Afternoon Report | ASX soars after Nvidia results

This is the Fear and Greed Afternoon Report - everything you need to know about what happened in the markets, economy and world of business today, in just a few minutes.

1. Market jumps on Nvidia results

2. Turkey to win COP31

3. RBA surprised by housing market

4. Darwin braces for Cyclone Fina

5. Epstein files to be released

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Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News Afternoon Report
for Thursday, the twentieth of November. I'm Michael Thompson, and
every afternoon we have the five big stories that you
need to know about. Today. Let's get cracking with story
number one. The SMPASX two hundred climbed one point two
percent today to eighty five hundred and fifty three points.
Why all because of Nvidia, The world's biggest company, reported

(00:26):
its results in the US this morning, and what a performance.
The chip maker reported a quarterly revenue of fifty seven
billion US dollars. That's for one quarter and a fourteen
percent rise expected this quarter. Investors had been a little
bit nervous ahead of the results because of Nvidia's position
at the very heart of the AI boom. A miss

(00:47):
would have flowed on to those tech giants who've invested
billions of dollars into the technology. But apparently nothing to
worry about for now, at least locally. We saw the
tech stocks then leading the way, with US based block
jumping more than ten percent. The materials sector also did well,
as did property companies. Some big moves from some of

(01:09):
the big miners, Fortescue, Metals that was up more than
four percent today, Rio Tinto climbed three percent, and after
a few poor sessions, all the major banks were up
by one percent, while Macquarie Group jumped two percent onto
Story number two. Now and Turkey has won hosting rights
for next year's COP thirty one Climate Summit, edging out

(01:29):
Australia after months of lobbying from both governments. Australia spent
seven million dollars promoting its joint bid with Pacific Nations,
which would have hosted the main summit in Adelaide. Climate
Minister Chris Bowen is now working on a deal that
would see some pre COP events hosted in the Pacific.
Prime Minister Anthony Ibneazi admitted earlier this week that the

(01:52):
bid was slipping, saying that Australia wouldn't veto Turkey if
it won. Turkey successfully pitched itself really as a brief
between developed and emerging economies. Story number three. The Reserve
Bank has conceded that it was caught a little off
guard by how quickly Australians jumped back into the property
market after this year's interest rate cuts. House prices have

(02:13):
risen in nine consecutive months since the first rate cut
back in February. Was Speaking at an AI Group event today,
RBA Chief Economists Sarah Hunter said the bank underestimated the
speed and strength of the response to cheaper borrowing. She said,
and I quote. Thus far, the response has been a
little stronger than we anticipated, with activity in the established

(02:35):
housing market picking up slightly more than expected in recent months.
The Reserve Bank Board has cut rates three times this year,
with economists divided on whether there'll be any more cuts
to come following a surprise increase in inflation rather last quarter.
Story number four. Darwin is bracing for tropical cyclone Fena,

(02:55):
with the storm expected to swing south tomorrow and track
directly to towards the top end, authorities of warning residents
to prepare for destructive winds, heavy rain, and possible flooding.
The system has strengthened to a category two and could
reach category three as it approaches the coast. Gusts of
up to one hundred and thirty five kilometers per hour

(03:16):
are already being recorded, with winds potentially rising above one
hundred and fifty k's an hour as the cyclone gets
closer to land. And finally, Story number five US President
Donald Trump has signed a bill forcing the release of
the Epstein files, ending months of political pressure over one
of the most controversial sagas of his presidency. The move

(03:37):
compels the Justice Department and FBI to publish tens of
thousands of documents linked to the convicted sex offender Jeffrey
Epstein within thirty days, with only limited reactions allowed for
ongoing investigations. Trump had resisted releasing the files, but shifted
his position once it became clear that Congress had the

(03:58):
numbers to pass the legislation. He now claims that the
release will expose prominent Democrats tied to Epstein, including former
President Bill Clinton, who denies any wrongdoing. That's it for
the Afternoon Report for Thursday, the twentieth of November. Make
sure you're following the podcast and head along to Fearandagree
dot com dot au, or click the link in today's

(04:18):
show notes to sign up for our free daily newsletter
in your inbox every morning by six am. A great
cheat sheet to start the day. I'm Michael Thompson. Have
a good evening,