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

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

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

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Speaker 1: happened today that.

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Speaker 2: You need to know about. Storing Number one.

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Speaker 1: The SMPA Sex two hundred fell one point seven percent

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Speaker 1: today to finish just over eighty two hundred points. There

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Speaker 1: was plenty of red on the market. Eighty percent of

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Speaker 1: companies ended the day law it worries about higher interest rates.

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Speaker 1: That's really what sparked the selling. Will consumers keep spending?

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Speaker 1: Will businesses keep investing? There were big falls among most

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Speaker 1: of the large caps, two to three percent drops from

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Speaker 1: Commonwealth Bank, National Australia Bank, Macquarie, West Farmers, Goodman and

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Speaker 1: Aristocrat Leisure. The rate sensitive sectors did worst, Healthcare, real estate,

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Speaker 1: discretionary that's consumer discretionary, and financials. A little bit of

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Speaker 1: corporate news around. In fact, lots of corporate news around.

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Speaker 1: Middle Resources fell another four percent following yesterday's thirteen percent loss.

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Speaker 1: That's on the back of news that managing director Chris

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Speaker 1: Ellis allegedly evaded tax for many years. Transurban Today said

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Speaker 1: average daily traffic was up one point one percent during

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Speaker 1: this September quarter to two point five million trips per day.

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Speaker 1: There's growth across all markets except Melbourne and property to develop.

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Speaker 1: Mervac said it's making solid residential sales and its new

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Speaker 1: Sydney projects, and in Brisbane and Perth even Victoria is improving.

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Speaker 1: Story number two. Australia will spend seven billion dollars buying

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Speaker 1: long range missiles from the US to strengthen its defense capabilities.

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Speaker 1: Defense Industry Minister Pat Conroy overnight said that the world

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Speaker 1: faces the biggest arms race since World War II. Hundreds

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Speaker 1: of US made long range weapons for the Navy will

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Speaker 1: be purchased. They can be fired from land or ship.

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Speaker 1: They're capable of targeting and destroying aircraft and incoming missiles.

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Speaker 1: Defense spending is rising fast in this country one hundred

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Speaker 1: billion dollars a year by the end of the decade

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Speaker 1: they reckon.

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Speaker 2: That's about double the current levels. Story number three.

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Speaker 1: Australia's third largest companies CSL, today said it has dropped

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Speaker 1: studies or trials on three therapies, and US regulators have

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Speaker 1: raised concerns around manufacturing of another new treatment. It is

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Speaker 1: enough to send CSL's share price down three percent now

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Speaker 1: the Food and Drug Administration in the US is concerned

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Speaker 1: about the manufacturing of an antibody supposedly able to treat

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Speaker 1: severe swelling.

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Speaker 2: The n CSL's decided to also drop trials on an

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Speaker 2: anticoagulant for the treatment of trauma, a muscle inflation treatment,

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Speaker 2: and a treatment targeting kidney transplant recipients. The reasons basically

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Speaker 2: regulatory scrutiny and also the time taken to get any

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Speaker 2: of these to market. The head of research at CSL

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Speaker 2: basically said, you take risks. This is what happens sometimes.

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Speaker 2: Stroing number five, Viva Energy has downgraded its outlook on

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Speaker 2: the back of softer retail conditions, lower tobacco sales and

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Speaker 2: higher business costs, triggering a year seven percent drop in

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Speaker 2: his share price. Worst on the course today. Viva owns

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Speaker 2: the Geelong Oil Refined, also licenses the Shell brand it

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Speaker 2: owns and sells via Coals Express, and it's got those

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Speaker 2: on the run. Businesses out of South Australia surveys now

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Speaker 2: are as much about high margin convenience retailing as they

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Speaker 2: are about low margin fuel. While fuel sales are growing slightly,

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Speaker 2: quick service restaurants turnover and convenience turnover was down. In fact,

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Speaker 2: it would have been flat but for tobacco sales, mostly

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Speaker 2: because this is growing illicit tobacco trade going on and

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Speaker 2: it's hurting sales in the convenience stores, particularly in South

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Speaker 2: Australia in Beaver's case, where it recently brought those on

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Speaker 2: the run convenience stores and storing. Number five vise Tech

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Speaker 2: Global founder and CEO Richard White has settled his legal

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Speaker 2: dispute with Sydney Wilness entrepreneur Linda Rogan. The dispute was

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Speaker 2: over mister White trying to bankrupt he's a former alleged lover.

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Speaker 2: It triggered a bunch of other allegations. Mister White apparently,

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Speaker 2: well unless it's alleged, paid millions to privately settle a

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Speaker 2: dispute with another woman he had a sexual relationship with.

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Speaker 2: He was also allegedly approached female entrepreneurs on social media

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Speaker 2: with offers of professional support that could later shift a

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Speaker 2: crude or suggestive language that has really hurt the share price.

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Speaker 2: It tumbled in recent sessions. Now it fell two percent

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Speaker 2: this morning, but then it bounced to finish up three percent.

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Speaker 1: That's it. For the afternoon Report for Tuesday, the twenty

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Speaker 1: second October twenty twenty four. Don't forget follow on the

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

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Speaker 1: and Facebook. Join Michael Thomas and I tomorrow morning for

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Speaker 1: the Fast Five by Fear and Greed for top five

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Speaker 1: business stores you need to.

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Speaker 2: Know in just five minutes. I'm Sean Elmer. Enjoy your evening,