Afternoon Report | Miners slump

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. Markets

2. Albanese lands in Washington

3. Iron ore alliance talk

4. US buyer for Rex Airlines

5. Cargo jet crashes in Hong Kong

Find out more: https://fearandgreed.com.au/

See omnystudio.com/listener for privacy information.

Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News Afternoon Report
for Monday, the twentieth of October twenty twenty five. Are
Michael Thompson. Every afternoon, We've got the five stories that
happened today that you need to know about. Let's get
cracking with story number one. The S and p ASX
two hundred climbed zero point four percent today to nine
thirty two points. Nine of the eleven sectors gained ground,

(00:24):
led by the banks. The big four were all higher,
with Commonwealth Bank climbing two point six percent. By now
pay Later operator ZIP was up four point three percent
after upgrading its growth outlook. For the US, the miners, though,
were the worst performers today. Investors sold off gold stocks,
even though the price of the precious metal climbed. Shares
in Newmont dropped almost six percent, Evolution down almost five percent,

(00:46):
PERSEUS Mining about four percent lower. Critical minerals companies were
also down. I Luka was off six point seven percent,
although Linus rare earths actually went the other way, climbing
six point seven percent. Relatively weak economic data out of
China certainly didn't help, with iron ore minor BHP off
one point one percent. The biggest move today though, came

(01:08):
from uranium minor Deep Yellow, which fell almost twenty percent
with the chief executive leaving the company, and Drone Shield
dropped two point six percent despite reporting a significant jump
in revenue in the September quarter. How significant, I hear
you ask about one thousand percent? There you go. Moving
on to story number two. Now and Prime Minister Anthony

(01:30):
Alberanezi has arrived in Washington ahead of his face to
face meeting with US President Donald Trump, where he is
expected to push for support to build a strategic reserve
of Australian critical minerals. The Oval Office talks come amid
rising US China tensions, with Beijing accused of essentially weaponizing
export curbs on minerals essential for defense, chip making and evs.

(01:51):
The renewed trade friction has given our Prime Minister perhaps
an opening to pitch Australia as a secure alternative supplier,
but also risks putting him at odds with our largest
export market. We will have full coverage of the meeting
on tomorrow morning's episode. Story number three. China's growing buying
power could push mining giant BHP and Rio tinto toward

(02:15):
a limited iron ore alliance, once considered impossible, according to
analysts at the Royal Bank of Canada, Beijing's state backed
China Mineral Resources Group now coordinates much of the country's
steel demand and is demanding new terms that threaten to
erode miners pricing power. The Australian reports today that RBC
analysts are predicting a JV light model focused on logistics

(02:40):
blending renewable energy and decarbonization could help defend the pricing
premium of the pilbre miners while avoiding antitrust concerns. BHP
and RIO have declined to comment on the speculation. Story
number four. A buyer has reportedly been found for collapsed
regional carrier Rex Airlines, with nine new newspapers reporting that

(03:01):
Nasdaq listed airt has agreed to acquire the business fifteen
months after it entered voluntary administration. Rex, which operates fifty
seven planes on regional routes, had struggled with mounting debts
after expanding into capital city markets. The Golden Triangle to
compete with Quantus and Virgin airte runs cargo and charter

(03:21):
services in the US, and it will provide access to
spare parts for Rex's aging Saab fleet and help maintain
these crucial regional connections that are a vital part of
what REX does. The Albanezer government, which loaned up to
eighty million dollars to keep the airline flying and bought
fifty million dollars of debt from its largest creditor, had
insisted any buyer commit to servicing remote communities. Full details

(03:44):
of the deal are expected to emerge later this week.
And finally story number five. Two people have died after
a cargo Boeing seven four to seven, operating for Emirates,
skid it off the runway into the sea while landing
in Hong Kong early this morning. The aircraft collise added
with an airport patrol car during poor weather, pushing it
into the water and killing two security staff on the ground.

(04:06):
All four crew were rescued taken to hospital. No cargo
was on board the aircraft. The incident has prompted the
temporary closure of the airport's northern runway, which is one
of our Asia's busiest, while investigator search for the planes
black boxes. The thirty two year old jets was originally
delivered as a passenger aircraft in nineteen ninety three before
being converted to freight use. That is it for the

(04:27):
afternoon Report for Monday, the twentieth of October twenty twenty five.
Make sure you hit follow on the podcast and head
along to Fearangreed dot com dot au and sign up
for our free daily newsletter. I'm Michael Thompson. Enjoy your evening.