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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.

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Speaker 2: 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 all 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 Boards

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

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

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

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

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

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Speaker 1: on news that chief executive officer Blair Turnbull was stepping down,

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Speaker 1: and fund manager Pangana Capital dropped sharply after seeking approval

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Speaker 1: to raise its annual buyback limit. On just story number two.

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Speaker 1: Now and Macquarie Group, which I mentioned before, has reported

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Speaker 1: a fourteen percent jump in net profit to one point

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Speaker 1: six billion dollars for the six months to the end

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

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Speaker 1: compared to the March twenty four half and was below expectations.

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Speaker 1: Macquarie's share price fell three point six percent in response.

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Speaker 1: A highlight was higher management fees across the business. Mcquarie

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Speaker 1: extended its two billion dollar on market share buyback for

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Speaker 1: a further twelve months. As at October thirty one, yesterday,

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Speaker 1: the company had purchased about one billion dollars worth under

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Speaker 1: the program. Chief executive Shamara Wickromaniaca did not provide detailed

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Speaker 1: earnings guidance and said the investment bank continues to maintain

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Speaker 1: a cautious stance with a conservative approach to capital on

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Speaker 1: Destroy number three. Now and more than twelve hundred of

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Speaker 1: Australia's biggest companies paid no corporate income tax in the

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Speaker 1: twenty twenty three financial year. According to the Tax Office.

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Speaker 1: The latest annual Tax Transparency report shows that big corporations

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Speaker 1: paid more than one hundred billion dollars in tax, up

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Speaker 1: seventeen percent from the previous year. The oil and gas

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Speaker 1: sector paid a combined eleven point six billion dollars. Strong

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Speaker 1: commodity prices, project production cycles and four point three billion

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Speaker 1: dollars realized through ATO audits, anti avoidance programs and compliance

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Speaker 1: checks in that sector drove the results. According to the

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Speaker 1: Financial Review, at nearly fifty five billion dollars, mon One

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Speaker 1: has paid more tax than all other sectors combined in

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Speaker 1: the year, and paid five times more than they did

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Speaker 1: eight years earlier. Story number four. The endorsements for Kamala

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Speaker 1: Harris keep growing, with twenty three Nobel laureates releasing a

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

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

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Speaker 1: basketballer twenty three Nobel laureates.

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Speaker 2: I don't know if they're quite balanced out, but it

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Speaker 2: still doesn't mean that she will win. With Donald Trump

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Speaker 2: ahead in the betting markets for his part, this is

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Speaker 2: quite extraordinary at Donald Trump has sued Free to Wear

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Speaker 2: Broadcast a CBS over an interview of Miss Harris aired

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Speaker 2: on a sixty minutes program. The lawsuit alleges the interview

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Speaker 2: was misleading. It alleges that there were two different responses

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Speaker 2: from Harris responding to a question about the war between

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Speaker 2: Israel and Hermas in Gaza. Mister Trump is upset about

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Speaker 2: the one aired on sixty minutes. Now, the extraordinary part

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Speaker 2: of this is that the suit is demanded ten billion

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Speaker 2: US dollars in damages. It is a very very strange

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Speaker 2: election campaign. Finally, story number five, It has been a

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Speaker 2: big week for tech stock earnings. Apple beat Wall Street

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Speaker 2: sales and profit expectations, helped by strong sales of the

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Speaker 2: iPhone sixteen. Sales for the quarter were ninety four billion

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Speaker 2: US dollars. That is one hundred and forty four billion

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Speaker 2: Oussie dollars. That is staggering. Amazon rallied four percent after

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Speaker 2: it projected better than expected profit and revenue, as its

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Speaker 2: cloud business AWS gains momentum. The company is putting more

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Speaker 2: money into data center construction to support the AI boom.

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Speaker 2: Chip maker Intel reported revenue above estimates, sending its share

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Speaker 2: price higher. Another tech stock to do well was Ossie,

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Speaker 2: based at Lassion. It posted stronger than expected cloud revenue,

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Speaker 2: sending its share price up seventeen percent. Weaker than expected

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Speaker 2: results though from Microsoft and Meta earlier in the week,

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Speaker 2: triggered slides in in their share price overnight. And that's

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Speaker 2: it for the afternoon report for Friday, the first of

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Speaker 2: November twenty twenty four.

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Speaker 1: We'll be back.

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Speaker 2: Tomorrow morning with the weekend edition of Fear and Greed.

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Speaker 2: Are Michael Thompson. Enjoy your evening.