1 00:00:03,720 --> 00:00:07,120 Speaker 1: Welcome to the Fearing Greek Business News Afternoon Report for Tuesday, 2 00:00:07,160 --> 00:00:09,600 Speaker 1: the fifth of November twenty twenty four. I'm Suan Elmer. 3 00:00:09,920 --> 00:00:12,280 Speaker 1: Every afternoon, we've got the five stories that happened today 4 00:00:12,280 --> 00:00:13,880 Speaker 1: that you need to know about. Storing Number one, the 5 00:00:13,880 --> 00:00:17,239 Speaker 1: Reserve Bank of Australia left interest rates on hold at 6 00:00:17,280 --> 00:00:20,000 Speaker 1: four point three five percent for the cash rate this afternoon, 7 00:00:20,360 --> 00:00:23,520 Speaker 1: following a two day board meeting. The Central Bank stuck 8 00:00:23,600 --> 00:00:26,400 Speaker 1: with its line that it won't rule anything in and 9 00:00:26,440 --> 00:00:29,920 Speaker 1: it won't rule anything out, Governor Michelle bullocks and underlying 10 00:00:29,920 --> 00:00:33,479 Speaker 1: inflation remains too high, even though headline inflation is now 11 00:00:33,479 --> 00:00:36,760 Speaker 1: within the central banks two to three percent target reflecting 12 00:00:36,880 --> 00:00:40,040 Speaker 1: energy rebates. Following the announcement, bond markets pushed out the 13 00:00:40,040 --> 00:00:43,680 Speaker 1: forecast timing for an interest rate cut. They have currently 14 00:00:43,680 --> 00:00:45,800 Speaker 1: priced in a forty one percent chance of a reduction 15 00:00:45,880 --> 00:00:48,960 Speaker 1: in February, though many economists think it could be later. 16 00:00:49,280 --> 00:00:51,400 Speaker 1: There was a little reaction from bond markets, and the 17 00:00:51,400 --> 00:00:54,440 Speaker 1: aud pushed slightly high to be trading just under sixty 18 00:00:54,480 --> 00:00:57,240 Speaker 1: six US cents. Story a. Number two, the SMPA is 19 00:00:57,240 --> 00:00:59,600 Speaker 1: six two hundred closed down nearly half a percent today, 20 00:01:00,040 --> 00:01:02,680 Speaker 1: eight thousand one hundred and thirty two points. Utilities and 21 00:01:02,720 --> 00:01:05,760 Speaker 1: financials were among the worst performers, in part reflecting that 22 00:01:05,880 --> 00:01:09,679 Speaker 1: interest rate decision and commentary afterwards, West Pack and Macquarie 23 00:01:09,680 --> 00:01:11,679 Speaker 1: both were off more than one and a half percent. 24 00:01:11,720 --> 00:01:14,639 Speaker 1: In fact, seventeen of the top twenty stocks were lower 25 00:01:14,720 --> 00:01:18,160 Speaker 1: by the close. The share price of Mineral Resources bounced 26 00:01:18,319 --> 00:01:21,440 Speaker 1: after the ten percent drop yesterday. That's after the board 27 00:01:21,440 --> 00:01:25,800 Speaker 1: found Chris Ellison acted without integrity. Well, Minrez was up 28 00:01:25,840 --> 00:01:29,520 Speaker 1: four percent today, so perhaps people aren't as worried about 29 00:01:29,560 --> 00:01:31,920 Speaker 1: that as they seem twenty four hours ago. And last 30 00:01:31,920 --> 00:01:36,000 Speaker 1: Ole Communities rose after HMC Capital took a two point 31 00:01:36,040 --> 00:01:39,600 Speaker 1: seven percent stake in the least Communities operator. It was 32 00:01:39,680 --> 00:01:42,240 Speaker 1: up seven percent, best of the top two hundred. Story 33 00:01:42,319 --> 00:01:44,920 Speaker 1: number three. The travel scandal isn't going away, with a 34 00:01:44,920 --> 00:01:48,280 Speaker 1: growing number of MPs saying flight upgrades should be banned. 35 00:01:48,560 --> 00:01:52,720 Speaker 1: Independence Allegal Spender and Helen Haynes said they'd canceled their 36 00:01:52,840 --> 00:01:57,880 Speaker 1: Quantas Chairman's Lounge membership and Virgin VIP memberships. Teel Independent 37 00:01:57,920 --> 00:02:00,880 Speaker 1: Menique Ryan she gave up the Chairman's Lane because, as 38 00:02:00,920 --> 00:02:04,800 Speaker 1: she put it, of the insidious activities of lobbyists with 39 00:02:04,920 --> 00:02:08,320 Speaker 1: an election due by May, it has not been a 40 00:02:08,360 --> 00:02:12,600 Speaker 1: major topic in Question Time, perhaps because people in glasshouses 41 00:02:12,880 --> 00:02:15,959 Speaker 1: shouldn't throw stones. Story number four. Markets through in a 42 00:02:16,000 --> 00:02:18,359 Speaker 1: bit of a holding pattern globally ahead of the US 43 00:02:18,440 --> 00:02:21,800 Speaker 1: election that of course kicks off within the next few hours. 44 00:02:22,440 --> 00:02:24,959 Speaker 1: Apparently there was a late swing towards Carmla Harris that's 45 00:02:24,960 --> 00:02:28,040 Speaker 1: put some pressure on Wall Street. The so called Trump trade, 46 00:02:28,080 --> 00:02:31,440 Speaker 1: which pushed up equities, the US dollar, bitcoin, and bond 47 00:02:31,520 --> 00:02:35,280 Speaker 1: yiels has been unwound just to touch. Gold is steady around, 48 00:02:35,320 --> 00:02:39,160 Speaker 1: trading around record high levels. Oil's higher after OPEC plus 49 00:02:39,160 --> 00:02:42,440 Speaker 1: agreed to push back its December production increase, and Iran 50 00:02:42,520 --> 00:02:46,440 Speaker 1: outlined possible responses to Israel's recent attacks. Brent is back 51 00:02:46,480 --> 00:02:49,840 Speaker 1: above seventy five years dollars. A barrel worth mentioned is Nvidia, 52 00:02:50,560 --> 00:02:52,400 Speaker 1: just for a few hours today was again the biggest 53 00:02:52,440 --> 00:02:55,480 Speaker 1: company on Wall Street. It's now worth three point three 54 00:02:55,560 --> 00:02:58,760 Speaker 1: eight trillion US dollars, jumped after an announcement that it 55 00:02:58,800 --> 00:03:02,120 Speaker 1: would replace Intel in the Dow Jones Industrial Average. That's 56 00:03:02,120 --> 00:03:05,359 Speaker 1: the top thirty stocks on Wall Street. Intel out in 57 00:03:05,480 --> 00:03:08,720 Speaker 1: video in that pushed up its share price. Apple's at 58 00:03:08,800 --> 00:03:10,920 Speaker 1: number two, although I've got to say in after hours 59 00:03:10,960 --> 00:03:13,320 Speaker 1: trading that was reversed again, but still for a few 60 00:03:13,320 --> 00:03:15,720 Speaker 1: hours in video was the biggest company on Wall Street 61 00:03:16,040 --> 00:03:19,560 Speaker 1: story number five. European and US intelligence officials believe Russia 62 00:03:19,760 --> 00:03:23,800 Speaker 1: is behind a plan that would ultimately place incendiary devices 63 00:03:23,840 --> 00:03:27,760 Speaker 1: on planes to North America through air cargo shipments. According 64 00:03:27,760 --> 00:03:31,280 Speaker 1: to report on Bloomberg, authorities are taking the incidents seriously, 65 00:03:31,440 --> 00:03:35,280 Speaker 1: and intelligence agencies are expecting Moscow to try and stage 66 00:03:35,400 --> 00:03:38,880 Speaker 1: similar acts of sabotage in the future. An unnamed source 67 00:03:38,960 --> 00:03:43,040 Speaker 1: is quoted as saying Poland's National Prosecutor's Office said it's 68 00:03:43,040 --> 00:03:46,160 Speaker 1: investigating the alleged involvement of a foreign intelligence service and 69 00:03:46,200 --> 00:03:49,840 Speaker 1: sabotage activities on the territory of Poland and other European 70 00:03:49,960 --> 00:03:53,120 Speaker 1: Union member states. The Wall Street Journal reported earlier this 71 00:03:53,160 --> 00:03:56,920 Speaker 1: week on Moscow's alleged goal of ultimately targeting the US. 72 00:03:57,200 --> 00:04:00,000 Speaker 1: As part of an inquiry, authorities have arrested four people 73 00:04:00,440 --> 00:04:04,360 Speaker 1: linked to a sabotage group whose activities include sending parcels 74 00:04:04,360 --> 00:04:09,160 Speaker 1: containing camouflaged explosives and dangerous materials via courier companies to 75 00:04:09,200 --> 00:04:12,160 Speaker 1: countries in the EU and the UK. The parcels would 76 00:04:12,160 --> 00:04:16,040 Speaker 1: ignite or detonate during land or air transport. That's it 77 00:04:16,080 --> 00:04:18,520 Speaker 1: for the afternoon report for Tuesday, the fifth of November 78 00:04:18,560 --> 00:04:20,640 Speaker 1: twenty twenty four. Michael Thompson and I will be back 79 00:04:20,640 --> 00:04:23,400 Speaker 1: tomorrow morning with the Wednesday edition of Fear and Greed 80 00:04:23,440 --> 00:04:26,080 Speaker 1: Business News. I'm Sean Elmer. Enjoy your evening.