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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Tuesday, the twenty fourth of September twenty twenty four.

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Speaker 1: I'm suan I all month, every afternoon. I've got the

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Speaker 1: five stories that happen today that you need to know about.

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Speaker 1: Story number one, the Reserve Bank of Australia has left

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Speaker 1: the benchmark interest rate at four point three five percent

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Speaker 1: and made it clear that rates are on hold for

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Speaker 1: the time being and the next move up or down

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Speaker 1: will depend on whether inflation comes back into the banks

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Speaker 1: two to three percent target band. The central banks at

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Speaker 1: underlying inflation, not the headline rate is most indicative of

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Speaker 1: inflation momentum, and at three point nine percent it's too high.

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Speaker 1: The Reserve Bank doesn't see inflation returning sustainably to target

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Speaker 1: until twenty twenty six. The decision to leave rates and

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Speaker 1: hold was expected, but still the Ausie dollar jumped on

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Speaker 1: the news, hitting a high for twenty twenty four of

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Speaker 1: above sixty eight point six US. Since story number two,

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Speaker 1: the s and PA six two hundred closed down just

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Speaker 1: a touch zero point one percent to one hundred and

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Speaker 1: forty two points. Today. It was a day where the

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Speaker 1: opposite of what's happened most of the year happened. The

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Speaker 1: miners did well and the banks did poorly. A stimulus

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Speaker 1: announcement out of Beijing more on that shortly helped BHP

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Speaker 1: and Rio Tinto jump almost four percent, while forty s

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Speaker 1: Fu Metals Group rose one point six percent, but National

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Speaker 1: Australia Bank and Commonwealth Bank ended the day down three percent,

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Speaker 1: and west Pac and A and Z were off more

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Speaker 1: than two percent. The share prices of the two big supermarkets,

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Speaker 1: will Wards and Coals fell further following yesterday's revelation that

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Speaker 1: the competition watchdog accused the giants of misleading customers by

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Speaker 1: saying they were dropping prices when they're actually lifting them.

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Speaker 1: Both were down around two point seven percent. Today. The

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Speaker 1: uranium miners continued their positive trend, with Paladin, Boss Energy,

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Speaker 1: and Deep Yellow were all higher following the reopening of

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Speaker 1: a nuclear reactor in the US. They're among the best

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Speaker 1: on the day. Worst was a company called Light and Wonder,

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Speaker 1: which is due listed here and on the NASDAK. It's

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Speaker 1: a gaming group. It lost a case in which to

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Speaker 1: Aristocrat Leisure was granted an injunction against light Under's Dragon

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Speaker 1: Train game that resulted in its share price, falling eighteen

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Speaker 1: percent today, while Aristocrat ended up more than two percent.

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Speaker 1: Stroing number three online luxury retailer Setire's share price jumped

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Speaker 1: more than seventy percent today after the group's financial accounts

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Speaker 1: for the last financial year received audited a sign off.

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Speaker 1: Grant Thornton provided an unqualified audit opinion after taking more

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Speaker 1: than three weeks to more thoroughly assays how Satire books revenue.

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Speaker 1: It followed media reports about how revenue including duties were collected.

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Speaker 1: The audit report said the firm assessed the design and

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Speaker 1: implementation of relevant controls relating to how Setire recognizes revenue,

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Speaker 1: and also challenged management and an external expert on the practice.

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Speaker 1: Satire's share price has been volatile. In March last year,

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Speaker 1: was training not far off five dollars. It fell to

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Speaker 1: a dollar and five at the end of last month.

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Speaker 1: It's more than double since then thanks to today's surge.

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Speaker 1: Stro enom before David Foster has resigned from the Bendigo

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Speaker 1: and Adelaide Bank board months after stepping down a chair

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Speaker 1: of Star Entertainment. Mister Foster has been under pressure and

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Speaker 1: was on leave of absence from the Bendigo board over

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Speaker 1: text he's sent while at Star to the then chief executive,

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Speaker 1: Robbie Cook, calling for the scrapping of the casino regulator

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Speaker 1: and the removal of the manager controlling as Sydney Casino license.

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Speaker 1: At the time, he was chair of Star, and later

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Speaker 1: he conceded he was trigger happy with the text messages. Ultimately,

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Speaker 1: mister Foster said Star was unfit to regain his full

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Speaker 1: unsupervised license and step down. He's been on the Bendiga

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Speaker 1: board since September twenty nineteen and story number five. The

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Speaker 1: Central Bank of China today announced a raft of stimulus

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Speaker 1: measures to support economic growth. There were changes to reserve

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Speaker 1: requirements for banks and cuts to existing home loan interest rates.

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Speaker 1: The People Bank of China will also provide funding to

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Speaker 1: buy stocks. It comes after a briefing between Chinese regulators

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Speaker 1: and following data that shows home prices in China have

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Speaker 1: fallen by the most in ten years. Beijing is targeting

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Speaker 1: a five percent growth rate, though thus far in twenty

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Speaker 1: twenty four the expansion is lagging somewhat. Today's announcement wasn't

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Speaker 1: a intervention, but it certainly was a good start. The

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Speaker 1: news of the intervention set iron all prices higher. Oil

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Speaker 1: prices are creeping higher, helped by the news out of China,

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Speaker 1: though given what's going on in the Middle East, it's

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Speaker 1: probably surprising they're not rising by more as if the

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Speaker 1: Afternoon report for Tuesday, the twenty fourth of September twenty

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

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Speaker 1: find Fear and Greed on LinkedIn, Instagram, next, TikTok, and Facebook.

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Speaker 1: Join Michael Thompson and I Tomorrow Morning for the Fast

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Speaker 1: Five by Fear and Greed, the top five business stories

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Speaker 1: you need to know in just five minutes. I'm Sean Elmer.

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Speaker 1: Enjoy reading