1
00:00:04,120 --> 00:00:07,080
Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

2
00:00:07,120 --> 00:00:10,080
Speaker 1: for Wednesday, the twenty ninth of October twenty twenty five.

3
00:00:10,200 --> 00:00:12,800
Speaker 1: I'm Michael Thompson, and every afternoon we bring you the

4
00:00:12,880 --> 00:00:15,720
Speaker 1: five stories that happened today that you need to know about.

5
00:00:16,079 --> 00:00:18,360
Speaker 1: Let's go but story number one. The S and p

6
00:00:18,560 --> 00:00:22,079
Speaker 1: ASX two hundred closed one percent lower today after a

7
00:00:22,160 --> 00:00:25,880
Speaker 1: much higher than expected inflation figure wiped out hopes really

8
00:00:25,920 --> 00:00:28,680
Speaker 1: of a rate cut next week. The BOSS closed at

9
00:00:28,680 --> 00:00:31,320
Speaker 1: eighty nine hundred and twenty six points, with the big

10
00:00:31,360 --> 00:00:35,080
Speaker 1: banks weighing heavily on the market. After that September quarter,

11
00:00:35,200 --> 00:00:39,000
Speaker 1: CPI data showed an increase in underlying inflation to one

12
00:00:39,040 --> 00:00:42,560
Speaker 1: percent for the quarter. The RBA had forecast zero point

13
00:00:42,640 --> 00:00:47,199
Speaker 1: six percent, economists were tipping zero point eight percent, and

14
00:00:47,440 --> 00:00:49,559
Speaker 1: really everybody was wrong. We'll have more on this one

15
00:00:49,560 --> 00:00:53,159
Speaker 1: tomorrow morning. But Commonwealth Bank closed two point one percent lower,

16
00:00:53,520 --> 00:00:56,640
Speaker 1: and NAB was off two point six percent, Westpac three

17
00:00:56,680 --> 00:01:00,320
Speaker 1: point one percent, A and Z zero point four percent down.

18
00:01:00,680 --> 00:01:03,240
Speaker 1: The real estate sector also bore the brunt of it.

19
00:01:03,240 --> 00:01:07,160
Speaker 1: It is, of course sensitive to interest rates. Stockland closed

20
00:01:07,319 --> 00:01:10,800
Speaker 1: almost four percent lower and Goodman Group was off one

21
00:01:10,880 --> 00:01:14,480
Speaker 1: point four percent. Healthcare stocks had a shocker as well,

22
00:01:14,560 --> 00:01:18,000
Speaker 1: led by biotech giant CSL, which fell another four percent

23
00:01:18,000 --> 00:01:21,479
Speaker 1: today after its huge plunge yesterday after an earnings down grade.

24
00:01:21,800 --> 00:01:24,720
Speaker 1: We'll move almost seamlessly now into story number two because

25
00:01:24,720 --> 00:01:27,240
Speaker 1: there was a lot of corporate news around and we

26
00:01:27,280 --> 00:01:29,679
Speaker 1: saw this playing out on the market. Led by Woolworths,

27
00:01:29,800 --> 00:01:34,400
Speaker 1: it reported supermarket sales the retailer's oney one hundred stores.

28
00:01:34,440 --> 00:01:36,440
Speaker 1: It grew by two point one percent to just under

29
00:01:36,440 --> 00:01:40,600
Speaker 1: fourteen billion dollars in the quarter to October five. Willy's

30
00:01:40,640 --> 00:01:44,720
Speaker 1: shares closed two point four percent higher today. Furniture retailer

31
00:01:44,840 --> 00:01:47,560
Speaker 1: Nick scally has posted a six percent jump in sales

32
00:01:47,560 --> 00:01:50,560
Speaker 1: across the September quarter. Its share price was up thirteen

33
00:01:50,600 --> 00:01:54,320
Speaker 1: percent today. Nick Scarley's Australian operation has been strong. Its

34
00:01:54,440 --> 00:01:57,400
Speaker 1: UK business Fab has also picked up That's Fab with

35
00:01:57,440 --> 00:02:02,880
Speaker 1: the double B. Gina Reinhart Atlas Iron blamed cyclonic weather

36
00:02:03,200 --> 00:02:06,240
Speaker 1: rather and lower iron ore prices for a forty one

37
00:02:06,280 --> 00:02:09,680
Speaker 1: percent fall in full year profit. Atlas is a subsidiary

38
00:02:09,760 --> 00:02:13,280
Speaker 1: of Reinhardt's private mining vehicle Handcock Prospecting. It is a

39
00:02:13,320 --> 00:02:17,560
Speaker 1: major source of income for Australia's richest person. Uranium minor

40
00:02:17,639 --> 00:02:22,280
Speaker 1: Boss Energy reported a strong September production result, led by

41
00:02:22,320 --> 00:02:27,639
Speaker 1: its Honeymoon uranium operations in South Australia. Cracking Day up

42
00:02:27,720 --> 00:02:32,480
Speaker 1: twenty percent today, and Ansel has raised its full year

43
00:02:32,560 --> 00:02:36,200
Speaker 1: earnings guidance after a solid first quarter with favorable currency

44
00:02:36,240 --> 00:02:39,840
Speaker 1: moves and lower costs supporting margins. Its share price jumped

45
00:02:39,840 --> 00:02:43,080
Speaker 1: almost six percent today onto story number three. Now and

46
00:02:43,160 --> 00:02:46,440
Speaker 1: former Prime Minister Scott Morrison has weighed in on the

47
00:02:46,480 --> 00:02:50,720
Speaker 1: coalition's internal fight over net zero, warning that I quote

48
00:02:50,800 --> 00:02:54,160
Speaker 1: net zero at any cost on any rigid timetable is

49
00:02:54,200 --> 00:02:58,160
Speaker 1: not policy, It's just ideology. Morrison negotiated a deal between

50
00:02:58,200 --> 00:03:00,800
Speaker 1: the Libs and That's to support net zero back in

51
00:03:00,880 --> 00:03:03,640
Speaker 1: twenty twenty one, but he says his approach was driven

52
00:03:04,320 --> 00:03:08,120
Speaker 1: by technology, not taxes, and that private capital and not

53
00:03:08,280 --> 00:03:11,840
Speaker 1: government mandates, would drive lower emissions. His comments come as

54
00:03:11,840 --> 00:03:14,960
Speaker 1: the Libs and That's prepare for what's expected to be

55
00:03:15,120 --> 00:03:18,280
Speaker 1: a fiery joint party room meeting next week over whether

56
00:03:18,320 --> 00:03:22,760
Speaker 1: to keep or abandon the target. Story number four Construction

57
00:03:22,919 --> 00:03:26,520
Speaker 1: industry super fun SeaBus has agreed to pay a twenty

58
00:03:26,600 --> 00:03:29,600
Speaker 1: three point five million dollar penalty after being sued by

59
00:03:29,680 --> 00:03:34,440
Speaker 1: ASSEK for widespread failures in processing death and disability claims.

60
00:03:34,639 --> 00:03:39,000
Speaker 1: The regulator says more than ten thousand claims were delayed,

61
00:03:39,120 --> 00:03:42,960
Speaker 1: leaving members and families nearly twenty million dollars out of pocket. SeaBus,

62
00:03:43,000 --> 00:03:46,040
Speaker 1: which manages around one hundred billion dollars, also agreed to

63
00:03:46,080 --> 00:03:50,720
Speaker 1: cover assex costs and invest in improving its internal systems.

64
00:03:51,080 --> 00:03:55,360
Speaker 1: The regulator said the conduct caused quote, financial and other

65
00:03:55,480 --> 00:03:58,960
Speaker 1: harm to claimants and beneficiaries. The federal court still does

66
00:03:59,040 --> 00:04:02,560
Speaker 1: need to approve the set up and finally, story number five,

67
00:04:02,720 --> 00:04:07,200
Speaker 1: Hurricane Melissa is now bearing down on Cuba's second largest city,

68
00:04:07,240 --> 00:04:11,400
Speaker 1: Santiago to Cuba. After smashing into Jamaica with winds close

69
00:04:11,440 --> 00:04:14,720
Speaker 1: to three hundred kilometers an hour that is the strongest

70
00:04:14,840 --> 00:04:19,120
Speaker 1: ever recorded on the island. Entire towns were flooded, hundreds

71
00:04:19,160 --> 00:04:23,680
Speaker 1: of thousands lost power, hospitals and roads suffered major damage.

72
00:04:24,000 --> 00:04:27,160
Speaker 1: The Prime Minister of Jamaica said while no deaths had

73
00:04:27,160 --> 00:04:30,160
Speaker 1: been confirmed, the devastation was severe and the government was

74
00:04:30,279 --> 00:04:35,000
Speaker 1: bracing for casualties. Melissa has weakened slightly to a Category

75
00:04:35,040 --> 00:04:38,320
Speaker 1: four storm, but remains extremely dangerous as it moves northeast

76
00:04:38,320 --> 00:04:42,120
Speaker 1: towards Cuba and towards the Bahamas as well. The World

77
00:04:42,240 --> 00:04:47,560
Speaker 1: Meteorological Organization called it for Jamaica the storm of the century.

78
00:04:47,839 --> 00:04:50,039
Speaker 1: And that's it for the afternoon report for Wednesday, the

79
00:04:50,080 --> 00:04:52,680
Speaker 1: twenty ninth of October. Make sure you hit follow on

80
00:04:52,720 --> 00:04:55,960
Speaker 1: the podcast and head along to Fearangreed dot com dot

81
00:04:56,000 --> 00:04:59,160
Speaker 1: au or check the link in our show notes to

82
00:04:59,200 --> 00:05:01,159
Speaker 1: sign up for our free daily newsletter and to go

83
00:05:01,160 --> 00:05:03,360
Speaker 1: into the drawer to win Fear and great merchandise No

84
00:05:03,520 --> 00:05:05,120
Speaker 1: Michael Thompson. Enjoy your reading