1 00:00:06,519 --> 00:00:08,879 Speaker 1: Welcome to the Fear and Greed Business News. The Afternoon 2 00:00:08,920 --> 00:00:11,840 Speaker 1: Report for Friday, the eighteenth of October twenty twenty four. 3 00:00:11,880 --> 00:00:14,560 Speaker 1: I'm Sean Elmer. Every afternoon look at the five stories. 4 00:00:14,560 --> 00:00:16,200 Speaker 1: It happened to me that you need to know about. 5 00:00:16,239 --> 00:00:18,760 Speaker 1: Story number one, flight Center share price fell more than 6 00:00:18,760 --> 00:00:22,439 Speaker 1: twenty percent today and hit a near twelve month low 7 00:00:22,720 --> 00:00:26,920 Speaker 1: after seemingly outlining a profit downgrade. The company noted airfare 8 00:00:26,960 --> 00:00:31,360 Speaker 1: price deflation is impacting short term total transaction values. I 9 00:00:31,400 --> 00:00:33,760 Speaker 1: think that is a downgrade. It was easily the most 10 00:00:33,800 --> 00:00:36,360 Speaker 1: notable mover on the AX today and it took other 11 00:00:36,400 --> 00:00:39,760 Speaker 1: trouble companies with it, including Corporate Trouble Management and Web 12 00:00:39,800 --> 00:00:42,080 Speaker 1: Travel Group. Among the large caps, it was the iron 13 00:00:42,159 --> 00:00:44,880 Speaker 1: Or minors BHP and Fortescue that led the way down. 14 00:00:45,000 --> 00:00:46,960 Speaker 1: That was on the back of larion Are prices. By 15 00:00:46,960 --> 00:00:47,960 Speaker 1: the end of the day of the S and p 16 00:00:48,159 --> 00:00:51,559 Speaker 1: ASX two hundred finished down nearly one percent to two 17 00:00:51,680 --> 00:00:53,880 Speaker 1: hundred and eighty three points. For the week, it closed 18 00:00:53,920 --> 00:00:57,400 Speaker 1: up zero point eight percent, having hit a new record high. 19 00:00:57,680 --> 00:01:01,080 Speaker 1: Story number two. Federal Treasurer Jim Charm came out fighting 20 00:01:01,160 --> 00:01:05,120 Speaker 1: against claims from the opposition's employment spokesperson Michaulia Cash that 21 00:01:05,240 --> 00:01:07,560 Speaker 1: the only reason the labor market is doing so well 22 00:01:07,680 --> 00:01:11,840 Speaker 1: is public sector jobs. Seventy percent of newly created jobs 23 00:01:11,920 --> 00:01:15,319 Speaker 1: are in government funded industries such as health and aged care. 24 00:01:15,680 --> 00:01:18,399 Speaker 1: This week, the ABS said sixty one thousand jobs were 25 00:01:18,440 --> 00:01:21,080 Speaker 1: created last month, and doctor Chalmers said it was the 26 00:01:21,200 --> 00:01:25,200 Speaker 1: first time ever in one parliamentary term more than one 27 00:01:25,240 --> 00:01:28,680 Speaker 1: million new jobs had been created. Today, he rejected the 28 00:01:28,760 --> 00:01:31,440 Speaker 1: nation that it's only a real job if it's not 29 00:01:31,520 --> 00:01:33,720 Speaker 1: in the care economy. He said he wants to see 30 00:01:33,760 --> 00:01:37,000 Speaker 1: more jobs created in the private sector, but care economy 31 00:01:37,080 --> 00:01:40,480 Speaker 1: jobs are real jobs. Story number three. Regal Funds Management 32 00:01:40,840 --> 00:01:43,039 Speaker 1: is one of the favored wealth managers around the place 33 00:01:43,040 --> 00:01:46,520 Speaker 1: at the moment, but not in Korea. That country's financial 34 00:01:46,560 --> 00:01:49,880 Speaker 1: regulator has indicted Regal and one of its former employees 35 00:01:49,920 --> 00:01:53,360 Speaker 1: over breaches of the nation's short selling laws. The Funds 36 00:01:53,440 --> 00:01:56,480 Speaker 1: Management firm denies the allegations, which relate to training on 37 00:01:56,520 --> 00:01:59,360 Speaker 1: a single day back in twenty nineteen, though the new 38 00:01:59,480 --> 00:02:02,200 Speaker 1: sent its she price down three percent today. The charges 39 00:02:02,200 --> 00:02:04,680 Speaker 1: are part of a wide review of short selling practices 40 00:02:04,760 --> 00:02:08,920 Speaker 1: undertaken by the Korean Financial Services Commission. Authorities imposed temporary 41 00:02:08,960 --> 00:02:12,200 Speaker 1: ban on short selling activity last November. It was recently 42 00:02:12,200 --> 00:02:15,919 Speaker 1: extended until March next year. Story number four, Israel overnight 43 00:02:16,040 --> 00:02:20,600 Speaker 1: killed Hamas lead A Yaya Sinwar, the architect of last 44 00:02:20,720 --> 00:02:23,679 Speaker 1: year's October seven attack which triggered the deadliest war in 45 00:02:23,720 --> 00:02:27,480 Speaker 1: the history of the Israeli Palestinian conflict. Troops appear to 46 00:02:27,480 --> 00:02:30,720 Speaker 1: have run across him by accident and only later discovered 47 00:02:30,720 --> 00:02:34,520 Speaker 1: that a body in the rubble was Israel's most wanted man. 48 00:02:34,720 --> 00:02:37,800 Speaker 1: It's a severe blow to the Palestinian militant group and 49 00:02:37,880 --> 00:02:41,720 Speaker 1: a symbolic victory to Israeli Prime Minister Benjamin Netanyahu. Mister 50 00:02:41,800 --> 00:02:45,160 Speaker 1: Netanyahu said mister Sinmar's death was a victory of good 51 00:02:45,320 --> 00:02:48,360 Speaker 1: over evil, but he added that the war hadn't ended, 52 00:02:48,600 --> 00:02:52,120 Speaker 1: and said Israel must keep up long term control over 53 00:02:52,160 --> 00:02:56,679 Speaker 1: the territory to ensure Hamas doesn't return. US President Joe 54 00:02:56,680 --> 00:02:59,000 Speaker 1: Biden said the death was a good day for the world, 55 00:02:59,040 --> 00:03:01,760 Speaker 1: calling into an opportunity to free the hostages and end 56 00:03:01,960 --> 00:03:05,560 Speaker 1: the year long war. In Gaza, Prime Minister Anthony Albernizi 57 00:03:05,600 --> 00:03:09,240 Speaker 1: also welcomed mister Sinmar's death and again called pre cease fire. 58 00:03:09,600 --> 00:03:12,680 Speaker 1: In story number five, Gold hit a record high overnight 59 00:03:12,960 --> 00:03:16,320 Speaker 1: as investors looked for safe haven assets. It pushed through 60 00:03:16,400 --> 00:03:19,040 Speaker 1: twenty seven hundred US dollars announced for the first time. 61 00:03:19,320 --> 00:03:21,320 Speaker 1: Top of mind for many is the state of the 62 00:03:21,400 --> 00:03:24,120 Speaker 1: US economy now. The good news is that retail sales 63 00:03:24,160 --> 00:03:26,560 Speaker 1: in the US jump by more than expected during September, 64 00:03:26,800 --> 00:03:29,680 Speaker 1: but plenty of market watchers still fear that the Fed 65 00:03:29,720 --> 00:03:33,480 Speaker 1: will need to quickly cut rates to stave off a recession. Meanwhile, 66 00:03:33,520 --> 00:03:36,160 Speaker 1: I in all prices tumbled on lingering doubts about how 67 00:03:36,240 --> 00:03:40,080 Speaker 1: much Chinese officials will stimulate the world's second largest economy. 68 00:03:40,400 --> 00:03:44,080 Speaker 1: That came as the Chinese growth figures were released. It 69 00:03:44,160 --> 00:03:46,640 Speaker 1: showed that the world's second largest economy expanded by four 70 00:03:46,680 --> 00:03:49,360 Speaker 1: point six percent over the past year, slightly better than 71 00:03:49,400 --> 00:03:53,280 Speaker 1: forecasts expected, but it's still below Beijing's five percent goal. 72 00:03:53,640 --> 00:03:56,080 Speaker 1: That's it for the afternoon report for Friday, the eighteenth 73 00:03:56,120 --> 00:03:59,160 Speaker 1: of October twenty twenty four. Michael Thompson, Adam Lang and 74 00:03:59,240 --> 00:04:01,800 Speaker 1: I will back tomorrow morning with a weekend edition of 75 00:04:01,800 --> 00:04:04,560 Speaker 1: Fear and Great Business News. I'm Suan i Elma enjoy 76 00:04:04,600 --> 00:04:05,040 Speaker 1: your evening.