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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Wednesday, the thirtieth of October twenty twenty four. I'm

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Speaker 1: Sean Aylmer every afternoon, but the five stories have happened

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Speaker 1: today that you need to know about. Story number one headline,

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Speaker 1: inflation has fallen back within the Reserve banks two to

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Speaker 1: three percent target. Took three and a half years to

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Speaker 1: get there, but we did it. It was two point

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Speaker 1: eight percent for the year to the end of September

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Speaker 1: and zero point two percent for the September quarter. The

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Speaker 1: big fall was on the back of energy rebates provided

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Speaker 1: by the federal government. The trim mean measure, which the

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Speaker 1: Reserve Bank likes, came in at three and a half percent,

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Speaker 1: down from four percent. Jim Chalmers the Treasures said the

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Speaker 1: economy is on track for a soft landing. That's all

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Speaker 1: good news. However, economists reckon there'll be no rate cut

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Speaker 1: until next year, either in February or May, even though

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Speaker 1: inflation is falling. Story number two. The local share market

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Speaker 1: fell nearly one percent today, with some big stocks tumbling.

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Speaker 1: The market closed at eight one hundred and eighty points.

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Speaker 1: Woolworths and Coals were down sharply after Woolly's downgraded its

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Speaker 1: profit forecast. Wehres Farmers, which of course owns Bunnings. It

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Speaker 1: was down two and a half percent. The inflation figures

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Speaker 1: I just mentioned they hit the banks, but really there

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Speaker 1: was widespread selling. About seventy seventy five percent of the

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Speaker 1: top two hundred was sold off today fourtesqu Metals Group, Telstra,

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Speaker 1: Transurb and Cosl. They were all down more than one percent.

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Speaker 1: Goodman was about the best of the top top stocks anyway,

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Speaker 1: it was up more than one percent. In corporate news,

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Speaker 1: Linetown Resources said significant progress in its Kathleen Valley lithium

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Speaker 1: project has been made, but its share price was down

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Speaker 1: four and a half percent by the close of the session.

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Speaker 1: Bigger's Group's share price was lower after it said it

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Speaker 1: won't be increasing prices for its products this financial year

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Speaker 1: and we'll have to find cost savings elsewhere. And Appens

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Speaker 1: share price raise one point three percent after the enterprise

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Speaker 1: software group said the bottom line had returned to a

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Speaker 1: profit in the September quarter straight. Number three BHP held

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Speaker 1: its annual general meeting in Brisbane today. In chair Ken

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Speaker 1: mackenzie said the world is an increasingly volatile place. He

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Speaker 1: said protectionism is threatening global trade, though he's confident that

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Speaker 1: bhp strategy of reshaping its portfolio pushing towards copper and

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Speaker 1: potash is a good one. BHP is feeling the lag

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Speaker 1: effect of soft inflation, uneven recovery in China, and supply

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Speaker 1: side surpluses in some commodities. He also warned of more

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Speaker 1: industrial disputes because of new federal workplace laws. BHP was

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Speaker 1: one of the few top companies to close higher today.

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Speaker 1: Straight number four Star Entertainment posted an eighteen percent drop

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Speaker 1: in revenue for September quarter as some of the restrictions

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Speaker 1: on the gaming group start to bite. Star lost money

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Speaker 1: during the quarter, and that helped send its share price

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Speaker 1: down four percent, though at one point during the day

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Speaker 1: it was down closer to ten percent. Star said the

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Speaker 1: a deterioration in operating performance in part was due to

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Speaker 1: a challenging operating environment and the continued implementation of mandatory

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Speaker 1: carded play in cash limits. Very tough business that one,

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Speaker 1: and finally, story number five ABC will undertake a cultural

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Speaker 1: renewal in coming months on the back of falling TV

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Speaker 1: and radio audiences. That news came in the forward of

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Speaker 1: the ABC's annual Report, which came out late last night.

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Speaker 1: Kim Williams, a chair, I quote him, he said, my

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Speaker 1: board colleagues believe it is imperative to aim, over the

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Speaker 1: course of the next few months to develop an invigorated

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Speaker 1: sense of purpose for contemporary relevance at the ABC. That's

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Speaker 1: it for the Afternoon Report for Wednesday, the thirtieth of

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Speaker 1: October twenty twenty four. Michael Thompson and I will be

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Speaker 1: back tomorrow morning with the Thursday edition off Her and

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Speaker 1: Greed business News. I'm Sean Elmer. Enjoy Reavening