1
00:00:03,520 --> 00:00:06,360
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,400 --> 00:00:09,280
Speaker 1: for Thursday, the twentieth of November. I'm Michael Thompson, and

3
00:00:09,360 --> 00:00:11,880
Speaker 1: every afternoon we have the five big stories that you

4
00:00:11,960 --> 00:00:14,520
Speaker 1: need to know about. Today. Let's get cracking with story

5
00:00:14,560 --> 00:00:18,520
Speaker 1: number one. The SMPASX two hundred climbed one point two

6
00:00:18,640 --> 00:00:21,920
Speaker 1: percent today to eighty five hundred and fifty three points.

7
00:00:22,120 --> 00:00:26,200
Speaker 1: Why all because of Nvidia, The world's biggest company, reported

8
00:00:26,200 --> 00:00:28,960
Speaker 1: its results in the US this morning, and what a performance.

9
00:00:29,240 --> 00:00:32,640
Speaker 1: The chip maker reported a quarterly revenue of fifty seven

10
00:00:32,880 --> 00:00:36,559
Speaker 1: billion US dollars. That's for one quarter and a fourteen

11
00:00:36,640 --> 00:00:41,600
Speaker 1: percent rise expected this quarter. Investors had been a little

12
00:00:41,600 --> 00:00:44,680
Speaker 1: bit nervous ahead of the results because of Nvidia's position

13
00:00:44,800 --> 00:00:47,600
Speaker 1: at the very heart of the AI boom. A miss

14
00:00:47,920 --> 00:00:50,800
Speaker 1: would have flowed on to those tech giants who've invested

15
00:00:50,920 --> 00:00:55,840
Speaker 1: billions of dollars into the technology. But apparently nothing to

16
00:00:55,880 --> 00:00:58,880
Speaker 1: worry about for now, at least locally. We saw the

17
00:00:58,920 --> 00:01:02,200
Speaker 1: tech stocks then leading the way, with US based block

18
00:01:02,360 --> 00:01:05,959
Speaker 1: jumping more than ten percent. The materials sector also did well,

19
00:01:06,000 --> 00:01:09,200
Speaker 1: as did property companies. Some big moves from some of

20
00:01:09,240 --> 00:01:12,560
Speaker 1: the big miners, Fortescue, Metals that was up more than

21
00:01:12,600 --> 00:01:16,640
Speaker 1: four percent today, Rio Tinto climbed three percent, and after

22
00:01:16,680 --> 00:01:19,200
Speaker 1: a few poor sessions, all the major banks were up

23
00:01:19,200 --> 00:01:23,119
Speaker 1: by one percent, while Macquarie Group jumped two percent onto

24
00:01:23,160 --> 00:01:26,479
Speaker 1: Story number two. Now and Turkey has won hosting rights

25
00:01:26,520 --> 00:01:29,800
Speaker 1: for next year's COP thirty one Climate Summit, edging out

26
00:01:29,800 --> 00:01:33,959
Speaker 1: Australia after months of lobbying from both governments. Australia spent

27
00:01:34,080 --> 00:01:38,200
Speaker 1: seven million dollars promoting its joint bid with Pacific Nations,

28
00:01:38,200 --> 00:01:41,720
Speaker 1: which would have hosted the main summit in Adelaide. Climate

29
00:01:41,760 --> 00:01:43,720
Speaker 1: Minister Chris Bowen is now working on a deal that

30
00:01:43,760 --> 00:01:48,520
Speaker 1: would see some pre COP events hosted in the Pacific.

31
00:01:49,160 --> 00:01:52,240
Speaker 1: Prime Minister Anthony Ibneazi admitted earlier this week that the

32
00:01:52,240 --> 00:01:56,160
Speaker 1: bid was slipping, saying that Australia wouldn't veto Turkey if

33
00:01:56,200 --> 00:02:00,000
Speaker 1: it won. Turkey successfully pitched itself really as a brief

34
00:02:00,200 --> 00:02:04,640
Speaker 1: between developed and emerging economies. Story number three. The Reserve

35
00:02:04,720 --> 00:02:07,160
Speaker 1: Bank has conceded that it was caught a little off

36
00:02:07,200 --> 00:02:10,400
Speaker 1: guard by how quickly Australians jumped back into the property

37
00:02:10,440 --> 00:02:13,800
Speaker 1: market after this year's interest rate cuts. House prices have

38
00:02:13,960 --> 00:02:17,880
Speaker 1: risen in nine consecutive months since the first rate cut

39
00:02:18,040 --> 00:02:22,120
Speaker 1: back in February. Was Speaking at an AI Group event today,

40
00:02:22,560 --> 00:02:26,720
Speaker 1: RBA Chief Economists Sarah Hunter said the bank underestimated the

41
00:02:26,760 --> 00:02:30,120
Speaker 1: speed and strength of the response to cheaper borrowing. She said,

42
00:02:30,120 --> 00:02:32,240
Speaker 1: and I quote. Thus far, the response has been a

43
00:02:32,240 --> 00:02:35,440
Speaker 1: little stronger than we anticipated, with activity in the established

44
00:02:35,480 --> 00:02:39,000
Speaker 1: housing market picking up slightly more than expected in recent months.

45
00:02:39,320 --> 00:02:42,280
Speaker 1: The Reserve Bank Board has cut rates three times this year,

46
00:02:42,320 --> 00:02:45,480
Speaker 1: with economists divided on whether there'll be any more cuts

47
00:02:45,520 --> 00:02:50,560
Speaker 1: to come following a surprise increase in inflation rather last quarter.

48
00:02:51,160 --> 00:02:55,519
Speaker 1: Story number four. Darwin is bracing for tropical cyclone Fena,

49
00:02:55,560 --> 00:02:59,240
Speaker 1: with the storm expected to swing south tomorrow and track

50
00:02:59,320 --> 00:03:02,800
Speaker 1: directly to towards the top end, authorities of warning residents

51
00:03:02,800 --> 00:03:06,560
Speaker 1: to prepare for destructive winds, heavy rain, and possible flooding.

52
00:03:06,880 --> 00:03:09,760
Speaker 1: The system has strengthened to a category two and could

53
00:03:09,840 --> 00:03:13,800
Speaker 1: reach category three as it approaches the coast. Gusts of

54
00:03:13,919 --> 00:03:16,400
Speaker 1: up to one hundred and thirty five kilometers per hour

55
00:03:16,480 --> 00:03:20,160
Speaker 1: are already being recorded, with winds potentially rising above one

56
00:03:20,200 --> 00:03:22,800
Speaker 1: hundred and fifty k's an hour as the cyclone gets

57
00:03:22,800 --> 00:03:26,800
Speaker 1: closer to land. And finally, Story number five US President

58
00:03:26,800 --> 00:03:29,600
Speaker 1: Donald Trump has signed a bill forcing the release of

59
00:03:29,639 --> 00:03:33,760
Speaker 1: the Epstein files, ending months of political pressure over one

60
00:03:33,800 --> 00:03:37,640
Speaker 1: of the most controversial sagas of his presidency. The move

61
00:03:37,760 --> 00:03:41,360
Speaker 1: compels the Justice Department and FBI to publish tens of

62
00:03:41,400 --> 00:03:44,680
Speaker 1: thousands of documents linked to the convicted sex offender Jeffrey

63
00:03:44,680 --> 00:03:50,360
Speaker 1: Epstein within thirty days, with only limited reactions allowed for

64
00:03:50,680 --> 00:03:55,440
Speaker 1: ongoing investigations. Trump had resisted releasing the files, but shifted

65
00:03:55,440 --> 00:03:58,120
Speaker 1: his position once it became clear that Congress had the

66
00:03:58,200 --> 00:04:01,320
Speaker 1: numbers to pass the legislation. He now claims that the

67
00:04:01,360 --> 00:04:06,440
Speaker 1: release will expose prominent Democrats tied to Epstein, including former

68
00:04:06,480 --> 00:04:10,120
Speaker 1: President Bill Clinton, who denies any wrongdoing. That's it for

69
00:04:10,120 --> 00:04:13,400
Speaker 1: the Afternoon Report for Thursday, the twentieth of November. Make

70
00:04:13,440 --> 00:04:16,360
Speaker 1: sure you're following the podcast and head along to Fearandagree

71
00:04:16,400 --> 00:04:18,839
Speaker 1: dot com dot au, or click the link in today's

72
00:04:18,839 --> 00:04:21,520
Speaker 1: show notes to sign up for our free daily newsletter

73
00:04:21,880 --> 00:04:24,640
Speaker 1: in your inbox every morning by six am. A great

74
00:04:24,720 --> 00:04:27,240
Speaker 1: cheat sheet to start the day. I'm Michael Thompson. Have

75
00:04:27,279 --> 00:04:27,880
Speaker 1: a good evening,