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Speaker 1: Welcome to the Fear and Greed business. Yearesday Afternoon Report

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Speaker 1: for Tuesday, the eighth of October twenty twenty four. I'm sure, Alma,

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Speaker 1: every afternoon they've got the five stories that happened today

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Speaker 1: that you need to know about. Stray number one. The

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Speaker 1: s and PASEX two hundred finished down a zero point

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Speaker 1: three five percent today to eighty one hundred and seventy

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Speaker 1: seven points. The mining stocks led the way lower on

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Speaker 1: a falling iron ore price. For SQUW Metals Group was

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Speaker 1: the worst performer of the ASEX two hundred, dropping more

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Speaker 1: than five percent. BHP was down two point four percent,

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Speaker 1: and Woodside was off one point three percent. Other poor

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Speaker 1: performers included QB and Tolstrom. CSL was among the best performers,

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Speaker 1: jumping one point three percent, while all the big banks

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Speaker 1: were higher. Lithium stocks continued to rally in the back

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Speaker 1: of Rio Tinto's proposed bid four Arcadium, which will be

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Speaker 1: anything up to nine billion dollars. West African Resources jumped

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Speaker 1: to seven percent, recouping some of yesterday's eighteen percent slump

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Speaker 1: mid concerns about the future of its mining permits in

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Speaker 1: Bekina Fasso. The company today said it had received confirmation

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Speaker 1: from the country's Ministry of Mines and Quarries that none

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Speaker 1: of its mining permits were under review. It was the

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Speaker 1: best performer of the top two hundred today, straight number two.

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Speaker 1: There were high expectations of more announcements from Beijing to

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Speaker 1: help stimulate the world's second largest economy, though they weren't

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Speaker 1: forthcoming today. That triggered a sell off nine ore prices,

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Speaker 1: pulling down local mining stocks. As I just mentioned, the

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Speaker 1: World Bank came out and said it expects China's growth

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Speaker 1: to deteriorate next year despite its recent stimulus measures, weighing

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Speaker 1: on growth prospects for neighboring countries such as Australia. The

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Speaker 1: World Bank has forecast growth in China this year of

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Speaker 1: four point eight percent and four point three percent next year.

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Speaker 1: And before we leave that country, its share market surged

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Speaker 1: today following a week long public holiday. Markets reopen today.

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Speaker 1: They are up, then they came back a bit. Oil prices,

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Speaker 1: having run for five days straight, have come off a bit,

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Speaker 1: friends back below eighty US dollars a barrel, and gold

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Speaker 1: has fallen as trader's paired expectations of interest rate cuts

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Speaker 1: in the US story in number three, A somewhat rild

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Speaker 1: prime minister was forced to apologize in Parliament today after

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Speaker 1: he accused Shadow Treasurer Angus Taylor of having Turet's syndrome.

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Speaker 1: Anthony Alberanezi was asked if he would rule out any

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Speaker 1: changes to the tax treatment of the owner occupied family

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Speaker 1: home into negative gearing by mister Taylor in question time.

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Speaker 1: There was plenty of interjections from the outset and ultimately

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Speaker 1: the Prime Minister blamed the opposition for blocking Labour's housing policy.

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Speaker 1: He went on to say, and I quote this nonsense

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Speaker 1: that they carry on with. Have you got Turet's or something?

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Speaker 1: You know, you just sit there, babel, babel, babbel. Mister

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Speaker 1: Albernezi then withdrew his comment four times and apologized Earlier

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Speaker 1: Treasurer Jim Chalmers and labeled would not knock off the

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Speaker 1: current tax breaks in any new housing policy. An interested

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Speaker 1: observer today was former British Prime Minister Liz Trust, who

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Speaker 1: attended question time as a guest of Opposition leader Peter

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Speaker 1: dustch straight Um. Before all options remain on the table

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Speaker 1: for the Reserve Bank in terms of interest rate deliberations.

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Speaker 1: According to Board minutes released today, and that means another

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Speaker 1: interestrate hike is still a live option. The Reserve Bank

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Speaker 1: Board minutes for as September meeting said that there is

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Speaker 1: still considerable uncertainty of the economy's outlook, and future financial

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Speaker 1: conditions might need to be either tighter or looser than

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Speaker 1: at present to achieve the Board's objectives. If household consumption

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Speaker 1: picks up strongly due to the Stage three tax cuts

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Speaker 1: or the strong jobs market, the economy supply constraints might

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Speaker 1: be greater than anticipated, and rates may need to remain

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Speaker 1: higher for longer or i quote tightened further. The minutes

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Speaker 1: also say that Montrey policy might have to be loosened

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Speaker 1: if the economy proved to be weaker than expected, causing

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Speaker 1: a sharp reduction in inflation. Meanwhile, Deputy Governor Andrew Houser

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Speaker 1: was speaking today. He said the Central Bank was determined

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Speaker 1: to bring down inflation and he genuinely doesn't know what

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Speaker 1: the next move in interest rates will be. Story number five.

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Speaker 1: Chinese authorities are demanding that the growing number of SKIS,

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Speaker 1: rule teachers, and other public sector employees hand in their passports.

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Speaker 1: The passport collection drive carried out under what's known as

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Speaker 1: Personal Travel Abroad management allows local government officials to control

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Speaker 1: and monitor who can travel abroad, how often and to wear.

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Speaker 1: According to report in The Financial Times, it comes as

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Speaker 1: President Jijing Ping steps up state involvement in everyday life

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Speaker 1: and clams down on official corruption. China's powerful state security

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Speaker 1: apparatus has also intensified its campaign against foreign espionage. Restrictions

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Speaker 1: on international travel have been greatly expanded from last year

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Speaker 1: to include rank and file employees of schools, universities, local governments,

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Speaker 1: and state owned groups. The passport collection appears to be

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Speaker 1: based on national regulations from two thousand and three that

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Speaker 1: established a system to restrict travel for key personnel such

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Speaker 1: as mid to high level officials, and allowed local authorities

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Speaker 1: to set rules for all state employees international travel. That's

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Speaker 1: it for the Oftenoon Report for Tuesday, the eighth of

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Speaker 1: October twenty twenty four. Don't forget to follow on the

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

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Speaker 1: TikTok and Facebook. Join Michael Thompson and I Tomorrow I'm

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Speaker 1: morning for the Fast five by Fear and Greed Top

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Speaker 1: five business so as you need to know in just

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Speaker 1: five minutes. I'm sure I elma enjoy your reading,