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

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Speaker 1: for Thursday, the twentieth of November. I'm Michaele Thompson, and

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Speaker 1: every afternoon we have the five big stories that you

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Speaker 1: need to know about. Today, Let's get cracking with story

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Speaker 1: number one. The S and PA SX two hundred climbed

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Speaker 1: one point two percent today to eighty five hundred and

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Speaker 1: fifty three points. Why all because of Nvidia. The world's

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Speaker 1: biggest company, reported its results in the US this morning,

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Speaker 1: and what a performance. The chip maker reported a quarterly

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Speaker 1: revenue of fifty seven billion US dollars. That's for one

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Speaker 1: quarter and a fourteen percent rise expected this quarter. Investors

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Speaker 1: had been a little bit nervous ahead of the results

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Speaker 1: because of Nvidia's position at the very heart of the

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Speaker 1: AI boom. A miss would have flowed on to those

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Speaker 1: tech giants who've invested billions of dollars into the technology.

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Speaker 1: But apparently nothing to worry about for now, at least locally.

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Speaker 1: We saw the text dog then leading the way, with

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Speaker 1: US based block jumping more than ten percent. The materials

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Speaker 1: sector also did well, as did property companies. Some big

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Speaker 1: moves from some of the big miners Fortescue Metals that

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Speaker 1: was up more than four percent today. Rio Tinto climbed

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Speaker 1: three percent, and after a few poor sessions, all the

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Speaker 1: major banks were up by one percent, while Macquarie Group

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Speaker 1: jumped two percent onto Story number two. Now and Turkey

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Speaker 1: has won hosting rights for next year's COP thirty one

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Speaker 1: Climate Summit, edging out Australia after months of lobbying from

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Speaker 1: both governments. Australia spent seven million dollars promoting its joint

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Speaker 1: bid with Pacific Nations, which would have hosted the main

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Speaker 1: summit in Adelaide. Climate Minister Chris Bowen is now working

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Speaker 1: on a deal that would see some pre COP events

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Speaker 1: hosted in the Pacific. Prime Minister Anthony Abenezi admitted earlier

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Speaker 1: this week that the bid was slipping, saying that Australia

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Speaker 1: wouldn't veto Turkey if it won. Turkey successfully pitched itself

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Speaker 1: as a bridge between developed and emerging economies. Story number three.

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Speaker 1: The Reserve Bank has conceded that it was caught a

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Speaker 1: little off guard by how quickly Australians jumped back into

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Speaker 1: the property market after this year's interest rate cuts. House

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Speaker 1: prices have risen in nine consecutive months since the first

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Speaker 1: rate cut back in February. Was Speaking at an AI

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Speaker 1: Group event today, RBA Chief Economists Sarah Hunter said the

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Speaker 1: bank underestimated the speed and strength of the response to

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Speaker 1: cheaper borrowing. She said, and I quote. Thus far, the

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Speaker 1: response has been a little stronger than we anticipated, with

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Speaker 1: activity in the established housing market picking up slightly more

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Speaker 1: than expected in recent months. The Reserve Bank Board has

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Speaker 1: cut rates three times this year, with economists divided on

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Speaker 1: whether there'll be any more cuts to come following a

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Speaker 1: surprise increase in inflation rather last quarter. Story number four.

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Speaker 1: Darwin is bracing for tropical cyclone Fena, with the storm

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Speaker 1: expected to swing south tomorrow and track directly towards the

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Speaker 1: top end, authorities of warning residents to prepare for destructive winds,

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Speaker 1: heavy rain, and possible flooding. The system has strengthened to

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Speaker 1: a category two and could reach category three as it

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Speaker 1: approaches the coast. Gusts of up to one hundred and

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Speaker 1: thirty five kilometers per hour are already being recorded, with

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Speaker 1: winds potentially rising above one hundred and fifty k's an

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Speaker 1: hour as the cyclone gets closer to land. And finally,

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Speaker 1: Story number five. US President Donald Trump has signed a

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Speaker 1: bill forcing the release of the Epstein files, ending months

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Speaker 1: of political pressure over one of the most controversial sagas

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Speaker 1: of his presidency. The move compels the Justice Department and

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Speaker 1: FBI to publish tens of thousands of documents linked to

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Speaker 1: the convicted sex offender Jeffrey Epstein within thirty days, with

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Speaker 1: only limited reactions allowed for ongoing investigations. Trump had resisted

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Speaker 1: releasing the files, but shifted his position once it became

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Speaker 1: clear that Congress had the numbers to pass the life legislation.

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Speaker 1: He now claims that the release will expose prominent Democrats

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Speaker 1: tied to Epstein, including former President Bill Clinton, who denies

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Speaker 1: any wrongdoing. That's it for the Afternoon Report for Thursday,

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Speaker 1: the twentieth of November. Make sure you're following the podcast

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Speaker 1: and head along to Fearandagree dot com dot au, or

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Speaker 1: click the link in today's show notes to sign up

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Speaker 1: for our free daily newsletter in your inbox every morning

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Speaker 1: by six am, a great cheat cheap to start the day.

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Speaker 1: I'm Michael Thompson. Have a good evening,