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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Monday, the fourth of November twenty twenty four. I'm

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Speaker 1: suan Alma. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Stray number one.

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Speaker 1: It turned out to be a pretty decent day on

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Speaker 1: the local share market, with the banks leading the way.

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Speaker 1: By the closed Yes and PA six two hundred was

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Speaker 1: up more than half percent to eighty one hundred and

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Speaker 1: sixty five points. Commonwealth Bank and National Australia Bank both

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Speaker 1: closed more than one and a half percent higher. CESL

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Speaker 1: was up nearly two percent. Telstra did well, jumping one

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Speaker 1: point seven percent. Transurban finished two and a half percent higher,

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Speaker 1: while Weistech Global was up three point one percent. Not

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Speaker 1: so good for the big miners. BHP, fortes Q and

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Speaker 1: Rio were all lower. The market itself it's peak last month,

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Speaker 1: the middle of last month, but it was just still

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Speaker 1: showing resolve and it's a really big week coming up,

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Speaker 1: so it's doing pretty well. The big corporate news out

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Speaker 1: today was the Westpac result. It ended up up with

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Speaker 1: a net profit three percent lower to seven billion dollars,

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Speaker 1: though the boss, Peter King, was pretty upbeat on the economy,

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Speaker 1: and there was an expansion in Westpac's profit margins. It

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Speaker 1: finished the day up just under one percent. Sorry number two.

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Speaker 1: The Reserve Bank Board has been chatting all things interest

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Speaker 1: rates today and will continue to do so tomorrow. That's

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Speaker 1: when will announce. It's thinking no one expects to change

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Speaker 1: in interest rates, but maybe the commentary around the discussion

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Speaker 1: might lean into the idea of rate cuts at some

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Speaker 1: point in the future. Hopefully that will occur. Inflation, of course,

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Speaker 1: is the key that has definitely slowed and will slow more.

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Speaker 1: The labor market is still strong today. Ainz job ads

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Speaker 1: showed a rise in October after a really big jump

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Speaker 1: in September, so certainly the jobs market is pretty good.

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Speaker 1: The rise in October was all about Christmas retailers and

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Speaker 1: food service employers putting people more on Sorry number three,

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Speaker 1: it's there to say. It's pretty much the biggest week

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Speaker 1: of the year for international markets. We've got the US election,

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Speaker 1: We've got Central bank meet not just here but in

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Speaker 1: the US and UK as well. We also have China's

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Speaker 1: National People's Congress that's expected to announce more stimuli. Trump

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Speaker 1: trade is dominating. That means the US dollar is stronger,

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Speaker 1: Treasury yeelds are higher, US bank stocks are doing well.

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Speaker 1: Bitcoin's doing well, Ossie dollar not so much. There's also

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Speaker 1: something called the VIX index. It's wall streets fear gauge. Well.

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Speaker 1: The fear gauge is at its highest point since the

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Speaker 1: outbreak of the delta variant of the coronavirus back in

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Speaker 1: March twenty twenty one. It's going to be a big

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Speaker 1: forty eight hours branch. At the moment's trading around seventy

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Speaker 1: four US dollars a barrel, goals around two thousand, seven

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Speaker 1: hundred and forty US dollars an ounce, bitcoins at sixty

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Speaker 1: nine thousand US dollars a unit, and the Auslie dollars

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Speaker 1: around about sixty six US cents. Story number four IX

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Speaker 1: listed minor iron E has received a permit from the

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Speaker 1: US government to build a massive lithium mine in Nevada,

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Speaker 1: a project that could produce enough lithium to power three

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Speaker 1: hundred and seventy thousand electric vehicles a year. It's the

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Speaker 1: first approve of a lithium mind by the Biden administration ever,

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Speaker 1: and includes a seven hundred million US dollar alone to

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Speaker 1: help build the project. There's plenty of lithium in the US,

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Speaker 1: but most of the alkali metal is actually mined in

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Speaker 1: Australia or South America and then processed in China. The

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Speaker 1: US wants to quadruple US lithium production by twenty twenty

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Speaker 1: eight and reduce its reliance on China, not just in

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Speaker 1: lithium but other critical minerals. Since two thousand and two

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Speaker 1: in the US, only three critical minerals minds have come online.

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Speaker 1: So this is a little bit of a coup for

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Speaker 1: iron Ear and story number five. One of the world's

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Speaker 1: best known at casual dining chains, TGI Fridays, Thank Got

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Speaker 1: Its Fridays, has failed to chapter eleven bankruptcy. It's been

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Speaker 1: going for more than fifty years, known for its hamburgers,

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Speaker 1: mozzarella sticks, loaded potato skins, comfort food. I'd call it

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Speaker 1: never really fully recovered from cavin. Also, customers appetites have

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Speaker 1: shifted to fast and cheaper food. It has four hundred

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Speaker 1: and sixty one restaurants in forty one countries, including here

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Speaker 1: in Australia. Of course, in the US, Chapter eleven is

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Speaker 1: used as a restructure tools, so they will continue to trade,

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Speaker 1: at least for the short term. That's it for the

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Speaker 1: Afternoon Report for Monday, the fourth of November twenty twenty four.

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Speaker 1: Don't forget to hit follow on the podcast and find

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Speaker 1: Fearing Greed on LinkedIn, Instagram, x TikTok and Facebook. Join

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Speaker 1: Michael Thompson and I tomorrow morning for the Fast Five

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Speaker 1: by Fearing Greed, the top five business stories you need

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Speaker 1: to know in just five minutes. I'm Sean Elma. Enjoy

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Speaker 1: your evening