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

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Speaker 1: for Wednesday, the tenth of September twenty twenty five are

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Speaker 1: Michael Thompson. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Let's go

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Speaker 1: with story number one. The S and p ASX two

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Speaker 1: hundred climbed zero point three percent today to eight hundred

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Speaker 1: and thirty points, with nine of the eleven sectors showing gains,

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Speaker 1: led by the banks. Comonwealth Bank was up one and

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Speaker 1: a half percent, Westpack a little more than that. NAB

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Speaker 1: climbed one point five percent, two after announcing job cuts.

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Speaker 1: More on that one in a moment. Lithium miners, though,

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Speaker 1: had a shocker. Pilbur Minerals tumbled more than seventeen percent.

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Speaker 1: That's its worst day in more than three years. Liontown

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Speaker 1: Resources was even worse, off eighteen percent. IGO's share price

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Speaker 1: slumped fourteen percent. Mineral Resources was down nearly seven percent.

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Speaker 1: This is all tied back to a mine in China,

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Speaker 1: a lithium mind that we've spoken about previously. It was

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Speaker 1: shut down because of an expired license last month and

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Speaker 1: was expected to be shot for at least three months,

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Speaker 1: but it is preparing to reopen early, and that fueled

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Speaker 1: fears of a big increase in lithium supplies and then

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Speaker 1: a bit of downward pressure on prices elsewhere on the

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Speaker 1: moss iron all miners fell in the wake of a

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Speaker 1: big merger deal between Anglo American and Canada's tech resources.

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Speaker 1: And even though gold just keeps hitting record highs, the

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Speaker 1: gold miners lost a bit of ground today. Onto story

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Speaker 1: number two now and I mentioned the job cuts at

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Speaker 1: NAB on Tuesday it was A and Z cutting jobs.

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Speaker 1: Yesterday it was National Australian Bank's turn, with the Melbourne

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Speaker 1: based bank cutting four hundred technology jobs. The number was

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Speaker 1: well below A and z's three and a half thousand cuts,

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Speaker 1: but it suggests a trend in the banking sector, and

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Speaker 1: as we know, the trend, unfortunately in this case, is

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Speaker 1: your friend. The cuts came in the Technology and Enterprise

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Speaker 1: Operations Division, the biggest department in the bank. A restructure

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Speaker 1: in the department we will see one hundred and twenty

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Speaker 1: seven back office roles moved to NAB's offices in India

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Speaker 1: and Vietnam, with the net job loss to four hundred

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Speaker 1: and ten full time roles. Onto story number three, and

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Speaker 1: Prime Minister Anthony Abernezi has signaled labor will set a

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Speaker 1: less ambitious twenty thirty five emissions reduction target than some

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Speaker 1: in his party are pushing for, because the target has

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Speaker 1: to be achievable and balance energy reliability. THEPM is with

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Speaker 1: other Pacific leaders in the Solomon Islands at the moment

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Speaker 1: where Australia pledged one hundred million dollars towards a new

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Speaker 1: Pacific Resilience facility. He said climate policy quote is the

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Speaker 1: key to credibility in the region, but that it's this

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Speaker 1: is another good quote, not just a matter of plucking

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Speaker 1: figures out of the air, and it has to take

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Speaker 1: into account the need for, as we said, energy reliability.

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Speaker 1: The government is expected to announce it's new climate target

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Speaker 1: as early as next week. Story number four. Chinese ev

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Speaker 1: maker BYD has predicted a major shakeup of China's crowded

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Speaker 1: electric vehicle market, warning that as many as one hundred

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Speaker 1: of the country's one hundred and thirty car makers could

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Speaker 1: be forced out. But Bid, which really vies with Tesla

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Speaker 1: for the title of world's largest ev maker, reported weaker

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Speaker 1: than expected second quarter profits as Beijing crackdown on discounting

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Speaker 1: and supplier practices. Analysts have cut sales forecasts for BYD

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Speaker 1: to four point six million cars this year, compared to

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Speaker 1: earlier estimates of five point eight million. Australia has seen

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Speaker 1: a boom in Chinese evs. Last month, four brands from

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Speaker 1: China were ranked in the top ten for new vehicle

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Speaker 1: sales in Australia for the first time. BYD outsold Tesla

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Speaker 1: in this market by a significant margin and finally Sorry

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Speaker 1: number five. US President Donald Trump has rebuked Israel after

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Speaker 1: the country launched a strike on Hamas political leaders in Doha,

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Speaker 1: the capital of Qatar, which is a key ally of

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Speaker 1: the United States. Israeli Prime Minister Benjamin et Nyahu said

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Speaker 1: it was quote a wholly independent Israeli operation, with Trump

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Speaker 1: calling the strike unfortunate, warning that it risked undermining ceasefire

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Speaker 1: talks and the release of Israeli hostages hell by Hermas.

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Speaker 1: The strikers, I mentioned targeted the political leaders of Hermas,

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Speaker 1: who have been based openly in Qatar since twenty twelve.

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Speaker 1: Qatar has been the key mediator in negotiations between Israel,

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Speaker 1: Hamas and the US since the October seven massacre back

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Speaker 1: in twenty twenty three, where Harmas killed more than twelve

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Speaker 1: hundred Israelis. Australia has joined Britain, Canada and the EU

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Speaker 1: in condemning the latest attack, with Foreign Minister Penny Wong

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Speaker 1: saying that it violated Katari sovereignty and could derail those

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Speaker 1: peace efforts. Donald Trump told the leaders of Katar that

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Speaker 1: it wouldn't happen again, stressing that Qatar is a vital ally.

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Speaker 1: That's it for the afternoon Report for Wednesday, the tenth

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Speaker 1: of September twenty twenty five. Make sure you hit follow

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Speaker 1: on the podcast and we'll be back tomorrow morning with

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Speaker 1: the Thursday edition of Fear and Greed. I'm Michael Thompson.

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Speaker 1: Enjoy your evening