1 00:00:03,720 --> 00:00:06,440 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,480 --> 00:00:09,280 Speaker 1: for Tuesday, the eighteenth of February twenty twenty five. I'm 3 00:00:09,320 --> 00:00:12,319 Speaker 1: Sean Aylmer. Every afternoon, we've got the five stories that 4 00:00:12,480 --> 00:00:14,680 Speaker 1: happened today that you need to know about and what 5 00:00:14,840 --> 00:00:17,040 Speaker 1: a big day. While Story number one, the Reserve Bank 6 00:00:17,040 --> 00:00:20,400 Speaker 1: of Australia Board cut the official cash rate by twenty 7 00:00:20,440 --> 00:00:23,600 Speaker 1: five basis points this afternoon, the first time there's been 8 00:00:23,640 --> 00:00:26,360 Speaker 1: a downward shift in more than four years. The reduction 9 00:00:26,480 --> 00:00:28,720 Speaker 1: triggered a tick up in the Aussie dollar, while the 10 00:00:28,760 --> 00:00:31,920 Speaker 1: share market fell and then rebounded quickly and then fell again. 11 00:00:32,120 --> 00:00:35,440 Speaker 1: The Reserve Bank, in its statement said inflation is moderating 12 00:00:35,600 --> 00:00:38,360 Speaker 1: since its peak in twenty twenty two, and higher interest 13 00:00:38,440 --> 00:00:41,480 Speaker 1: rates have been working. In fact, inflationary pressures are easing 14 00:00:41,560 --> 00:00:45,920 Speaker 1: faster than anticipated. Wage pressures have eased but remained a concern. 15 00:00:46,320 --> 00:00:49,920 Speaker 1: Economic growth has slowed, the labor market still remains a risk, 16 00:00:50,040 --> 00:00:53,120 Speaker 1: and the Central Bank said it remains very cautious on 17 00:00:53,200 --> 00:00:56,520 Speaker 1: prospects for more rate cuts. Story number two, The S 18 00:00:56,600 --> 00:00:59,920 Speaker 1: and p ASX two hundred ended the day down of 19 00:01:00,000 --> 00:01:03,760 Speaker 1: about half a percent. Mostly that happened alf the Reserve 20 00:01:03,840 --> 00:01:07,040 Speaker 1: bank announcement. By the close, it was at eight four 21 00:01:07,120 --> 00:01:09,560 Speaker 1: hundred and eighty one points. The worst performers were the 22 00:01:09,680 --> 00:01:14,080 Speaker 1: energy and financials, while healthcare outperformed. Maybe there was just 23 00:01:14,120 --> 00:01:16,800 Speaker 1: a bit of disappointment about the fact that there isn't 24 00:01:16,840 --> 00:01:20,119 Speaker 1: another rate cut on the way. Certainly all the big 25 00:01:20,160 --> 00:01:23,440 Speaker 1: banks were sold off. The big earnings announcement today was BHP. 26 00:01:23,959 --> 00:01:27,200 Speaker 1: The big Australian made an underlying profit of eight billion 27 00:01:27,280 --> 00:01:31,480 Speaker 1: dollars last half year. That was considered somewhat disappointed. Mind you, 28 00:01:31,640 --> 00:01:34,600 Speaker 1: the share price ended up slightly today. Story number three 29 00:01:34,720 --> 00:01:38,520 Speaker 1: Office and industrial property group Dexas said higher interest rates, 30 00:01:38,600 --> 00:01:42,039 Speaker 1: lower training profits, and the continued impact of higher incentives 31 00:01:42,040 --> 00:01:45,400 Speaker 1: on its portfolio had dented earnings. Its share price dropped 32 00:01:45,440 --> 00:01:48,760 Speaker 1: one percent. It took other really state investment trusts with it, 33 00:01:48,840 --> 00:01:53,000 Speaker 1: including Center and Mervak. Real estate stocks broadly didn't have 34 00:01:53,040 --> 00:01:55,320 Speaker 1: a great day. The good news, though, is that Dexas 35 00:01:55,320 --> 00:02:00,120 Speaker 1: boss Ross Duvernet was reasonably upbeat about prospects for city 36 00:02:00,120 --> 00:02:03,160 Speaker 1: office markets as workers get back to their desks. Story 37 00:02:03,280 --> 00:02:06,400 Speaker 1: number four in financial services challenged. Your share price tumbled 38 00:02:06,480 --> 00:02:08,519 Speaker 1: nine percent, worst on the day of the top two hundred, 39 00:02:08,800 --> 00:02:11,079 Speaker 1: even though it posted a twelve percent increase in earnings. 40 00:02:11,120 --> 00:02:13,760 Speaker 1: The result was lower than forecast and the business is 41 00:02:13,880 --> 00:02:17,480 Speaker 1: undertaking a big cost cutting exercise. One of the current 42 00:02:17,560 --> 00:02:20,880 Speaker 1: share market Darling's wealth management platform Group Hub twenty four 43 00:02:21,360 --> 00:02:24,760 Speaker 1: surged five percent after a denounced day fifty percent jump 44 00:02:24,800 --> 00:02:28,040 Speaker 1: in profit ahead of expectations. It's up twenty four percent 45 00:02:28,080 --> 00:02:30,200 Speaker 1: this year one hundred and thirty one percent over the 46 00:02:30,200 --> 00:02:34,080 Speaker 1: past year, and HMC Capital rowse eleven percent after assets 47 00:02:34,120 --> 00:02:36,880 Speaker 1: under management jump forty five percent in the half year 48 00:02:36,880 --> 00:02:39,600 Speaker 1: to the end of December, with a significant profit contribution 49 00:02:40,000 --> 00:02:42,920 Speaker 1: from its private equity division. Finally, story number five at 50 00:02:43,000 --> 00:02:47,320 Speaker 1: Delta Airlines regional jet flipped upside down upon landing at 51 00:02:47,400 --> 00:02:51,200 Speaker 1: Canada's Toronto Pearson Airport this morning. It was amid at 52 00:02:51,240 --> 00:02:54,959 Speaker 1: windy weather following a snowstorm injuring eighteen of the eighty 53 00:02:55,000 --> 00:02:58,560 Speaker 1: people on board. Remarkably, no one died. Three people on 54 00:02:58,600 --> 00:03:02,480 Speaker 1: the flight that originated in Minneapolisant Paul International Airport suffered 55 00:03:02,480 --> 00:03:06,400 Speaker 1: critical injuries, among them a child. Authority said. Delta said 56 00:03:06,520 --> 00:03:10,119 Speaker 1: a CRJ nine hundred aircraft operated by its Endeavor Air 57 00:03:10,120 --> 00:03:13,840 Speaker 1: subsidiary was involved in a single aircraft accident with seventy 58 00:03:13,880 --> 00:03:16,760 Speaker 1: six passengers and four crew members on board, according to Reuter's. 59 00:03:16,919 --> 00:03:20,160 Speaker 1: Canadian authorities said they'll investigate the cause of the crash, 60 00:03:20,440 --> 00:03:24,240 Speaker 1: which isn't yet known. That's it the Afternoon Report for Tuesday, 61 00:03:24,280 --> 00:03:26,880 Speaker 1: the eighteenth of February twenty twenty five. Make sure you 62 00:03:26,960 --> 00:03:28,880 Speaker 1: hit follow on the podcast. We will be back tomorrow 63 00:03:28,919 --> 00:03:31,919 Speaker 1: morning with the Wednesday edition of Fear and Greed business News. 64 00:03:31,919 --> 00:03:33,880 Speaker 1: I'm Johan Elmer. Enjoy your evening.