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

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Speaker 1: for Tuesday, the eighteenth of November. I'm Michael Thompson, and

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

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Speaker 1: today that you need to know about. Let's get going

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Speaker 1: with story number one. The S and P ASX two

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Speaker 1: hundred tumbled almost two percent today, one hundred and sixty

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Speaker 1: seven points lower to eighty four hundred and sixty nine points.

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Speaker 1: It is the lowest the market has been since June.

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Speaker 1: It is the second biggest drop this year. Sixty billion

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Speaker 1: dollars in value has wiped out today. All eleven sectors

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Speaker 1: were lower, but this drop is really all about the

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Speaker 1: tech stocks, which were off six percent. There's a lot

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Speaker 1: of uncertainty around interest rates at the moment here and

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Speaker 1: in the US, but also growing anxiety about in Nvidia's

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Speaker 1: upcoming results in the US, which will be announced on

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Speaker 1: Thursday our time. Investors are worried that if in Video,

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Speaker 1: which is at the heart of the of the AI boom,

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Speaker 1: if that sales to perform, it'll be bad news for

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Speaker 1: the rest of the tech sector that has invested billions

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Speaker 1: and billions and billions of dollars into AI and Video's

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Speaker 1: shares closed almost two percent lower this morning, setting the

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Speaker 1: local boss up for a bad day. Locally, the worst

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Speaker 1: performer was tech company Technology one. More on that one

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Speaker 1: in a moment. Other tech stocks they were hammered as well.

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Speaker 1: Drone Shield was off almost six percent. Wistech Global was

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Speaker 1: down four point six percent to a two year low.

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Speaker 1: The banks were lower. Commonwealth Bank fell one point seven percent,

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Speaker 1: NAB was two percent down, Westpac closed three percent lower.

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Speaker 1: These are big numbers. The big miners lost ground. BHP

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Speaker 1: was off three point seven percent, Rio tinto two point

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Speaker 1: seven percent, four to Q two percent. This is even

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Speaker 1: though the price of iron ore was holding steady. The

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Speaker 1: gold miners were down as well. There was one piece

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Speaker 1: of good news, and I would say it's probably a

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Speaker 1: rare piece of good news for James Hardy, which climbed

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Speaker 1: nearly ten percent today after its first quarter results in

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Speaker 1: line with expectations. Onto story number two, and I mentioned

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Speaker 1: Technology one. The share price for the software company tumbled

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Speaker 1: seventeen point two percent today, even though its annual result

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Speaker 1: was pretty much in line with expectations and it declared

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Speaker 1: a special dividend. In fact, profit was up nineteen percent,

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Speaker 1: which was ahead of expectations, but annual recurring revenue fell

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Speaker 1: short of expectations and the software company did not provide

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Speaker 1: any guidance for the twenty twenty six financial year. Investors

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Speaker 1: do not like it when a company doesn't provide guidance.

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Speaker 1: That tend to think that the company might perhaps be

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Speaker 1: hiding something and that's why Technology One was the worst

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Speaker 1: performing stock today. Story number three Away from local markets.

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Speaker 1: Westpac boss Anthony Miller has told a parliamentary committee in

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Speaker 1: Canberra that building more homes costing between five hundred thousand

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Speaker 1: and six hundred thousand dollars would go a long way

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Speaker 1: to reducing the pressure on Australians to get into their

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Speaker 1: own place. He said it was quote just as challenging

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Speaker 1: as ever to get into the market and that more

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Speaker 1: has to be done to help bring price pressure down,

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Speaker 1: even though there has been many initiatives already, he said,

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Speaker 1: and I quote, I would argue that we have to

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Speaker 1: spend more time, more focus and more effort around building

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Speaker 1: properties in that price point that are going to solve

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Speaker 1: this for the majority of Australians. Just to give you

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Speaker 1: a taste of how much the market has grown, the

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Speaker 1: latest figures from totality show that Australia's home value growth

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Speaker 1: has hit its fastest pace in over two years, the

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Speaker 1: annual growth rate in prices climbing to six point one percent.

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Speaker 1: Story number four. In state politics, Victoria has a new

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Speaker 1: opposition leader. Thirty five year old Jess Wilson will lead

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Speaker 1: the party into next year's state election, promising a new

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Speaker 1: generation of Libs. And the New South Wales Nationals have

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Speaker 1: a new leader, gomsh Singh got the job. One of

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Speaker 1: the first things he said was that he supports net

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Speaker 1: zero targets. Meanwhile, the New South Wales Liberals have split

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Speaker 1: with their federal colleagues by sticking with net zero at

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Speaker 1: a party room meeting today, with New South Wales opposition

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Speaker 1: leader Mark Speakman under a cloud of leadership speculation. It

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Speaker 1: is a very eventful time of year for state politics.

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Speaker 1: And finally, story number five, US President Donald Trump says

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Speaker 1: he hasn't ruled out putting American troops on the ground

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Speaker 1: in Venezuela. In recent months, the US has conducted a

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Speaker 1: number of strikes against suspected drug trafficking boats off the

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Speaker 1: Venezuelan coast. The US has also now moved the USS

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Speaker 1: Gerald R. Ford aircraft carrier to the Caribbean for the

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Speaker 1: anti smuggling campaign that they call Operation Southern Spear, along

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Speaker 1: with two guided missile destroyers and other vessels and aircraft.

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Speaker 1: Venezuelan President Nicholas Maduro has claimed that the military build

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Speaker 1: up is designed to drive him from power. Asked though,

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Speaker 1: whether he would speak directly to Maduro, President Trump has

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Speaker 1: told reporters I probably would talk to him. Yeah, I

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Speaker 1: talked to everybody. But he also said that he wouldn't

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Speaker 1: rule out sending true groups. In adding and I quote,

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Speaker 1: I don't rule out anything. That's it for the Afternoon

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Speaker 1: Report for Tuesday, the eighteenth of November. Make sure you're

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Speaker 1: following the podcast and please head along to Fearangreed dot

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Speaker 1: com dot au or click the link in today's show

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Speaker 1: notes to sign up for our free daily newsletter. I'm

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Speaker 1: Michael Thompson. Have a good evening,