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

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Speaker 1: for Tuesday, the eighth of October twenty twenty four. I'm

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Speaker 1: Sean Almer. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Straight number one.

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Speaker 1: The S and PASEX two hundred finished down a zero

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Speaker 1: point three five percent today to eighty one hundred and

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Speaker 1: seventy seven points. The mining stocks led the way lower

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Speaker 1: on a falling iron ore price. For s Fu Metals

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Speaker 1: Group was the worst performer of the ASEX two hundred,

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Speaker 1: dropping more than five percent. BHP was down two point

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Speaker 1: four percent, and Woodside was off one point three percent.

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Speaker 1: Other poor performers included QB and Tolstrum. CSL was among

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Speaker 1: the best performers, jumping one point three percent, while all

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Speaker 1: the big banks were higher. Lithium stocks continued to rally

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Speaker 1: on the back of Rio Tinto's proposed bid four arcadium,

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Speaker 1: which will be anything up to nine billion dollars. West

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Speaker 1: African Resources jumped to seven percent, recouping some of yesterday's

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Speaker 1: eighteen percent slump. Mid concerns about the future with mining

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Speaker 1: permits in Bekina Fasso. The company today said it had

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Speaker 1: received confirmation from the country's Ministry of Mines and Quarries

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Speaker 1: that none of its mining permits were under review. It

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Speaker 1: was the best performer of the top two hundred today,

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Speaker 1: straight number two. There were high expectations of more announcements

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Speaker 1: from Beijing to help stimulate the world's second largest economy,

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Speaker 1: though they weren't forthcoming today. That triggered a cello for

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Speaker 1: nine ore prices, pulling down local mining stocks. As I

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Speaker 1: just mentioned, the World Bank came out and said it

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Speaker 1: expects China's growth to deteriorate next year despite its recent

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Speaker 1: stimulus measures, weighing on growth prospects for neighboring countries such

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Speaker 1: as Australia. The World Bank has forecast growth in China

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Speaker 1: this year of four point eight percent and four point

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Speaker 1: three percent next year. And before we leave that country,

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Speaker 1: its share market surged today following a week long public holiday.

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Speaker 1: Markets reopened today. They are up, then they came back

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Speaker 1: a bit. Oil prices, having run for five days straight,

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Speaker 1: have come off a bit, friends back below eighty US

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Speaker 1: dollars a barrel, and gold has fallen as Trada's paired

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Speaker 1: expectations of interest rate cuts in the US story in

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Speaker 1: number three. A somewhat rild prime minister was forced to

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Speaker 1: apologize in Parliament today after he accused Shadow Treasurer Angus

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Speaker 1: Taylor of having Turet's syndrome. Anthony Albernezi was asked if

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Speaker 1: he would rule out any changes to the tax treatment

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Speaker 1: of the owner occupied family home into negative gearing by

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Speaker 1: mister Taylor in question time. There was plenty of interjections

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Speaker 1: from the outset and ultimately the Prime Minister blamed the

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Speaker 1: opposition for blocking Labour's housing policy. He went on to say,

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Speaker 1: and I quote this nonsense that they carry on with.

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Speaker 1: Have you got Turet's or something? You know, you just

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Speaker 1: sit there, Babel, babel, babbel. Mister Albernezi then withdrew his

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Speaker 1: comment four times and apologized earlier Treasurer Jim Chalmers and

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Speaker 1: labeled would not knock off the current tax breaks in

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Speaker 1: any new housing policy. An interested observer today was former

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Speaker 1: British Prime Minister Liz Trust, who attended question time as

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Speaker 1: a guest of Opposition leader Peter Dutton straight Um Beerfore,

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Speaker 1: all options remain on the table for the Reserve Bank

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Speaker 1: in terms of interest rate deliberations. According to Board minutes,

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Speaker 1: released today, and that means another interesstraight hike is still

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Speaker 1: a live option. The Reserve Bank Board minutes for as

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Speaker 1: September meeting said that there is still considerable uncertainty of

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Speaker 1: the economy's outlook, and future financial conditions might need to

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Speaker 1: be either tighter or looser than at present to achieve

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Speaker 1: the Board's objectives. If household consumption picks up strongly due

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Speaker 1: to the Stage three tax cuts or the strong jobs market,

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Speaker 1: the economy supply constraints might be greater than anticipated, and

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Speaker 1: rates may need to remain higher for longer or i

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Speaker 1: quote tightened further. The minutes also say that Montrey policy

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Speaker 1: might have to be loosened if the economy proved to

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Speaker 1: be weaker than expected, causing a sharp reduction in inflation. Meanwhile,

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Speaker 1: Deputy Governor Andrew Houser was speaking today. He said the

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Speaker 1: Central Bank was determined to bring down inflation and he

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Speaker 1: genuinely doesn't know what the next move in interest rates

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Speaker 1: will be. Story number five. Chinese authorities are demanding that

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Speaker 1: a growing number of school teachers, as and other public

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Speaker 1: sector employees hand in their passports. The passport collection drive

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Speaker 1: carried out under what's known as Personal travel abroad management

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Speaker 1: allows local government officials to control and monitor who can

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Speaker 1: travel abroad, how often and to wear. According to report

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Speaker 1: in The Financial Times, it comes as President Jijing Ping

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Speaker 1: steps up state involvement in everyday life and clamps down

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Speaker 1: on official corruption. China's powerful state security apparatus has also

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Speaker 1: intensified its campaign against foreign espionage. Restrictions on international travel

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Speaker 1: have been greatly expanded from last year to include rank

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Speaker 1: and file employees of schools, universities, local governments, and state

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Speaker 1: owned groups. The passport collection appears to be based on

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Speaker 1: national regulations from two thousand and three that established a

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Speaker 1: system to restrict travel for key personnel such as mid

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Speaker 1: to high level officials, and allowed local authorities to set

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Speaker 1: rules for all state employees international travel. That's it for

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Speaker 1: the afternoon report for Tuesday, the eighth of October twenty

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Speaker 1: twenty four. Oh, Michael Thompson and I will be back

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Speaker 1: tomorrow morning with the Wednesday edition of Your and Greed

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Speaker 1: Business News. I'm sure I elma enjoy your evening