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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 sixteenth of October twenty twenty four. I'm

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Speaker 1: Sean Almer. Every afternoon, I've got the five stories that

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Speaker 1: happened today that you need to know about. A straight

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Speaker 1: humer one there's in PASX two hundred closed down zero

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Speaker 1: point four percent today to eight two hundred and eighty

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Speaker 1: four points. That's after yesterday's record. High tech stocks led

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Speaker 1: the way. Lower uranium stocks were also poor performers. IDP

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Speaker 1: Education was down another five percent today. It's having a

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Speaker 1: horror run. The gold stocks were among the best. If

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Speaker 1: we look at the large caps, under performers included BHP, Real, Tinto, Weisstech, Woollies, Brambles,

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Speaker 1: and Transurban. The Big Banks and Goodman Group were among

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Speaker 1: the best. In corporate news, glass bottles and cans maker

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Speaker 1: Aurora says softness in volumes in Europe is persisting as customers,

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Speaker 1: including spirits makers, cut back on inventory levels, but there

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Speaker 1: are early signs of recovery in the North American market.

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Speaker 1: Share price fell three and a half percent today, and

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Speaker 1: Challenger reaffirmed that its fiscal twenty twenty five net profit

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Speaker 1: would land around four hundred and sixty million dollars. It's

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Speaker 1: assets under management raise one percent in the first quarter

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Speaker 1: thanks to a massive jump in Japanese sales, though total

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Speaker 1: life sales fell fourteen percent, its share price was down

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Speaker 1: four percent. Story number two Woodside has outlined record quarterly

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Speaker 1: production for the last three months, triggering a zero point

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Speaker 1: six percent jump in the oil and Gas Giants share price.

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Speaker 1: There hasn't been much good years for Woodside in recent months.

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Speaker 1: It is definitely among the worst performing stocks on the

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Speaker 1: ASX two hundred over the past year, and certainly among

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Speaker 1: the large capes it has underperformed. It has a new

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Speaker 1: oil project in Senegal, and rapid startup since June has

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Speaker 1: helped deliver record quarterly production of fifty three point one

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Speaker 1: million barrels of oil equivalent. Now. The mine's called Sangama.

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Speaker 1: It's been criticized by environmentalists. It cost about seven and

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Speaker 1: a half billion dollars and it's already doing one hundred

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Speaker 1: thousand and barrels of oil the day. Helping production over

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Speaker 1: raw was output from Pluto and the Northwest Shelf ellen

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Speaker 1: G Ventures in Western Australia. Woodside also said it will

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Speaker 1: de list from the London Sock Exchange next month due

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Speaker 1: to low training volumes. Hopefully that'll save its itself on

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Speaker 1: some administration costs. Straight Number three. One bank that hasn't

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Speaker 1: had a great time of it lately is Bank of Queensland.

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Speaker 1: While the big four have been going on there merry way,

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Speaker 1: the regional lender has struggled to compete in mortgages, has

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Speaker 1: had to cut staff and abandon the group's franchise model.

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Speaker 1: But there was some good news today. While AT announced

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Speaker 1: a twenty four percent drop in cash profit, the result

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Speaker 1: was better than expected. It also lowered its final divalene.

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Speaker 1: The good news really was net interest margins. They were

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Speaker 1: higher for the half year to end of August. That's

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Speaker 1: kind of like the profit margin for the banks that

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Speaker 1: triggered a seven percent jump in Bank of Queensland's share price.

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Speaker 1: CEO Patrick Alloway said he's optimistic on the outlook and strategy.

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Speaker 1: That strategy involves dismantling the franchise model, cutting two hundred

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Speaker 1: and fifty million dollar and costs, and reducing job numbers

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Speaker 1: by about four hundred. The hardest thing for small Landers

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Speaker 1: at the moment is to compete in the profitable mortgage

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Speaker 1: market against the Big Four. That's something that Bank of

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Speaker 1: Queensland is showing away from at the moment. Story Number four.

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Speaker 1: The world's total public debt is set to exceed one

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Speaker 1: hundred trillion US dollars. It's one hundred and fifty trillion

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Speaker 1: OZZY this year for the first time, according to the

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Speaker 1: International Monetary Fund, and it may grow more quickly than

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Speaker 1: forecast as political sentiment favors higher spending and slow economic

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Speaker 1: growth amplifies borrowing needs and costs. According to report on Reuters,

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Speaker 1: the IMF's latest Fiscal Monitor report shows public debt, which

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Speaker 1: is government debt, will reach ninety three percent of global

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Speaker 1: gross domestic product by the end of twenty twenty four

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Speaker 1: and approach one hundred percent by twenty thirty. That would

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Speaker 1: exceed its ninety nine percent peak during COVID nineteen. Part

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Speaker 1: of the reason why the IMF expects future debt levels

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Speaker 1: to be higher is the desire to spend more in

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Speaker 1: the US and finally, a straying Number five on Wall Street,

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Speaker 1: Goldman Sucks reported a big jump in third quarter earnings

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Speaker 1: this morning to three billion dollars, much higher than anticipated.

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Speaker 1: In Europe, one of the world's big chip makers, Dutch

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Speaker 1: based ASML shed sixteen percent in value after saying it

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Speaker 1: booked only about half the orders analysts expected in the

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Speaker 1: third quarter. It also lowered its guidance. That didn't help

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Speaker 1: the other chip makers, including Nvidia. That one ended down

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Speaker 1: four and a half percent. Oil prices continue to slide,

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Speaker 1: and the fallout has hit other commodities. Liftium and iron.

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Speaker 1: All prices fell, taking stocks with them. Copper fell to

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Speaker 1: its lowest level since late September, while nickel and zinc

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Speaker 1: were both lower. Goldsy outperformer. It's hovering near record highs

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Speaker 1: risk assets generally being sold down. That hasn't helped the

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Speaker 1: Aussie dollar. It's buying just under sixty seven US cents,

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Speaker 1: whereas two weeks ago it was heading towards seventy US cents.

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Speaker 1: That's it The Afternoon Report for Wednesday, the sixteenth of

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

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

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Speaker 1: TikTok and Facebook. Join Michael Thompson and I Tomorrow Morning

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Speaker 1: for the Fast Five by Fear and Greed, the 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 Elmer, enjoy your even