1 00:00:03,800 --> 00:00:06,640 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,680 --> 00:00:09,320 Speaker 1: for Monday, by fourth of November twenty twenty four. I'm 3 00:00:09,320 --> 00:00:12,200 Speaker 1: Suan Elmer. Every afternoon, we've got the five stories that 4 00:00:12,280 --> 00:00:14,800 Speaker 1: happened today that you need to know about. Story number one. 5 00:00:15,200 --> 00:00:17,159 Speaker 1: Turned out to be a pretty decent day on the 6 00:00:17,160 --> 00:00:20,439 Speaker 1: local share market, with the banks leading the way. By 7 00:00:20,480 --> 00:00:23,000 Speaker 1: the close, Yes and PA six two hundred was up 8 00:00:23,040 --> 00:00:26,080 Speaker 1: more than half percent to eighty one hundred and sixty 9 00:00:26,079 --> 00:00:29,520 Speaker 1: five points. Commonwealth Bank and National Australia Bank both closed 10 00:00:29,520 --> 00:00:31,600 Speaker 1: more than one and a half percent higher. CESL was 11 00:00:31,640 --> 00:00:34,760 Speaker 1: up nearly two percent. Telstra did well, jumping one point 12 00:00:34,840 --> 00:00:38,080 Speaker 1: seven percent. Transurban finished two and a half percent higher, 13 00:00:38,280 --> 00:00:41,919 Speaker 1: while Weistech Global was up three point one percent. Not 14 00:00:42,080 --> 00:00:45,559 Speaker 1: so good for the big miners. BHP, fortesqu Andrio were 15 00:00:45,600 --> 00:00:49,960 Speaker 1: all lower. The market itself, it's peaked last month, the 16 00:00:49,960 --> 00:00:53,199 Speaker 1: middle of last month was just still showing resolve and 17 00:00:53,240 --> 00:00:56,000 Speaker 1: it's a really big week coming up, so it's doing 18 00:00:56,040 --> 00:00:58,000 Speaker 1: pretty well. The big corporate news out today was the 19 00:00:58,000 --> 00:01:01,080 Speaker 1: Westpac result. It ended up a net profit three percent 20 00:01:01,160 --> 00:01:04,600 Speaker 1: lower to seven billion dollars, though the boss, Peter King, 21 00:01:04,880 --> 00:01:07,200 Speaker 1: was pretty upbeat on the economy, and there was an 22 00:01:07,200 --> 00:01:10,520 Speaker 1: expansion in Westpac's profit margins. It finished the day up 23 00:01:10,560 --> 00:01:13,160 Speaker 1: just under one percent. Sorry number two. The Reserve Bank 24 00:01:13,280 --> 00:01:15,880 Speaker 1: Board has been chatting all things interest rates today and 25 00:01:15,959 --> 00:01:19,480 Speaker 1: will continue to do so tomorrow. That's when will announce. 26 00:01:19,560 --> 00:01:22,640 Speaker 1: It's thinking no one expects to change in interest rates, 27 00:01:22,640 --> 00:01:26,080 Speaker 1: but maybe the commentary around the discussion might lean into 28 00:01:26,200 --> 00:01:29,160 Speaker 1: the idea of rate cuts at some point in the future. 29 00:01:30,040 --> 00:01:32,840 Speaker 1: Hopefully that will occur. Inflation, of course, is the key 30 00:01:32,920 --> 00:01:36,080 Speaker 1: that has definitely slowed and will slow more. The labor 31 00:01:36,160 --> 00:01:40,240 Speaker 1: market is still strong today. Ainz job ads showed a 32 00:01:40,400 --> 00:01:43,600 Speaker 1: rise in October after a really big jump in September, 33 00:01:43,959 --> 00:01:47,440 Speaker 1: so certainly the jobs market is pretty good. The rise 34 00:01:47,520 --> 00:01:50,960 Speaker 1: in October was all about Christmas retailers and food service 35 00:01:51,000 --> 00:01:54,040 Speaker 1: employers putting people more on Sorry number three, it's there 36 00:01:54,080 --> 00:01:55,720 Speaker 1: to say. It's pretty much the biggest week of the 37 00:01:55,800 --> 00:01:58,840 Speaker 1: year for international markets. We've got the US election, We've 38 00:01:58,840 --> 00:02:00,840 Speaker 1: got Central Bank meeting not just here but in the 39 00:02:00,920 --> 00:02:04,000 Speaker 1: US and UK as well. We also have China's National 40 00:02:04,040 --> 00:02:08,680 Speaker 1: People's Congress that's expected to announce more stimuli. Trump trade 41 00:02:09,080 --> 00:02:12,400 Speaker 1: is dominating. That means the US dollar is stronger, Treasury 42 00:02:12,480 --> 00:02:15,440 Speaker 1: yields are higher, US bank stocks are doing well, Bitcoin's 43 00:02:15,480 --> 00:02:19,080 Speaker 1: doing well, Ossie dollar not so much. There's also something 44 00:02:19,160 --> 00:02:23,480 Speaker 1: called the VIX index. It's wall streets fear gauge. Well. 45 00:02:23,840 --> 00:02:26,960 Speaker 1: The fear gauge is at its highest point since the 46 00:02:26,960 --> 00:02:29,800 Speaker 1: outbreak of the delta variant of the coronavirus back in 47 00:02:29,840 --> 00:02:32,480 Speaker 1: March twenty twenty one. It's going to be a big 48 00:02:32,639 --> 00:02:35,000 Speaker 1: forty eight hours branch. At the moment's trading around seventy 49 00:02:35,000 --> 00:02:37,520 Speaker 1: four US dollars a barrel, goals around two thousand, seven 50 00:02:37,560 --> 00:02:40,320 Speaker 1: hundred and forty US dollars an ounce, bitcoins at sixty 51 00:02:40,400 --> 00:02:42,720 Speaker 1: nine thousand US dollars a unit, and the Aussie dollars 52 00:02:42,760 --> 00:02:46,440 Speaker 1: around about sixty six US cents. Story number four IX 53 00:02:46,480 --> 00:02:49,359 Speaker 1: listed minor iron E has received a permit from the 54 00:02:49,440 --> 00:02:52,960 Speaker 1: US government to build a massive lithium mine in Nevada, 55 00:02:53,080 --> 00:02:56,360 Speaker 1: a project that could produce enough lithium to power three 56 00:02:56,440 --> 00:02:59,120 Speaker 1: hundred and seventy thousand electric vehicles a year. It's the 57 00:02:59,200 --> 00:03:02,600 Speaker 1: first approval of a lithium mind by the Biden administration ever, 58 00:03:03,160 --> 00:03:06,440 Speaker 1: and includes a seven hundred million US dollar alone to 59 00:03:06,480 --> 00:03:09,760 Speaker 1: help build the project. There's plenty of lithium in the US, 60 00:03:10,040 --> 00:03:12,280 Speaker 1: but most of the alkali metal is actually mined in 61 00:03:12,320 --> 00:03:15,720 Speaker 1: Australia or South America and then processed in China. The 62 00:03:15,840 --> 00:03:18,960 Speaker 1: US wants to quadruple US lithium production by twenty twenty 63 00:03:19,000 --> 00:03:22,320 Speaker 1: eight and reduce its reliance on China, not just in 64 00:03:22,400 --> 00:03:25,160 Speaker 1: lithium but other critical minerals. Since two thousand and two 65 00:03:25,160 --> 00:03:27,960 Speaker 1: in the US, only three critical minerals minds have come online. 66 00:03:28,080 --> 00:03:29,560 Speaker 1: So this is a little bit of a coup for 67 00:03:29,639 --> 00:03:32,360 Speaker 1: iron ear and story number five. One of the world's 68 00:03:32,400 --> 00:03:36,360 Speaker 1: best known at casual dining chains, TGI Fridays, Thank Got 69 00:03:36,360 --> 00:03:40,080 Speaker 1: Its Fridays, has failed to Chapter eleven bankruptcy. It's been 70 00:03:40,120 --> 00:03:42,680 Speaker 1: going for more than fifty years, known for its hamburgers, 71 00:03:42,920 --> 00:03:46,560 Speaker 1: mozzarella sticks, loaded potatoes, skins, comfort food. I'd call it 72 00:03:46,760 --> 00:03:50,240 Speaker 1: never really fully recovered from cavin. Also, customers appetites have 73 00:03:50,280 --> 00:03:53,080 Speaker 1: shifted to fast and cheaper food. It has four hundred 74 00:03:53,120 --> 00:03:55,720 Speaker 1: and sixty one restaurants in forty one countries, including here 75 00:03:55,720 --> 00:03:58,440 Speaker 1: in Australia. Of course, in the US, Chapter eleven is 76 00:03:58,520 --> 00:04:01,480 Speaker 1: used as a restructuring tools, so they will continue to 77 00:04:01,520 --> 00:04:04,440 Speaker 1: trade at least for the short term. That's it the 78 00:04:04,480 --> 00:04:07,560 Speaker 1: afternoon report for Monday, the fourth of November twenty twenty four. 79 00:04:07,680 --> 00:04:09,840 Speaker 1: Michael Thompson and I will be back tomorrow morning with 80 00:04:10,040 --> 00:04:12,720 Speaker 1: the Tuesday edition of Fear and Greed Business News. I'm 81 00:04:12,720 --> 00:04:14,440 Speaker 1: Sean Elma. Enjoy your evening.