1 00:00:03,600 --> 00:00:06,440 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,480 --> 00:00:09,480 Speaker 1: for Tuesday, the eighteenth of November. I'm Michael Thompson, and 3 00:00:09,560 --> 00:00:12,880 Speaker 1: every afternoon we have the five big stories that happen 4 00:00:12,920 --> 00:00:15,239 Speaker 1: today that you need to know about. Let's get going 5 00:00:15,280 --> 00:00:17,919 Speaker 1: with story number one. The S and P ASX two 6 00:00:18,000 --> 00:00:22,480 Speaker 1: hundred tumbled almost two percent today, one hundred and sixty 7 00:00:22,520 --> 00:00:26,360 Speaker 1: seven points lower to eighty four hundred and sixty nine points. 8 00:00:26,400 --> 00:00:28,960 Speaker 1: It is the lowest the market has been since June. 9 00:00:29,200 --> 00:00:33,040 Speaker 1: It is the second biggest drop this year. Sixty billion 10 00:00:33,080 --> 00:00:36,360 Speaker 1: dollars in value has wiped out today. All eleven sectors 11 00:00:36,479 --> 00:00:38,800 Speaker 1: were lower, but this drop is really all about the 12 00:00:38,840 --> 00:00:41,279 Speaker 1: tech stocks, which were off six percent. There's a lot 13 00:00:41,320 --> 00:00:44,360 Speaker 1: of uncertainty around interest rates at the moment here and 14 00:00:44,440 --> 00:00:48,360 Speaker 1: in the US, but also growing anxiety about in Vidia's 15 00:00:48,440 --> 00:00:51,519 Speaker 1: upcoming results in the US, which will be announced on 16 00:00:51,720 --> 00:00:55,200 Speaker 1: Thursday our time. Investors are worried that if in Video, 17 00:00:55,360 --> 00:00:58,640 Speaker 1: which is at the heart of the of the AI boom, 18 00:00:58,960 --> 00:01:01,440 Speaker 1: if that fails to per it'll be bad news for 19 00:01:01,480 --> 00:01:04,360 Speaker 1: the rest of the tech sector that has invested billions 20 00:01:04,440 --> 00:01:08,279 Speaker 1: and billions and billions of dollars into AI and Video's 21 00:01:08,319 --> 00:01:11,679 Speaker 1: shares closed almost two percent lower this morning, setting the 22 00:01:11,720 --> 00:01:14,520 Speaker 1: local boss up for a bad day. Locally, the worst 23 00:01:14,560 --> 00:01:17,679 Speaker 1: performer was tech company Technology one. More on that one 24 00:01:17,720 --> 00:01:20,280 Speaker 1: in a moment. Other tech stocks they were hammered as well. 25 00:01:20,400 --> 00:01:23,920 Speaker 1: Drone Shield was off almost six percent. Wistech Global was 26 00:01:23,959 --> 00:01:26,760 Speaker 1: down four point six percent to a two year low. 27 00:01:27,200 --> 00:01:30,720 Speaker 1: The banks were lower. Commonwealth Bank fell one point seven percent, 28 00:01:30,920 --> 00:01:35,040 Speaker 1: NAB was two percent down, Westpac closed three percent lower. 29 00:01:35,280 --> 00:01:38,280 Speaker 1: These are big numbers. The big miners lost ground. BHP 30 00:01:38,880 --> 00:01:42,039 Speaker 1: was off three point seven percent, Rio tinto two point 31 00:01:42,080 --> 00:01:44,760 Speaker 1: seven percent, four to Q two percent. This is even 32 00:01:44,800 --> 00:01:47,400 Speaker 1: though the price of iron ore was holding steady. The 33 00:01:47,520 --> 00:01:50,559 Speaker 1: gold miners were down as well. There was one piece 34 00:01:50,640 --> 00:01:53,120 Speaker 1: of good news, and I would say it's probably a 35 00:01:53,240 --> 00:01:56,720 Speaker 1: rare piece of good news for James Hardy, which climbed 36 00:01:56,800 --> 00:01:59,600 Speaker 1: nearly ten percent today after its first quarter result was 37 00:01:59,600 --> 00:02:02,840 Speaker 1: in line with expectations. Onto story number two, and I 38 00:02:02,920 --> 00:02:06,920 Speaker 1: mentioned Technology one, The share price for the software company 39 00:02:07,440 --> 00:02:11,120 Speaker 1: tumbled seventeen point two percent today, even though its annual 40 00:02:11,320 --> 00:02:14,320 Speaker 1: result was pretty much in line with expectations and it 41 00:02:14,400 --> 00:02:18,520 Speaker 1: declared a special dividend. In fact, profit was up nineteen percent, 42 00:02:18,600 --> 00:02:22,640 Speaker 1: which was ahead of expectations, but annual recurring revenue fell 43 00:02:22,800 --> 00:02:26,320 Speaker 1: short of expectations and the software company did not provide 44 00:02:26,440 --> 00:02:30,280 Speaker 1: any guidance for the twenty twenty six financial year. Investors 45 00:02:30,360 --> 00:02:33,200 Speaker 1: do not like it when a company doesn't provide guidance. 46 00:02:33,480 --> 00:02:35,920 Speaker 1: That tend to think that the company might perhaps be 47 00:02:36,040 --> 00:02:39,239 Speaker 1: hiding something and that's why Technology One was the worst 48 00:02:39,280 --> 00:02:43,760 Speaker 1: performing stock today. Story number three Away from local markets. 49 00:02:43,760 --> 00:02:47,320 Speaker 1: Westpac boss Anthony Miller has told a parliamentary committee in 50 00:02:47,400 --> 00:02:51,520 Speaker 1: Canberra that building more homes costing between five hundred thousand 51 00:02:51,520 --> 00:02:54,080 Speaker 1: and six hundred thousand dollars would go a long way 52 00:02:54,160 --> 00:02:56,760 Speaker 1: to reducing the pressure on Australians to get into their 53 00:02:56,760 --> 00:02:59,960 Speaker 1: own place. He said it was quote just as challenge 54 00:03:00,200 --> 00:03:02,799 Speaker 1: as ever to get into the market and that more 55 00:03:02,880 --> 00:03:05,320 Speaker 1: has to be done to help bring price pressure down, 56 00:03:05,600 --> 00:03:08,840 Speaker 1: even though there has been many initiatives already, he said, 57 00:03:08,880 --> 00:03:11,080 Speaker 1: and I quote, I would argue that we have to 58 00:03:11,120 --> 00:03:14,800 Speaker 1: spend more time, more focus and more effort around building 59 00:03:14,840 --> 00:03:17,680 Speaker 1: properties in that price point that are going to solve 60 00:03:18,560 --> 00:03:22,360 Speaker 1: this for the majority of Australians. Just to give you 61 00:03:22,360 --> 00:03:25,320 Speaker 1: a taste of how much the market has grown, the 62 00:03:25,360 --> 00:03:28,760 Speaker 1: latest figures from totality show that Australia's home value growth 63 00:03:28,800 --> 00:03:31,800 Speaker 1: has hit its fastest pace in over two years, the 64 00:03:31,960 --> 00:03:36,240 Speaker 1: annual growth rate in prices climbing to six point one percent. 65 00:03:36,960 --> 00:03:40,280 Speaker 1: Story number four. In state politics, Victoria has a new 66 00:03:40,280 --> 00:03:43,200 Speaker 1: opposition leader. Thirty five year old Jess Wilson will lead 67 00:03:43,240 --> 00:03:46,360 Speaker 1: the party into next year's state election, promising a new 68 00:03:46,400 --> 00:03:49,280 Speaker 1: generation of Libs. And the New South Wales Nationals have 69 00:03:49,320 --> 00:03:51,760 Speaker 1: a new leader, Gomesh Singh got the job. One of 70 00:03:51,760 --> 00:03:53,960 Speaker 1: the first things he said was that he supports net 71 00:03:54,080 --> 00:03:57,480 Speaker 1: zero targets. Meanwhile, the New South Wales Liberals have split 72 00:03:57,520 --> 00:04:00,080 Speaker 1: with their federal colleagues by sticking with net zero. So 73 00:04:00,120 --> 00:04:02,920 Speaker 1: at a party room meeting today with New South Wales 74 00:04:02,960 --> 00:04:06,800 Speaker 1: opposition leader Mark Speakman under a cloud of leadership speculation. 75 00:04:07,280 --> 00:04:10,360 Speaker 1: It is a very eventful time of year for state politics. 76 00:04:11,000 --> 00:04:14,360 Speaker 1: And finally, story number five, US President Donald Trump says 77 00:04:14,440 --> 00:04:17,480 Speaker 1: he hasn't ruled out putting American troops on the ground 78 00:04:17,480 --> 00:04:21,039 Speaker 1: in Venezuela. In recent months, the US has conducted a 79 00:04:21,200 --> 00:04:25,440 Speaker 1: number of strikes against suspected drug trafficking boats off the 80 00:04:25,520 --> 00:04:29,440 Speaker 1: Venezuelan coast. The US has also now moved the USS 81 00:04:29,560 --> 00:04:32,880 Speaker 1: gerald r Ford aircraft carrier to the Caribbean for the 82 00:04:32,920 --> 00:04:37,359 Speaker 1: anti smuggling campaign that they call Operation Southern Spear, along 83 00:04:37,400 --> 00:04:41,080 Speaker 1: with two guided missile destroyers and other vessels and aircraft. 84 00:04:41,360 --> 00:04:44,760 Speaker 1: Venezuelan President Nicholas Maduro has claimed that the military build 85 00:04:44,800 --> 00:04:48,640 Speaker 1: up is designed to drive him from power. Asked though, 86 00:04:48,680 --> 00:04:52,000 Speaker 1: whether he would speak directly to Maduro, President Trump has 87 00:04:52,160 --> 00:04:55,359 Speaker 1: told reporters I probably would talk to him. Yeah, I 88 00:04:55,440 --> 00:04:57,920 Speaker 1: talked to everybody. But he also said that he wouldn't 89 00:04:57,960 --> 00:05:01,039 Speaker 1: rule out sending troops in adding and I quote, I 90 00:05:01,040 --> 00:05:03,880 Speaker 1: don't rule out anything. That's it for the Afternoon Report 91 00:05:03,880 --> 00:05:07,040 Speaker 1: for Tuesday, the eighteenth of November. Make sure you're following 92 00:05:07,040 --> 00:05:10,200 Speaker 1: the podcast and please head along to Fearandgreed dot com 93 00:05:10,240 --> 00:05:12,920 Speaker 1: dot au or click the link in today's show notes 94 00:05:12,920 --> 00:05:15,960 Speaker 1: to sign up for our free daily newsletter. I'm Michael Thompson. 95 00:05:16,440 --> 00:05:17,200 Speaker 1: Have a good evening.