1
00:00:03,760 --> 00:00:06,440
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:06,480 --> 00:00:09,240
Speaker 1: for Friday, the eighteenth of October twenty twenty four. I'm

3
00:00:09,280 --> 00:00:11,840
Speaker 1: Sean Elmer. Every afternoon look at the five stories. It

4
00:00:11,920 --> 00:00:13,640
Speaker 1: happened to me that you need to know about. Story

5
00:00:13,760 --> 00:00:16,400
Speaker 1: number one, Flight Center's share price fell more than twenty

6
00:00:16,520 --> 00:00:20,240
Speaker 1: percent today and hit a near twelve month low after

7
00:00:20,360 --> 00:00:24,440
Speaker 1: seemingly outlining a profit downgrade. The company noted, airfare price

8
00:00:24,520 --> 00:00:28,840
Speaker 1: deflation is impacting short term total transaction values. I think

9
00:00:29,040 --> 00:00:31,400
Speaker 1: that is a downgrade. It was easily the most notable

10
00:00:31,520 --> 00:00:33,880
Speaker 1: mover on the AX today and it took other trouble

11
00:00:33,960 --> 00:00:37,640
Speaker 1: companies with it, including Corporate Trouble Management and Web Travel Group.

12
00:00:37,880 --> 00:00:39,840
Speaker 1: Among the large caps, it was the iron Or miners

13
00:00:39,880 --> 00:00:42,479
Speaker 1: BHP and Fortescue that led the way down. That was

14
00:00:42,479 --> 00:00:44,400
Speaker 1: on the back of larion are prices. By the end

15
00:00:44,400 --> 00:00:46,400
Speaker 1: of the day, the S and p ASX two hundred

16
00:00:46,600 --> 00:00:49,440
Speaker 1: finished down nearly one percent to two hundred and eighty

17
00:00:49,440 --> 00:00:52,120
Speaker 1: three points. For the week, it closed up zero point

18
00:00:52,159 --> 00:00:55,600
Speaker 1: eight percent, having hit a new record high. Story number two.

19
00:00:55,680 --> 00:00:59,320
Speaker 1: Federal Treasurer Jim Chalmers came out fighting against claims from

20
00:00:59,360 --> 00:01:03,160
Speaker 1: the oppositions employment spokesperson Michaulia Cash that the only reason

21
00:01:03,200 --> 00:01:06,160
Speaker 1: the labor market is doing so well is public sector jobs.

22
00:01:06,400 --> 00:01:10,400
Speaker 1: Seventy percent of newly created jobs are in government funded

23
00:01:10,440 --> 00:01:13,440
Speaker 1: industries such as health and aged care. This week, the

24
00:01:13,480 --> 00:01:16,560
Speaker 1: ABS said sixty one thousand jobs were created last month,

25
00:01:16,600 --> 00:01:19,360
Speaker 1: and doctor Chalmers said it was the first time ever

26
00:01:19,880 --> 00:01:23,360
Speaker 1: in one parliamentary term more than one million new jobs

27
00:01:23,600 --> 00:01:26,720
Speaker 1: had been created. Today, he rejected the nation that it's

28
00:01:26,760 --> 00:01:29,680
Speaker 1: only a real job if it's not in the care economy.

29
00:01:29,720 --> 00:01:32,039
Speaker 1: He said he wants to see more jobs created in

30
00:01:32,040 --> 00:01:35,679
Speaker 1: the private sector, but care economy jobs are real jobs.

31
00:01:35,920 --> 00:01:38,640
Speaker 1: Story number three. Regal Funds Management is one of the

32
00:01:38,680 --> 00:01:41,360
Speaker 1: favored wealth managers around the place at the moment, but

33
00:01:41,480 --> 00:01:45,600
Speaker 1: not in Korea. That country's financial regulator has indicted Regal

34
00:01:45,680 --> 00:01:48,000
Speaker 1: and one of its former employees over breaches of the

35
00:01:48,120 --> 00:01:52,480
Speaker 1: nation's short selling laws. The Funds Management firm denies the allegations,

36
00:01:52,480 --> 00:01:54,880
Speaker 1: which relate to training on a single day back in

37
00:01:54,920 --> 00:01:57,760
Speaker 1: twenty nineteen, though the news sent its share price down

38
00:01:57,840 --> 00:02:00,280
Speaker 1: three percent today. The charges are part of a wide

39
00:02:00,280 --> 00:02:03,720
Speaker 1: review of short selling practices undertaken by the Korean Financial

40
00:02:03,720 --> 00:02:07,120
Speaker 1: Services Commission. Authorities imposed a temporary ban on short selling

41
00:02:07,200 --> 00:02:11,040
Speaker 1: activity last November. It was recently extended until March next year.

42
00:02:11,320 --> 00:02:16,200
Speaker 1: Straight number four, Israel overnight killed Hamas lead A Yahya Sinwar,

43
00:02:16,560 --> 00:02:19,880
Speaker 1: the architect of last year's October seven attack which triggered

44
00:02:19,880 --> 00:02:23,040
Speaker 1: the deadliest war in the history of the Israeli Palestinian conflict.

45
00:02:23,520 --> 00:02:26,640
Speaker 1: Troops appear to have run across him by accident and

46
00:02:26,720 --> 00:02:29,640
Speaker 1: only later discovered that a body in the rubble was

47
00:02:29,760 --> 00:02:33,280
Speaker 1: Israel's most wanted man. It's a severe blow to the

48
00:02:33,320 --> 00:02:36,799
Speaker 1: Palestinian militant group and a symbolic victory to Israeli Prime

49
00:02:36,800 --> 00:02:41,200
Speaker 1: Minister Benjamin Netanyahu. Mister Netanyahu said mister Sinemar's death was

50
00:02:41,240 --> 00:02:44,280
Speaker 1: a victory of good over evil, but he added that

51
00:02:44,320 --> 00:02:47,440
Speaker 1: the war hadn't ended, and said Israel must keep up

52
00:02:47,639 --> 00:02:52,200
Speaker 1: long term control over the territory to ensure Hamas doesn't return.

53
00:02:53,040 --> 00:02:55,320
Speaker 1: US President Joe Biden said the death was a good

54
00:02:55,400 --> 00:02:57,760
Speaker 1: day for the world, calling it an opportunity to free

55
00:02:57,800 --> 00:03:00,919
Speaker 1: the hostages and end the year long war. In Gaza,

56
00:03:01,000 --> 00:03:04,960
Speaker 1: Prime Minister Anthony Albernizi also welcomed mister Sinwar's death and

57
00:03:05,040 --> 00:03:08,360
Speaker 1: again called precease fire. In story number five, Gold hit

58
00:03:08,360 --> 00:03:12,480
Speaker 1: a record high overnight as investors looked for safe haven assets.

59
00:03:12,680 --> 00:03:15,560
Speaker 1: It pushed through twenty seven hundred US dollars announced for

60
00:03:15,600 --> 00:03:17,920
Speaker 1: the first time. Top of mind for many is the

61
00:03:17,960 --> 00:03:20,480
Speaker 1: state of the US economy now. The good news is

62
00:03:20,480 --> 00:03:22,480
Speaker 1: that retail sales in the US jump by more than

63
00:03:22,520 --> 00:03:26,359
Speaker 1: expected during September, but plenty of market watches still fear

64
00:03:26,440 --> 00:03:28,720
Speaker 1: that the FED will need to quickly cut rates to

65
00:03:28,760 --> 00:03:32,080
Speaker 1: stave off a recession. Meanwhile, lie all prices tumbled on

66
00:03:32,160 --> 00:03:35,800
Speaker 1: lingering doubts about how much Chinese officials will stimulate the

67
00:03:35,840 --> 00:03:40,000
Speaker 1: world's second largest economy. That came as the Chinese growth

68
00:03:40,040 --> 00:03:42,760
Speaker 1: figures were released. It showed that the world's second largest

69
00:03:42,760 --> 00:03:45,560
Speaker 1: economy expanded by four point six percent over the past year,

70
00:03:45,840 --> 00:03:49,120
Speaker 1: slightly better than forecast is expected, but it's still below

71
00:03:49,200 --> 00:03:52,440
Speaker 1: Beijing's five percent goal. That's if the afternoon report for Friday,

72
00:03:52,520 --> 00:03:55,120
Speaker 1: the eighteenth, October twenty twenty four. Don't forget to follow

73
00:03:55,160 --> 00:03:58,240
Speaker 1: on the podcast and find Fear and Greed on LinkedIn, Instagram,

74
00:03:58,280 --> 00:04:02,680
Speaker 1: ex TikTok, and Facebook.