Afternoon Report | ASX nears record

Published Sep 13, 2024, 7:08 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. Bid for Namoi increased

  2. Gold hits new high

  3. Musk calls Australians fascists

  4. Australia-Germany deal

  5. Trump rules out another debate

Welcome to the Fear and Greed Business News Afternoon Report for Friday, the thirteenth of September twenty twenty four. I'm Sean Elma. Every afternoon, We've got five stories that happen today that you need to know about. Sorry, Tom, why, I'm the SMPA six two hundred close up zero point three percent to eighty one hundred points today, taking the weekly gain to just table one percent. It peaked today eight eight one hundred and forty three point six points, just five points off the all time record set in August. Gold miners with a standout sector, with West African resources, Perseus Mining, and Evolution Mining all surging. Hope of more fiscal stimulus in China boosted the big miners force. Few menalscriup jumped five percent. Oil prices were also high, helping both Woodside and Santas. Some of the lithium companies which jumped in recent sessions were among the worst performers today. The big banks were also lower. In corporate news, Singapore based Ola Magri has lifted its bid for Namoy cotton to seventy five cents a share from seventy cents, and noted that It's offer is nearly twelve more than the sixty seven cents a share offered by the Luid Drefus company. Olo Maghri said it's in discussion with the Australian Competition regulator and is confident of a positive outcome. Tollrod Group Atlas Arteria will proceed with a compensation claim against the French state after the French Constitutional Council ruled that a new tax applicable to the company's operating long distance transport infrastructure is compliant with the constitution. Problem is the tax hits Atlas's earnings and it wants compensation. Storying number two plenty going on in international markets, with gold today hitting a new record of two thousand, five hundred and seventy dollars and twenty eight cents an ounce that's the US dollars. It followed the European Central Bank cutting interest rates for a second time overnight. The US Federal Reserve is widely tipped to start its interst rate cutting cycle next week. Oil prices arising as Hurricane Francine moves through offshore production areas near Texas, Over seven hundred and thirty thousand barrels per day nearly forty two percent of Gulf of Mexico oil output was shut due to friends scene yesterday. That's according to the US Bureau of Safety and Environmental Enforcement. On Wall Street, overnight, both the broad based SMP five hundred and tech heavy NASDAK closed up around one percent, and in Beijing, Chinese President Shijingping called on government officials to help achieve the country's annual growth target of five percent. Straight number three Tesla and ex owner Elon Musk has called Australian's fascists for threatening to find social media giants for enabling misinformation. He reposted a story on x from Reuters about the federal government's push to find Internet platforms five percent of their global revenue for failing to prevent the spread of misinformation. He added one word to the post, fascists. There you go. Both NDIS Minister Bill Shorten and Opposition leader Peter Dunton played down the tweet. Sean put it pretty nicely, he said, an I quota. Elon Musk has had more positions on free speech than the Karma Sutra. When it's in his commercial interests. He's the champion of free speech. When he doesn't like it. He is. You know he's going to shut it all down a straightam before. Australia has signed a deal with a German government for six hundred and sixty million dollars of shared investment in Australian hydrogen projects as part of a joint initiative to support supply of low emissions fuel to the European market and help replace Russian gas. The deal, according to the fin Review, is underpinned by the H two Global Program, a funding initiative supported by the German government that seeks to close the gap between the price of producing hydrogen and its derivatives and what customers are prepared to pay. The joint funding arrangement will signed this morning. Australia now has a pipeline of more than two hundred billion dollars of proposed hydrogen projects, but progress in the emerging industry has been slower than hoped as project backers struggle to find customers willing to pay premiums for greener fuel and to make their ventures economic. The funding will be available over the next ten years and will involve guaranteed off take arrangements for production. Meanwhile, it's been confirmed that US President Joe Biden will host the Quad Leaders that's of Australia, India and Japan in his hometown of Wilmington, Delaware next weekend. And finally, story umber five, Donald Trump ruled out another presidential debate against Carmela Harris overnight as her campaign announced a massive fundraising haul. In the hours after the two candidates met on stage, Trump, the Republican nominee, posted on Truth social media in all caps, that there will be no third debate. Miss Harris's campaign revealed that it had raised forty seven million newest dollars from nearly six hundred thousand donors in the twenty four hours after her debate against mister Trump. This week's debate was the first time that mister Trump and Miss Harris had met in person, and the Vice President largely controlled the tenor and was able to bait her opponent into agitated responses, some of which contained what do we call them, I suppose exaggerations and mistruths. That's It's the Afternoon Report for Friday, the thirteenth of September twenty twenty four. Michael Thompson and Lang and I will be back tomorrow morning with the weekend edition of Fear and greed. I'm sure Elma enjoy your evening