1 00:00:03,640 --> 00:00:06,520 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,559 --> 00:00:09,239 Speaker 1: for Friday, the twentieth of March twenty twenty six. I'm 3 00:00:09,280 --> 00:00:11,600 Speaker 1: Michael Thompson, and every afternoon we've got the five stories 4 00:00:11,600 --> 00:00:13,720 Speaker 1: that happened today that you need to know about. Let's 5 00:00:13,720 --> 00:00:15,400 Speaker 1: go with story number one. The S and P a 6 00:00:15,600 --> 00:00:18,599 Speaker 1: is X two hundred fell zero point eight percent today 7 00:00:18,960 --> 00:00:22,040 Speaker 1: to eighty four hundred and twenty eight points. That is 8 00:00:22,120 --> 00:00:25,200 Speaker 1: down about two point two percent now for the week, 9 00:00:25,320 --> 00:00:28,560 Speaker 1: the third week in a row of losses, with the 10 00:00:28,600 --> 00:00:31,280 Speaker 1: benchmark index down more than eight percent since the war 11 00:00:31,280 --> 00:00:34,880 Speaker 1: in the Middle East began. Gold mine has led the declines. Today, 12 00:00:34,920 --> 00:00:37,840 Speaker 1: the price of gold suffered its sharpest weekly fall since 13 00:00:37,920 --> 00:00:42,680 Speaker 1: early twenty twenty. Rising inflation and the really now distant 14 00:00:42,680 --> 00:00:45,479 Speaker 1: hopes of interest rate cuts isn't helping. In fact, the 15 00:00:45,560 --> 00:00:48,680 Speaker 1: Financial Review reports commentary from central banks around the world 16 00:00:48,720 --> 00:00:52,440 Speaker 1: has seen markets now pricing three more rate hikes from 17 00:00:52,479 --> 00:00:55,760 Speaker 1: the RBA, potentially taking the cash rate to four point 18 00:00:55,800 --> 00:00:59,160 Speaker 1: eight five percent, which would be if that was the case, 19 00:00:59,240 --> 00:01:02,160 Speaker 1: the highest since two thousand and eight. But as far 20 00:01:02,160 --> 00:01:05,000 Speaker 1: as the gold miners went, today, Neumont was off two 21 00:01:05,040 --> 00:01:08,559 Speaker 1: point six percent, or a Banda and Greatland Resources both 22 00:01:08,600 --> 00:01:12,080 Speaker 1: fell more than seven percent. Oil pulled back, the price 23 00:01:12,120 --> 00:01:15,400 Speaker 1: of oil coming off ever so slightly today as US 24 00:01:15,400 --> 00:01:20,240 Speaker 1: and Israeli leaders sought to reassure investors following damage that 25 00:01:20,280 --> 00:01:22,840 Speaker 1: has been done to energy infrastructure in the Middle East, 26 00:01:22,880 --> 00:01:26,560 Speaker 1: but coal miners climbed. Yan Coal was up three and 27 00:01:26,560 --> 00:01:29,040 Speaker 1: a half percent, white Haven nearly four percent after reports 28 00:01:29,080 --> 00:01:34,120 Speaker 1: that attacks on Qatar's LNG facilities had damaged seventeen percent 29 00:01:34,240 --> 00:01:38,080 Speaker 1: of its capacity and may take years to repair. Elsewhere 30 00:01:38,120 --> 00:01:40,319 Speaker 1: on the course, the healthcare stocks had a pretty good day, 31 00:01:40,319 --> 00:01:42,720 Speaker 1: while the bank's all slid NAB was off more than 32 00:01:42,760 --> 00:01:45,720 Speaker 1: two percent. Westpac, Conwealth Bank and A and Z were 33 00:01:45,720 --> 00:01:48,800 Speaker 1: all down around one percent. Onto story number two. Now 34 00:01:48,840 --> 00:01:52,240 Speaker 1: and Coal's will review how much it pays transport providers 35 00:01:52,280 --> 00:01:56,160 Speaker 1: more frequently as fuel costs surge following the Middle East conflict, 36 00:01:56,480 --> 00:02:00,440 Speaker 1: signaling broader price pressures across the economy. The supermarket said 37 00:02:00,440 --> 00:02:03,560 Speaker 1: it will move from monthly to twice monthly reviews of 38 00:02:03,600 --> 00:02:07,960 Speaker 1: the fuel component of freight rates, allowing transporters to recoup 39 00:02:08,120 --> 00:02:12,400 Speaker 1: rising costs more quickly. Airlines are also responding. Virgin Australia 40 00:02:12,440 --> 00:02:16,239 Speaker 1: has now declared that fares will need to rise about 41 00:02:16,240 --> 00:02:18,960 Speaker 1: five percent and as we already know, Quantas said that 42 00:02:19,040 --> 00:02:22,440 Speaker 1: it will be reviewing fares more frequently as fuel costs 43 00:02:22,639 --> 00:02:27,560 Speaker 1: certainly remain volatile. Story number three. Now in far north Queensland, 44 00:02:27,760 --> 00:02:31,480 Speaker 1: cyclone NREL is continuing to move across Cape York Peninsula, 45 00:02:31,600 --> 00:02:34,960 Speaker 1: with authorities warning communities to remain alert as the system 46 00:02:35,080 --> 00:02:39,040 Speaker 1: tracks west. This has been developing over the last few days. 47 00:02:39,120 --> 00:02:42,079 Speaker 1: It is a major major storm. The cyclone has weakened 48 00:02:42,160 --> 00:02:46,359 Speaker 1: to a Category three system but is expected to intensify 49 00:02:46,520 --> 00:02:50,280 Speaker 1: again over the Gulf of Carpenteria, bringing destructive winds and 50 00:02:50,360 --> 00:02:53,960 Speaker 1: heavy rain. Hundreds of properties are without power across the region, 51 00:02:54,440 --> 00:02:57,680 Speaker 1: with emergency crews unable to access some remote communities due 52 00:02:57,680 --> 00:03:00,360 Speaker 1: to flooded roads, meaning that rescue efforts are being inducted 53 00:03:00,400 --> 00:03:03,880 Speaker 1: by air. Queensland Premier David chris A fully has said 54 00:03:03,919 --> 00:03:07,200 Speaker 1: that recovery efforts would focus on restoring essential services and 55 00:03:07,240 --> 00:03:12,040 Speaker 1: helping communities rebuild, with support from both state and federal governments. 56 00:03:12,960 --> 00:03:16,120 Speaker 1: Story number four. The cost of living crisis is hitting 57 00:03:16,160 --> 00:03:19,120 Speaker 1: stationery and back to school supplies. A sharp drop in 58 00:03:19,240 --> 00:03:23,640 Speaker 1: smiggle sales has weighed on premier investments with the retailer 59 00:03:23,680 --> 00:03:26,760 Speaker 1: reporting a weeker first half. Despite a small lift in 60 00:03:26,840 --> 00:03:31,440 Speaker 1: overall profit, sales at Smiggle fell ten point seven percent 61 00:03:31,520 --> 00:03:35,720 Speaker 1: as households really tightened their belts, while the company's pajama brand, 62 00:03:35,760 --> 00:03:39,240 Speaker 1: Peter Alexander, actually performed more strongly with sales up just 63 00:03:39,360 --> 00:03:43,080 Speaker 1: under five percent. Chair Solomon Lou said a strategic review 64 00:03:43,120 --> 00:03:46,200 Speaker 1: had identified the need to refocus Smiggle on its core 65 00:03:46,320 --> 00:03:49,680 Speaker 1: customer base, with a new chief executive appointed to lead 66 00:03:49,720 --> 00:03:53,640 Speaker 1: a turnaround. Premier Investments closed four point three percent lower 67 00:03:53,680 --> 00:03:58,120 Speaker 1: today and finally story number five a big one. European 68 00:03:58,200 --> 00:04:01,080 Speaker 1: leaders and Japan have signaled they are prepared to help 69 00:04:01,120 --> 00:04:04,880 Speaker 1: secure shipping through the Strait of Humus as attacks on 70 00:04:05,120 --> 00:04:08,560 Speaker 1: energy infrastructure continue to disrupt global supply. I've already talked 71 00:04:08,560 --> 00:04:13,480 Speaker 1: about the tax on Qatar and other energy infrastructure within 72 00:04:13,520 --> 00:04:16,720 Speaker 1: the region. A joint statement from the leaders of the 73 00:04:16,839 --> 00:04:22,240 Speaker 1: United Kingdom, France, Germany, Italy, the Netherlands and Japan condemned 74 00:04:22,320 --> 00:04:26,680 Speaker 1: Iran's actions against commercial vessels and energy facilities and called 75 00:04:26,720 --> 00:04:31,360 Speaker 1: for a halt to attacks on civilian infrastructure. US President 76 00:04:31,400 --> 00:04:36,000 Speaker 1: Donald Trump has been urging allies to deploy naval resources 77 00:04:36,040 --> 00:04:39,880 Speaker 1: to escort tankers, and up until now there hasn't been 78 00:04:39,880 --> 00:04:44,520 Speaker 1: a great response. Details of any coordinated response remain unclear, 79 00:04:44,560 --> 00:04:46,880 Speaker 1: but now this is a very firm signal that there 80 00:04:46,920 --> 00:04:50,560 Speaker 1: will be some support coming. After the statement, the President 81 00:04:50,680 --> 00:04:54,880 Speaker 1: met with Japan's Prime Minister Sena at Takaichi, which included 82 00:04:54,920 --> 00:04:58,400 Speaker 1: one very awkward moment after a question from a journalist 83 00:04:58,400 --> 00:05:01,680 Speaker 1: about why the US didn't hell its allies about the 84 00:05:01,760 --> 00:05:05,239 Speaker 1: attack on Iran that it was coming. In response, Donald 85 00:05:05,279 --> 00:05:08,200 Speaker 1: Trump made a joke about Japan not warning the US 86 00:05:08,360 --> 00:05:11,920 Speaker 1: about attacking Pearl Harbor in World War Two. It did 87 00:05:11,960 --> 00:05:14,840 Speaker 1: not go down particularly well. That's it for the afternoon 88 00:05:14,880 --> 00:05:18,200 Speaker 1: report for Friday, the twentieth of March. Make sure you're 89 00:05:18,240 --> 00:05:20,320 Speaker 1: following the podcast and please head along to Fear and 90 00:05:20,400 --> 00:05:22,240 Speaker 1: Greed dot com today you to sign up for our 91 00:05:22,320 --> 00:05:25,680 Speaker 1: free daily newsletter. I'm Michael Thompson. Enjoy your evening.