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

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Speaker 1: for Thursday, the sixteenth of October twenty twenty five.

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Speaker 2: I'm Michael Thompson.

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Speaker 1: Every afternoon, we've got the five stories that happened today

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Speaker 1: that you need to know about.

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Speaker 2: Let's go with story number one.

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Speaker 1: The S and p ASX two hundred hit a new

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Speaker 1: intra day record today after a shock jump in the

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Speaker 1: unemployment rate increased the likelihood of an interest rate cut.

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Speaker 1: The BOSS hit a record of nine one hundred and

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Speaker 1: ten points, or just slightly below that around lunchtime today,

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Speaker 1: before coming back slightly to nine thousand and sixty eight points,

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Speaker 1: representing again though of almost one percent for the day.

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Speaker 1: It was the job starter that did the unemployment rate,

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Speaker 1: surging to four point five percent, well beyond expectations of

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Speaker 1: four point three percent. Bond markets are now pricing in

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Speaker 1: a seventy percent chance of an interest rate cut when

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Speaker 1: the Reserve Bank Board meets next month, something that seemed

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Speaker 1: pretty unlikely just twenty four hours ago. Commonwealth Bank climbed

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Speaker 1: zero point eight percent, A and Z jumped almost two percent.

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Speaker 1: The real estate stocks, which are sensitive, of course to

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Speaker 1: interest rates, had a great day. Goodman Group up nearly

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Speaker 1: five percent, Mervak three and a half percent, Stockland three

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Speaker 1: point four percent. Away from jobs and interest rates, so

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Speaker 1: there were still plenty going on. The gold price continues

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Speaker 1: to benefit the local miners. Some big gains today Genesis

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Speaker 1: up eight percent, Evolution Mining three point three percent, and

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Speaker 1: Newmont up three point four percent, And Macquarie Group jumped

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Speaker 1: five point one percent after a deal to sell its

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Speaker 1: US data center business for forty billion US dollars. We'll

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Speaker 1: have more on that story tomorrow. Moving on to story

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Speaker 1: number two and when there is so much going on

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Speaker 1: in markets, got a bit of a wrap of some

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Speaker 1: of the corporate news from today. Maine Farmer surged after

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Speaker 1: the Supreme Court of New South Wales ruled that American

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Speaker 1: pharmaceutical giant Cosette could not terminate its six hundred and

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Speaker 1: seventy two million dollar takeover of the ASEX listed company

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Speaker 1: at Treasury. Wine Estates rose despite chairman John Mullen saying

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Speaker 1: preliminary data show that sales in China this financial year

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Speaker 1: will fall well below previous expectations, and AMP jumped nearly

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Speaker 1: ten percent after it reported the total assets under management

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Speaker 1: increased in the September quarter to one hundred and fifty

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Speaker 1: nine point five billion dollars onto Story number three. The

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Speaker 1: boss of Origin Energy has called offshore wind production a

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Speaker 1: tough industry and cast out on whether it can significantly

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Speaker 1: help reach longer term climate goals. Frank Calabria also warned

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Speaker 1: that the slow pace of the clean energy rollout could

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Speaker 1: delay the closure of the huge Arahing coal power station

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Speaker 1: in New South Wales. His comments came after German renewables

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Speaker 1: group RWE ditched its multi billion dollar offshore wind project

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Speaker 1: in Victoria's Gippsland region, citing high costs, regulatory uncertainty and

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Speaker 1: a lack of commercial viability. Origin itself has recently put

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Speaker 1: its own eight billion dollar Navigated North project in the

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Speaker 1: Gippsland on ice. Colabria said offshore wind was an expensive

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Speaker 1: source of energy and its development would involve a quote

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Speaker 1: big commitment from government. Story number four. BHP is downplaying

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Speaker 1: concerns ongoing concerns really about a rift with China or amid

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Speaker 1: reports that Beijing has temporarily blocked steel mills from buying

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Speaker 1: its iron or now.

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Speaker 2: We've spoke about this a couple of weeks ago. It's

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Speaker 2: been shrouded in secrecy with the minor refusing to confirm

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Speaker 2: or deny the reports because essentially it's been suggested that

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Speaker 2: Beijing has done this as a negotiating tactic. But today

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Speaker 2: BHP Australia President Geraldine Slattery told a Perth business event

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Speaker 2: that commercial negotiations with China were routine and part of

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Speaker 2: a long standing relationship. Slattery acknowledged that China's demand for

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Speaker 2: iron ore has likely plateaued, but said growth from India's

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Speaker 2: steel industry in Australia's position as the world's lowest cost

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Speaker 2: producer should underpin strong demand. How China's steel sector is

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Speaker 2: by far Australia's biggest iron or customer, accounting for around

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Speaker 2: one hundred billion dollars a year in export revenue. Finally,

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Speaker 2: story number five, US President Donald Trump has confirmed he

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Speaker 2: authorized the CIA to conduct covert operations aimed at toppling

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Speaker 2: Venezuelan and President Nicholas Maduro, dramatically escalating pressure on the regime.

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Speaker 2: The US is offering a fifty million dollar reward for

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Speaker 2: information leading to Maduro's arrest on drug trafficking charges. Trump

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Speaker 2: accused Venezuela of being a major source of fentanyl entering

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Speaker 2: the US, despite records showing Mexico as the main origin.

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Speaker 2: He declined to say whether the CIA has authority to

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Speaker 2: assassinate Maduro, but said Venezuela is quote feeling the heat.

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Speaker 2: The move comes as the US deploys more troops of

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Speaker 2: the Southern Caribbean and conducts strikes on vessels it claims

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Speaker 2: are involved in drug trafficking. That's it for the afternoon

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Speaker 2: report for Thursday, the sixteenth of October twenty twenty five.

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Speaker 1: Make sure you hit follow on the podcast and we'll

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Speaker 1: move back tomorrow morning with the Friday edition of Fear

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Speaker 1: and Greed.

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Speaker 2: I'm Michael Thompson. Enjoy your evening four