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

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Speaker 1: for Thursday, the seventh of November twenty twenty four. I'm

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Speaker 1: Sean Elma. Every afternoon, We've got the five stories that

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Speaker 1: happened today that you need to know about. Storing number one.

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Speaker 1: Kam La Harris this morning conceded defeat in the presidential election,

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Speaker 1: but said she would never give up the fight for democracy.

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Speaker 1: Republicans won the White House, won the Senate. The House

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Speaker 1: of Reps is still up for grabs. That's important because

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Speaker 1: Congress can block some of Trump's plans. Things like lowering

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Speaker 1: the corporate tax rates needs Congress agreement. Other things, he

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Speaker 1: can rely on presidential power, such as increasing tariffs. So

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Speaker 1: who wins that House of Reps. That is all important.

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Speaker 1: Donald Trump is also on track to win the popular vote.

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Speaker 1: When all votes are counted, He's likely to win three

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Speaker 1: hundred and twelve Electoral College votes to Harris's two hundred

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Speaker 1: and twenty six. According to The New York Times, Trump

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Speaker 1: won white working class votes, which used to be Democrat heartland.

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Speaker 1: He also made gains in suburbs and cities and with

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Speaker 1: black and Latino voters. Story Number two. Financial markets like

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Speaker 1: the US result, the major equities indices on Wall Street

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Speaker 1: all hit record highs overnight. A lower corporate tax rate

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Speaker 1: and wess regulation, both Trump promises, does wonders for the

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Speaker 1: bottom line. Today was the largest election day rally in history,

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Speaker 1: with the S and P five hundred up half of percent,

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Speaker 1: Tesla share price jump fifteen percent to its highest level

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Speaker 1: in two years. Elon Musk is a big supporter of

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Speaker 1: Donald Trump. The banks also did well. US bond yeale

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Speaker 1: surged that means expect high rates for a longer time.

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Speaker 1: That's the theme on the back of Donald Trump's big

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Speaker 1: spending promises that helped the US dollar. The Aussie dollars

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Speaker 1: training around sixty six US cents, which is actually not

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Speaker 1: too bad. Bitcoin hit a new high above seventy six

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Speaker 1: thousand US dollars a unit. Trump has called the US

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Speaker 1: or wants the US to be the crypto capital of

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Speaker 1: the planet, and he's even talked about a strategic reserve

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Speaker 1: of cryptos. So cryptocurrency traders are very excited. Gold prices

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Speaker 1: tumbled more than five percent. Local investors weren't quite as

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Speaker 1: enamored by the result. The S ANDPASX two hundred actually

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Speaker 1: dropped in early trading before finishing up slightly zero point

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Speaker 1: three percent to two hundred and twenty six points. Real

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Speaker 1: estate investment trusts were among the hardest hit as well

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Speaker 1: as the gold stocks. Story Number three Reserve Bank Governor

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Speaker 1: Michelle Bullock was in front of Parliament today. She talked

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Speaker 1: a little about the Trump administration. They didn't want to

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Speaker 1: get drawn in too much. They did warn about tariffs.

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Speaker 1: She also said that real incomes should recover in the

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Speaker 1: months ahead. Wag's growth should outpace inflationary pressure. That should

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Speaker 1: help people with the cost of living crisis. The cost

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Speaker 1: of living crisis was certainly a topic of discussion in

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Speaker 1: the hearing today. Sheelle Bullock said inflation caused it rather

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Speaker 1: than anything else, the inference being that we need to

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Speaker 1: defeat inflation. She also said that the government is aware

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Speaker 1: that fiscal and Montreal policies have to work together. She

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Speaker 1: said the government seems to have the right attitude at

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Speaker 1: the moment straight Numberfore we are well and truly in

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Speaker 1: annual general Meeting season, Sevan West chair Kerry Stokes came

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Speaker 1: out fighting today. He had a crack at overseas based

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Speaker 1: streaming platforms for not paying taxes and on the government

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Speaker 1: for setting what he called unnecessary roadblocks. Its trading updates

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Speaker 1: suggested a drop in profits this half year, but its

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Speaker 1: share price closed. Time nine Entertainment share price fell after

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Speaker 1: providing a training update that said first court revenue was

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Speaker 1: high thanks to the Olympics, but conditions remained tough, with

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Speaker 1: second quarter earnings expected to be lower than a year ago.

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Speaker 1: He came as nine Entertainment's biggest radio personality. Ray Hadley

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Speaker 1: of TWGB for BC Fame said he was quitting his show.

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Speaker 1: He has been on top of the ratings for twenty

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Speaker 1: years one hundred and sixty ratings periods. Also, Bendigobank held

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Speaker 1: it's agm. The message there was prioritized digital transformation, but

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Speaker 1: keep the branches open and story number five. The Corporate

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Speaker 1: Regulator has confirmed it's commenced a formal investigation into Mineral

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Speaker 1: Resources amid the scandal surrounding the ASX listed miners boss

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Speaker 1: Chris Ellison. Appearing before Senate Estimates, ASSEG Deputy chairs Thereah

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Speaker 1: Court said the regular had now opened a formal probe

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Speaker 1: into the company, but noted investigations remained at a very

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Speaker 1: early stage. She told parliament ASSEK was examining some allegations

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Speaker 1: and had engaged with the ATO after the Tax Office

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Speaker 1: cut a peace deal with mister Ellison over millions in

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Speaker 1: unpaid taxes. That's if the Afternoon Report for Thursday, the

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Speaker 1: seventh of November twenty twenty four. Don't forget tip, follow

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Speaker 1: on the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: ex TikTok and Facebook. Joined Michael Thompson and I tomorrow

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Speaker 1: morning for the Fast five both Fear and Greed Top

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Speaker 1: five business stories you need to know in just five minutes.

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Speaker 1: I'm Shane Elma. Enjoy your reading