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Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report

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Speaker 1: for Monday, the fifth of August twenty twenty four. I'm

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Speaker 1: Sean Elma. Every afternoon, we've got the five stories that

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Speaker 1: happened today that you need to know about. Straight Number

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Speaker 1: one SMPASX two hundred tumbled three point seven percent today

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Speaker 1: to finish at seven six hundred and fifty points, as

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Speaker 1: fears of a US recession and questions about tech stock

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Speaker 1: valuations hit global markets. Tech stocks locally led the way down,

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Speaker 1: with the Technology index falling six point six percent today,

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Speaker 1: while the financial's real estate and energy indices also got

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Speaker 1: hit hard. One hundred and ninety seven of the top

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Speaker 1: two hundred companies lost ground today. Come Off Bank and

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Speaker 1: Macquarie Group Film more than five percent, National Australia Bank, Westpac,

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Speaker 1: and A and Z all dropped more than four percent.

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Speaker 1: Interest rate censors stocks were certainly sold off. Property Giant

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Speaker 1: Goodman Group, for example, fell nearly seven percent. Tech Darling

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Speaker 1: or at least one time tech Darling wise tech global

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Speaker 1: It fell nearly nine percent. Bond yil's tum as well

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Speaker 1: three year bond neals around twenty five basis points to

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Speaker 1: just over three point four percent. What that points to

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Speaker 1: is that investors believe that over the next three years,

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Speaker 1: the benchmark rate, which is currently four point three five percent,

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Speaker 1: will average about three point four percent. IE interest rates

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Speaker 1: will fall. We'll know more about that tomorrow when the

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Speaker 1: Reserve Bank finishes its board meeting. Story number two. Cryptocurrencies

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Speaker 1: have sunk, with Bitcoin tumbling ten percent. Cryptos don't do

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Speaker 1: so well in uncertain times. Hence Bitcoin today fell to

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Speaker 1: around fifty four thousand US dollars a unit. For the

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Speaker 1: last week, the tokens lost thirteen percent. It's the opposite

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Speaker 1: in the case of Goal, which investors buying uncertain times,

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Speaker 1: It's trading around twenty four to fifty US dollars a unit.

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Speaker 1: A recession of the US, which is the world's top

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Speaker 1: consumer of oil, would lower demand for Brent, and in

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Speaker 1: futures trading, a barrel of oil fell to under seventy

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Speaker 1: four US dollars. That was the lowest since the beginning

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Speaker 1: of the year. But there's something else at play in

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Speaker 1: oil markets. The crisis in the Middle East fears of

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Speaker 1: further military action that's working to push oil prices higher.

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Speaker 1: So there are two powerful counter forces in the oil market.

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Speaker 1: At the moment. Finally, the Aussie dollar has been caught

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Speaker 1: up in the rush to safe assets. It's now fetching

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Speaker 1: just over sixty four US since back around the lows

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Speaker 1: of late last year. Story number three Ramsey Healthcare, the

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Speaker 1: nation's largest operator of private hospitals, today warned of a

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Speaker 1: drop in profit for the last financial years its underperforming

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Speaker 1: European and UK businesses. Some of the poorer performance reflected

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Speaker 1: one off items and impairments, but the group said the

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Speaker 1: underlying result has been driven by improving activity trends and

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Speaker 1: labour productivity. Ramsey reports its official half year earnings on

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Speaker 1: thirtieth of August. Its share price ended down just zero

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Speaker 1: point three percent today. That was a pretty good effort

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Speaker 1: given what the rest of the market did. Stroing number

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Speaker 1: four TPG Telecom is once again in talks with Focus

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Speaker 1: over its fiber network, nine months after a proposal to

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Speaker 1: sell the network for six point three billion dollars fell over.

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Speaker 1: In a statement, TPG said shareholders should be aware that

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Speaker 1: the twenty twenty three discussions did not lead to a transaction.

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Speaker 1: There's no certainty that these talks will lead to one either.

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Speaker 1: Focus has around twenty seven thousand klombers of fiber network,

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Speaker 1: mostly in metropolitan areas and story number five. Israel is

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Speaker 1: braced for a possible attack from Iran and regional militias

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Speaker 1: in retaliation for assassinations of Hesbalah and Hamas officials, as

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Speaker 1: the US sent defensive reinforcements while pressing for a Gaza

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Speaker 1: ceasefire ideal. Prime Minister Benjamin Netanyahu said at the start

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Speaker 1: of a cabinet meeting that Israel is in a multi

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Speaker 1: front war against Iran's Axis of Evil. He said, Israel's

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Speaker 1: striking every one of its arms with great force and

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Speaker 1: is prepared for any scenario, both offensively and defensively. The US,

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Speaker 1: which is moving a fire jet squadron to the region

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Speaker 1: and keeping an aircraft carrier nearby to help Israel, is

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Speaker 1: pressing mister Netanyahu to redouble negotiations for a ceasefire in

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Speaker 1: Gaza to prevent the nearly ten month long war from escalating.

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Speaker 1: According to Bloomberg, group of seven foreign ministers express concern

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Speaker 1: about the risk of wider regional crisis during a video

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Speaker 1: call over the past forty eight hours. That's it's the

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Speaker 1: afternoon report for Monday, the fifth of August twenty twenty

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Speaker 1: four don't forget. Follow on the podcast and find Fear

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Speaker 1: and Greed on LinkedIn, Instagram, x TikTok and Facebook. Join

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Speaker 1: Michael Thompson and I Tomorrow I'm waiting for the Fast

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Speaker 1: five by Fear and Greed, the top five business stories

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Speaker 1: you need to know in just five minutes. I'm Sean Elmer.

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Speaker 1: Enjoy your evening,