Thanks for joining us.
Not a great day for gold or silver, but we will be back tomorrow morning to guide you through a brand new trading day.
Until then, feel free to catch The Business on ABC News at 8:44pm, after the late news on ABC TV, and any time on ABC iview.
See ya!
The Australian share market has finished the day in the red, down 0.7% at 9,030 points, after setting a new 52-week high.
Overall, the market had 75 stocks gaining, 11 unchanged and 114 stocks in the red.
When looking at the sectors, Energy is at the top, up 1.3%, followed by Utilities, up 0.3%, and then Information Technology, up 0.2%.
Materials finished at the bottom down 3.3%, followed by Industrials, down 0.7%, and then Consumer Staples, down 0.6%.
Among companies, the top mover was Bapcor Ltd, up 4%, followed by Woodside Energy, up 3.8%.
It wasn't a good day for Genesis Minerals, down 10.3%, followed by Bellevue Gold, down 10%.
The Australian dollar is pretty flat, up 0.3% at 65.03 US cents.
The corporate regulator's legal action against now-defunct home lender RAMS remains before the court, with the Westpac-owned brand facing a $20 million penalty.
At a court hearing on Tuesday, ASIC and Westpac agreed to the penalty, but judgement was reserved, so it still needs court approval.
ASIC sued RAMS in June for failing to properly supervise staff who worked for its franchises, leading to loans based on fraudulent documents, among other allegations.
We'll keep you updated on where the penalty ultimately lands.
October 2025 has again lived up to its “Rock‑Tober” reputation, delivering a rollercoaster of heightened volatility that has tested investors across multiple asset classes, IG Market analyst Tony Sycamore says.
"Crypto's woes began on October 10–11, when a sudden flash crash erased over $370 billion of market capitalisation in hours," Mr Sycamore said.
"Triggered by President Trump's surprise announcement of escalated tariffs on Chinese imports, the event ignited a cascade of liquidations across leveraged positions, marking the largest 24‑hour wipeout in crypto history."
Bitcoin (BTC) plunged from a pre‑crash high near $US122,500 to an intraday low below $US110,000 — a drop of more than 10% — while Ethereum (ETH) fared worse, sliding roughly 20% from $US4,400 to an intraday low near $US3,500, he added.
"The irony is that crypto and precious metals are often touted as safe havens against fiat depreciation and geopolitical shocks," he said.
"Both asset classes rallied spectacularly in preceding months, drawing waves of FOMO buying and overextended leveraged positions, setting the scene for this month’s snap back.
"Sentiment remains cautious with concerns mounting as to what might be the next overextended domino to fall."
Bitcoin is down 4.86% month‑to‑date, surrendering nearly all of September’s 5.86% advance, while Ethereum has slid 6.51% this month after a 5.64% decline in the prior month.
Prices current around 4:22pm AEDT
Live updates on the major ASX indices:
Shares in shopping centre owner Scentre Group have come under pressure this session, following reports it is considering selling a 25% stake in Brisbane's Westfield Chermside.
Dexus was reported to be the potential buyer.
Scentre Group issued a response to the ASX, and it was very much of the "neither confirm nor deny" category.
"As part of its capital management strategy, the group continues to evaluate strategic opportunities including the introduction of joint-venture partners," the statement read.
"Should this strategy result in a new transaction for the group, the group will keep the market informed in accordance with its continuous disclosure obligations."
So, watch this space.
Earlier, Scentre Group shares were down as much as 1.4%, but it clawed back some ground to close 0.2% lower.
The AUD/USD traded softer this week, as the USD remained broadly firm, according to ANZ.
News around US-China trade negotiations is the major driving factor for the AUD near-term.
China’s Q3 GDP showed a 0.5% year-to-date decline in fixed asset investment, which was its first decline outside the COVID era, as property market headwinds continue.
While industrial production expanded 6.5% y/y in September, retail sales slowed to 3% y/y, down from 3.4% in August, amid falling home prices.
Any signs of weaker growth in China’s economy will likely weigh on the AUD/USD.
The recent announcement of a US-Australia critical minerals framework, designed to deepen the supply of rare earths and reduce dependence on China, helped limit some of the AUD downside.
Domestically, Australia’s recent labour force report showed a surprise rise in the unemployment rate to 4.5% — the highest since November 2021.
Consumer confidence improved slightly in October but remains at relatively low levels, suggesting households are still cautious despite higher incomes and housing prices.
Attention now turns to next week’s Q3 CPI data, which will be crucial for the RBA’s rate outlook.
Despite the uptick in unemployment, ANZ says it continues to expect the RBA to keep rates unchanged in November.
French luxury goods giant LVMH is exploring a sale of its 50% stake in Fenty Beauty, which it co-owns with Grammy Award-winning singer and entrepreneur Rihanna, according to four people familiar with the matter.
The company is working with investment bank Evercore on the sale, three of the people said. All four asked not to be identified because the process is confidential.
In 2017, Rihanna, whose full name is Robyn Rihanna Fenty, launched Fenty Beauty with the help of Kendo Brands, LVMH’s in-house beauty incubator. She and LVMH each own half of the company, sources said.
LVMH and Evercore declined to comment. Fenty Beauty and representatives for Rihanna did not immediately return requests for comment.
Fenty Beauty, which generated around $US450 million of net sales in 2024, could be valued at somewhere between $US1 billion and $US2 billion, two of the people said.
Elf Beauty bought Hailey Bieber's company, Rhode, for $US1 billion earlier this year.
Reporting with Reuters
Creditors owed millions of dollars after Rex Airlines went into voluntary administration are still wondering whether they will get their money back.
The regional carrier collapsed into voluntary administration last year before the federal government gave it a multi-million-dollar lifeline to keep its services operating.
Administrators confirmed on Tuesday evening that they had entered into a sale and implementation deed with Air T, a US-based air services company.
My colleague Rachel Holdsworth and Andrew Chounding have more.
A rewrite of Australia's environment laws will not include a "climate trigger" that could block coal and gas projects, Environment Minister Murray Watt has confirmed.
The government will instead require major projects to report their carbon emissions under the laws for the first time and provide plans for reducing those emissions to net zero by 2050.
Read more in our political reporter Jake Evans's exclusive story.