1 00:00:03,640 --> 00:00:06,400 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,440 --> 00:00:09,360 Speaker 1: for Wednesday, the sixteenth of October twenty twenty four. I'm 3 00:00:09,400 --> 00:00:12,200 Speaker 1: Sean Elmer. Every afternoon, I've got the five stories that 4 00:00:12,280 --> 00:00:14,360 Speaker 1: happened today that you need to know about straight humer one. 5 00:00:14,440 --> 00:00:17,720 Speaker 1: The s INPASX two hundred closed down zero point four 6 00:00:17,760 --> 00:00:21,080 Speaker 1: percent today to eighty two hundred and eighty four points. 7 00:00:21,120 --> 00:00:24,480 Speaker 1: That's after yesterday's record. High tech stocks led the way. 8 00:00:24,520 --> 00:00:29,400 Speaker 1: Lower uranium stocks were also poor performers. IDP Education was 9 00:00:29,440 --> 00:00:32,560 Speaker 1: down another five percent today. It's having a horror run. 10 00:00:32,800 --> 00:00:35,360 Speaker 1: The gold stocks were among the best. If we look 11 00:00:35,400 --> 00:00:40,800 Speaker 1: at the large caps, under performers included BHP, Real, Tinto, Weisstech, Woollies, Brambles, 12 00:00:40,800 --> 00:00:44,080 Speaker 1: and Transurban. The Big Banks and Goodman Group were among 13 00:00:44,240 --> 00:00:47,760 Speaker 1: the best. In corporate news, glass bottles and cans maker 14 00:00:47,880 --> 00:00:52,320 Speaker 1: Aurora says softness in volumes in Europe is persisting as customers, 15 00:00:52,360 --> 00:00:56,360 Speaker 1: including spirits makers, cut back on inventory levels, but there 16 00:00:56,360 --> 00:00:59,200 Speaker 1: are early signs of recovery in the North American market. 17 00:00:59,240 --> 00:01:01,560 Speaker 1: Its share price fell three and a half percent today, 18 00:01:01,840 --> 00:01:04,800 Speaker 1: and Challenger reaffirmed that its fiscal twenty twenty five net 19 00:01:04,840 --> 00:01:08,119 Speaker 1: profit would land around four hundred and sixty million dollars. 20 00:01:08,400 --> 00:01:11,280 Speaker 1: It's assets under management raised one percent in the first 21 00:01:11,360 --> 00:01:14,000 Speaker 1: quarter thanks to a massive jump in Japanese sales, though 22 00:01:14,040 --> 00:01:17,640 Speaker 1: total life sales fell fourteen percent, its share price was 23 00:01:17,640 --> 00:01:21,680 Speaker 1: down four percent. Story number two Woodside has outlined record 24 00:01:21,880 --> 00:01:25,319 Speaker 1: quarterly production for the last three months, triggering a zero 25 00:01:25,319 --> 00:01:27,800 Speaker 1: point six percent jump in the oil and Gas Giants 26 00:01:27,800 --> 00:01:30,000 Speaker 1: share price. There hasn't been much good in years for 27 00:01:30,040 --> 00:01:32,920 Speaker 1: Woodside in recent months. It is definitely among the worst 28 00:01:32,920 --> 00:01:35,960 Speaker 1: performing stocks on the ASX two hundred over the past year, 29 00:01:36,560 --> 00:01:40,080 Speaker 1: and certainly among the large capes it has underperformed. It 30 00:01:40,120 --> 00:01:44,000 Speaker 1: has a new oil project in Senegal, and rapid startup 31 00:01:44,040 --> 00:01:47,920 Speaker 1: since June has helped deliver record quarterly production of fifty 32 00:01:47,960 --> 00:01:51,280 Speaker 1: three point one million barrels of oil equivalent. Now. The 33 00:01:51,320 --> 00:01:55,400 Speaker 1: mine's called Sangama. It's been criticized by environmentalists. It cost 34 00:01:55,440 --> 00:01:57,840 Speaker 1: about seven and a half billion dollars and it's already 35 00:01:57,920 --> 00:02:01,160 Speaker 1: doing one hundred thousand barrels of all the day. Helping 36 00:02:01,160 --> 00:02:04,440 Speaker 1: production over raw was output from Pluto and the Northwest 37 00:02:04,480 --> 00:02:08,480 Speaker 1: Shelf Ellen g Ventures in Western Australia. Woodside also said 38 00:02:08,480 --> 00:02:11,200 Speaker 1: it will delist from the London Sock Exchange next month 39 00:02:11,280 --> 00:02:14,160 Speaker 1: due to low training volumes. Hopefully that'll save its itself 40 00:02:14,240 --> 00:02:17,720 Speaker 1: on some administration costs. Straight Number three. One bank that 41 00:02:17,760 --> 00:02:20,560 Speaker 1: hasn't had a great time but lately is Bank of Queensland. 42 00:02:20,680 --> 00:02:22,720 Speaker 1: While the big four have been going on there merry way, 43 00:02:22,760 --> 00:02:25,720 Speaker 1: the regional lender has struggled to compete in mortgages, has 44 00:02:25,720 --> 00:02:28,959 Speaker 1: had to cut staff and abandon the group's franchise model. 45 00:02:29,280 --> 00:02:32,280 Speaker 1: But there was some good news today. While at announceday 46 00:02:32,320 --> 00:02:35,360 Speaker 1: twenty four percent drop in cash profit, the result was 47 00:02:35,560 --> 00:02:38,800 Speaker 1: better than expected. It also lowered its final divalene. The 48 00:02:38,880 --> 00:02:41,680 Speaker 1: good news really was net interest margins. They were higher 49 00:02:41,840 --> 00:02:44,280 Speaker 1: for the half year to end of August. That's kind 50 00:02:44,280 --> 00:02:46,959 Speaker 1: of like the profit margin for the banks that triggered 51 00:02:46,960 --> 00:02:50,079 Speaker 1: a seven percent jump in Bank of Queensland's share price. 52 00:02:50,400 --> 00:02:55,040 Speaker 1: CEO Patrick Alloway said he's optimistic on the outlook and strategy. 53 00:02:55,080 --> 00:02:58,800 Speaker 1: That strategy involves dismantling the franchise model, cutting two hundred 54 00:02:58,800 --> 00:03:01,840 Speaker 1: and fifty million dollars in costs, and reducing job numbers 55 00:03:01,880 --> 00:03:04,919 Speaker 1: by about four hundred. The hardest thing for small Landers 56 00:03:04,919 --> 00:03:07,840 Speaker 1: at the moment is to compete in the profitable mortgage 57 00:03:07,880 --> 00:03:11,160 Speaker 1: market against the Big Four. That's something that Bank of 58 00:03:11,240 --> 00:03:14,679 Speaker 1: Queensland is showing away from at the moment. Story Number four. 59 00:03:14,760 --> 00:03:17,560 Speaker 1: The world's total public debt is set to exceed one 60 00:03:17,639 --> 00:03:21,200 Speaker 1: hundred trillion US dollars. It's one hundred and fifty trillion 61 00:03:21,200 --> 00:03:24,160 Speaker 1: OZZY this year for the first time, according to the 62 00:03:24,160 --> 00:03:27,280 Speaker 1: International Monetary Fund, and it may grow more quickly than 63 00:03:27,360 --> 00:03:31,760 Speaker 1: forecast as political sentiment favors higher spending and slow economic 64 00:03:31,840 --> 00:03:35,760 Speaker 1: growth amplifies borrowing needs and costs. According to report on Reuters, 65 00:03:36,080 --> 00:03:40,080 Speaker 1: the IMF's latest Fiscal Monitor report shows public debt, which 66 00:03:40,120 --> 00:03:42,960 Speaker 1: is government debt, will reach ninety three percent of global 67 00:03:43,040 --> 00:03:45,640 Speaker 1: gross domestic product by the end of twenty twenty four 68 00:03:46,040 --> 00:03:49,000 Speaker 1: and approach one hundred percent by twenty thirty. That would 69 00:03:49,000 --> 00:03:51,960 Speaker 1: exceed its ninety nine percent peak during COVID nineteen. Part 70 00:03:52,000 --> 00:03:54,280 Speaker 1: of the reason why the IMF expects future debt levels 71 00:03:54,320 --> 00:03:56,480 Speaker 1: to be higher is the desire to spend more in 72 00:03:56,480 --> 00:03:59,280 Speaker 1: the US and finally, a stray Number five on Wall Street, 73 00:03:59,320 --> 00:04:03,240 Speaker 1: Goldment Sucks reported a big jump in third quarter earnings 74 00:04:03,320 --> 00:04:06,760 Speaker 1: this morning to three billion dollars, much higher than anticipated. 75 00:04:07,000 --> 00:04:09,640 Speaker 1: In Europe, one of the world's big chip makers Dutch 76 00:04:09,640 --> 00:04:13,080 Speaker 1: based ASML shed sixteen percent in value after saying it 77 00:04:13,120 --> 00:04:16,000 Speaker 1: booked only about half the orders analysts expected in the 78 00:04:16,040 --> 00:04:18,840 Speaker 1: third quarter. It also lowered its guidance. That didn't help 79 00:04:18,839 --> 00:04:22,200 Speaker 1: the other chip makers, including Nvidia. That one ended down 80 00:04:22,240 --> 00:04:25,440 Speaker 1: four and a half percent. Oil prices continue to slide, 81 00:04:25,440 --> 00:04:28,080 Speaker 1: and the fallout has hit other commodities. Lithium and i 82 00:04:28,160 --> 00:04:31,440 Speaker 1: and all prices fell, taking stocks with them. Copper fell 83 00:04:31,480 --> 00:04:34,800 Speaker 1: to its lowest levels since late September, while nickel and 84 00:04:35,120 --> 00:04:40,120 Speaker 1: zinc were both lower. Goldsy outperformer. It's hovering near record 85 00:04:40,160 --> 00:04:43,960 Speaker 1: highs risk assets generally being sold down. That hasn't helped 86 00:04:44,000 --> 00:04:47,039 Speaker 1: the Aussie dollar. It's buying just under sixty seven US cents, 87 00:04:47,040 --> 00:04:49,960 Speaker 1: whereas two weeks ago it was heading towards seventy US cents. 88 00:04:50,320 --> 00:04:52,800 Speaker 1: That's it for the afternoon report for Wednesday, the sixteenth 89 00:04:52,839 --> 00:04:55,400 Speaker 1: of October twenty twenty four. Michael Thompson and I will 90 00:04:55,440 --> 00:04:57,920 Speaker 1: be back tomorrow morning with the Thursday edition of Beer 91 00:04:57,920 --> 00:05:01,080 Speaker 1: and Greed Business News. I'm chanelma Enjoy your evening.