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

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Speaker 1: for Thursday, the sixteenth of October twenty twenty five. I'm

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Speaker 1: Michael Thompson. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Let's go

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Speaker 1: with story number one. The SMPASX two hundred hit a

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Speaker 1: new intra day record today after a shock jump in

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Speaker 1: the unemployment rate increased the likelihood of an interest rate cut.

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Speaker 1: The BOSS hit a record of one hundred and ten points,

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Speaker 1: or just slightly below that around lunchtime today, before coming

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Speaker 1: back slightly to nine thousand and sixty eight points, representing

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Speaker 1: again though of almost one percent for the day. It

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Speaker 1: was the job Stata that did the unemployment rate, surging

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Speaker 1: to four point five percent, well beyond expectations of four

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Speaker 1: point three percent. Bond markets are now pricing in a

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Speaker 1: seventy percent chance of an interest rate cut when the

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Speaker 1: Reserve Bank Board meets next month, something that seemed pretty

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Speaker 1: unlikely just twenty four hours ago. Commonwealth Bank climbed zero

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Speaker 1: point eight percent, A and Z jumped almost two percent.

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Speaker 1: The real estate stocks, which is sensitive of course to

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Speaker 1: interest rates, had a great day. Goodman Group up nearly

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Speaker 1: five percent, Mervak three and a half percent, Stockland three

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Speaker 1: point four percent. Away from jobs and interest rates, so

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Speaker 1: there were still plenty going on. The gold price continues

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Speaker 1: to benefit the local miners. Some big games today Genesis

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Speaker 1: up eight percent, Evolution Mining three point three percent, and

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Speaker 1: Newmont up three point four percent. And Macquarie Group jumped

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Speaker 1: five point one percent after a deal to sell its

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Speaker 1: US data center business for forty billion US dollars. We'll

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Speaker 1: have more on that story tomorrow. Moving on to story

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Speaker 1: number two and when there is so much going on

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Speaker 1: in markets, got a bit of a wrap of some

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Speaker 1: of the corporate news from today. Maine Farmer surged after

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Speaker 1: the Supreme Court of New South Wales ruled that American

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Speaker 1: pharmaceutical giant Cosette could not terminate its six hundred and

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Speaker 1: seventy two million dollar takeover of the ASEX listed company

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Speaker 1: at Treasury Wine Estates rose A Spike chairman John Mullen

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Speaker 1: saying preliminary data show that sales in China this financial

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Speaker 1: year will fall well below previous expectations, and AMP jumped

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Speaker 1: nearly ten percent after it reported the total assets under

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Speaker 1: management increased in the September quarter to one hundred and

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Speaker 1: fifty nine point five billion dollars. On to story number three,

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Speaker 1: the boss of Origin Energy has called offshore wind production

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Speaker 1: a tough industry and cast out on whether it can

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Speaker 1: significantly help reach longer term climate goals. Frank Calabria also

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Speaker 1: warned that the slow pace of the clean energy rollout

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Speaker 1: could delay the closure of the huge Arahing coal power

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Speaker 1: station in New South Wales. His comments came after German

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Speaker 1: renewables group RWE ditched its multi billion dollar offshore wind

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Speaker 1: project in Victoria's Gippsland region, citing high costs, regulatory uncertainty

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Speaker 1: and a lack of commercial viability. Origin itself has recently

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Speaker 1: put its own eight billion dollar Navigate a North project

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Speaker 1: in the Gippsland on ice. Colabria said offshore wind was

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Speaker 1: an expensive source of energy and its development would involve

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Speaker 1: a quote big commitment from government. Story number four, BHP

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Speaker 1: is downplaying concerns ongoing concerns really about a rift with

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Speaker 1: China or amid reports that Beijing has temporarily blocked steel

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Speaker 1: mills from buying its iron or now we've spoke about

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Speaker 1: this a couple of weeks ago. It's been shrouded in secrecy,

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Speaker 1: with the minor refusing to confirm or deny the reports

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Speaker 1: because essentially it's been suggested that Beijing has done this

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Speaker 1: as a negotiating tactic. But today BHP Australia President Geraldine

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Speaker 1: Slattery told a Perth business event that commercial negotiations with

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Speaker 1: China were routine and part of a long standing relationship.

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Speaker 1: Slattery acknowledged that China's demand for iron ore has likely plateaued,

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Speaker 1: but said growth from india steel industry in Australia's position

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Speaker 1: as the world's lowest cost producer should underpin strong demand.

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Speaker 1: How China's steel sector is by far Australia's biggest iron

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Speaker 1: or customer, accounting for around one hundred billion dollars a

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Speaker 1: year in export revenue. Finally, story number five, US President

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Speaker 1: Donald Trump has confirmed he authorized the CIA to conduct

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Speaker 1: covert operations aimed at toppling Venezuela and President Nicholas Maduro,

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Speaker 1: dramatically escalating pressure on the regime. The US is offering

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Speaker 1: a fifty million dollar reward for information leading to Maduro's

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Speaker 1: arrest on drug trafficking charges. Trump accuses Venezuela of being

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Speaker 1: a major source of fentanyl entering the US despite records

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Speaker 1: showing Mexico as the main origin. He declined to say

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Speaker 1: whether the CIA has authority to assassinate Maduro, but said

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Speaker 1: Venezuela is quote feeling the heat. The move comes as

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Speaker 1: the US deploys more troops of the Southern Caribbean and

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Speaker 1: conducts strikes on vessels it claims are involved in drug trafficking.

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Speaker 1: That's it for the Afternoon Report for Thursday, the sixteenth

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Speaker 1: of October twenty twenty five. Make sure you hit follow

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Speaker 1: on the podcast and we'll be back tomorrow morning with

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Speaker 1: the Friday edition of the Fast five Business News by

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Speaker 1: Fear and Greed am Uchaele Thompson. Enjoy your evening,