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

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Speaker 1: for Wednesday, the twenty ninth of January twenty twenty five.

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

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Speaker 1: that happened today that you need to know about story

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Speaker 1: and I'm one. The pace of inflation during the December

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Speaker 1: quarter was just zero point two percent, taking the annual

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Speaker 1: rate of price rises to two point four percent, according

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Speaker 1: to figures released today by the Australian Bureau Statistics. On

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Speaker 1: an underlying basis where volatile items are excluded, inflation for

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Speaker 1: the quarter was zero point five percent for the year

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Speaker 1: three point two percent. That's below expectations and it's also

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Speaker 1: below the Reserve Bank's forecast. It was low enough to

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Speaker 1: trigger a raft of market economists predicting the Central Bank

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Speaker 1: will start cutting interest rates next month. We haven't had

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Speaker 1: a rate cut for more than four years, and they've

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Speaker 1: been on the rise since May twenty twenty two. Treasure

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Speaker 1: Jim Chalmers today said a soft landing for the economy

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Speaker 1: was more and more likely, and there's substantial and sustained

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Speaker 1: progress on inflation. Story number two. The inflation news pushed

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Speaker 1: up the local share market in fact, it came within

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Speaker 1: a whisker of its all time high. By the close,

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Speaker 1: it was zero point six percent better than it's closed

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Speaker 1: yesterday to eight four hundred and forty seven points. That's

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Speaker 1: less than one percent of its all time high of

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Speaker 1: late last year. Lower rates should help consumers and the

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Speaker 1: cost of living crisis. As a result, they should buy

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Speaker 1: more stuff that helps corporate profits. Also, the cost of

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Speaker 1: corporate debt will fall if rates are lower. That's what

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Speaker 1: is pushing the market higher. There was another important factor

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Speaker 1: influencing trading today. It was the day after the day before.

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Speaker 1: Remember stock sold off on the deep seek news on Tuesday. Well,

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Speaker 1: they did much better today. Data center groups like Goodwin

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Speaker 1: and next DC, alongside tech leaders Wise, Tech Global and

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Speaker 1: Zero all rebounded. A bunch of uranium stocks that were

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Speaker 1: sold off yesterday, Bus Energy, Deep Yellow, for example, they

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Speaker 1: rebounded chart and in corporate news. Premier Investments became a

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Speaker 1: much smaller company today with a combination of its apparel's businesses.

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Speaker 1: Think just Jean's, Portman's, JJ's that's gone to Meyer. Premier

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Speaker 1: share price fell twenty two percent today as a result.

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Speaker 1: Maya was down five percent. Stro at number three. Some

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Speaker 1: rare good news for Star Entertainment today it said it's

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Speaker 1: selling several Sydney assets, sending its share price up thirteen percent.

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Speaker 1: The main asset being sold off is the Star Sydney

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Speaker 1: Event Center. There's also other spaces up for grabs. Star

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Speaker 1: will roup about sixty million dollars for the assets. They're

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Speaker 1: being sold to Foundation Theaters. It already has a sublease

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Speaker 1: on the Lyric theater at the venue. It's all part

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Speaker 1: of Star's efforts to avoid collapse. Straight number four. In

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Speaker 1: what is best described as a big call, the boss

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Speaker 1: of Pilber Minerals has called the bottom of the lithium market,

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Speaker 1: saying prices the producer is now receiving are better than

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Speaker 1: early last year and he thinks they'll keep going up now.

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Speaker 1: The nickel sector has been hardest hit in recent years,

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Speaker 1: but lithium isn't far behind. Basically, there's been an oversupply

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Speaker 1: of the metal now. Of course it's used in batteries.

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Speaker 1: That's pushed down prices. At the same time, there's been

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Speaker 1: less demand for electric vehicles sales of slade that's pushed

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Speaker 1: down demand for lithium. Big producers have mothboard plants as

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Speaker 1: a result. Now Pilber Australia is the country's biggest pure

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Speaker 1: lithium play. It's CEO Dale Henderson said the December quarter

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Speaker 1: was potentially an inflection point on lithium prices. PILB posted

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Speaker 1: a jump in quarterly revenue. Henderson said, the electric vehicle

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Speaker 1: freight train is off and running and it ain't going

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Speaker 1: to stop. Very confident about the future, let's hope so

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Speaker 1: and story number five. Wall Street was somewhat calmer overnight,

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Speaker 1: with a market rebounding from the emergence of Chinese AI

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Speaker 1: player Deep Seek. In Vidio and Oracle, which lost hundreds

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Speaker 1: of billions of dollars worth of value on Tuesday night, rebounded.

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Speaker 1: Deep Seak is a competitor to chat gpt, but it

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Speaker 1: was developed at a far lower cost. The emergence of

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Speaker 1: a cheap competitor to the US tech companies is what

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Speaker 1: triggered the turmoil in markets earlier in the week. Latest

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Speaker 1: on that story is at Microsoft and open Ai, who

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Speaker 1: are the owners of chat gpt, are now investigating where

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Speaker 1: the data output from the group was obtained in an

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Speaker 1: unauthorized manner by a group linked to deep Seek. Who knows.

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Speaker 1: In the end, Wall Street closed Hire that's it. If

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Speaker 1: the Outernoon Report for Wednesday, the twenty ninth of January

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Speaker 1: twenty twenty five, make sure you hit follow on the podcast.

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Speaker 1: We will be back tomorrow morning with a Thursday edition

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Speaker 1: of the Fast five Business Years by Fear and Greed.

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