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

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Speaker 1: Report for Wednesday, the twenty seventh of November twenty twenty four.

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Speaker 1: I'm suan Aylmer. Every afternoon, we've got the five stories

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Speaker 1: that happened today that you need to know about Storing them. One.

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Speaker 1: Underlying inflation during the September quarter came in at three

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Speaker 1: point five percent, up from three point two percent, even

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Speaker 1: as the headline rate remained at a lower than expected

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Speaker 1: two point one percent. The difference between the underlying rate

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Speaker 1: three and a half percent and the headline rate two

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Speaker 1: point one percent primarily reflects the energy rebates being paid

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Speaker 1: by state and federal governments. Now all this is in

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Speaker 1: great use for those hoping for interest right cut, but

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Speaker 1: it didn't stop the local share market rising today. It

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Speaker 1: closed up zero point six percent to eighty four hundred

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Speaker 1: and seven points. Consumer discretionary stocks led the way, although

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Speaker 1: all seven subindices were higher. Commonwealth Bank lost ground yesterday,

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Speaker 1: but today was up more than one and a half percent.

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Speaker 1: Fortesqu Metals Group, Goodman TELLSA, in Riskcrat Leisure all ended

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Speaker 1: one percent high. THEHPRIO, Tinto, Woodside and mcquarie were lower,

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Speaker 1: but its AGM season, bunch of them still being held.

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Speaker 1: City Sheek Collective fell more than twenty five percent after

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Speaker 1: the retailer provided a training update at its AGM RW holdings,

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Speaker 1: the resources and infrastructure contractor it had an AGM it

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Speaker 1: recorded a first strike against its executive payments, and HMC

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Speaker 1: capital rallied two percent after the fund manager upgraded its

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Speaker 1: earnings outlook. Story number two. The value of housing construction

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Speaker 1: hit a three year high in the September quarter, and

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Speaker 1: some good news for the struggling sectorm. The value of

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Speaker 1: residential housing jump nearly two percent to twenty three point

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Speaker 1: four billion dollars. We haven't seen that since twenty twenty one,

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Speaker 1: and that was when the government pandemic payments were supporting

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Speaker 1: this sectum. There's also a jump in construction engineering. It

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Speaker 1: just shows the boom in federal and state infrastructure spending.

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Speaker 1: Really on an annual basis, building activity has been concentrated

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Speaker 1: in the non residential sector things like infrastructure, while dwelling

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Speaker 1: construction homes has been flat, even though more houses are needed.

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Speaker 1: It suggests the economic growth rate for the September quarter

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Speaker 1: will come in the low ones. Those still a fair

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Speaker 1: bit to feed into that number September quarter GDP issue

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Speaker 1: out next week. Story number three Rare Earths coumptry Liners

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Speaker 1: Today warned of ongoing volatility and commodity markets at its

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Speaker 1: annual general meeting, though its share price closed up over

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Speaker 1: one percent. The West Australian minor is our biggest rare

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Speaker 1: earth producer. In fact, it's the biggest rare earth producer

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Speaker 1: outside China. At the AGM, it said market volatility was

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Speaker 1: contingent on what happens in China. There's been price drops

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Speaker 1: in rare earths used in products like air conditioning units

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Speaker 1: and aircraft engines. Also, the slow down in electric vehicle

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Speaker 1: sales have hit prices. Story at number four, web Travel,

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Speaker 1: which less than two months ago was part of Webjet,

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Speaker 1: released its half year profit. Today made a fifty two

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Speaker 1: and a half million dollar profit for the six months

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Speaker 1: to the end of September. The News cent its share

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Speaker 1: price up thirteen percent, the best on the day for

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Speaker 1: the top two hundred stocks. Two months ago, where it

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Speaker 1: Travel demerged from Webjet, it now trades brands like web Beds.

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Speaker 1: It's a B to B business, whereas Webjet what's left

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Speaker 1: over is the B to C business. The web beds

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Speaker 1: business is going well. Bookings were up twenty two percent

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Speaker 1: last half to four point three million. There's growth across regions.

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Speaker 1: The company upgraded its full year result as well. It

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Speaker 1: also announced a one hundred and fifty million share buyback

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Speaker 1: that was enough to send its share price much higher.

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Speaker 1: And story number five New South Wales looks like it

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Speaker 1: will escape blackouts today after Sydney recorded one of its

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Speaker 1: hottest November days in the last decade or so. In

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Speaker 1: the middle of the day, Premier q Chris Mins came

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Speaker 1: out and called them people to turn off pool pumps,

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Speaker 1: dishwashers and air conditioners. He wanted as little use as

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Speaker 1: possible between three pm and eight pm as temps hit

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Speaker 1: the mid to high thirties. We're in the middle of

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Speaker 1: that three pm to eight pm time and so far,

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Speaker 1: so good. A surgeon consumption alongside outages at four units

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Speaker 1: along their coast, means of high at the moment is

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Speaker 1: very tight. The Australian Energy Market Operator said there are

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Speaker 1: insufficient reserves in terms of generation across the day. It

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Speaker 1: used its emergency powers to talk to industry to reduce demand. Well,

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Speaker 1: hopefully it'll they will reduce demand that's it for the

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Speaker 1: afternoon report for Wednesday, the twenty seventh of November twenty

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

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Speaker 1: morning with the Thursday edition of Fear and Greed Business News.

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Speaker 1: I'm Sean Elmer. Enjoy your evening.