Money
“I was once a kid with a dream”: Richard Branson blasts into space
Well he finally did it. 17 years after Richard Branson first launched Virgin Galactic, the thrill-seeking billionaire has taken to the skies and reached space
In his boldest adventure yet, the 70 year old Richard Branson took off for the first stage of the flight.
On the ground, about 500 people watched on, including Richard Branson’s wife, children and grandchildren.
On board were his five crewmates from his Virgin Galactic space tourism company.
The space plane detached from the mother ship at an altitude of about 13km and fired its engine, reaching the edge of space about 88km up.
After a few minutes of weightlessness for the crew, the space plane is began its decent, set to end with a glide to a runway landing.
Richard Branson couldn’t contain his excitement, as he spoke on the journey back to earth.
He thanked his crew and remembered all those who had worked on the mammoth project.
After a decade of promises, the moment finally came for Richard Branson to unveil his spaceship for the people.
He said on board:: “To all you kids down there, I was once a kid with a dream. Now I’m up here, in a space ship!”
Customer spaceflight experience
As Branson took to space onboard Virgin Galactic, his official role for the journey will be “evaluating customer spaceflight experience”.
And that’s an important role – after all anyone who wants to rise Virgin Galactic will need to part with a quarter of a million dollars first, and that price is expected to rise.
Along with the two pilots, there is room for six passengers with a flight time of about an hour and a half.
The spaceship will just go over the 82 kilometres, which is where the US recognises someone as having been into space.
Then, passengers will get to experience about six minutes of weightlessness and seeing the curvature of the Earth and the darkness of space.
They will then descend, landing on a runway much like the old space shuttle or a normal passenger plane.
The new space race
Richard Branson’s adventure will pre-empt next week’s first flight for Blue Origin, as Jeff Bezos launches his space dreams.
Jeff and Blue Origin are promising a completely different experience for their customers.
Blue Origin’s New Shepard, which has no pilots and room for six passengers, reaches more than 100 kilometres high, which is the internationally recognised boundary of space.
Passengers on Blue Origin will get about three minutes to float around and feel like they are in space.
Might be half the time, but the price is 50,000 dollars cheaper than flying on Virgin Galactic.
But either way, the expensive thrill ride marks the beginning of earth’s commercial passenger trips into space.
Virgin Galactic doesn’t expect to start flying customers before next year.
Money
Inflation rise reduces chances of Reserve Bank rate cut
Inflation spikes, drastically reducing chances of a Reserve Bank rate cut amid economic pressures and rising costs
Inflation spikes, drastically reducing chances of a Reserve Bank rate cut amid economic pressures and rising costs
– Rate cut likelihood by the Reserve Bank has decreased due to a rise in annual inflation to 3.2 per cent.
– Significant price increases in housing, recreation, and transport are raising concerns for the Reserve Bank.
The likelihood of a rate cut by the Reserve Bank has decreased significantly after a surge in annual inflation.
The Australian Bureau of Statistics reported that inflation for the year ending September rose to 3.2 per cent, reflecting a 1.1 per cent increase.
Trimmed mean inflation, a crucial measure for the Reserve Bank, was recorded at 1 per cent for the quarter and 3 per cent for the year. The bank anticipates inflation to reach 3 per cent by year-end, while trimmed mean inflation is expected to slightly decrease.
The quarterly rise of 1.3 per cent in September exceeded expectations. Governor Bullock noted that a deviation from the Reserve Bank’s projections could have material implications.
Financial markets reacted promptly, with the Australian dollar rising against the US dollar, while the ASX200 index fell.
The most significant price increases were observed in housing, recreation, and transport, indicating widespread price pressures that concern the Reserve Bank.
Despite the unexpected inflation rise, some economists believe the Reserve Bank may still consider rate cuts in December, viewing current price spikes as temporary due to the winding back of subsidies.
Economic Pressures
Broad-based economic pressures suggest that the Reserve Bank may not reduce interest rates at its upcoming meeting. Analysts highlight the need for ongoing support for households facing cost-of-living challenges.
Money
Wall Street hits record highs on low inflation
Wall Street hits record highs on cool inflation and strong earnings ahead of key Federal Reserve interest rate decision
Wall Street hits record highs on cool inflation and strong earnings ahead of key Federal Reserve interest rate decision
– U.S. stocks rose to record highs on Friday due to lower inflation and strong corporate earnings.
– Key earnings reports from major companies are expected next week, influencing market trends.
The Labor Department reported that the Consumer Price Index was slightly cooler than analysts’ predictions, easing concerns about inflation impacts from tariffs. This development suggests a likely interest rate cut by the Federal Reserve at its upcoming meeting.
Ryan Detrick from Carson Group noted the positive inflation news may facilitate forthcoming Fed rate cuts. Despite the ongoing government shutdown affecting data releases, this CPI report provided much-needed clarity.
Earnings reports are continuing, with 143 S&P 500 companies having reported results. Growth expectations for third-quarter earnings have risen to 10.4%. Detrick indicated a strong opening to the earnings season with a significant percentage of companies exceeding expectations.
This coming week, key earnings will be reported from Meta Platforms, Microsoft, Alphabet, Amazon, and Apple, alongside industrial companies like Caterpillar and Boeing.
The Dow rose 472.51 points to 47,207.12. The S&P 500 increased by 53.25 points to 6,791.69, while the Nasdaq gained 263.07 points, reaching 23,204.87.
Alphabet gained 2.7% following a deal expansion with Anthropic. Coinbase saw a 9.8% increase from a JPMorgan upgrade. In contrast, Deckers Outdoor’s shares fell 15.2% after lowering sales forecasts.
Market Trends
Advancing stocks on the NYSE outnumbered decliners by 2.18 to 1. The S&P 500 had 34 new highs, with the Nasdaq recording 124.
Trading volume was 19.04 billion shares, lower than the average of the past 20 days.
Money
US stocks face tests from Tesla, Netflix earnings
US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data
US markets brace for Tesla and Netflix earnings amid rising volatility and delayed inflation data
– Earnings reports from Tesla and Netflix might affect U.S. stock performance next week amid high inflation concerns.
– Increased market volatility arises from U.S.-China trade tensions and fewer S&P 500 stocks in an uptrend.
The S&P 500 entered its fourth year of growth amidst these fluctuations, having previously experienced a period of calm. Experts suggest market risks are intensifying as valuations reach peak levels.
Market Volatility
Concerns regarding U.S.-China trade relations escalated last week when the U.S. threatened to raise tariffs by November 1 over China’s rare-earth export policies. President Donald Trump is scheduled to meet with President Xi Jinping in two weeks to discuss these issues.
Despite these challenges, major stock indexes gained ground over the week, with the S&P 500 up 13.3% year-to-date. However, a noticeable decline in the number of S&P 500 stocks in an uptrend raises caution among investors about underlying market weaknesses.
The upcoming third-quarter earnings will be closely monitored, especially as the government shutdown halts economic data releases. Companies like Procter & Gamble, Coca-Cola, RTX, and IBM are due to report. The delayed U.S. consumer price index is also expected to provide crucial insights ahead of the Federal Reserve’s monetary policy meeting on October 28-29.
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