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

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Speaker 1: for Tuesday, the twenty sixth of November twenty twenty four.

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Speaker 1: I'm Sean Aylmer. Every afternoon, We've got the five stories

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Speaker 1: that happened today that you need to know about. Story

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Speaker 1: number one. Global markets reacted quickly to a Donald Trump

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Speaker 1: post this morning saying he will place twenty five percent

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Speaker 1: tariffs on Mexico and Canada and up tariffs on China

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Speaker 1: by ten percent in his first twenty four hours in office.

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Speaker 1: He says it's in response to the number of illegal

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Speaker 1: immigrants crossing into the US and the surge in the

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Speaker 1: use of illegal drugs, particularly fentanyl. Investors reacted quickly. The

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Speaker 1: US dollar surged, pushing the Aussie dollar back to the

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Speaker 1: low sixty four cent level that's the weakest in four years.

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Speaker 1: It did bounce back later in the day, back towards

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Speaker 1: sixty five US Since copper and base metals prices drop now,

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Speaker 1: they tend to rise and fall in line with expected

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Speaker 1: future economic growth, bond neils jumped. Slipping on tariffs pushes

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Speaker 1: up inflation that pushes up bond neils. The Canadian dollar

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Speaker 1: hit its lowest level since twenty twenty, the Mexican piso

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Speaker 1: tumbled even Bitcoin went backwards. It's now down six percent

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Speaker 1: in the past three sessions, so it's still trading at

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Speaker 1: more than ninety four thousand US dollars a unit. Story

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Speaker 1: Number two. The news out of the US hit the

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Speaker 1: local share market, or the talk of tariffs encouraged some

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Speaker 1: investors to take profits from stocks that have run hard.

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Speaker 1: The banks were the victims of that today the Commonwealth

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Speaker 1: Bank fell three and a half percent. A and Z

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Speaker 1: Westpac National Australia Bank were all down around one and

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Speaker 1: a half percent. By the closed s and p ASX

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Speaker 1: two hundred was down zero point seven percent to eight thousand,

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Speaker 1: three hundred and fifty nine points. The energy stocks were lower.

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Speaker 1: Woodside and Santos fell close to four percent, though that

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Speaker 1: was as much to do with reports for potential sixty

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Speaker 1: day ceasefire in the Middle East. Other companies that are

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Speaker 1: involved in the US manufacturing sector and have operations in

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Speaker 1: that country did well. Blue Scope Steel, for example, jumped

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Speaker 1: six percent. Building products group James Hardy, which has the

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Speaker 1: major operation in the US, jumped more than two percent.

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Speaker 1: Ansel and MCRE both rose. Story numbers Stree Deloitte Access

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Speaker 1: Economics has forecast a blowout in the budget deficit this

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Speaker 1: financial year on the back of a softer economic outlook.

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Speaker 1: Now Deloyd Access is probably the most reputable budget forecast

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Speaker 1: in the country. It says there'll be an underlying cash

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Speaker 1: balance in the twenty twenty four to twenty five financial

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Speaker 1: year of thirty three point five billion dollars. That's five

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Speaker 1: point two billion dollars worse than the previous estimate from

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Speaker 1: the government. Net debt will come in around twenty percent

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Speaker 1: of GDP, which is in line with the expectations. The

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Speaker 1: last two budgets were in surplus. That's because we had

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Speaker 1: inflation and commodity prices. We're running now. We don't have

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Speaker 1: those tailwinds and so as a result, things don't look

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Speaker 1: anywhere near as Rosie. The good news is that the

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Speaker 1: labor market remains strong. Story Number four US minor Peabody

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Speaker 1: Energy in Indonesia's at Boomer Buma will pay close to

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Speaker 1: five billion dollars for the Queensland coal mines of Anglo American.

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Speaker 1: Peabody will have control of four cocing coal mines, while

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Speaker 1: Boomer will get one. Cocin coal is used for steel

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Speaker 1: making thermal coals, the other type that's used for power generation.

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Speaker 1: Peabody hasn't a great track record in Australia. Thirteen years

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Speaker 1: ago it bought Queensland minor MacArthur Coal for nearly five

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Speaker 1: billion dollars. Ultimately it went into Chapter eleven bankruptcy on

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Speaker 1: the back of that. Anglo, which in May knock back

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Speaker 1: a seventy five billion dollar bid from BHP has spent

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Speaker 1: the past six months offloading coal assets, including stakes in

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Speaker 1: Lake Vermont and Gelenbar coal mines in Queensland. Coincidentally, the

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Speaker 1: six month time limit and polls under UK law which

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Speaker 1: has prevented BHP from making another bid for Anglo expirees.

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Speaker 1: On Friday and Story, a number five car dealers are

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Speaker 1: being forced to sell luxury electric vehicles at a loss

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Speaker 1: as demand at the top end so combs to changing

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Speaker 1: consumer tastes and competition from Chinese evs. Dealerships are reporting

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Speaker 1: too many seventy thousand dollars plus evs, including from manufacturer's Jaguar, Sades,

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Speaker 1: Benz and BMW, according to a report in the finn Review.

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Speaker 1: A report by investment bank mol that says the local

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Speaker 1: market is mismatched with too much prestige infantry at a

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Speaker 1: time when the cost of living crunch is biting. Could

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Speaker 1: get worse next year as well. Under the government's new

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Speaker 1: Vehicle Efficiency Standards legislation, car manufacturers are incentivized to increase

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Speaker 1: their volumes of lower emissions vehicles in this country. Now,

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Speaker 1: when the UK introduced legislation like that, not only did

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Speaker 1: new evs lose value, but used EV's lost value as well.

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Speaker 1: Another big factor in Australia is the success of Chinese

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Speaker 1: manufacturer BYD. Its growth is far stronger than Tesla in

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Speaker 1: this country, and the charging infrastructure in Australia still remains

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Speaker 1: too problematic for many buyers. That's if they're after doing

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Speaker 1: report for Tuesday, the twenty sixth of November twenty twenty four,

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Speaker 1: don't forget to follow on the podcast and find Fear

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

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Speaker 1: Michael Thompson and I Tomorrow I'm morning for the Fast

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Speaker 1: five by Fear and Greed the top five the stories

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Speaker 1: you need to know in just five minutes. I'm Sean

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Speaker 1: Elma enjoy reading