1 00:00:04,120 --> 00:00:06,880 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,920 --> 00:00:09,720 Speaker 1: for Wednesday, the nineteenth of November. I'm Michael Thompson, and 3 00:00:09,760 --> 00:00:12,760 Speaker 1: every afternoon we've got the five stories that happened today 4 00:00:12,840 --> 00:00:13,920 Speaker 1: that you need to know about. 5 00:00:14,080 --> 00:00:15,960 Speaker 2: Let's go with story number one is about markets. 6 00:00:15,960 --> 00:00:19,200 Speaker 1: The SMPA SEX two hundred closed down zero point three 7 00:00:19,280 --> 00:00:22,200 Speaker 1: percent today to eighty four hundred and forty eight points. 8 00:00:22,280 --> 00:00:25,200 Speaker 1: That is its lowest level in almost six months, and 9 00:00:25,320 --> 00:00:28,720 Speaker 1: comes after yesterday's shaker that saw the boss slump almost 10 00:00:28,800 --> 00:00:32,519 Speaker 1: two percent, wiping out sixty billion dollars in value. There 11 00:00:32,600 --> 00:00:35,640 Speaker 1: is still a lot of anxiety around Nvidia's results, which 12 00:00:35,680 --> 00:00:38,960 Speaker 1: will be reported tomorrow morning our time, because of the 13 00:00:39,000 --> 00:00:41,320 Speaker 1: flow on effects to other tech stocks and what the 14 00:00:41,440 --> 00:00:44,960 Speaker 1: chip maker's success or otherwise tells us about the state 15 00:00:45,040 --> 00:00:48,240 Speaker 1: of the AI boom. Locally, those six of the eleven 16 00:00:48,320 --> 00:00:51,320 Speaker 1: sectors lost ground today. The banks were all off A 17 00:00:51,440 --> 00:00:55,480 Speaker 1: and Z worst of the bunch, down two percent. Commonwealth 18 00:00:55,520 --> 00:00:58,240 Speaker 1: Bank on Westpac were both off more than one percent. 19 00:00:58,760 --> 00:01:02,880 Speaker 1: The price of gold climbed. It's trading around forty thousand 20 00:01:03,040 --> 00:01:06,240 Speaker 1: and seventy US dollars an ounce, which of course helped 21 00:01:06,280 --> 00:01:09,040 Speaker 1: the local gold miners, Northern Star was up nearly three percent, 22 00:01:09,480 --> 00:01:13,560 Speaker 1: Evolution Mining was up two percent. Woodside and Santos both 23 00:01:13,560 --> 00:01:15,880 Speaker 1: had a pretty good day that was helped by rising 24 00:01:16,040 --> 00:01:19,360 Speaker 1: oil prices, with the US and Europe moving to limit 25 00:01:19,440 --> 00:01:22,600 Speaker 1: Rush's ability to fund its war in Ukraine through its 26 00:01:22,640 --> 00:01:25,200 Speaker 1: oil supplies. There are a couple of big movers on 27 00:01:25,280 --> 00:01:27,520 Speaker 1: the market today, Webjet, which I'll get to in a moment, 28 00:01:27,880 --> 00:01:32,199 Speaker 1: and Drone Shield, which tumbled nineteen percent today. The chief 29 00:01:32,240 --> 00:01:35,800 Speaker 1: executive of the US Operations resigned, effective immediately after three 30 00:01:35,920 --> 00:01:39,280 Speaker 1: years in the job. Drone Shield share price is now 31 00:01:39,440 --> 00:01:41,560 Speaker 1: down more than fifty percent in. 32 00:01:41,800 --> 00:01:45,440 Speaker 2: Just the last month. On to story number two. Now 33 00:01:45,560 --> 00:01:49,000 Speaker 2: and Holloworld has launched a three hundred and fifty three 34 00:01:49,360 --> 00:01:53,200 Speaker 2: million dollar takeover bid for online travel agent Webjet, which 35 00:01:53,280 --> 00:01:57,040 Speaker 2: is a move that would significantly expand its digital presence 36 00:01:57,200 --> 00:02:01,480 Speaker 2: if approved. Hello World, which already owned seventeen percent of Webjet, 37 00:02:01,880 --> 00:02:04,560 Speaker 2: has offered ninety cents a share and been granted due 38 00:02:04,600 --> 00:02:09,200 Speaker 2: diligence the office cent. Webjets stock up seventeen percent today. 39 00:02:09,320 --> 00:02:13,760 Speaker 2: The bid beats an earlier eighty cent proposal from BGH 40 00:02:13,919 --> 00:02:18,320 Speaker 2: and Ariadne, which together holds seventeen point eight percent of 41 00:02:18,360 --> 00:02:22,800 Speaker 2: the company. Analys say a counteroffer is possible. Webjets performance 42 00:02:22,800 --> 00:02:25,600 Speaker 2: has weakened this year in contrast to some stronger signals 43 00:02:25,639 --> 00:02:29,040 Speaker 2: from quantas, from virgin and from Flight Center Storry Number three. 44 00:02:29,160 --> 00:02:33,000 Speaker 2: Prime Minister Anthony Albernizi says Australia will not oppose Turkey 45 00:02:33,160 --> 00:02:35,959 Speaker 2: if it wins the bid to host next year's COP 46 00:02:36,080 --> 00:02:39,520 Speaker 2: thirty one climate summit, warning that a prolonged standoff could 47 00:02:39,680 --> 00:02:43,519 Speaker 2: undermine Pacific unity on climate action. Australia and Turkey have 48 00:02:43,600 --> 00:02:46,679 Speaker 2: both been bidding since twenty twenty two, and earlier this 49 00:02:46,760 --> 00:02:49,519 Speaker 2: week Albanzi ruled out a joint hosting model, saying that 50 00:02:49,720 --> 00:02:52,959 Speaker 2: UN rules don't allow it, but he has now signaled 51 00:02:53,080 --> 00:02:56,400 Speaker 2: a somewhat softer stance, saying that Pacific nations were concerned 52 00:02:56,720 --> 00:03:00,519 Speaker 2: a deadlock could weaken their collective push for stronger climate commitments. 53 00:03:00,880 --> 00:03:04,400 Speaker 2: Albaneze says that if Turkey has chosen, Australia wouldn't seek 54 00:03:04,520 --> 00:03:07,440 Speaker 2: to veto the decision, but would ensure that the Pacific 55 00:03:07,560 --> 00:03:10,480 Speaker 2: benefited from that outcome, and he also said that he 56 00:03:10,560 --> 00:03:14,359 Speaker 2: expects Turkey wouldn't veto Australia if Australia was chosen. We 57 00:03:14,520 --> 00:03:17,360 Speaker 2: haven't withdrawn though from the race, and if no consensus 58 00:03:17,400 --> 00:03:20,320 Speaker 2: decision is reached at COP thirty in Brazil, the event 59 00:03:20,400 --> 00:03:24,200 Speaker 2: will instead be held in Germany by default, which Germany 60 00:03:24,280 --> 00:03:28,760 Speaker 2: doesn't actually want. Story number four, legendary broadcast to John 61 00:03:28,840 --> 00:03:31,519 Speaker 2: Laws has been farewell today at a state funeral in 62 00:03:31,639 --> 00:03:35,839 Speaker 2: Sydney which attracted Australia's political and cultural establishment from both 63 00:03:35,920 --> 00:03:38,840 Speaker 2: sides of politics. There was former PM John Howard, former 64 00:03:38,920 --> 00:03:42,760 Speaker 2: New South Wales Premier Nick Griner, current Premier Chris Mins. 65 00:03:42,880 --> 00:03:46,720 Speaker 2: Swimming great Dawn Fraser was there, as was businessman Lindsey Fox. 66 00:03:47,160 --> 00:03:50,960 Speaker 2: Actor Russell Crowe gave the eulogy and John Laws's famous 67 00:03:51,080 --> 00:03:55,600 Speaker 2: golden microphone was positioned alongside the coffin in Saint Andrew's Cathedral. 68 00:03:56,280 --> 00:03:59,480 Speaker 2: Barnaby Joyce was there, so to singer Marsha Hines, TV 69 00:03:59,640 --> 00:04:03,200 Speaker 2: host Richard Wilkins and country singer John Williamson, who performed 70 00:04:03,400 --> 00:04:06,800 Speaker 2: True Blue was quite the sendoff for the radio presenter 71 00:04:06,880 --> 00:04:10,920 Speaker 2: who died earlier this month aged ninety. And finally, story 72 00:04:11,040 --> 00:04:15,960 Speaker 2: number five, President Donald Trump has defended Saudi Crown Prince 73 00:04:16,040 --> 00:04:20,440 Speaker 2: Muhammed bin Salman over the killing of journalist Jamal Kashoji 74 00:04:20,839 --> 00:04:24,680 Speaker 2: saying things happen and insisting the Crown Prince quote knew 75 00:04:24,720 --> 00:04:29,839 Speaker 2: nothing about it, despite US intelligence assessing otherwise. Muhammad received 76 00:04:30,040 --> 00:04:32,400 Speaker 2: an elaborate welcome at the White House on his first 77 00:04:32,480 --> 00:04:36,120 Speaker 2: visit to Washington since the twenty eighteen killing. The US 78 00:04:36,240 --> 00:04:39,520 Speaker 2: President scolded a reporter for raising the issue, calling it 79 00:04:39,600 --> 00:04:43,599 Speaker 2: a terrible question. The visitor is expected to include major 80 00:04:43,640 --> 00:04:47,360 Speaker 2: defense and investment discussions, including the potential sale of F 81 00:04:47,480 --> 00:04:51,440 Speaker 2: thirty five fighter jets to Saudi Arabia, though human rights 82 00:04:51,520 --> 00:04:55,000 Speaker 2: groups and Kashoji's widow have criticized the reception at the 83 00:04:55,040 --> 00:04:58,359 Speaker 2: White House as shameful. That's it for the afternoon report 84 00:04:58,400 --> 00:05:01,159 Speaker 2: for Wednesday, the nineteenth of November. Make sure you're following 85 00:05:01,200 --> 00:05:03,440 Speaker 2: the podcast, and please head along to Fearangreed dot com 86 00:05:03,480 --> 00:05:05,680 Speaker 2: dot au to sign up for our free daily newsletter. 87 00:05:05,920 --> 00:05:07,680 Speaker 2: I'll put a link in today's show notes as well. 88 00:05:07,960 --> 00:05:08,840 Speaker 1: I'm Michael Thompson. 89 00:05:09,080 --> 00:05:09,680 Speaker 2: Have a good eat.