Afternoon Report | ASX jumps on unemployment shock

This is the Fear and Greed Afternoon Report - everything you need to know about what happened in the markets, economy and world of business today, in just a few minutes.

1. ASX jumps on jobless news 

2. Mayne Pharma surges

3. Origin casts doubt on wind

4. BHP addresses China rift

5. Trump authorises CIA ops in Venezuela

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Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News Afternoon Report
for Thursday, the sixteenth of October twenty twenty five.

Speaker 2 (00:09):
I'm Michael Thompson.

Speaker 1 (00:10):
Every afternoon, we've got the five stories that happened today
that you need to know about.

Speaker 2 (00:13):
Let's go with story number one.

Speaker 1 (00:15):
The S and p ASX two hundred hit a new
intra day record today after a shock jump in the
unemployment rate increased the likelihood of an interest rate cut.
The BOSS hit a record of nine one hundred and
ten points, or just slightly below that around lunchtime today,
before coming back slightly to nine thousand and sixty eight points,

(00:35):
representing again though of almost one percent for the day.
It was the job starter that did the unemployment rate,
surging to four point five percent, well beyond expectations of
four point three percent. Bond markets are now pricing in
a seventy percent chance of an interest rate cut when
the Reserve Bank Board meets next month, something that seemed
pretty unlikely just twenty four hours ago. Commonwealth Bank climbed

(00:58):
zero point eight percent, A and Z jumped almost two percent.
The real estate stocks, which are sensitive, of course to
interest rates, had a great day. Goodman Group up nearly
five percent, Mervak three and a half percent, Stockland three
point four percent. Away from jobs and interest rates, so
there were still plenty going on. The gold price continues
to benefit the local miners. Some big gains today Genesis

(01:20):
up eight percent, Evolution Mining three point three percent, and
Newmont up three point four percent, And Macquarie Group jumped
five point one percent after a deal to sell its
US data center business for forty billion US dollars. We'll
have more on that story tomorrow. Moving on to story

(01:40):
number two and when there is so much going on
in markets, got a bit of a wrap of some
of the corporate news from today. Maine Farmer surged after
the Supreme Court of New South Wales ruled that American
pharmaceutical giant Cosette could not terminate its six hundred and
seventy two million dollar takeover of the ASEX listed company
at Treasury. Wine Estates rose despite chairman John Mullen saying

(02:01):
preliminary data show that sales in China this financial year
will fall well below previous expectations, and AMP jumped nearly
ten percent after it reported the total assets under management
increased in the September quarter to one hundred and fifty
nine point five billion dollars onto Story number three. The

(02:22):
boss of Origin Energy has called offshore wind production a
tough industry and cast out on whether it can significantly
help reach longer term climate goals. Frank Calabria also warned
that the slow pace of the clean energy rollout could
delay the closure of the huge Arahing coal power station
in New South Wales. His comments came after German renewables

(02:45):
group RWE ditched its multi billion dollar offshore wind project
in Victoria's Gippsland region, citing high costs, regulatory uncertainty and
a lack of commercial viability. Origin itself has recently put
its own eight billion dollar Navigated North project in the
Gippsland on ice. Colabria said offshore wind was an expensive

(03:05):
source of energy and its development would involve a quote
big commitment from government. Story number four. BHP is downplaying
concerns ongoing concerns really about a rift with China or amid
reports that Beijing has temporarily blocked steel mills from buying
its iron or now.

Speaker 2 (03:21):
We've spoke about this a couple of weeks ago. It's
been shrouded in secrecy with the minor refusing to confirm
or deny the reports because essentially it's been suggested that
Beijing has done this as a negotiating tactic. But today
BHP Australia President Geraldine Slattery told a Perth business event
that commercial negotiations with China were routine and part of

(03:41):
a long standing relationship. Slattery acknowledged that China's demand for
iron ore has likely plateaued, but said growth from India's
steel industry in Australia's position as the world's lowest cost
producer should underpin strong demand. How China's steel sector is
by far Australia's biggest iron or customer, accounting for around
one hundred billion dollars a year in export revenue. Finally,

(04:04):
story number five, US President Donald Trump has confirmed he
authorized the CIA to conduct covert operations aimed at toppling
Venezuelan and President Nicholas Maduro, dramatically escalating pressure on the regime.
The US is offering a fifty million dollar reward for
information leading to Maduro's arrest on drug trafficking charges. Trump

(04:25):
accused Venezuela of being a major source of fentanyl entering
the US, despite records showing Mexico as the main origin.
He declined to say whether the CIA has authority to
assassinate Maduro, but said Venezuela is quote feeling the heat.
The move comes as the US deploys more troops of
the Southern Caribbean and conducts strikes on vessels it claims

(04:46):
are involved in drug trafficking. That's it for the afternoon
report for Thursday, the sixteenth of October twenty twenty five.

Speaker 1 (04:52):
Make sure you hit follow on the podcast and we'll
move back tomorrow morning with the Friday edition of Fear
and Greed.

Speaker 2 (04:58):
I'm Michael Thompson. Enjoy your evening four