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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 first of November twenty twenty four. Michael Thompson.

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Speaker 1: Every afternoon, we've got the five stories that happened today

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Speaker 1: that you need to know about. So let's jump into

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Speaker 1: story number one. The S and p ASX two hundred

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Speaker 1: finished down zero point five percent today to eighty one

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Speaker 1: hundred and nineteen points, having fallen during the day to

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Speaker 1: its lowest point in seven weeks. For the month of October,

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Speaker 1: the market is down more than one percent. The financials

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Speaker 1: led the market lower, with Macquarie falling sharply after announcing

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Speaker 1: half year results. A bit more on that one shortly

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Speaker 1: National Australia Bank led the big banks lower, while the

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Speaker 1: iron ore miners were mixed. Energy stocks were among the strongest,

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Speaker 1: helped by a surge in the price of oil as

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Speaker 1: tensions in the Middle East flared overnight. In corporate news,

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Speaker 1: building materials company Fletcher Building rose despite news that the

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Speaker 1: New Zealand Commerce Commission was suing its Winston Wall bill

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Speaker 1: Boards unit for allegedly using rebates to secure supply deals.

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Speaker 1: Packaging Giant Amcorps fell after it reaffirmed its fiscal twenty

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Speaker 1: twenty five outlook and delivered a slightly higher quarterly dividend

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Speaker 1: from a year ago. Insurance Group Tower tumbled. It's not

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Speaker 1: necessarily a good combination of words, is it, But it

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Speaker 1: fell on news that chief executive officer Blair Turnbull was

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Speaker 1: stepping down, and fund manager Pangana Capital dropped sharply after

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Speaker 1: seeking approval to raise its annual buyback limit. On to

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Speaker 1: story number two. Now and Macquarie Group, which I mentioned before,

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Speaker 1: has reported a fourteen percent jump in net profit to

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Speaker 1: one point six billion dollars for the six months to

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Speaker 1: the end of September. However, the figure was down twenty

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Speaker 1: three percent compared to the March twenty four half and

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Speaker 1: was below expectations. Macquarie's share price fell three point six

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Speaker 1: percent in response. A highlight was higher management fees across

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Speaker 1: the business. Mcquarie extended its two billion dollar on market

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Speaker 1: share buyback for a further twelve months. As at October

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Speaker 1: thirty one, yesterday, the company had purchased about one billion

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Speaker 1: dollars worth under the program. Chief executive Shamara Wickromaniaca did

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Speaker 1: not provide detailed earnings guidance, and said the investment bank

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Speaker 1: continues to maintain a cautious stance with a conservative approach

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Speaker 1: to capital On Destroy number three. Now and more than

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Speaker 1: twelve hundred of Australia's biggest companies paid no corporate income

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Speaker 1: tax in the twenty twenty three financial year. According to

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Speaker 1: the Tax Office. The latest annual Tax Transparency report shows

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Speaker 1: that big corporations paid more than one hundred billion dollars

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Speaker 1: in tax, up seventeen percent from the previous year. The

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Speaker 1: oil and gas sector paid a combined eleven point six

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Speaker 1: billion dollars. Strong commodity prices, project production cycles and four

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Speaker 1: point three billion dollars realized through ATO audits, anti avoidance

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Speaker 1: programs and compliance checks in that sector drove the result,

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Speaker 1: according to the Financial Review, at nearly fifty five billion

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Speaker 1: doll as. Miners paid more tax than all other sectors

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Speaker 1: combined in the year, and paid five times more than

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Speaker 1: they did eight years earlier. Story number four. The endorsements

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Speaker 1: for Kamala Harris keep growing, with twenty three Nobel laureates

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Speaker 1: releasing a letter overnight endorsing the Democratic nominee for Tuesday's election.

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Speaker 1: So too did the biggest basketball star of all, Lebron James,

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Speaker 1: basketballer twenty three Nobel laureates. I don't know if they're

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Speaker 1: quite balanced out, but it still doesn't mean that she

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Speaker 1: will win. With Donald Trump ahead in the betting markets.

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Speaker 1: For his part, this is quite extraordinary. At Donald Trump

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Speaker 1: has sued Free to Wear Broadcast to CBS over an

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Speaker 1: interview of Miss Harris aired on a sixty minutes program.

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Speaker 1: The lawsuit alleges the interview was misleading. It alleges that

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Speaker 1: there were two different responses from Harris responding to a

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Speaker 1: question about the war between Israel and Hermas in Gaza.

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Speaker 1: Mister Trump is upset about the one aired on sixty minutes. Now,

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Speaker 1: the extraordinary part of this is that the suit is

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Speaker 1: is demanding ten billion US dollars in damages. It is

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Speaker 1: a very very strange election campaign. Finally, story number five,

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Speaker 1: It has been a big week for tech stock earnings.

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Speaker 1: Apple beat Wall Street sales and profit expectations, helped by

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Speaker 1: strong sales of the iPhone sixteen. Sales for the quarter

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Speaker 1: were ninety four billion US dollars. That is one hundred

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Speaker 1: and forty four billion Ossie dollars. That is staggering. Amazon

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Speaker 1: rallied four percent after it projected better than expected profit

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Speaker 1: and revenue as its cloud business AWS gains momentum. The

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Speaker 1: company is putting more money into data center construction to

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Speaker 1: support the AI boom. Chip maker Intel reported revenue above estimates,

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Speaker 1: sending its share price higher. Another tech stock to do

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Speaker 1: well was Ossie, based at Lassion. It posted stronger than

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Speaker 1: expected cloud revenue, sending its share price up seventeen percent.

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Speaker 1: Weaker than expected results though from Microsoft and Meta earlier

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Speaker 1: in the week, triggered sl in their share price overnight.

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Speaker 1: And that's it for the afternoon report for Friday, the

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Speaker 1: first of November twenty twenty four. Don't forget to hit

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Speaker 1: follow on the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Join us tomorrow morning for the

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Speaker 1: weekend edition of the Fast five Business News by Fear

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Speaker 1: and Greed. I'm Michael Thompson. Enjoy your evening.