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

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

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Speaker 1: I'm Sean Almer. 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 straight 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 sub indices 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: FORTESQ Metals, Group, Goodman tells Her and Risk Crat Leisure

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Speaker 1: all ended one percent higher. Hp Reo, Tinto, Woodside and

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Speaker 1: mcquarie were lower, but its AGM season, a bunch of

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Speaker 1: them still being held. City Shek Collective fillm more than

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Speaker 1: twenty five percent. After the retailer provided a training update

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Speaker 1: at its AGM RW holdings, the resources and infrastructure contractor

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Speaker 1: it had an AGM it recorded a first strike against

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Speaker 1: its executive payments, and HMC capital rallied two percent after

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Speaker 1: the fund manager upgraded its earnings outlook. Story number two.

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Speaker 1: The value of housing construction hit a three year high

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Speaker 1: in the September quarter, and some good news for the

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Speaker 1: struggling sector. The value of residential housing jump nearly two

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Speaker 1: percent to twenty three point four billion dollars. We haven't

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Speaker 1: seen that since twenty twenty one, and that was when

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Speaker 1: the government pandemic payments was supporting this sectum. There's also

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Speaker 1: a jump in construction engineering. It just shows the boom

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Speaker 1: in federal and state infrastructure spending. Really on an annual basis,

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Speaker 1: building activity has been concentrated in the non residential sector

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Speaker 1: things like infrastructure, while dwelling instruction new homes has been flat,

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Speaker 1: even though more houses are needed. It suggests the economic

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Speaker 1: growth rate for the September quarter will come in the

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Speaker 1: low ones. Those still a fair bit to feed into

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Speaker 1: that number September quarter. GDP issue out next week. Story

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Speaker 1: number three rare earths. Country Liners Today warned of ongoing

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Speaker 1: volatility and commodity markets at its annual general meeting, though

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Speaker 1: its share price closed up over one percent. The West

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Speaker 1: Australian miner is our biggest rare earth producer. In fact,

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Speaker 1: it's the biggest rare earth producer outside China. At the AGM,

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Speaker 1: it said market volatility was contingent on what happens in China.

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Speaker 1: There's been price drops in rare earths used in products

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Speaker 1: like air conditioning units and aircraft engines. Also, the slow

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Speaker 1: down in electric vehicle sales have hit prices. Story number four.

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Speaker 1: Web Travel, which less than two months ago was part

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Speaker 1: of Webjet, released its half year profit. Today made a

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Speaker 1: fifty two and a half million dollar profit for the

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Speaker 1: six months to the end of September. The new cent

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Speaker 1: its share price up thirteen percent, the best on the

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Speaker 1: day for the top two hundred stocks. Two months ago,

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Speaker 1: where it Travel demerged from Webjet, it now trades brands

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Speaker 1: like web Beds. It's B to B business, whereas Webjet

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Speaker 1: what's left over is the B to C business. The

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Speaker 1: web beds business is going well. Bookings were up twenty

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Speaker 1: two percent last half to four point three million. There's

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Speaker 1: growth across regions. The company upgraded its full year result

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Speaker 1: as well. It also announced a one hundred and fifty

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Speaker 1: million share buyback that was enough to send its share

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Speaker 1: price much higher. And story number five New South Wales

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Speaker 1: looks like it will escape blackouts today after Sydney recorded

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Speaker 1: one of its hottest November days in the last decade

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Speaker 1: or so. In the middle of the day, Premier Chris

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Speaker 1: Min's came out and called them people to turn off

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Speaker 1: pool pumps, dishwashers and air conditioners. He wanted as little

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Speaker 1: use as possible between three pm and eight pm as

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Speaker 1: temps hit the mid to high thirties. We're in the

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Speaker 1: middle of that three pm to eight pm time and

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Speaker 1: so far, so good. A surgeon consumption alongside outages at

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Speaker 1: four units along their coast means supply at the moment

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

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

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Speaker 1: It used its emergency powers to talk to industry to

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Speaker 1: reduce demand. Well, hopefully it'll they will reduce demand. That's

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Speaker 1: it for the Afternoon Report for Wednesday, the twenty seventh

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Speaker 1: of November twenty twenty four. Don't forget to follow on

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Speaker 1: the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Join Michael Thompson and I tomorrow

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Speaker 1: morning for the Fast Five by Fear and Greed, Top

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Speaker 1: five business stories you need to know in just five minutes.

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