1 00:00:04,200 --> 00:00:07,080 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,120 --> 00:00:10,000 Speaker 1: for Friday, the fourteenth of November are Michael Thompson, and 3 00:00:10,119 --> 00:00:13,360 Speaker 1: every afternoon we have the five big stories that happen 4 00:00:13,440 --> 00:00:15,480 Speaker 1: today that you need to know about. Let's get going. 5 00:00:15,520 --> 00:00:18,440 Speaker 1: Story number one a brutal day on the SMPA SEX 6 00:00:18,520 --> 00:00:22,720 Speaker 1: two hundred, tumbling one point four percent to eighty six 7 00:00:22,840 --> 00:00:25,639 Speaker 1: hundred and thirty five points. That is its lowest in 8 00:00:25,800 --> 00:00:28,800 Speaker 1: four months. Around thirty seven billion dollars in value was 9 00:00:28,840 --> 00:00:32,080 Speaker 1: wiped out today, which came after a pretty awful lead 10 00:00:32,120 --> 00:00:34,680 Speaker 1: in from Wall Street. The big issue here is interest 11 00:00:34,760 --> 00:00:37,640 Speaker 1: rate expectations. Both here and in the US. Investors are 12 00:00:37,680 --> 00:00:41,720 Speaker 1: worried that rates aren't coming down anymore anytime soon. Locally, 13 00:00:41,920 --> 00:00:44,680 Speaker 1: bond markets are pricing in just a forty percent chance 14 00:00:44,720 --> 00:00:47,360 Speaker 1: of a cut by the middle of next year, particularly 15 00:00:47,400 --> 00:00:51,040 Speaker 1: after yesterday's strong jobs number. On the burse, ten of 16 00:00:51,080 --> 00:00:54,880 Speaker 1: the eleven sectors closed lower today, the worst being the 17 00:00:55,040 --> 00:00:58,800 Speaker 1: tech stocks. Megaport was the worst performer overall, off nearly 18 00:00:58,840 --> 00:01:02,880 Speaker 1: ten percent, while monitoring app Life three sixty lost another 19 00:01:02,920 --> 00:01:06,920 Speaker 1: six point seven percent today. After a brief reprieve yesterday, 20 00:01:07,000 --> 00:01:11,800 Speaker 1: Commonwealth Bank extended its losses down another one point eight percent, 21 00:01:12,120 --> 00:01:16,320 Speaker 1: meaning Australia's biggest company is now down eleven percent this week. 22 00:01:16,720 --> 00:01:19,560 Speaker 1: The other banks all lost ground today two NAB and 23 00:01:19,600 --> 00:01:21,920 Speaker 1: Westpac just over one and a half percent, and A 24 00:01:22,000 --> 00:01:24,920 Speaker 1: and Z was down two point six percent. The big 25 00:01:24,959 --> 00:01:28,520 Speaker 1: miners all retreated, and even the gold miners fell despite 26 00:01:28,520 --> 00:01:31,759 Speaker 1: an increase in the price of the precious metal. Newmont 27 00:01:31,880 --> 00:01:34,640 Speaker 1: was off three point four percent and Evolution Mining down 28 00:01:34,680 --> 00:01:38,080 Speaker 1: two point four percent. Overall, a pretty ordinary day. On 29 00:01:38,160 --> 00:01:41,039 Speaker 1: to story number two now, and BHP will tonight learn 30 00:01:41,080 --> 00:01:44,959 Speaker 1: whether it faces billions of dollars more in compensation claims 31 00:01:44,959 --> 00:01:48,320 Speaker 1: over a twenty fifteen dam collapse in Brazil when a 32 00:01:48,480 --> 00:01:51,520 Speaker 1: UK High Court hands down what is going to be 33 00:01:51,520 --> 00:01:55,040 Speaker 1: a major ruling. The collapse was one of Brazil's worst 34 00:01:55,080 --> 00:02:00,600 Speaker 1: environmental disasters, killing nineteen people, contaminated hundreds of kilometers of waterways. 35 00:02:00,880 --> 00:02:03,040 Speaker 1: The dam was owned by Somaco, which is a joint 36 00:02:03,080 --> 00:02:07,800 Speaker 1: venture between BHP and Valley. BHP last year made a 37 00:02:07,840 --> 00:02:11,200 Speaker 1: separate agreement with Brazilian authorities to pay almost thirty two 38 00:02:11,240 --> 00:02:14,960 Speaker 1: billion US dollars in reparations over two decades. The UK 39 00:02:15,240 --> 00:02:17,800 Speaker 1: case aims to establish for the first time where the 40 00:02:17,840 --> 00:02:21,880 Speaker 1: BHP can be held legally liable in England. Lawyers have 41 00:02:22,000 --> 00:02:27,720 Speaker 1: described it as the largest environmental class action ever, originally 42 00:02:27,760 --> 00:02:30,919 Speaker 1: involving more than six hundred thousand claimants and a potential 43 00:02:30,960 --> 00:02:35,959 Speaker 1: liability of up to thirty six billion pounds. BHP has 44 00:02:36,000 --> 00:02:38,760 Speaker 1: not yet commented ahead of the ruling. It is expected 45 00:02:38,880 --> 00:02:43,080 Speaker 1: at eight thirty pm Australian Eastern daylight time. This evening 46 00:02:43,720 --> 00:02:47,400 Speaker 1: story Number three tlmps have slammed the Liberal Party for 47 00:02:47,400 --> 00:02:50,840 Speaker 1: abandoning net zero by twenty fifty, warning the decision makes 48 00:02:50,919 --> 00:02:54,680 Speaker 1: the party unelectable in city based seats and declaring that 49 00:02:54,760 --> 00:02:58,560 Speaker 1: independents are now the real opposition. You can't blame them 50 00:02:58,600 --> 00:03:01,960 Speaker 1: for making the most of this. The Teals, including Zali Stegel, 51 00:03:02,080 --> 00:03:07,240 Speaker 1: Sophie Scamps, Kate Cheney, Allegraspender, Manique Ryan and Nicolette Buller, 52 00:03:07,639 --> 00:03:11,639 Speaker 1: said the Liberals had effectively surrendered inner city electorates by 53 00:03:11,639 --> 00:03:15,720 Speaker 1: following the National's lead. Zali Stegel described the Liberals as 54 00:03:15,760 --> 00:03:20,680 Speaker 1: a and I quote Trumpian mockery of a serious political party, 55 00:03:20,760 --> 00:03:24,560 Speaker 1: while Manique Ryan accused oppositionally to Susan Lee of caving 56 00:03:24,600 --> 00:03:28,679 Speaker 1: to Barnaby Joyce in a startling display of indecisive weakness. 57 00:03:29,080 --> 00:03:31,799 Speaker 1: For her part, Susan Lee has insisted she cares about 58 00:03:31,840 --> 00:03:35,240 Speaker 1: the climate instead, positioning the net zero decision really as 59 00:03:35,280 --> 00:03:40,280 Speaker 1: one focused on affordability, particularly for jen Z millennials. Story 60 00:03:40,360 --> 00:03:45,320 Speaker 1: number four. Today, dementia, including Alzheimer's disease, has overtaken heart 61 00:03:45,320 --> 00:03:49,000 Speaker 1: disease as the leading cause of death in Australia, according 62 00:03:49,000 --> 00:03:52,080 Speaker 1: to the Australian Bureau of Statistics. New data released today 63 00:03:52,360 --> 00:03:55,600 Speaker 1: shows that more than seventeen and a half thousand people 64 00:03:55,680 --> 00:03:59,040 Speaker 1: died from dementia in twenty twenty four, accounting for over 65 00:03:59,160 --> 00:04:01,520 Speaker 1: nine percent of all deaths at an average age of 66 00:04:01,600 --> 00:04:05,400 Speaker 1: eighty eight. The number has been steadily rising while deaths 67 00:04:05,400 --> 00:04:10,920 Speaker 1: from heart and cerebrovascular disease have declined. Experts say that 68 00:04:10,960 --> 00:04:14,920 Speaker 1: the figures highlight the need for urgent investment in brain health, 69 00:04:14,960 --> 00:04:18,040 Speaker 1: with the number of Australians living with dementia potentially exceeding 70 00:04:18,040 --> 00:04:23,120 Speaker 1: one million by twenty sixty five without significant intervention. And finally, 71 00:04:23,160 --> 00:04:27,920 Speaker 1: story number five, the Trump administration has directed US consulates 72 00:04:27,960 --> 00:04:32,800 Speaker 1: to consider obesity, heart disease, diabetes, and other chronic conditions 73 00:04:33,040 --> 00:04:36,680 Speaker 1: as reasons to deny foreigners entry into the country. The 74 00:04:36,800 --> 00:04:41,520 Speaker 1: Washington Post reports a leaked State Department cable from Secretary 75 00:04:41,520 --> 00:04:45,360 Speaker 1: of State Marco Rubio instructs officials to weigh up whether 76 00:04:45,640 --> 00:04:49,640 Speaker 1: applicants could pose a quote financial burden due to potential 77 00:04:49,680 --> 00:04:53,359 Speaker 1: health costs. Critics argue that the directive goes far beyond 78 00:04:53,600 --> 00:04:57,719 Speaker 1: medical screening guidelines could lead to discrimination against people with 79 00:04:57,760 --> 00:05:01,080 Speaker 1: common health issues, but the White House has defended the change, 80 00:05:01,080 --> 00:05:04,760 Speaker 1: saying it enforces a long standing policy to prioritize American 81 00:05:04,800 --> 00:05:09,039 Speaker 1: taxpayers and curb welfare costs linked to immigration. That's it 82 00:05:09,160 --> 00:05:12,360 Speaker 1: for the afternoon Report for Friday, the fourteenth of November. 83 00:05:12,480 --> 00:05:14,800 Speaker 1: Make sure you're following the podcast and head on to 84 00:05:14,880 --> 00:05:18,000 Speaker 1: Fearandgreed dot com dot au or click the link in 85 00:05:18,040 --> 00:05:21,040 Speaker 1: our show notes. Sign up for our free daily newsletter. 86 00:05:21,080 --> 00:05:23,039 Speaker 1: I'm Michael Thompson. Have a great weekend.