Afternoon Report | ASX tumbles

Published Dec 19, 2024, 6:19 AM

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. Miners, banks lead market lower

  2. ANZ CEO bonus cut

  3. Vanuatu mercy flights

  4. Embassy reopen in Kyiv

  5. BHP, RIO class action

Welcome to the Fear and Greed Business News Afternoon Report for Thursday, the nineteenth December twenty twenty four. I'm Sean Elmer. Every afternoon, we've got the five stories that happened today that you need to know about. Straight. Number one smp ASX two hundred fell by one point seven percent today to close at eighty one hundred and sixty eight points, the lowest since early November. It came after the US Federal Reserve cut interest rates in the world's biggest economy, but signaled that was likely to cut two more times, not four more times as the market expected. That sent the S and P five hundred down three percent overnight, and the local market followed. There was selling across the bores. All the big banks were lower. In fact, they're all off more than two percent, so to Goodman Group. The big miners were sold off. Cole's QB in Transurban were among the few to end the day blending the black story. Number two A and Z held its annual general meeting today and investors are not happy, with around thirty eight percent of shareholders voting against the bank's remuneration report. Outgoing chief executive officer Shane Elliot has voluntarily given up three point two million dollars in bonuses on the back of the scandal surrounding the bank's trading floors, which are now part of a regulatory investigation into market manipulation. The allegations are that traders manipulated a fourteen billion dollar federal government bond issuance to benefit themselves in the bank, pushing up borrowing costs. Last week, mister Eliot said he would step down next year. In Portuguese banker Nuno Martos will take the top job. The strike against ane Z's rem report today was the first since twenty eighteen. Another one next year means the board will spill and directors will have to be revoted. In story number three, Australian officials have helped nearly one hundred and fifty citizens get home from Benawatu as the Pacific island deals with the aftermath of two serious earthquakes. Australian citizens were assisted to get home on Royal Australian Air Force flights which were returning from the humanitarian mission underway. A sixty four person Disastrous Distance Response team from Australias on the ground in Manawatu with two specialist dogs. The team includes Queensland's fire and rescue personnel in K nine teams, as well as doctors, paramedics, engineers and communications technicians. The seven point three magnitude earthquake struck on Tuesday, killing fourteen and injuring hundreds. Story number four. The Albanezi government will reopen Australia's embassy in the Ukrainian capital Kiev. Foreign Minister Penniwong traveled to Ukraine and visited the site of the embassy, which was evacuated by the former coalition government in early twenty twenty two, shortly after Russia's February twenty four invasion. She said that from next month Australia's ambassador and deputy head of Mission will return to the country. Embassy staff and activity were relocated to Poland, but the move was only supposed to be temporary. Australia's arrangements became increasingly isolated and unusual as most other countries returned their diplomatic staff to Kiev over the course of twenty twenty two, and finally's story number five, every female employee of BHP and Rio Tinto of the past twenty years will be invited to join class actions alleging sexual harassment after Brisbane law firm JGA Sadler started legal proceedings last week. JJA Sadler lawyer Josh Aylwood said he'd advised two unnamed women in the filing of two separate claims, one against BHP one against Rio. According to Destroying the fin Review, the legal action would be run on an opt out basis. That means all women who worked for BHP or Rio since November twenty twenty three will be eligible to register for the claim unless they actively choose to opt out. Mister Aylwood said BHP and RIO would be ordered by the court potentially as early as February to contact all former female employees and make them aware of their eligibility. The class action comes two and a half years after the West Australian Parliament handed down a bombshell inquiry into sexual harassment at mind Sights. The process forced big miners such as BHP, RIO and Fortescue to reveal dozens of sexual harassment claims made by staff. That's it for the Afternoon Report for Thursday, the nineteenth of December twenty twenty four. Make sure you hit follow on the podcast We'll be back tomorrow morning with the Friday edition of Fear and Greed Business News. I'm Sean Elmer. Enjoy your reading.