1 00:00:04,120 --> 00:00:06,760 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,800 --> 00:00:09,760 Speaker 1: for Tuesday, the seventeenth of February. I'm Michael Thompson, and 3 00:00:09,840 --> 00:00:12,600 Speaker 1: every afternoon we've got the five stories that happened today 4 00:00:12,600 --> 00:00:14,640 Speaker 1: that you need to know about. Let's go we storing 5 00:00:14,680 --> 00:00:17,680 Speaker 1: number one. The S and p ASX two hundred climbed 6 00:00:17,960 --> 00:00:21,200 Speaker 1: zero point two percent today to eighty nine hundred and 7 00:00:21,280 --> 00:00:25,079 Speaker 1: fifty nine points. Materials was the best performing sector. That 8 00:00:25,160 --> 00:00:28,440 Speaker 1: was largely due to BHP, the big Australian, which got 9 00:00:28,440 --> 00:00:31,640 Speaker 1: a whole lot bigger today. It reported a bumper set 10 00:00:31,680 --> 00:00:34,959 Speaker 1: of results, with copper generating more earnings than iron ore 11 00:00:35,040 --> 00:00:38,760 Speaker 1: for the first time ever. At share price climbed a 12 00:00:38,840 --> 00:00:42,159 Speaker 1: whopping four point seven percent today to a record high. 13 00:00:42,320 --> 00:00:45,400 Speaker 1: We'll have plenty more on this one tomorrow morning. Elsewhere 14 00:00:45,800 --> 00:00:48,480 Speaker 1: on the market, steal a bit of volatility for tech 15 00:00:48,520 --> 00:00:51,720 Speaker 1: stocks wise, Tech Global off one point six percent, zero 16 00:00:51,840 --> 00:00:55,040 Speaker 1: down zero point seven percent. That's still due to those 17 00:00:55,080 --> 00:00:58,720 Speaker 1: concerns about AI and what it all means for software companies, 18 00:00:58,760 --> 00:01:01,160 Speaker 1: but it was a little subdued today with Wall Street 19 00:01:01,160 --> 00:01:04,760 Speaker 1: closed last night for President's Day. Chinese markets also shut 20 00:01:04,760 --> 00:01:08,120 Speaker 1: for the week for the Lunar New Year JB High 21 00:01:08,120 --> 00:01:10,680 Speaker 1: five was the other big standout today. It jumped more 22 00:01:10,720 --> 00:01:13,880 Speaker 1: than eight percent after its stock was upgraded by analysts 23 00:01:13,920 --> 00:01:17,320 Speaker 1: following its half year results yesterday. On to story number 24 00:01:17,319 --> 00:01:20,280 Speaker 1: two now and new federal Liberal leader Angus Taylor has 25 00:01:20,360 --> 00:01:24,400 Speaker 1: opened his first real policy front against Labour. His challenging 26 00:01:24,480 --> 00:01:28,760 Speaker 1: Labour's commitment to universal childcare, calling it too expensive and 27 00:01:28,880 --> 00:01:33,280 Speaker 1: too inflexible. The alternative that he's floating is essentially nanny 28 00:01:33,319 --> 00:01:37,440 Speaker 1: vouchers and tax off sets, essentially giving families more choice 29 00:01:37,480 --> 00:01:40,800 Speaker 1: about how they spend their childcare dollars rather than funneling 30 00:01:40,880 --> 00:01:45,600 Speaker 1: everything through institutional centers. Childcare costs are a massive pain 31 00:01:45,680 --> 00:01:48,440 Speaker 1: point for young families. Anyone listening to this with young 32 00:01:48,520 --> 00:01:51,120 Speaker 1: kids would know exactly what I'm talking about, and Labour's 33 00:01:51,200 --> 00:01:55,920 Speaker 1: universal model is expensive. Taylor is framing himself here as 34 00:01:55,960 --> 00:02:00,000 Speaker 1: the candidate who respects family choice and fiscal discipline simultaneously. 35 00:02:00,520 --> 00:02:04,880 Speaker 1: Whether it works is another question. Angus Taylor has also 36 00:02:04,920 --> 00:02:07,680 Speaker 1: announced his new shadow ministry this afternoon. We'll have more 37 00:02:07,720 --> 00:02:11,239 Speaker 1: on that one tomorrow morning. Story number three. I mentioned BEHP. 38 00:02:11,800 --> 00:02:14,400 Speaker 1: There are plenty of other companies reporting today. It wasn't 39 00:02:14,440 --> 00:02:17,600 Speaker 1: just bhp, though that did overshadow things. Just to touch, 40 00:02:17,880 --> 00:02:20,960 Speaker 1: Judo Bank climbed two point four percent after the lenders' 41 00:02:21,040 --> 00:02:24,040 Speaker 1: first half profit rows forty six percent on the back 42 00:02:24,080 --> 00:02:28,080 Speaker 1: of higher profit margins. Retailer Baby Bunting surged more than 43 00:02:28,080 --> 00:02:31,639 Speaker 1: eight percent after it provided an improved full year profit guidance. 44 00:02:32,600 --> 00:02:36,160 Speaker 1: Annuities provider and fund manager Challenger it fell two and 45 00:02:36,160 --> 00:02:39,440 Speaker 1: a half percent after reporting a below consensus half year profit. 46 00:02:40,040 --> 00:02:43,639 Speaker 1: And plumbing group Reliance Worldwide had a tougher than expected 47 00:02:43,680 --> 00:02:46,680 Speaker 1: first half and investors did not like that much. Its 48 00:02:46,680 --> 00:02:50,440 Speaker 1: share price dropped more than nine percent. Today, story number 49 00:02:50,440 --> 00:02:52,960 Speaker 1: four is one that's going to hit people right in 50 00:02:53,000 --> 00:02:56,119 Speaker 1: the hip pocket. Unfortunately, households and businesses in New South 51 00:02:56,120 --> 00:02:58,200 Speaker 1: Wales are about to wear the cost of a massive 52 00:02:58,200 --> 00:03:02,760 Speaker 1: blowout on a critical energy project. It's the Energy Connect Cable, 53 00:03:02,760 --> 00:03:06,360 Speaker 1: which is the high voltage interconnector linking New South Wales, 54 00:03:06,680 --> 00:03:10,720 Speaker 1: South Australia and Victoria Transgrid, which owns the New South 55 00:03:10,720 --> 00:03:14,079 Speaker 1: Wales section as proposing that consumers pay for three quarters 56 00:03:14,360 --> 00:03:18,480 Speaker 1: of a one point one billion dollar cost overrun. The 57 00:03:18,520 --> 00:03:23,000 Speaker 1: project was originally approved at one point eight billion dollars. 58 00:03:23,280 --> 00:03:27,519 Speaker 1: It's now north of three point six billion dollars. Energy 59 00:03:27,560 --> 00:03:30,799 Speaker 1: connect was supposed to be operational in twenty twenty three. 60 00:03:31,360 --> 00:03:34,000 Speaker 1: It is now twenty twenty six, and it is still 61 00:03:34,040 --> 00:03:36,520 Speaker 1: not finished, and now they're asking households to pick up 62 00:03:36,560 --> 00:03:39,400 Speaker 1: most of the tab It's the kind of story perhaps 63 00:03:39,480 --> 00:03:42,600 Speaker 1: that makes people a little bit cynical about the energy transition. 64 00:03:43,240 --> 00:03:47,720 Speaker 1: And finally, story number five, Elon Musk's SpaceX and Xai, 65 00:03:47,880 --> 00:03:51,080 Speaker 1: two companies that he owns, are competing in a new 66 00:03:51,360 --> 00:03:55,800 Speaker 1: one hundred million dollar Pentagon challenge to develop voice controlled 67 00:03:55,960 --> 00:04:01,120 Speaker 1: autonomous drone swarming technology. This is according to Bluemberg. The 68 00:04:01,280 --> 00:04:05,360 Speaker 1: six month contest aims to create software that converts battlefield 69 00:04:05,600 --> 00:04:10,640 Speaker 1: voice commands into digital instructions to coordinate multiple drones across 70 00:04:10,720 --> 00:04:14,200 Speaker 1: air and see which is apparently a very difficult thing 71 00:04:14,240 --> 00:04:17,960 Speaker 1: to do. Later phases would move to live testing, including 72 00:04:18,640 --> 00:04:24,120 Speaker 1: someone ominously the offensive Applications. SpaceX is already a major 73 00:04:24,240 --> 00:04:26,840 Speaker 1: US defense contractor, but the project marks a deeper move 74 00:04:26,880 --> 00:04:30,120 Speaker 1: into AI enabled weapons. Elon Musk has previously warned about 75 00:04:30,160 --> 00:04:34,880 Speaker 1: the dangers of autonomous weapons. OpenAI is also involved Fire, 76 00:04:34,960 --> 00:04:38,839 Speaker 1: a partner company. Defense officials have reportedly raised a few 77 00:04:38,880 --> 00:04:42,720 Speaker 1: concerns about the risks of using generative AI in lethal 78 00:04:42,760 --> 00:04:47,400 Speaker 1: systems without strong human oversight because of the risk of hallucinations. 79 00:04:47,640 --> 00:04:49,720 Speaker 1: That does sound like a concern. That's it for the 80 00:04:49,800 --> 00:04:53,880 Speaker 1: Afternoon Report for Tuesday, the seventeenth of February twenty twenty six. 81 00:04:53,920 --> 00:04:56,440 Speaker 1: Make sure you're following the podcast and head along to 82 00:04:56,520 --> 00:04:59,159 Speaker 1: Fearangreed dot com dot au to sign up for our 83 00:04:59,240 --> 00:05:00,839 Speaker 1: free daily news. Is that I'll put a link in 84 00:05:00,839 --> 00:05:03,760 Speaker 1: the show notes as well. I'm Malkael Thompson. Enjoy your evening.