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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 thirtieth of January twenty twenty five. I'm

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

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Speaker 1: happened today that you need to know about. Story on

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Speaker 1: the more one. This Joe share market hit a record

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Speaker 1: high this afternoon, with investors buoyed by hopes of interest

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Speaker 1: rate cuts next month. Just after lunch, the SMPASEX two

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Speaker 1: hundred hit eighty five hundred and fifteen point one points

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Speaker 1: before closing up half a percent, just under that eighty

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Speaker 1: five hundred point mark that surpassed the highs of early

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Speaker 1: December last year. Energy and interest rate sensitive stocks did

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Speaker 1: best today, though so too did consumer staples and financials.

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Speaker 1: In fact, all eleven of the ASEX subindices were higher today.

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Speaker 1: What's going on, Well, there's a general boosting sentiment from

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Speaker 1: the prospect of a rate cut in the middle of

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Speaker 1: next month. Following the benign inflation figures out yesterday. All

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Speaker 1: four major banks Commonwealth Bank, National Australia Bank, west Pac

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Speaker 1: and ain Z ED are now predicting a rate cut

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Speaker 1: when the Reserve Bank Board meets on sixteenth and seventeenth

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Speaker 1: of February. Also, this is also general boost from Donald Trump.

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Speaker 1: At the moment, it one seems to be facing on

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Speaker 1: the good stuff that could happen in the US, things

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Speaker 1: like lower corporate tax rate, not so much the bad stuff.

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Speaker 1: Storing number two ahead of earnings season, which kicks off

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Speaker 1: in a couple of weeks. There's plenty of companies announcements

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Speaker 1: at the moment. Some of the highlights. Zip Code's share

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Speaker 1: price tumbled as much as twenty five percent after buying

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Speaker 1: our pay Later. Company's second quarter results disappointed. Perpetual the

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Speaker 1: fund manager reported a rise in total assets under management

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Speaker 1: to two hundred and thirty billion dollars, though that was

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Speaker 1: thanks to positive currency movements, it was actually a three

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Speaker 1: point eight billion dollar net outflow. Debt. Collect To Credit

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Speaker 1: Corp announced a disappointing collections figure, its share price tumbled

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Speaker 1: twelve percent, and lookin Group Igo posted a seventy nine

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Speaker 1: million dollars loss for December quarter, his share price for

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Speaker 1: more than two percent. Stratum of three. Big news out

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Speaker 1: of the US is that the Federal Reserve has kept

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Speaker 1: interest rates on hold held its January meeting. Overnight chair

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Speaker 1: Jerome Powell said he'd like to see further progress on

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Speaker 1: inflation before considering an interest rate cut. He said rates

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Speaker 1: might not move for the foreseeable future. He is worried

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Speaker 1: somewhat about the re emergence of inflation. President Donald Trump

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Speaker 1: wasn't impressed. He posted and I quote if the Fed

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Speaker 1: had spent less time on gender ideology, green energy, and

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Speaker 1: fake climate change, inflation would never have been a problem. Also,

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Speaker 1: there was a bunch of tech companies reporting earnings overnight.

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Speaker 1: Tesla said it was on track to roll out new,

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Speaker 1: cheaper electric vehicle models in the first half of this year,

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Speaker 1: as its quarterly profit and revenue fell short of expectations

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Speaker 1: for December quarter that was due to discounts and financing

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Speaker 1: offers Metas Mark Zuckerberg was very upbeat about the group's

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Speaker 1: artificial intelligence strategy after unveiling somewhat disappointing sales forecast, and

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Speaker 1: Microsoft said its cloud computing business will continue to grow

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Speaker 1: slowly in the current quarter as the company struggles to

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Speaker 1: build enough data centers to handle demand for its AI products.

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Speaker 1: Straighthum before The federal government is promising to give Victoria

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Speaker 1: two and a half billion dollars in additional education funding

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Speaker 1: over the next decade. Education Minister Jason Clare calls it

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Speaker 1: a big day for public schools in the state. He

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Speaker 1: says it will turn around the decline in teenagers not

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Speaker 1: finishing school in Victoria. Meanwhile, Assistant Treasurer Stephen Jones will

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Speaker 1: retire from Parliament at the next federal election, setting the

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Speaker 1: stage for a reshuffle of Prime Minister Anthony Albanese's economic teams.

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Speaker 1: That's assuming the alp wins. Of course, Stephen Jones has

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Speaker 1: been in Canberra for fifteen years. Good luck to him

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Speaker 1: and Stratumer five mineral resources debt has grown to five

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Speaker 1: billion dollars as that builds its export hub in Western

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Speaker 1: Australia and battles weak commodity prices and governance concerns. It's

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Speaker 1: spending two point six billion dollars to build an export

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Speaker 1: hub it exports iron ore and lithium or it will

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Speaker 1: export iron or and lithium from that hub. Founder and

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Speaker 1: managing director Chris Ellison has in the last few days

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Speaker 1: it seems, been issued to Section nineteen. That is by

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Speaker 1: the corporate regulator ASSEK. That means he is under formal investigation.

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Speaker 1: That's over alleged offshore tax evation. Schemes that he benefited

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Speaker 1: from that came to light last year. Mister Elson is

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Speaker 1: eleven percent owner of Mineral Resources. He will step down

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Speaker 1: as managing director within the next eighteen months or so.

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Speaker 1: That broke last year. Mind Rez's share price has gone

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Speaker 1: from more than four dollars in May to two dollars

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Speaker 1: thirty six. Ouch debt's higher at the company even after

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Speaker 1: it sold a forty nine percent stake, and it's one

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Speaker 1: hundred and forty seven kilometer private railroad in the pilbra

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Speaker 1: It got one point one billion dollars for that. Yet

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Speaker 1: it's still over five billion dollars now. That's if the

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Speaker 1: Afternoon Report for Thursday, the thirtieth of January twenty twenty five,

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Speaker 1: make sure you hit follow on the podcast. We will

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Speaker 1: be back tomorrow more with the Friday edition of the

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Speaker 1: Fast five Business Years by Fear and Greed. I'm Sean Elmer.

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Speaker 1: Enjoy reading