Afternoon Report | ASX falls sharply

Published Dec 16, 2024, 6:05 AM

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. Miners fall

  2. China economy disappoints

  3. Poll: coalition ahead of ALP

  4. MYEFO downgrade

  5. Pallas resigns

Welcome to the Fear and Greed Business News Afternoon Report for Monday, the sixteenth of December twenty twenty four. I'm Sean Almer. Every afternoon, We've got the five stories that happened today that you need to know about. Stratum on There's and PASX two hundred closed down a little over half percent today to wait two hundred and fifty points. Local miners fell after the Chinese government failed to deliver a decent stimulus package over the weekend. Wasn't good news from their housing market either. House prices are stalling. Also, Chinese retailers aren't shopping. That is certainly hurting the miners. Tech stocks also suffered today after Nasdaq dropped over the weekend. While the property groups were also lower. In general, the banks were higher, as were the retailers. Not a great day for Digiko. It's day two on the market. Listed on Friday, down five percent that day, down another five percent today. Ouch shares Inventi had dropped after executives at the infrastructure giant were named in a case over alleged price fixing brought by the AHABC last week. The shares are down eighteen percent in the past five days. And the corporate regulator has formally opened an investigation into online retailer Cogan after two of its most senior executives, including founder Rustlin Cogan struck a profitable options deal with the board and reaching them collectively by more than seventeen million dollars. Story number two. Retail sales in China were worse than forecast last month. As I mentioned a moment ago, we care because the Chinese consumer is a very powerful driver of global economic growth and they don't have the foot on the accelerator at the moment. There was also a drop in house prices in China. Generally, the world's second biggest nation is just looking a bit ordinary. That hasn't helped iron ore prices, which are much lower. The potitive news maybe is that bitcoin hit a new record high today above one hundred and six thousand US dollars a unit. Other cryptos benefited, the Aussie dollars trading just under sixty four US cents. Story number three. The majority of voter believe Australia will have a minority government after the next election, due by the middle of May next year. The latest Financial Review Freshwater Strategy poll shows the coalition ahead on a two party preferred basis fifty one to forty nine percent. The primary vote is unchanged ALP's at thirty percent, the Coalition at forty percent, Greens at fourteen percent. The poll suggests a minority government with Anthony Albanesi in charge, but respondents said they expect a minority government with Peter Dutton in charge. Currently betting markets have Peter Dutton in front. The survey says that in a bunch of areas Peter Dutton leads Anthony Albanesi, including understanding the problems facing Australians, can get things done, has a clear vision for Australia, strong leadership and shares my values. Anthony Albanesi was in front in only two, would be easy to speak to and is in touch with ordinary people. Story number four Treasure Jim Chalmers has been busy downgrading the value of mining exports by a hundred billion dollars for this financial year that will hit the bottom line of the mini budget the my EFO, which is due for release on Wednesday. Doctor Chalmers yesterday said he wasn't pessimistic about the mining sector, but the downgrade was the reality of weaker demand from China. My EFO will also include a downgrade in company taxes by about eight point five billion dollars. It should include lower than expected outgoings in terms of unemployment benefits. Given the labor market is so strong, market economists expect a budget deficit this financial year of between twenty five and thirty billion dollars. And story number five. In Victoria, Treasurer Tim Pallas is leaving politics after nearly twenty years in spring Street. I'm no expert in state politics, but to last twenty years in Victoria is a pretty good effort. Mister Pallas said the state's economy is in a strong position, notwithstanding recent data and plenty of criticism suggesting the opposite. The longest serving standalone state treasure of Victoria has had said it's been an honor and privileged of the people of Werribee, which of course is his electorate, saying local Canberra Airport today said Qatar Airways will restart fights to the Act next year after ceasing services during the pandemic. That's it for the Afternoon Report for Monday, the sixteenth of December twenty twenty four. Make sure you hit follow on the podcast. We'll be back tomorrow morning. With a Tuesday edition of Fear and Green Business News. I'm Sean Elmer. Enjoy your evening.

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