1
00:00:04,120 --> 00:00:06,960
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:07,040 --> 00:00:10,000
Speaker 1: for Friday, the seventeenth of October twenty twenty five. I'm

3
00:00:10,039 --> 00:00:12,640
Speaker 1: Michael Thompson, and every afternoon we've got the five stories

4
00:00:12,680 --> 00:00:14,880
Speaker 1: that happened today that you need to know about. Let's

5
00:00:14,920 --> 00:00:18,279
Speaker 1: get cracking with story number one. At local markets. The

6
00:00:18,320 --> 00:00:21,200
Speaker 1: SMPA SX two hundred fell zero point eight percent today

7
00:00:21,480 --> 00:00:25,000
Speaker 1: to nine hundred and ninety five points, with eight of

8
00:00:25,040 --> 00:00:28,200
Speaker 1: the eleven sectors losing ground over although the ball is

9
00:00:28,240 --> 00:00:31,080
Speaker 1: still posted a gain of zero point four percent for

10
00:00:31,120 --> 00:00:33,479
Speaker 1: the week, so we'll call that a win. Energy and

11
00:00:33,560 --> 00:00:36,840
Speaker 1: tech stocks led the ASEX lower today, tracking app Life

12
00:00:36,840 --> 00:00:40,560
Speaker 1: three sixty was down eight percent. Drone Shield continued its

13
00:00:40,640 --> 00:00:44,160
Speaker 1: recent slump down eight percent as well. On the energy side,

14
00:00:44,240 --> 00:00:47,000
Speaker 1: Woodside and Santos were more than two percent lower. But

15
00:00:47,479 --> 00:00:51,080
Speaker 1: once again the story of the day was the price

16
00:00:51,080 --> 00:00:55,160
Speaker 1: of gold. Another day, yet another record. This is out

17
00:00:55,200 --> 00:00:58,440
Speaker 1: of control. The price of the precious metal hit four thousand,

18
00:00:58,840 --> 00:01:03,640
Speaker 1: three hundred and seventy eight US dollars per ounce today. Unsurprisingly,

19
00:01:03,680 --> 00:01:06,360
Speaker 1: the local gold miners did well out of that, Neumont

20
00:01:06,480 --> 00:01:09,959
Speaker 1: up almost three percent, Northern Star up two point three percent.

21
00:01:10,400 --> 00:01:13,120
Speaker 1: Again it's being driven higher by the trade tensions between

22
00:01:13,240 --> 00:01:18,319
Speaker 1: US and China, but also concerns about broader systemic stress

23
00:01:18,440 --> 00:01:21,280
Speaker 1: in credit markets, hence the rush to the safe haven

24
00:01:21,319 --> 00:01:25,760
Speaker 1: of gold. While we're talking commodities, at copper, lithium, rare

25
00:01:25,800 --> 00:01:28,080
Speaker 1: earth miners, they all had an ordinary day to day,

26
00:01:28,120 --> 00:01:31,320
Speaker 1: with Linus rare earths down five point seven percent, Paladin

27
00:01:31,560 --> 00:01:36,000
Speaker 1: energy off almost seven percent. That's all ahead of the

28
00:01:36,120 --> 00:01:40,319
Speaker 1: Prime minister meeting US President Donald Trump on Monday, where

29
00:01:40,319 --> 00:01:43,600
Speaker 1: they will be discussing critical minerals, and just quickly, the

30
00:01:43,640 --> 00:01:46,840
Speaker 1: big four banks close the day lower as well. On

31
00:01:46,920 --> 00:01:49,880
Speaker 1: to story number two now and bond traders are ramping

32
00:01:49,960 --> 00:01:52,880
Speaker 1: up bets that the Reserve Bank will cut interest rates

33
00:01:52,960 --> 00:01:57,200
Speaker 1: in November after yesterday's surprise jump in unemployment. We did

34
00:01:57,240 --> 00:02:00,680
Speaker 1: talk about this yesterday, but markets are now up pricing

35
00:02:00,680 --> 00:02:03,320
Speaker 1: in an eighty percent chance of a rate cut on

36
00:02:03,400 --> 00:02:06,120
Speaker 1: Melbourne Cup Day. Keep in mind that just days ago

37
00:02:06,240 --> 00:02:10,040
Speaker 1: it was forty percent. Yesterday it was seventy percent. Today

38
00:02:10,240 --> 00:02:14,400
Speaker 1: it's eighty percent, So these expectations are growing by the day. Realistically, though,

39
00:02:14,440 --> 00:02:17,560
Speaker 1: the deciding factor is likely to be the September quarter

40
00:02:17,639 --> 00:02:20,320
Speaker 1: inflation figures which come out in what about a week

41
00:02:20,360 --> 00:02:23,400
Speaker 1: and a half. A December move is fully priced in,

42
00:02:23,560 --> 00:02:27,120
Speaker 1: with another cut though expected then by May. Story Number

43
00:02:27,160 --> 00:02:30,840
Speaker 1: three one from Politics, former Treasurer Wayne Swan will step

44
00:02:30,919 --> 00:02:34,760
Speaker 1: down as Labour's national president next year, triggering what is

45
00:02:34,800 --> 00:02:38,800
Speaker 1: expected to be a factional battle over the party's organizational leadership.

46
00:02:39,320 --> 00:02:42,480
Speaker 1: Wayne Swan beat left heavyweight Mark Butler for the job

47
00:02:42,560 --> 00:02:45,000
Speaker 1: seven years ago, but says it is now time for

48
00:02:45,040 --> 00:02:48,480
Speaker 1: a younger leader to build membership and win quote the

49
00:02:48,520 --> 00:02:52,120
Speaker 1: battle of ideas. He helps the party rebuild after its

50
00:02:52,160 --> 00:02:55,560
Speaker 1: twenty nineteen election loss, and said growing support among women,

51
00:02:55,960 --> 00:03:00,320
Speaker 1: young people and migrants must now be a priority. Number

52
00:03:00,360 --> 00:03:03,680
Speaker 1: four President Donald Trump has signaled he may block Ukraine's

53
00:03:03,720 --> 00:03:07,120
Speaker 1: request for long range Tomahawk missiles ahead of a High

54
00:03:07,200 --> 00:03:10,800
Speaker 1: States meeting with Vladimir Zelenski at the White House tonight.

55
00:03:11,040 --> 00:03:14,040
Speaker 1: The Ukrainian president has been pushing for the weapons capable

56
00:03:14,080 --> 00:03:17,040
Speaker 1: of striking targets that are up to sixteen hundred kilometers

57
00:03:17,080 --> 00:03:21,680
Speaker 1: away to hit key Russian infrastructure and strengthen his negotiating position,

58
00:03:22,120 --> 00:03:26,000
Speaker 1: but after a lengthy phone call with Russian President Vladimir Putin,

59
00:03:26,320 --> 00:03:30,240
Speaker 1: Trump appeared to have cooled somewhat on the idea, saying

60
00:03:30,280 --> 00:03:33,280
Speaker 1: the US needed to retain at stockpile. He said, and

61
00:03:33,320 --> 00:03:34,800
Speaker 1: this is a quote. We have a lot of them,

62
00:03:34,880 --> 00:03:37,560
Speaker 1: but we need them. I mean, we can't deplete our country.

63
00:03:38,120 --> 00:03:42,839
Speaker 1: Putin did warn the President that arming Ukraine with tomahawks

64
00:03:42,840 --> 00:03:46,400
Speaker 1: would not change the war's outcome, but would cause substantial

65
00:03:46,480 --> 00:03:49,720
Speaker 1: damage to US Russia relations. Trump and Putin have now

66
00:03:49,720 --> 00:03:52,480
Speaker 1: agreed to meet face to face in Budapest to continue

67
00:03:52,480 --> 00:03:56,360
Speaker 1: discussions on hopefully ending the war. And finally, one from

68
00:03:56,440 --> 00:04:00,280
Speaker 1: the world of entertainment. Ace Frehley, the original guitar trus

69
00:04:00,320 --> 00:04:04,360
Speaker 1: for glamrock Icon's Kiss, has died, aged seventy four, after

70
00:04:04,400 --> 00:04:07,680
Speaker 1: a recent fall. Freiley's on age persona was known as

71
00:04:07,720 --> 00:04:12,160
Speaker 1: Space Ace, and he helped define the band's very theatrical

72
00:04:12,240 --> 00:04:15,440
Speaker 1: style and global success in the nineteen seventies, but it

73
00:04:15,480 --> 00:04:18,719
Speaker 1: went well past that. Kiss sold tens of millions of

74
00:04:18,839 --> 00:04:22,320
Speaker 1: albums and licensed their image for a vast array of products,

75
00:04:22,400 --> 00:04:25,880
Speaker 1: are very successful in the world of business, before selling

76
00:04:25,920 --> 00:04:28,960
Speaker 1: their back catalog and brand for more than three hundred

77
00:04:29,240 --> 00:04:33,040
Speaker 1: million US dollars last year. Freiley's death is the first

78
00:04:33,040 --> 00:04:35,920
Speaker 1: among the band's founding members that is it for the

79
00:04:35,960 --> 00:04:39,640
Speaker 1: Afternoon report for Friday, the seventeenth of October twenty twenty five.

80
00:04:39,680 --> 00:04:41,839
Speaker 1: Make sure you hit follow on the podcast and sign

81
00:04:41,920 --> 00:04:45,200
Speaker 1: up for our free daily newsletter at Fearandgreed dot com

82
00:04:45,240 --> 00:04:47,920
Speaker 1: dot au. I'm Michael Thompson. Enjoy your evening,