Afternoon Report | ASX tumbles 1.4pc

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. ASX down 1.4pc

2. BHP compensation ruling tonight

3. Teals lash Libs over net zero

4. Dementia now leading cause of death
5. US to deny visas over health conditions

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Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News Afternoon Report
for Friday, the fourteenth of November are Michael Thompson, and
every afternoon we have the five big stories that happen
today that you need to know about. Let's get going.
Story number one a brutal day on the SMPA SEX
two hundred, tumbling one point four percent to eighty six
hundred and thirty five points. That is its lowest in

(00:25):
four months. Around thirty seven billion dollars in value was
wiped out today, which came after a pretty awful lead
in from Wall Street. The big issue here is interest
rate expectations. Both here and in the US. Investors are
worried that rates aren't coming down anymore anytime soon. Locally,
bond markets are pricing in just a forty percent chance
of a cut by the middle of next year, particularly

(00:46):
after yesterday's strong jobs number. On the burse, ten of
the eleven sectors closed lower today, the worst being the
tech stocks. Megaport was the worst performer overall, off nearly
ten percent, while monitoring app Life three sixty lost another
six point seven percent today. After a brief reprieve yesterday,
Commonwealth Bank extended its Losses was down another one point

(01:10):
eight percent, meaning Australia's biggest company is now down eleven
percent this week. The other banks all lost ground today
two NAB and Westpac just over one and a half percent,
and A and Z was down two point six percent.
The big miners all retreated, and even the gold miners
fell despite an increase in the price of the precious metal.

(01:30):
Newmont was off three point four percent and Evolution Mining
down two point four percent. Overall, a pretty ordinary day.
On to story number two now and BHP will tonight
learn whether it faces billions of dollars more in compensation
claims over a twenty fifteen dam collapse in Brazil when
a UK High court hands down what is going to

(01:50):
be a major ruling. The collapse was one of Brazil's
worst environmental disasters, killing nineteen people, contaminated hundreds of kilometers
of waterways. The dam was owned by Somaco, which is
a joint venture between BHP and Valley. BHP last year
made a separate agreement with Brazilian authorities to pay almost
thirty two billion US dollars in reparations over two decades.

(02:13):
The UK case aims to establish for the first time
where the BHP can be held legally liable in England.
Lawyers have described it as the largest environmental class action ever,
originally involving more than six hundred thousand claimants and a
potential liability of up to thirty six billion pounds. BHP

(02:35):
has not yet commented ahead of the ruling. It is
expected at eight thirty pm Australian Eastern daylight time. This
evening story. Number three tlmps have slammed the Liberal Party
for abandoning net zero by twenty fifty, warning the decision
makes the party unelectable in city based seats and declaring
that independents are now the real opposition. You can't blame

(02:57):
them for making the most of this. Including Zali Stegel,
Sophie Scamps, Kate Cheney, Allegraspender, Manique Ryan and Nicolette Buller
said the Liberals had effectively surrendered inner city electorates by
following the National's lead. Zali Stegel described the Liberals as
a and I quote Trumpian mockery of a serious political party,

(03:20):
while Monique Ryan accused oppositionally to Susan Lee of caving
to Barnaby Joyce in a startling display of indecisive weakness.
For her part, Susan Lee has insisted she cares about
the climate instead, positioning the net zero decision really as
one focused on affordability, particularly for jen Z millennials. Story
number four. Today, dementia, including Alzheimer's disease, has overtaken heart

(03:44):
disease as the leading cause of death in Australia, according
to the Australian Bureau of Statistics. New data released today
shows that more than seventeen and a half thousand people
died from dementia in twenty twenty four, accounting for over
nine percent of all deaths at an average age of
eighty eight. The number has been steadily rising while deaths

(04:04):
from heart and cerebrovascular disease have declined. Experts say that
the figures highlight the need for urgent investment in brain health,
with the number of Australians living with dementia potentially exceeding
one million by twenty sixty five without significant intervention. And finally,
story number five, the Trump administration has directed US consulates

(04:27):
to consider obesity, heart disease, diabetes, and other chronic conditions
as reasons to deny foreigners entry into the country. The
Washington Post reports a leaked State Department cable from Secretary
of State Marco Rubio instructs officials to weigh up whether
applicants could pose a quote financial burden due to potential

(04:49):
health costs. Critics argue that the directive goes far beyond
medical screening guidelines could lead to discrimination against people with
common health issues, but the White House has defended the change,
saying it enforces a long standing policy to prioritize American
taxpayers and curb welfare costs linked to immigration. That's it
for the afternoon Report for Friday, the fourteenth of November.

(05:11):
Make sure you're following the podcast and head along to
Fearandgreed dot com dot au or click the link in
our show notes. Sign up for our free daily newsletter.
I'm Michael Thompson. Have a great weekend.