,439 Speaker 1: cracking with story number one. The S and PA SX 6 00:00:18,480 --> 00:00:21,840 Speaker 1: two hundred closed zero point two percent lower today to 7 00:00:21,239 --> 00:00:24,560 Speaker 1: eight hundred and nineteen points and would have actually gained 8 00:00:24,600 --> 00:00:28,000 Speaker 1: ground if not for the Commonwealth Bank. Shares in Australia's 9 00:00:28,040 --> 00:00:32,040 Speaker 1: biggest company fell six point six percent today as investors 10 00:00:32,040 --> 00:00:34,680 Speaker 1: sold off the stock. The bank reported a two point 11 00:00:34,800 --> 00:00:38,760 Speaker 1: six billion dollar cash profit in the September quarter, but 12 00:00:38,880 --> 00:00:42,760 Speaker 1: there were concerns about higher costs and the net interest margin. 13 00:00:43,120 --> 00:00:45,479 Speaker 1: We're going to have more on this story tomorrow, but 14 00:00:45,640 --> 00:00:47,920 Speaker 1: six point six percent is a big drop for such 15 00:00:47,920 --> 00:00:50,839 Speaker 1: a big company, and without it, we had nine of 16 00:00:50,840 --> 00:00:53,920 Speaker 1: the eleven sectors on the ASEX actually finishing in the green. 17 00:00:54,120 --> 00:00:56,880 Speaker 1: After a strong lead in from Wall Street, amid optimism 18 00:00:56,880 --> 00:00:59,080 Speaker 1: about the reopening of the US government the potential for 19 00:00:59,160 --> 00:01:02,120 Speaker 1: more interest rates in the world's biggest economy, the price 20 00:01:02,160 --> 00:01:05,320 Speaker 1: of gold climbed our gold miners benefited once again. He 21 00:01:05,400 --> 00:01:08,280 Speaker 1: had Neumont up four point three percent, Northern Star more 22 00:01:08,280 --> 00:01:11,600 Speaker 1: than three percent higher, Evolution Mining up almost two percent. 23 00:01:12,080 --> 00:01:16,039 Speaker 1: Lithium stocks doing well. Pilbrim Minerals now known as PLS 24 00:01:16,160 --> 00:01:19,760 Speaker 1: was up seven point seven percent. Mineral Resources climbed six percent. 25 00:01:20,520 --> 00:01:23,280 Speaker 1: It wasn't all Commonwealth Bank. The tech stocks didn't do 26 00:01:23,440 --> 00:01:26,360 Speaker 1: so well. Life three sixty the monitoring app was off 27 00:01:26,480 --> 00:01:29,880 Speaker 1: more than five percent. Bendigo Bank is worth a mention too. 28 00:01:30,040 --> 00:01:32,559 Speaker 1: It fell eight and a half percent after a dropping 29 00:01:32,600 --> 00:01:36,080 Speaker 1: cash earnings. A solid day though for poker machine maker 30 00:01:36,200 --> 00:01:40,160 Speaker 1: Light and Wonder. It climbed eleven percent today on no 31 00:01:40,720 --> 00:01:44,800 Speaker 1: new news, just a good update from the company last week, 32 00:01:44,840 --> 00:01:48,640 Speaker 1: and apparently investors are still excited on Destory number two now. 33 00:01:48,760 --> 00:01:52,800 Speaker 1: Prime Minister Anthony Albernezi has described the nineteen seventy five 34 00:01:52,840 --> 00:01:56,280 Speaker 1: dismissal of GoF Whitlam as a calculated plot rather than 35 00:01:56,320 --> 00:02:00,520 Speaker 1: a constitutional crisis, accusing the Opposition at the time of 36 00:02:00,600 --> 00:02:03,960 Speaker 1: conspiring with Governor General Sir John Kerr to remove a 37 00:02:04,000 --> 00:02:08,720 Speaker 1: democratically elected government. It is fifty years today since the dismissal, 38 00:02:09,040 --> 00:02:12,360 Speaker 1: and speaking at Old Parliament House to mark the occasion, 39 00:02:13,040 --> 00:02:18,400 Speaker 1: Albanezi said Conservative forces had quote sacrificed conventions and institutions 40 00:02:18,440 --> 00:02:21,399 Speaker 1: in the pursuit of power. He announced plans to commission 41 00:02:21,400 --> 00:02:24,320 Speaker 1: a statue of Whitlam to stand outside Old Parliament House. 42 00:02:24,600 --> 00:02:28,519 Speaker 1: The PM praised Whitlam's legacy, citing the creation of Medibank 43 00:02:28,680 --> 00:02:31,920 Speaker 1: free university education in the end of the White Australian policy. 44 00:02:32,440 --> 00:02:35,440 Speaker 1: Former Prime Minister Paul Keating, who was a junior minister 45 00:02:35,800 --> 00:02:39,240 Speaker 1: in the government at the time, has revealed he advised 46 00:02:39,240 --> 00:02:42,560 Speaker 1: Whitlam to have the Governor General arrested, but agreed that 47 00:02:42,600 --> 00:02:45,560 Speaker 1: it risked setting up a clash between the army and 48 00:02:45,600 --> 00:02:48,040 Speaker 1: the police. It is safe to say that GoF Whitlam 49 00:02:48,080 --> 00:02:51,960 Speaker 1: did not accept the advice. Story number three. Australians have 50 00:02:52,000 --> 00:02:54,720 Speaker 1: stopped to mark one hundred and seven years since the 51 00:02:54,840 --> 00:02:57,560 Speaker 1: end of World War One, observing a minute silence on 52 00:02:57,600 --> 00:03:00,040 Speaker 1: Remembrance Day to honor those who died in conflict and 53 00:03:00,120 --> 00:03:04,160 Speaker 1: peacekeeping operations. Ceremonies have been held across the country, with 54 00:03:04,280 --> 00:03:08,560 Speaker 1: Prime Minister Anthony Abernezi, Opposition Leader Susan Lee joining Governor 55 00:03:08,600 --> 00:03:11,519 Speaker 1: General Sam Moston at the Australian War Memorial in Canberra. 56 00:03:11,880 --> 00:03:16,520 Speaker 1: In Melbourne, traffic stopped across eleven CBD intersections in Sydney. 57 00:03:16,520 --> 00:03:20,320 Speaker 1: The Opera House was illuminated with poppies at dawn. Remember 58 00:03:20,360 --> 00:03:22,799 Speaker 1: And Day was originally known as Armistice Day. It was 59 00:03:22,880 --> 00:03:25,920 Speaker 1: renamed Rememberance Day after World War II to honor those 60 00:03:25,960 --> 00:03:28,880 Speaker 1: who were killed in both world wars, and now commemorates 61 00:03:28,919 --> 00:03:32,040 Speaker 1: the loss of Australian lives from all wars and conflicts. 62 00:03:32,600 --> 00:03:37,320 Speaker 1: Story number four Australia's transport safety watchdog says poor awareness 63 00:03:37,320 --> 00:03:41,560 Speaker 1: of takeoff conditions almost led to two catastrophic accidents at 64 00:03:41,600 --> 00:03:44,800 Speaker 1: Melbourne Airport last year. A Malaysia Airlines A three point 65 00:03:44,800 --> 00:03:48,440 Speaker 1: thirty and a Bamboo Airways seven eight seven each took 66 00:03:48,480 --> 00:03:51,520 Speaker 1: off from a runway that had been shortened for overnight works, 67 00:03:51,600 --> 00:03:54,880 Speaker 1: clearing construction crews by just a few meters. The Australian 68 00:03:54,880 --> 00:03:59,280 Speaker 1: Transports Safety Bureau said both flight crews miscalculated their takeoff 69 00:03:59,320 --> 00:04:04,440 Speaker 1: distances despite multiple warnings. Calling the events very serious, the 70 00:04:04,520 --> 00:04:08,840 Speaker 1: ATSB has urged tighter communication procedures for runway changes after 71 00:04:08,880 --> 00:04:12,280 Speaker 1: what it called the closest the airport has come to 72 00:04:12,400 --> 00:04:16,360 Speaker 1: disaster in years. And finally, Sorry number five, the US 73 00:04:16,400 --> 00:04:19,719 Speaker 1: Senate has now voted to end the country's record breaking 74 00:04:19,920 --> 00:04:24,040 Speaker 1: forty one day government shutdown, approving a bipartisan deal to 75 00:04:24,120 --> 00:04:27,640 Speaker 1: reopen federal agencies through to the end of January. We 76 00:04:27,720 --> 00:04:30,200 Speaker 1: mentioned this yesterday and again this morning that it was 77 00:04:30,360 --> 00:04:33,400 Speaker 1: likely to happen after another vote cleared the way for it. 78 00:04:33,640 --> 00:04:36,720 Speaker 1: In the end, eight Democrats broke ranks to pass the bill, 79 00:04:36,800 --> 00:04:40,479 Speaker 1: allowing President Donald Trump to claim a partial victory after 80 00:04:40,600 --> 00:04:44,440 Speaker 1: weeks of economic disruption and plunging approval ratings. The deal 81 00:04:44,480 --> 00:04:48,840 Speaker 1: guarantees back pay for furloughed workers and restores federal food aid, 82 00:04:48,960 --> 00:04:53,719 Speaker 1: though it doesn't include an extension of expiring Obamacare subsidies, 83 00:04:53,920 --> 00:04:57,560 Speaker 1: which was a key Democratic demand. House Speaker Mike Johnson 84 00:04:57,640 --> 00:05:02,160 Speaker 1: has recalled lawmakers to Washington final vote in Congress, saying 85 00:05:02,279 --> 00:05:04,880 Speaker 1: we have to do this as quickly as possible. That's 86 00:05:04,920 --> 00:05:07,760 Speaker 1: it for the Afternoon Report for Tuesday, the eleventh of November. 87 00:05:07,800 --> 00:05:10,200 Speaker 1: Make sure you hit follow on the podcast and head 88 00:05:10,200 --> 00:05:13,120 Speaker 1: along to Fearangreed dot com dot au to sign up 89 00:05:13,160 --> 00:05:15,480 Speaker 1: for our free daily newsletter. I'll put a link in 90 00:05:15,520 --> 00:05:18,520 Speaker 1: today's show notes as well. I'm Michael Thompson. Enjoy your evening.