Welcome to the Fear and Greed Business News Afternoon Report for Tuesday, the twenty sixth of November twenty twenty four. I'm Sean Aylmer. Every afternoon, We've got the five stories that happened today that you need to know about. Story number one. Global markets reacted quickly to a Donald Trump post this morning saying he will place twenty five percent tariffs on Mexico and Canada and up tariffs on China by ten percent in his first twenty four hours in office. He says it's in response to the number of illegal immigrants crossing into the US and the surge in the use of illegal drugs, particularly fentanyl. Investors reacted quickly. The US dollar surged, pushing the Aussie dollar back to the low sixty four cent level that's the weakest in four years. It did bounce back later in the day, back towards sixty five US Since copper and base metals prices drop now, they tend to rise and fall in line with expected future economic growth, bond neils jumped. Slipping on tariffs pushes up inflation that pushes up bond neils. The Canadian dollar hit its lowest level since twenty twenty, the Mexican peso tumbled even Bitcoin went backwards. It's now down six percent in the past three sessions, so it's still trading at more than ninety four thousand US dollars a unit. Story number two. The news out of the US hit the local share market, or the talk of tariffs encouraged some investors to take profits from stocks that have run hard. The banks were the victims of that. Today the Commonwealth Bank fell three and a half percent. A and Z Westpac National Australia Bank were all down around one and a half percent. By the closed. The S and P ASX two hundred was down zero point seven percent to eight thousand, three hundred and fifty nine points. The energy stocks were lower. Woodside and Santos fell close to four percent, though that was as much to do with reports for potential sixty day ceasefire in the Middle East. Other companies that are involved in the US manufacturing sector and have operations in that country did well. Bluescope Steel, for example, jumped six percent. Building products group James Hardy, which has the major operation in the US, jumped more than two percent. Ansel and MCRE both rose. Story number three who Access Economics has forecast a blowout in the budget deficit this financial year on the back of a softer economic outlook. Now Dlloyd Access is probably the most reputable budget forecast in the country. It says there'll be an underlying cash balance in the twenty twenty four to twenty five financial year of thirty three point five billion dollars. That's five point two billion dollars worse than the previous estimate from the government. Net debt will come in around twenty percent of GDP, which is in line with the expectations. The last two budgets were in surplus. That's because we had inflation and commodity prices. We're running now. We don't have those tailwinds and so as a result, things don't look anywhere near as Rosie. The good news is that the labor market remains strong. Story Number four US minor Peabody Energy in Indonesia's at Boomer Buma will pay close to five billion dollars for the Queensland coal mines of Anglo American. Peabody will have control of four cocing coal mines, while Boomer will get one. Cocin coal is used for steel making thermal coals, the other type that's used for power generation. Peabody hasn't a great track record in Australia. Thirteen years ago it bought Queensland minor MacArthur Coal for nearly five billion dollars. Ultimately it went into Chapter eleven bankruptcy on the back of that. Anglo, which in May knock back a seventy five billion dollar bid from BHP has spent the past six months offloading coal assets, including stakes in Lake Vermont and Gelenbar coal mines in Queensland. Coincidentally, the six month time limit and polls under UK law which has prevented BHP from making another bid for Anglo, expires on Friday, and story at number five. Car dealers are being forced to sell luxury electric vehicles at a loss as demand at the top end scumbs to changing consumer tastes and competition from Chinese evs. Dealerships are reporting too many seventy thousand dollars plus evs, including from manufacturer's Jaguar, Sades and BMW, according to a report in the finn Review. A report by investment bank mold that says the local market is mismatched with too much prestige infantry at a time when the cost of living crunch is biting. Could get worse next year as well. Under the government's new Vehicle Efficiency Standards legislation, car manufacturers are incentivized to increase their volumes of lower emissions vehicles in this country. Now, when the UK introduced legislation like that, not only did new evs lose value, but used EV's lost value as well. Another big factor in Australia is the success of Chinese manufacturer BYD. Its growth is far stronger than Tesla in this country, and the charging infrastructure in Australia still remains too problematic for many buyers. That's it for the Outternoon Report for Tuesday, the twenty sixth of November twenty twenty four. Michael Thompson and I will be back tomorrow morning with the Wednesday edition of Fear and Greed Business News. I'm Chane Elmer. Enjoy your evening.

Welcome to the Fear and Greed Business News Afternoon Report for Tuesday, the twenty sixth of November twenty twenty four. I'm Sean Aylmer. Every afternoon, We've got the five stories that happened today that you need to know about. Story number one. Global markets reacted quickly to a Donald Trump post this morning saying he will place twenty five percent tariffs on Mexico and Canada and up tariffs on China by ten percent in his first twenty four hours in office. He says it's in response to the number of illegal immigrants crossing into the US and the surge in the use of illegal drugs, particularly fentanyl. Investors reacted quickly. The US dollar surged, pushing the Aussie dollar back to the low sixty four cent level that's the weakest in four years. It did bounce back later in the day, back towards sixty five US Since copper and base metals prices drop now, they tend to rise and fall in line with expected future economic growth, bond neils jumped. Slipping on tariffs pushes up inflation that pushes up bond neils. The Canadian dollar hit its lowest level since twenty twenty, the Mexican peso tumbled even Bitcoin went backwards. It's now down six percent in the past three sessions, so it's still trading at more than ninety four thousand US dollars a unit. Story number two. The news out of the US hit the local share market, or the talk of tariffs encouraged some investors to take profits from stocks that have run hard. The banks were the victims of that. Today the Commonwealth Bank fell three and a half percent. A and Z Westpac National Australia Bank were all down around one and a half percent. By the closed. The S and P ASX two hundred was down zero point seven percent to eight thousand, three hundred and fifty nine points. The energy stocks were lower. Woodside and Santos fell close to four percent, though that was as much to do with reports for potential sixty day ceasefire in the Middle East. Other companies that are involved in the US manufacturing sector and have operations in that country did well. Bluescope Steel, for example, jumped six percent. Building products group James Hardy, which has the major operation in the US, jumped more than two percent. Ansel and MCRE both rose. Story number three who Access Economics has forecast a blowout in the budget deficit this financial year on the back of a softer economic outlook. Now Dlloyd Access is probably the most reputable budget forecast in the country. It says there'll be an underlying cash balance in the twenty twenty four to twenty five financial year of thirty three point five billion dollars. That's five point two billion dollars worse than the previous estimate from the government. Net debt will come in around twenty percent of GDP, which is in line with the expectations. The last two budgets were in surplus. That's because we had inflation and commodity prices. We're running now. We don't have those tailwinds and so as a result, things don't look anywhere near as Rosie. The good news is that the labor market remains strong. Story Number four US minor Peabody Energy in Indonesia's at Boomer Buma will pay close to five billion dollars for the Queensland coal mines of Anglo American. Peabody will have control of four cocing coal mines, while Boomer will get one. Cocin coal is used for steel making thermal coals, the other type that's used for power generation. Peabody hasn't a great track record in Australia. Thirteen years ago it bought Queensland minor MacArthur Coal for nearly five billion dollars. Ultimately it went into Chapter eleven bankruptcy on the back of that. Anglo, which in May knock back a seventy five billion dollar bid from BHP has spent the past six months offloading coal assets, including stakes in Lake Vermont and Gelenbar coal mines in Queensland. Coincidentally, the six month time limit and polls under UK law which has prevented BHP from making another bid for Anglo, expires on Friday, and story at number five. Car dealers are being forced to sell luxury electric vehicles at a loss as demand at the top end scumbs to changing consumer tastes and competition from Chinese evs. Dealerships are reporting too many seventy thousand dollars plus evs, including from manufacturer's Jaguar, Sades and BMW, according to a report in the finn Review. A report by investment bank mold that says the local market is mismatched with too much prestige infantry at a time when the cost of living crunch is biting. Could get worse next year as well. Under the government's new Vehicle Efficiency Standards legislation, car manufacturers are incentivized to increase their volumes of lower emissions vehicles in this country. Now, when the UK introduced legislation like that, not only did new evs lose value, but used EV's lost value as well. Another big factor in Australia is the success of Chinese manufacturer BYD. Its growth is far stronger than Tesla in this country, and the charging infrastructure in Australia still remains too problematic for many buyers. That's it for the Outternoon Report for Tuesday, the twenty sixth of November twenty twenty four. Michael Thompson and I will be back tomorrow morning with the Wednesday edition of Fear and Greed Business News. I'm Chane Elmer. Enjoy your evening.