1 00:00:04,160 --> 00:00:06,960 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report, 2 00:00:07,080 --> 00:00:09,799 Speaker 1: a Thursday, the twenty sixth of March twenty twenty six. 3 00:00:09,840 --> 00:00:12,200 Speaker 1: I'm Michael Thompson, and every afternoon we've got the five 4 00:00:12,240 --> 00:00:14,320 Speaker 1: stories that happen today that you need to know about. 5 00:00:14,560 --> 00:00:17,680 Speaker 1: Let's go with story number one. The SNPA SEX two 6 00:00:17,760 --> 00:00:21,960 Speaker 1: hundred closed zero point one percent lower today to eighty 7 00:00:22,079 --> 00:00:24,400 Speaker 1: five hundred and twenty six points, holding onto most of 8 00:00:24,480 --> 00:00:27,160 Speaker 1: yesterday's gains. Though yesterday, of course, we had the strongest 9 00:00:27,200 --> 00:00:29,319 Speaker 1: day in the year, up one point nine percent, on 10 00:00:29,360 --> 00:00:32,400 Speaker 1: optimism about the potential peace talks in the Middle East, 11 00:00:32,640 --> 00:00:36,080 Speaker 1: but there is still plenty of confusion with conflicting signals 12 00:00:36,120 --> 00:00:40,120 Speaker 1: from the US and Iran over these possible negotiations. Oil 13 00:00:40,200 --> 00:00:44,000 Speaker 1: prices pushed higher. Brent crude was up nearly two percent 14 00:00:44,240 --> 00:00:47,360 Speaker 1: to above one hundred and four US dollars a barrel. 15 00:00:47,720 --> 00:00:50,640 Speaker 1: Local energy stocks gained ground off the back of that. 16 00:00:50,760 --> 00:00:53,720 Speaker 1: Santos was up two and a half percent, carun Energy 17 00:00:53,840 --> 00:00:57,920 Speaker 1: up three point seven percent, Woodside gained two point three 18 00:00:57,920 --> 00:01:02,680 Speaker 1: percent today. Defense stocks also climbed, with both drone, shield 19 00:01:02,840 --> 00:01:06,679 Speaker 1: and electro optics systems up around five percent. As investors 20 00:01:06,720 --> 00:01:10,760 Speaker 1: continued to position around the conflict. Banks were mixed, with 21 00:01:10,840 --> 00:01:13,680 Speaker 1: Comnwealth Bank and Westpac edging higher, while A and Z 22 00:01:13,880 --> 00:01:17,920 Speaker 1: National Australia Bank both slips, reflecting that uncertain outlook. Gold 23 00:01:17,959 --> 00:01:20,639 Speaker 1: miners weighed on the market. Newmont was down nearly three percent, 24 00:01:20,680 --> 00:01:26,120 Speaker 1: Genesis Minerals four point three percent, Resolute Mining off six percent. Technology, 25 00:01:26,120 --> 00:01:29,280 Speaker 1: though was the worst performing sector. The tech stock's got 26 00:01:29,560 --> 00:01:32,360 Speaker 1: little bit hammered today. Wistech Global and Zero were both 27 00:01:32,560 --> 00:01:35,360 Speaker 1: down more than three percent on to story number two. 28 00:01:35,360 --> 00:01:38,200 Speaker 1: Now in Australia has moved to Titan entry rules for 29 00:01:38,280 --> 00:01:41,720 Speaker 1: some Iranian visa holders as the war drags on. Amid 30 00:01:41,800 --> 00:01:46,559 Speaker 1: broader security and border concerns, more than seven thousand Iranian 31 00:01:46,760 --> 00:01:50,880 Speaker 1: temporary visa holders have been barred from traveling to Australia, 32 00:01:51,000 --> 00:01:53,840 Speaker 1: framed as an adjustment in visitor visa settings as the 33 00:01:53,880 --> 00:01:56,560 Speaker 1: conflict develops. It is a sensitive one for the government, 34 00:01:56,600 --> 00:01:59,640 Speaker 1: wanting to project firmness on security but also want to 35 00:01:59,680 --> 00:02:03,560 Speaker 1: avoid punishing people who have nothing to do with the conflict. 36 00:02:03,640 --> 00:02:06,440 Speaker 1: But the change announced by Home Affairs Minister Tony Burke 37 00:02:06,800 --> 00:02:09,280 Speaker 1: aims to deal with concerns that those who come here 38 00:02:09,639 --> 00:02:13,040 Speaker 1: may be unable or unwilling to return home during the 39 00:02:13,080 --> 00:02:16,280 Speaker 1: conflict in the Middle East. The government says exceptions will 40 00:02:16,280 --> 00:02:19,880 Speaker 1: remain in effect, including for visa holders already in Australia 41 00:02:20,320 --> 00:02:23,600 Speaker 1: or for partners and children of an Australian citizen for 42 00:02:23,639 --> 00:02:28,000 Speaker 1: instance story number three. A senior Reserve Bank official has 43 00:02:28,040 --> 00:02:33,519 Speaker 1: warned the wars supply shock creates countervailing forces for monetary policy. 44 00:02:33,919 --> 00:02:38,280 Speaker 1: Reserve Bank Assistant Governor Chris Kent says a negative supply 45 00:02:38,360 --> 00:02:41,720 Speaker 1: shock pushes up prices while weakening activity, and that central 46 00:02:41,760 --> 00:02:45,520 Speaker 1: banks can't change that trade off, but must prevent inflation 47 00:02:45,800 --> 00:02:49,960 Speaker 1: expectations from lifting. He points to the way tighter commodity supplies, 48 00:02:50,040 --> 00:02:53,200 Speaker 1: such as a disruption to oil flows, can effectively tighten 49 00:02:53,280 --> 00:02:56,560 Speaker 1: financial conditions without any rate move. At the same time, 50 00:02:56,680 --> 00:03:01,320 Speaker 1: inflation risks can demand a more restrictive stance. The RBA has, 51 00:03:01,440 --> 00:03:03,840 Speaker 1: of course, lifted the cash rate now by fifty basis 52 00:03:03,840 --> 00:03:05,639 Speaker 1: points in the last couple of months, taking it to 53 00:03:05,680 --> 00:03:10,480 Speaker 1: four point one percent. If inflation rises because fuel and 54 00:03:10,639 --> 00:03:13,720 Speaker 1: energy spike, the Reserve Bank needs to respond because inflation 55 00:03:13,800 --> 00:03:18,400 Speaker 1: psychology can change. That's when price rises become sticky and 56 00:03:18,440 --> 00:03:22,480 Speaker 1: businesses start setting prices essentially just in case. The other 57 00:03:22,600 --> 00:03:26,760 Speaker 1: part is confidence. Prolonged conflicts can force a repricing of 58 00:03:26,840 --> 00:03:30,639 Speaker 1: assets and that hits households through superannuation and businesses through 59 00:03:30,639 --> 00:03:35,360 Speaker 1: financing costs. So the RBA is watching these inflation expectations, 60 00:03:35,720 --> 00:03:38,680 Speaker 1: but it's also watching financial stability. It is quite a 61 00:03:38,760 --> 00:03:42,400 Speaker 1: juggling act. Story Number four further industrial action that the 62 00:03:42,440 --> 00:03:46,960 Speaker 1: ABC is quote absolutely on the table as tensions escalate 63 00:03:47,040 --> 00:03:50,000 Speaker 1: between staff and management following the end of a twenty 64 00:03:50,000 --> 00:03:53,400 Speaker 1: four hour strike today at the National Broadcaster. The Media, 65 00:03:53,640 --> 00:03:56,680 Speaker 1: Entertainment and Arts Alliance says it is preparing for the 66 00:03:56,680 --> 00:03:59,280 Speaker 1: next phase of the dispute, with talk set for the 67 00:03:59,280 --> 00:04:03,440 Speaker 1: Fair Work commiss on Monday and members considering additional strikes. 68 00:04:03,720 --> 00:04:06,160 Speaker 1: The union is pushing for pay rises of four and 69 00:04:06,160 --> 00:04:09,720 Speaker 1: a half percent a year over three years, rejecting management's 70 00:04:09,720 --> 00:04:12,120 Speaker 1: offer of a ten percent increase over the same period 71 00:04:12,320 --> 00:04:16,000 Speaker 1: plus of one off one thousand dollars bonus. ABC bots 72 00:04:16,080 --> 00:04:19,640 Speaker 1: Hugh Marx has warned that the union's demands would force 73 00:04:19,760 --> 00:04:25,000 Speaker 1: cuts to services, citing the broadcast's fixed funding model, which 74 00:04:25,160 --> 00:04:28,400 Speaker 1: is set by the government. While staff argue that current 75 00:04:28,440 --> 00:04:32,039 Speaker 1: pay and conditions are driving talent out, staff returned to 76 00:04:32,160 --> 00:04:34,480 Speaker 1: work this morning after walking off the job for twenty 77 00:04:34,520 --> 00:04:38,120 Speaker 1: four hours, during which time regular programs were canceled and 78 00:04:38,160 --> 00:04:42,960 Speaker 1: replaced by international feeds and reruns, and finally Storry number five. 79 00:04:43,279 --> 00:04:47,599 Speaker 1: Elon Musk's SpaceX is considering a massive initial public offering 80 00:04:47,640 --> 00:04:50,960 Speaker 1: that could raise more than seventy billion US dollars, potentially 81 00:04:51,000 --> 00:04:54,920 Speaker 1: making it the largest IPO in history. Bloomberg reports that 82 00:04:54,960 --> 00:04:57,880 Speaker 1: SpaceX is now targeting evaluation of more than one point 83 00:04:58,000 --> 00:05:01,000 Speaker 1: seventy five trillion US dollars, which would place it among 84 00:05:01,040 --> 00:05:04,360 Speaker 1: the most valuable companies globally, ahead of names like Meta 85 00:05:04,440 --> 00:05:05,520 Speaker 1: and Tesla. 86 00:05:05,839 --> 00:05:09,440 Speaker 2: It would also dwarf Saudi Aramco's twenty nine billion US 87 00:05:09,480 --> 00:05:12,040 Speaker 2: dollar listing in twenty nineteen, which is currently the biggest 88 00:05:12,080 --> 00:05:16,440 Speaker 2: IPO on record. SpaceX is reportedly aiming for a June listing, 89 00:05:16,800 --> 00:05:21,239 Speaker 2: with preparations for a confidential filing already underway. Those plans could, 90 00:05:21,279 --> 00:05:24,720 Speaker 2: of course still change. The scale of the float reflects 91 00:05:24,920 --> 00:05:29,120 Speaker 2: strong investor appetite for space and AI linked assets following 92 00:05:29,160 --> 00:05:33,960 Speaker 2: SpaceX's expansion into satellite services and its integration with Musk's 93 00:05:34,320 --> 00:05:38,320 Speaker 2: AI venture XAI. And that's it for the afternoon report 94 00:05:38,360 --> 00:05:41,200 Speaker 2: for Thursday. The twenty sixth of March. Make sure you're 95 00:05:41,200 --> 00:05:43,120 Speaker 2: following the podcast, and please head along. 96 00:05:42,920 --> 00:05:45,120 Speaker 1: To Fearangreed dot com dot au to sign up for 97 00:05:45,160 --> 00:05:46,360 Speaker 1: our free daily newsletter. 98 00:05:46,680 --> 00:05:47,599 Speaker 2: I'm Michael Thompson.