1 00:00:04,160 --> 00:00:06,960 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:07,040 --> 00:00:09,799 Speaker 1: for Thursday, the fourth of December. I'm Michael Thompson, and 3 00:00:09,880 --> 00:00:12,720 Speaker 1: every afternoon we have the five big stories that you 4 00:00:12,800 --> 00:00:15,760 Speaker 1: need to know about. Let's get going with story number one. 5 00:00:15,920 --> 00:00:18,240 Speaker 1: The S and PA Sex two hundred closed zero point 6 00:00:18,280 --> 00:00:21,360 Speaker 1: three percent higher today to eighty six hundred and eighteen points. 7 00:00:21,520 --> 00:00:23,680 Speaker 1: That was largely thanks to the big miners and the 8 00:00:23,720 --> 00:00:26,000 Speaker 1: price of copper, which I will get to in a moment. 9 00:00:26,239 --> 00:00:28,920 Speaker 1: But the other key piece of data affecting markets today 10 00:00:28,960 --> 00:00:32,239 Speaker 1: was household spending figures, which jumped by the most in 11 00:00:32,360 --> 00:00:36,640 Speaker 1: two years. More economists now talking about rate hikes next year. 12 00:00:37,040 --> 00:00:40,040 Speaker 1: The banks then, were all up today, with A and 13 00:00:40,159 --> 00:00:43,080 Speaker 1: Z best of the bunch, up one point seven percent. 14 00:00:43,440 --> 00:00:46,440 Speaker 1: The real estate sector went the other way, weighed down 15 00:00:46,479 --> 00:00:49,760 Speaker 1: by the potential for higher borrowing costs if rates rise. 16 00:00:50,159 --> 00:00:53,960 Speaker 1: Stockland was down one point eight percent and Goodman Group 17 00:00:54,040 --> 00:00:57,480 Speaker 1: off two point seven percent. Retailers also had a tough day, 18 00:00:57,480 --> 00:00:59,760 Speaker 1: with JB High Fire down more than one percent. But 19 00:01:00,240 --> 00:01:03,040 Speaker 1: as I mentioned, the big story in markets was in 20 00:01:03,080 --> 00:01:05,680 Speaker 1: the minors, which takes us neatly to story number two. 21 00:01:06,080 --> 00:01:09,200 Speaker 1: The price of copper has surged to a record high 22 00:01:09,480 --> 00:01:13,319 Speaker 1: on fears that potential new US tariffs could tighten global supply, 23 00:01:13,920 --> 00:01:17,080 Speaker 1: just as demand for the metal keeps on climbing. Copper 24 00:01:17,240 --> 00:01:18,840 Speaker 1: is of course, we've talked about this a lot. It's 25 00:01:18,920 --> 00:01:21,520 Speaker 1: vital for the transition to a greener economy. It's used 26 00:01:21,520 --> 00:01:24,760 Speaker 1: in so many different aspects of electrification, from electric cars 27 00:01:24,760 --> 00:01:28,320 Speaker 1: to wind and solar everything in between. There are fears 28 00:01:28,319 --> 00:01:31,760 Speaker 1: that these US tariffs could affect supply. The price is rising. 29 00:01:31,880 --> 00:01:34,560 Speaker 1: The benchmark copper price on the London Metal Exchange is 30 00:01:34,600 --> 00:01:37,399 Speaker 1: around eleven and a half thousand US dollars a ton. 31 00:01:38,040 --> 00:01:41,400 Speaker 1: Great news for Australia's big miners, particularly BHP has really 32 00:01:41,400 --> 00:01:44,520 Speaker 1: doubled down on its copper operations in the last few years. 33 00:01:44,680 --> 00:01:48,400 Speaker 1: BHP share price was up three point seven percent today 34 00:01:48,440 --> 00:01:51,120 Speaker 1: to its highest level in more than a year. Rio 35 00:01:51,240 --> 00:01:54,400 Speaker 1: Tinto jumped two point nine percent to a new record 36 00:01:54,520 --> 00:01:57,320 Speaker 1: for the company, South thirty two more than four percent, 37 00:01:57,880 --> 00:02:02,800 Speaker 1: Sandfire Resources up four point one percent, and Capstone Copper well, 38 00:02:02,800 --> 00:02:07,440 Speaker 1: that was the best for the miners, up eight percent today. 39 00:02:08,280 --> 00:02:11,639 Speaker 1: A pretty remarkable day all round for the miners, all 40 00:02:11,639 --> 00:02:13,880 Speaker 1: thanks to that price of copper. Moving on to story 41 00:02:13,960 --> 00:02:17,400 Speaker 1: number three now and the Corporate Regulator says too many 42 00:02:17,400 --> 00:02:21,160 Speaker 1: Australian businesses are still making it hard for whistleblowers to 43 00:02:21,240 --> 00:02:24,480 Speaker 1: speak up about misconduct. A survey of one hundred and 44 00:02:24,480 --> 00:02:27,920 Speaker 1: thirty four companies by ASK found that one in three 45 00:02:27,960 --> 00:02:31,200 Speaker 1: don't have a dedicated whistleblower web page, one in five 46 00:02:31,400 --> 00:02:34,800 Speaker 1: don't offer a hotline, and even where systems exist, nearly 47 00:02:34,840 --> 00:02:38,399 Speaker 1: a quarter of firms reported zero disclosures over the year. 48 00:02:38,760 --> 00:02:41,960 Speaker 1: Most reports that did come through were about workplace mistreatment 49 00:02:42,080 --> 00:02:45,560 Speaker 1: or disputes, and around one in four investigated cases were 50 00:02:45,680 --> 00:02:50,639 Speaker 1: likely true. Asset Commissioner Alan Kirkland says companies should benchmark 51 00:02:50,800 --> 00:02:54,520 Speaker 1: themselves against the data and lift their game, warning that 52 00:02:54,560 --> 00:02:59,600 Speaker 1: without trusted whistleblower programs, serious misconduct can stay hidden for years. 53 00:03:00,400 --> 00:03:05,000 Speaker 1: Story number four. Border authorities are investigating how six Chinese 54 00:03:05,080 --> 00:03:07,960 Speaker 1: nationals ended up in one of the most remote parts 55 00:03:08,000 --> 00:03:11,839 Speaker 1: of Australia's coastline. The men were found near an isolated 56 00:03:11,919 --> 00:03:16,280 Speaker 1: community in far north western Australia, an area currently cut 57 00:03:16,280 --> 00:03:19,359 Speaker 1: off by road only reachable by air or by boat. 58 00:03:19,760 --> 00:03:21,919 Speaker 1: Two men were first spotted by an off duty police 59 00:03:21,960 --> 00:03:25,520 Speaker 1: officer about twelve kilometers from town, with four more later 60 00:03:25,560 --> 00:03:28,919 Speaker 1: found walking in from the beach. Locals say they stood 61 00:03:28,919 --> 00:03:31,440 Speaker 1: out in the tropical heat. They were wearing long pants 62 00:03:31,480 --> 00:03:34,640 Speaker 1: no obvious way of having arrived. Border Force vessels were 63 00:03:34,639 --> 00:03:36,440 Speaker 1: sent to the area. The men were assessed at the 64 00:03:36,440 --> 00:03:39,640 Speaker 1: local police facility, then flown out. It's not known where 65 00:03:39,680 --> 00:03:42,720 Speaker 1: they were taken to. Authorities said they couldn't release that 66 00:03:42,880 --> 00:03:47,280 Speaker 1: citing operational reasons. It is the second suspected unauthorized boat 67 00:03:47,360 --> 00:03:50,080 Speaker 1: arrival on WA's remote northern coast in the last couple 68 00:03:50,120 --> 00:03:54,040 Speaker 1: of years, and finally story number five. Australians are being 69 00:03:54,040 --> 00:03:56,839 Speaker 1: warned to brace for dangerous heat over the next couple 70 00:03:56,880 --> 00:04:00,400 Speaker 1: of days, with severe and extreme heat wave can conditions 71 00:04:00,400 --> 00:04:04,320 Speaker 1: building across multiple states and territories. The Bureau of Meteorology 72 00:04:04,360 --> 00:04:07,120 Speaker 1: has issued heat wave alerts for parts of New South Wales, 73 00:04:07,240 --> 00:04:10,400 Speaker 1: Western Australia and the Northern Territory. The New South Wales 74 00:04:10,480 --> 00:04:13,320 Speaker 1: South Coast faces an extreme heat wave, which is the 75 00:04:13,400 --> 00:04:16,440 Speaker 1: highest risk category, while western Sydney and parts of the 76 00:04:16,560 --> 00:04:19,839 Speaker 1: Hunter are expected to climb into the low forties by Saturday. 77 00:04:20,240 --> 00:04:23,120 Speaker 1: Severe heat wave conditions also forecast are parts of the 78 00:04:23,240 --> 00:04:26,640 Speaker 1: Kimberly and Pilborough daytime temperatures in the high thirties to 79 00:04:26,680 --> 00:04:30,520 Speaker 1: mid forties, hot nights probably not offering a great deal 80 00:04:30,560 --> 00:04:33,839 Speaker 1: of relief. A cool change should reach New South Wales 81 00:04:33,960 --> 00:04:36,400 Speaker 1: late Saturday into Sunday, but the heat in WA and 82 00:04:36,440 --> 00:04:39,920 Speaker 1: the northern territory likely to linger into next week. And 83 00:04:40,000 --> 00:04:42,559 Speaker 1: that's it for the Afternoon Report for Thursday, the fourth 84 00:04:42,560 --> 00:04:45,160 Speaker 1: of December. Make sure you're following the podcast and head 85 00:04:45,160 --> 00:04:47,320 Speaker 1: along to Fear and Greed dot com dot au to 86 00:04:47,360 --> 00:04:49,920 Speaker 1: sign up for our free daily newsletter. For the link 87 00:04:50,040 --> 00:04:52,560 Speaker 1: today's show notes as well. I'm Michael Thompson. Have a 88 00:04:52,560 --> 00:04:53,080 Speaker 1: good evening.