1 00:00:04,160 --> 00:00:06,760 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,800 --> 00:00:10,200 Speaker 1: for Friday, eighty thirteenth March twenty twenty six. I'm Sean Alma. 3 00:00:10,320 --> 00:00:12,960 Speaker 1: Every afternoon, we've got the five stories that happened today 4 00:00:13,000 --> 00:00:15,280 Speaker 1: that you need to know about. Sorry Number one. The 5 00:00:15,320 --> 00:00:19,239 Speaker 1: Australian shair market fell to its lowest weekly close since 6 00:00:19,320 --> 00:00:22,200 Speaker 1: last year, as the escalating conflict between the US, Israel 7 00:00:22,239 --> 00:00:25,759 Speaker 1: and Iran sent oil prices beyond one hundred US dollars 8 00:00:25,800 --> 00:00:29,160 Speaker 1: a barrel and lifted expectations of a reserve bank rate 9 00:00:29,240 --> 00:00:32,440 Speaker 1: hih COON. Tuesday, the SMPA Sex two hundred index lost 10 00:00:32,440 --> 00:00:35,320 Speaker 1: two point six percent for the week, after falling slightly 11 00:00:35,360 --> 00:00:39,800 Speaker 1: today to eighty six hundred and seventeen points. BHP got 12 00:00:39,880 --> 00:00:43,000 Speaker 1: hit hard after China widened the band on its iron 13 00:00:43,040 --> 00:00:45,080 Speaker 1: ore for the second time in two weeks. Gold Mine 14 00:00:45,080 --> 00:00:47,680 Speaker 1: and Northern Star tumbled nine eight percent after it said 15 00:00:47,760 --> 00:00:50,560 Speaker 1: hitting the bottom. It said it would hit the bottom 16 00:00:50,680 --> 00:00:55,760 Speaker 1: end of its twenty twenty five twenty twenty six production guidance. Meanwhile, 17 00:00:55,800 --> 00:00:59,200 Speaker 1: the Albanezi government will release twenty percent of Australia's stock 18 00:00:59,280 --> 00:01:04,080 Speaker 1: of diesel in petrol reserves to help meet localized shortages. 19 00:01:04,480 --> 00:01:07,199 Speaker 1: Climate Change and Energy Minister Chris Bowen said the government 20 00:01:07,240 --> 00:01:10,560 Speaker 1: would lower the minimum stock obbligation for diesel from two 21 00:01:10,600 --> 00:01:15,560 Speaker 1: point seven billion liters to two point two billion leaders Basically, 22 00:01:15,600 --> 00:01:18,360 Speaker 1: that means the government's releasing about sit or allowing the 23 00:01:18,400 --> 00:01:21,959 Speaker 1: petrol companies to release about six days worth of supply. 24 00:01:22,680 --> 00:01:25,319 Speaker 1: Story number two. Quantus has reached a one hundred and 25 00:01:25,319 --> 00:01:28,840 Speaker 1: five million dollar settlement in class action over flight credits 26 00:01:28,880 --> 00:01:32,200 Speaker 1: issued during COVID, subject to approval by the Federal Court. 27 00:01:32,560 --> 00:01:35,440 Speaker 1: The case began in August twenty twenty three and related 28 00:01:35,480 --> 00:01:38,720 Speaker 1: to flight schedule between one January twenty twenty in one 29 00:01:38,760 --> 00:01:42,440 Speaker 1: November twenty twenty two that were canceled. The lawsuit alleged 30 00:01:42,440 --> 00:01:46,039 Speaker 1: the airline breached contractual obligations on refunds. Quantus made no 31 00:01:46,160 --> 00:01:49,520 Speaker 1: admission of liability. As part of the settlement, the carrier 32 00:01:49,600 --> 00:01:53,080 Speaker 1: removed expiry dates on COVID era flight credits in August 33 00:01:53,120 --> 00:01:57,080 Speaker 1: twenty twenty three, allowing customers to request to request cash 34 00:01:57,200 --> 00:02:01,600 Speaker 1: refunds indefinitely. Story number three. All shipments are being disrupted 35 00:02:01,600 --> 00:02:04,640 Speaker 1: by the worsting conflict in the Middle East. Some cargoes 36 00:02:05,000 --> 00:02:08,240 Speaker 1: were diverted mid voyage to Asia as a war made 37 00:02:08,280 --> 00:02:12,200 Speaker 1: passing the straight off Homus difficult. Benchmark iron ore futures 38 00:02:12,200 --> 00:02:14,880 Speaker 1: then surged more than four percent towards one hundred and 39 00:02:14,960 --> 00:02:18,320 Speaker 1: ten US dollars a ton. Elevated Freighton bunker rates because 40 00:02:18,320 --> 00:02:21,200 Speaker 1: of the war have also raised the cost of shipments. 41 00:02:21,520 --> 00:02:24,360 Speaker 1: Now that should help the local producers BHP REO attend 42 00:02:24,400 --> 00:02:28,320 Speaker 1: to and four Skew metals. If China buys your that's 43 00:02:28,360 --> 00:02:31,000 Speaker 1: not happening for BHP. They REO attend to. The four 44 00:02:31,120 --> 00:02:34,160 Speaker 1: Skew Metals share price was up four percent today. Straight 45 00:02:34,240 --> 00:02:36,640 Speaker 1: Number four are report in the fin Review said that 46 00:02:36,720 --> 00:02:39,680 Speaker 1: Treasure Jim Talmas is preparing for the May federal budget 47 00:02:39,720 --> 00:02:42,600 Speaker 1: to forecast inflation to be in the high four percent 48 00:02:42,720 --> 00:02:45,679 Speaker 1: range on the back of higher oil prices that lift 49 00:02:45,720 --> 00:02:48,720 Speaker 1: the prospect of an interest rate rise next week up 50 00:02:49,200 --> 00:02:52,040 Speaker 1: it's higher than the three point eight percent or the 51 00:02:52,080 --> 00:02:54,440 Speaker 1: forecast is higher than the three point eight percent inflation 52 00:02:54,520 --> 00:02:58,120 Speaker 1: rate the Australian Bureau Statistics recorded for the year to January, 53 00:02:58,200 --> 00:03:00,960 Speaker 1: well above the Reserve banks target range for inflation of 54 00:03:01,040 --> 00:03:03,920 Speaker 1: two to three percent. All four major banks now expect 55 00:03:03,960 --> 00:03:06,560 Speaker 1: the Central Bank to raise interest rates next week and 56 00:03:06,600 --> 00:03:10,600 Speaker 1: then again in May, the updated inflation Forecast issue to 57 00:03:10,600 --> 00:03:13,360 Speaker 1: be included in the May twelve federal budget, and storing 58 00:03:13,440 --> 00:03:17,040 Speaker 1: number five. President Donald Trump and Iran's new supreme leader 59 00:03:17,120 --> 00:03:21,760 Speaker 1: both struck defiant tones today, offering little relief to energy 60 00:03:21,800 --> 00:03:25,519 Speaker 1: markets despite fresh US efforts to curb oil prices. The 61 00:03:25,600 --> 00:03:28,120 Speaker 1: US President sent in a social media post that preventing 62 00:03:28,120 --> 00:03:31,200 Speaker 1: Iran from having nuclear weapons and threatening the Middle East 63 00:03:31,360 --> 00:03:34,600 Speaker 1: is of far greater interest and importance to me than 64 00:03:34,600 --> 00:03:36,960 Speaker 1: the cost of all oil. He later went on to 65 00:03:37,000 --> 00:03:40,360 Speaker 1: say that the US is i quote totally destroying the 66 00:03:40,480 --> 00:03:44,480 Speaker 1: terrorist regime of Iran, end quote, calling for people to 67 00:03:44,920 --> 00:03:49,680 Speaker 1: quote again, watch what happens to those deranged scumbags today 68 00:03:50,520 --> 00:03:55,320 Speaker 1: end quote. Moshtaba Hamani, the head of Iran, said the 69 00:03:55,320 --> 00:03:58,120 Speaker 1: Islamic Republic would seek to ensure the Strait of Hormuz 70 00:03:58,320 --> 00:04:02,560 Speaker 1: remains effectively closed. In his first public comments since succeeding 71 00:04:02,600 --> 00:04:05,640 Speaker 1: his father. He added that Tehran will look to open 72 00:04:05,680 --> 00:04:07,880 Speaker 1: other fronts in the war if the US and Israel 73 00:04:07,920 --> 00:04:11,000 Speaker 1: persist with their attacks. That's it for the Afternoon Report 74 00:04:11,040 --> 00:04:13,880 Speaker 1: for Friday, the thirteenth of March twenty twenty six. Make 75 00:04:13,920 --> 00:04:16,719 Speaker 1: sure you're following the podcast and head along to Fearangreed 76 00:04:16,720 --> 00:04:18,840 Speaker 1: dot com. Today you to sign up for our free 77 00:04:19,000 --> 00:04:22,040 Speaker 1: daily newsletter. I'm Sean Elmer. Enjoy your evening.