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

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Speaker 1: for Friday, the seventeenth of October twenty twenty five. I'm

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Speaker 1: Michael Thompson, and every afternoon we've got the five stories

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

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Speaker 1: get cracking with story number one.

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Speaker 2: At local markets. The SMPA SX two hundred fell zero

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Speaker 2: point eight percent today to nine hundred and ninety five points,

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Speaker 2: with eight of the eleven sectors losing ground over although

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Speaker 2: the ball is still posted a gain of zero point

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Speaker 2: four percent for the week, so we'll call that a win.

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Speaker 2: Energy and tech stocks led the ASX lower today, tracking

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Speaker 2: app Life three sixty was down eight percent. Drone Shield

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Speaker 2: continued its recent slump down eight percent as well. On

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Speaker 2: the energy side, Woodside and Santos were more than two

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Speaker 2: percent lower. But once again the story of the day

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Speaker 2: was the price of gold. Another day, yet another record.

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Speaker 2: This is out of control. The price of the precious

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Speaker 2: metal hit four thousand, three hundred and seventy eight year

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Speaker 2: US dollars per ounce today. Unsurprisingly, the local gold miners

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Speaker 2: did well out of that Newmont up almost three percent,

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Speaker 2: Northern Star up two point three percent, again. It's being

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Speaker 2: driven higher by the trade tensions between US and China,

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Speaker 2: but also concerns about broader systemic stress in credit markets,

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Speaker 2: hence the rush to the safe haven of gold. While

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Speaker 2: we're talking commodities, at copper, lithium, rare earth miners, they

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Speaker 2: all had an ordinary day to day, with Linus rare

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Speaker 2: earths down five point seven percent, Paladin energy off almost

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Speaker 2: seven percent. That's all ahead of the Prime minister meeting

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Speaker 2: US President Donald Trump on Monday, where they will be

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Speaker 2: discussing critical minerals, and just quickly, the big four banks

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Speaker 2: close the day lower as well. On to story number

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Speaker 2: two now and bond traders are ramping up bets that

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Speaker 2: the Reserve Bank will cut interest rates in November after

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Speaker 2: yesterday's surprise jump in unemployment. We did talk about this yesterday,

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Speaker 2: but markets are now pricing in an eighty percent chance

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Speaker 2: of a rate cut on Melbourne Cup Day. Keep in

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Speaker 2: mind that just days ago it was forty percent. Yesterday

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Speaker 2: it was seventy percent. Today it's eighty percent, So these

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Speaker 2: expectations are growing by the day. Realistically, though, the deciding

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Speaker 2: factor is likely to be the September quarter inflation figures

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Speaker 2: which come out in what about a week and a half.

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Speaker 2: A December move is fully priced in, with another cut

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Speaker 2: though expected then by May. Story number three one from Politics,

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Speaker 2: Former Treasurer Wayne Swan will step down as Labour's national

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Speaker 2: president next year, triggering what is expected to be a

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Speaker 2: factional battle over the party's organizational leadership. Wayne Swan beat

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Speaker 2: left heavyweight Mark Butler for the job seven years ago,

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Speaker 2: but says it is now time for a younger leader

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Speaker 2: to build membership and win quote the battle of ideas.

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Speaker 2: He helps the party rebuild after its twenty nineteen election loss,

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Speaker 2: and said growing support among women, young people and migrants

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Speaker 2: must now be a priority. Story number four. President Donald

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Speaker 2: Trump has signaled he may block Ukraine's request for long

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Speaker 2: range Tomahawk missiles ahead of a High States meeting with

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Speaker 2: Vladimir Zelenski at the White House tonight. The Ukrainian president

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Speaker 2: has been pushing for the weapons capable of striking targets

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Speaker 2: that are up to sixteen hundred kilometers away to hit

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Speaker 2: key Russian infrastructure and strengthen his negotiating position, but after

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Speaker 2: a lengthy phone call with Russian President Vladimir Putin, Trump

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Speaker 2: appeared to have cooled somewhat on the idea, saying the

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Speaker 2: US needed to retain at stockpile. He said, and this

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Speaker 2: is a quote. We have a lot of them, but

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Speaker 2: we need them. I mean, we can't deplete our country.

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Speaker 2: Putin did warn the President that arming Ukraine with tomahawks

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Speaker 2: would not change the war's outcome, but would cause substantial

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Speaker 2: damage to US Russia relations. Trump and Putin have now

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Speaker 2: agreed to meet face to face in Budapest to continue

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Speaker 2: discussions on hopefully ending the war. And finally, one from

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Speaker 2: the world of entertainment. Ace Frehley, the original guitarist for

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Speaker 2: glam rock icons Kiss, has died aged seventy four, after

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Speaker 2: a recent fall. Frailey's on age persona was known as

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Speaker 2: Space Ace, and he helped define the band's very theatrical

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Speaker 2: style and global success in the nineteen seventies, but it

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Speaker 2: went well past that. Kiss sold tens of millions of

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Speaker 2: albums and licensed their image for a vast array of products,

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Speaker 2: are very successful in the world of business, before selling

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Speaker 2: their back catalog and brand for more than three hundred

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Speaker 2: million US dollars last year. Freiley's death is the first

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Speaker 2: among the band's founding members that is it for the

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Speaker 2: Afternoon Report for Friday, the seventeenth of October twenty twenty five.

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Speaker 2: Make sure you hit follow on the podcast and sign

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Speaker 2: up for our free daily newsletter at Fearangreed dot com

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Speaker 2: dot au am Michael Thompson to enjoy your evening