Afternoon Report | Rates on hold

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 closes lower

2. Richo funeral

3. Bapcor tumbles

4. TPG triple zero crisis

5. Japanese quake

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Episode Transcript

Speaker 1 (00:03):
Welcome to the Fear and Greed Business News Afternoon Report
for Wednesday, the ninth of December twenty twenty five, Oh
Michael Thompson, and every afternoon we have the five big
stories that happened today that you need to know about.
Let's go with story number one. The Reserve Bank of
Australia kept the interest rates unchanged this afternoon and warned
that inflation risks had tilted to the upside. The two

(00:23):
thirty PM announcement send bond yields slightly lower, though markets
still have priced in a hike next year. The Aussie
dollars slipped slightly, while the share market dropped back. By
the closes, the S and PA Sex two hundred was
down zero point four to five percent, so nearly half
of one percent to eight thousand, five hundred and eighty
six points. We will have plenty more on the rates

(00:45):
decision in tomorrow morning show. While the equity market fall
was not huge, it was widespread, with all eleven sub
indices ending lower, led by energy, healthcare and tech stocks.
The big banks were mixed, with Commonwealth Bank lower while
NAB one percent higher. The big miners outperformed, continuing their
run of recent sessions. Sigma Healthcare and QB were other

(01:07):
strong performers Today Onto story number two now and the
powerful and privileged farewell former labor power broker Graham Richardson
at a state funeral in Sydney today. The Prime Minister
Anthony Albanezi was there, as was former PM Tony Abbott.
Labor elite attended, as did many from the conservative side
of politics, including former Treasurer Joe Hockey, who flew in

(01:28):
from New York. The pallbearers included retired Labor Defense Minister
Joel Fitzgibbon, Daily Telegraph editor Ben English and colorful ex
Socceroos goalkeeper Mark Bosnich two GBS Ben Fordham was there,
as was former radio announcer Alan Jones, Nine Entertainment editor
Richard Wilkins, former Crown Prosecutor Margaret Caneen, neurosurgeon Charlie Teo,

(01:49):
and ex New South Wales Police chief Mick Fuller. The
final word on this, though, we were give to Barnaby Joyce,
who arrived and greeted the media. When asked what rich
would be remembered for, he said, and I quote ruthlessness,
absolute and utter ruthlessness in politics. There are people with
fire extinguishers and people with cans of petrol. That man

(02:12):
had a can of petrol under story number three now
A stock that had a bit of a rough time
of it today was Bapcoor, owner of Burston Autoparts, Auto Barn,
Midas and others. It downgraded its earnings outlook, sending its
share price down more than twenty percent. The group now
expects a loss for the first half and said trading
was softer in October and November as price cuts in

(02:32):
its trade division, particularly around tools and equipment, start to
hit profit margins. Story number four TPG Telecom chief executive
in Jaco Barroeta has revealed a second person may have
died after they failed to connect to Triple zero using
an older Samsung phone. Mister Barroetta was the first CEO
to appear at a Senate inquiry into fatal flaws in

(02:55):
Australia's emergency call system this morning. He began by apologizing
to the family of a Sea Any person who died
last month after a relative failed to connect to Triple
zero using an older Samsung device. A second person in
Wentworth Falls in the New South Wales Blue Mountains may
have also died after failing to make a four G
emergency call, according to a report in The Australian. Mister

(03:17):
Beroetta said TPG has sought further clarification from New South
Wales Ambulance and finally story number five. At least thirty
people were injured after a magnitude seven point five earthquake
hit northeastern Japan this morning, forcing thousands of people to
evacuate their homes. The quake occurred at a depth of
fifty kilometers about eighty k's off the coast. The Japan

(03:38):
Meteorological Agency said it prompted tsunami warnings, which have now
been lifted. Some train services were suspended and thousands of
homes have been left without power as a result. Authorities
have also warned that a stronger tremor could occur in
the coming days, urging the public to remain on high
alert for at least a week, according to local media reports.

(03:59):
And that's it for the afternoon Report for Wednesday, the
ninth of December twenty twenty five. Make sure you hit
follow on the podcast head along to Fear and Greed
dot com dot au to sign up for our free
daily Newsletter'll put a link in today's show notes as well.
I'm Michael Thompson. Enjoy your evening.