1
00:00:04,120 --> 00:00:07,120
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:07,200 --> 00:00:10,040
Speaker 1: for Tuesday, the fourth of November twenty twenty five. I'm

3
00:00:10,039 --> 00:00:12,560
Speaker 1: Michael Thompson, and every afternoon we've got the five stories

4
00:00:12,600 --> 00:00:14,760
Speaker 1: that happen today that you need to know about. Let's

5
00:00:14,800 --> 00:00:17,239
Speaker 1: get going with story number one, because it has been

6
00:00:17,280 --> 00:00:19,439
Speaker 1: a heck of a day to day. The Reserve Bank

7
00:00:19,440 --> 00:00:21,800
Speaker 1: has left the cash rate unchanged at three point six

8
00:00:21,880 --> 00:00:25,320
Speaker 1: percent in a unanimous decision that was widely expected by economists,

9
00:00:25,440 --> 00:00:28,560
Speaker 1: but Governor Michelle Bullock says the RBA remains confident that

10
00:00:28,600 --> 00:00:31,360
Speaker 1: inflation is coming down, but she has acknowledged that the

11
00:00:31,360 --> 00:00:34,600
Speaker 1: path remains uncertain. She said, and I quote, we know

12
00:00:34,760 --> 00:00:37,800
Speaker 1: the monthly numbers are volatile at the moment, where still

13
00:00:37,840 --> 00:00:40,760
Speaker 1: confident inflation is going to come down, and we've got

14
00:00:40,800 --> 00:00:43,800
Speaker 1: employment at a pretty good place. What's it mean? Well,

15
00:00:43,840 --> 00:00:46,440
Speaker 1: for now, you won't pay any more or any less

16
00:00:46,720 --> 00:00:49,600
Speaker 1: on your home loan or your business loan. But will

17
00:00:49,640 --> 00:00:52,440
Speaker 1: we get any more cuts. Well, we'll have more analysis

18
00:00:52,440 --> 00:00:56,040
Speaker 1: and more coverage on this one tomorrow morning's episode. Onto

19
00:00:56,080 --> 00:00:58,440
Speaker 1: story number two. The S and PA SX two hundred

20
00:00:58,480 --> 00:01:01,640
Speaker 1: closed nearly one percent lower, down zero point nine percent

21
00:01:02,000 --> 00:01:05,679
Speaker 1: to eight hundred and fourteen points, not that it reacted

22
00:01:05,720 --> 00:01:07,920
Speaker 1: sharply to the rate decision. It was actually a fair

23
00:01:07,959 --> 00:01:11,800
Speaker 1: bit lower than that point earlier this morning before the

24
00:01:11,880 --> 00:01:15,559
Speaker 1: rate decision was announced. Ten of the eleven sectors ended

25
00:01:15,600 --> 00:01:18,520
Speaker 1: in the red today, with just healthcare eking out again.

26
00:01:18,959 --> 00:01:22,000
Speaker 1: Granted not a big one up just zero point zero

27
00:01:22,160 --> 00:01:24,600
Speaker 1: four percent for the day, but we'll take whatever win

28
00:01:24,640 --> 00:01:28,440
Speaker 1: we can get. The worst performers today were the utilities companies.

29
00:01:29,000 --> 00:01:33,640
Speaker 1: Both Origin Energy and AGL closed almost four percent down.

30
00:01:34,200 --> 00:01:37,280
Speaker 1: Weighing on those companies are planned by the federal government

31
00:01:37,319 --> 00:01:40,800
Speaker 1: to force power companies to give three hours of free

32
00:01:40,840 --> 00:01:43,440
Speaker 1: power in the middle of the day to all Australian households.

33
00:01:43,920 --> 00:01:45,920
Speaker 1: It wasn't a great day either for the big miners.

34
00:01:45,959 --> 00:01:48,120
Speaker 1: Rio Tinto and Fortescue were both off more than two

35
00:01:48,120 --> 00:01:50,800
Speaker 1: and a half percent, and BHP share price closed almost

36
00:01:50,800 --> 00:01:54,560
Speaker 1: two percent lower. An interesting one, Southern Cross Media climbed

37
00:01:54,640 --> 00:01:59,200
Speaker 1: three point six percent after its independent expert Kroll endorsed

38
00:01:59,480 --> 00:02:03,800
Speaker 1: the proper merger between between Southern Cross rather N seven

39
00:02:03,840 --> 00:02:07,440
Speaker 1: West Media, deeming it quote fair and reasonable and in

40
00:02:07,480 --> 00:02:11,720
Speaker 1: the best interests of Southern Cross shareholders. Story number three

41
00:02:11,880 --> 00:02:14,119
Speaker 1: and probably the one that most people have been talking

42
00:02:14,160 --> 00:02:17,680
Speaker 1: about today, alongside the RBA decision. Of course, is Melbourne

43
00:02:17,680 --> 00:02:20,760
Speaker 1: Cup been run and won this year by half yours?

44
00:02:20,840 --> 00:02:24,000
Speaker 1: Written by Jamie Mellum, only the second female jockey to

45
00:02:24,040 --> 00:02:26,560
Speaker 1: win the race that stops the nation. More than eighty

46
00:02:26,680 --> 00:02:30,640
Speaker 1: thousand fans packed into Flemington today. Plenty of people, but

47
00:02:30,800 --> 00:02:32,920
Speaker 1: you've got to say it's down from the crowds of

48
00:02:32,919 --> 00:02:35,840
Speaker 1: one hundred thousand or so a few years ago. About

49
00:02:35,880 --> 00:02:39,840
Speaker 1: two hundred million dollars was waged. Most of that was lost.

50
00:02:40,200 --> 00:02:43,840
Speaker 1: Prime Minister Anthony Abernezi was called a philistine by Victorian

51
00:02:43,880 --> 00:02:47,640
Speaker 1: Liberal MP Tim Wilson for making Parliament sit on Melbourne

52
00:02:47,639 --> 00:02:51,320
Speaker 1: Cup Day. It really is a very Australian day, isn't it.

53
00:02:51,760 --> 00:02:55,120
Speaker 1: Story Number four. Netflix will be forced to spend one

54
00:02:55,200 --> 00:02:58,160
Speaker 1: hundred million dollars a year on Australian programs. Under new

55
00:02:58,240 --> 00:03:02,600
Speaker 1: laws heading to Federal Parliament tomorrow, Streaming platforms such as Netflix,

56
00:03:02,680 --> 00:03:05,800
Speaker 1: Disney Plus and Amazon Prime Video will need to spend

57
00:03:05,800 --> 00:03:09,280
Speaker 1: either ten percent of their local expenditure or seven point

58
00:03:09,320 --> 00:03:13,120
Speaker 1: five percent of Australian revenue on locally made drama, documentary

59
00:03:13,160 --> 00:03:17,120
Speaker 1: and children's programming. Arts Minister Tony Burke says the move

60
00:03:17,160 --> 00:03:20,920
Speaker 1: will ensure quote Australians continue to see themselves on screen

61
00:03:21,320 --> 00:03:25,120
Speaker 1: and protect local jobs in the screen industry. Netflix earned

62
00:03:25,200 --> 00:03:28,040
Speaker 1: one point three billion dollars in Australian revenue last year.

63
00:03:28,200 --> 00:03:31,200
Speaker 1: It will be the biggest contributor to this. And finally,

64
00:03:31,240 --> 00:03:35,200
Speaker 1: story number five, Amazon Web Services has won a massive

65
00:03:35,280 --> 00:03:39,880
Speaker 1: deal worth thirty eight billion US dollars or fifty eight

66
00:03:39,960 --> 00:03:43,960
Speaker 1: billion OZSIE to provide computing power to open Ai, the

67
00:03:44,080 --> 00:03:47,280
Speaker 1: maker of chat GPT. The seven year deal will give

68
00:03:47,360 --> 00:03:50,600
Speaker 1: open Ai access to hundreds of thousands of Nvidia AI

69
00:03:50,720 --> 00:03:54,920
Speaker 1: chips hosted on AWS data centers as open ai ramps

70
00:03:55,000 --> 00:03:58,160
Speaker 1: up spending on infrastructure to power its next generation models.

71
00:03:58,400 --> 00:04:01,040
Speaker 1: The deal marks a major win for Amazon in the

72
00:04:01,040 --> 00:04:05,400
Speaker 1: cloud wars, joining Microsoft, Oracle, and Google who've all signed

73
00:04:05,600 --> 00:04:08,880
Speaker 1: multi billion dollar agreements with open Ai in recent months.

74
00:04:09,240 --> 00:04:11,680
Speaker 1: That is it for the Afternoon Report for Tuesday, the

75
00:04:11,720 --> 00:04:14,240
Speaker 1: fourth of November. Make sure you hit follow on the

76
00:04:14,280 --> 00:04:17,039
Speaker 1: podcast and head along to Fearandgreed dot com dot au

77
00:04:17,120 --> 00:04:20,960
Speaker 1: as well join our pre daily newsletter. A'm Michael Thompson.

78
00:04:21,200 --> 00:04:21,960
Speaker 1: Enjoy your evening,