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Speaker 1: Welcome to the Fearing Greed Business News Afternoon Report for Tuesday,

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Speaker 1: the eleventh of December twenty twenty four. I'm Sean Elmer.

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Speaker 1: Every afternoon, we've got the five stories that happened today

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Speaker 1: that you need to know about. Storm one. The Reserve

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Speaker 1: Bank of Australia has kept the official cash rate on

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Speaker 1: hold at four point three five percent, but Governor Michelle

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Speaker 1: Bullock hinted the Central Bank Board would start thinking about

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Speaker 1: rate cuts if inflation continues to moderate, and she expects

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Speaker 1: it will do that. Markets reacted immediately. Bond traders have

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Speaker 1: now ascribed a fifty percent chance of a rate cut

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Speaker 1: in February next year and one hundred percent by April.

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Speaker 1: The Aussie dollar, which was trading above sixty four US cents,

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Speaker 1: dropped back below that mark. Short term Aussie dollar movements

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Speaker 1: depends on rate expectations. If rates were expected to be

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Speaker 1: lower than the Aussie dollar falls story number two. The

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Speaker 1: Australian Stock Exchange had been trading quite a bit lower today,

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Speaker 1: but it jumped after the Reserve banks two thirty pm announcement.

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Speaker 1: By the close, it was down let more than half

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Speaker 1: percent to eighty three hundred and ninety three points. The

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Speaker 1: tech sector tumbled most in part thanks to a big

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Speaker 1: sell off in pro Medicus, which ended down eight and

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Speaker 1: a half percent. It's run very hard. Maybe there's some

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Speaker 1: profit taking going on. Certainly the company didn't release any

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Speaker 1: new news today. Other tech stocks to fall included Wise Tech, Global, Zero,

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Speaker 1: and Area. The banks were lower, with National Australian Bank

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Speaker 1: and Westpac off more than two percent each. The big winners, though,

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Speaker 1: were the miners, on the back of more upbeat news

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Speaker 1: out of Beijing China wants to run more lax monitory

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Speaker 1: and fiscal policies next year. Good news for the minus

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Speaker 1: Fortescu Metals jumped six and a half percent, Rare was

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Speaker 1: up five percent, the HP more than three percent. Treasury

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Speaker 1: winer States said it has bought the Stone and Moon

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Speaker 1: Winery in northeastern China for a just over of twenty

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Speaker 1: seven million dollars. Its share price jumped four percent. Platinum

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Speaker 1: Asset Management fell another three percent today after yesterday's news

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Speaker 1: that Suja Regal Partners is walking away from a deal

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Speaker 1: with it and Meyer held its annual general meeting today.

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Speaker 1: The chair Olivia Worth, said Black Friday sales were encouraging

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Speaker 1: despite a challenging start to the retail year, share price

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Speaker 1: ended up more than one percent. Story number three. In politics,

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Speaker 1: there's the furor over the use of the Australian flag

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Speaker 1: after Opposition leader Peter Dutton said if elected, he'd only

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Speaker 1: stand in front of the Aussie flag and not the

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Speaker 1: Indigenous flag. Now Prime Minister Anthony Albanezi regularly holds press

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Speaker 1: conferences and general conferences in front of both flags. Peter

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Speaker 1: Dutton told Sky News that Australia should be united under

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Speaker 1: one flag and he would never address the nation with

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Speaker 1: both the Australian and the Indigenous flags behind him. Later,

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Speaker 1: Shadow Home Affairs Minister James Patterson said Australian needs to

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Speaker 1: have a unifying flag, referring to the current Australian flag.

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Speaker 1: Story number four. Things aren't getting any better at Wollworth's,

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Speaker 1: with the New Zealand Competition Regulator filing charges against the

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Speaker 1: retailer and its Keywi rival, Pack and Save, claiming both

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Speaker 1: are misleading shoppers on promotional prices and specials. Sounds very familiar,

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Speaker 1: doesn't The Commerce Commission's Deputy chair and Callanan said the

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Speaker 1: regulator was not satisfied that specials really are special. She

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Speaker 1: said supermarkets in New Zealand have been on notice for

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Speaker 1: a long time about having clear pricing and accurate labeling

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Speaker 1: of specials. Willis has been in New Zealand for almost

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Speaker 1: twenty years. It has almost two hundred stores there, though

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Speaker 1: earnings have disappointed recently. Of course, in Australia, along with Cole's,

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Speaker 1: Willworths's fighting action launched by the Australian Competition and Consumer

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Speaker 1: Commission that alleges promotional prices on hundreds of products were

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Speaker 1: actually higher than a few weeks earlier. And finally, story

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Speaker 1: number five, a big, big one for ad Land. Omnicon

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Speaker 1: Group has agreed to buy into Public Group for thirteen

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Speaker 1: billion US dollars. It's about twenty one billion Aussie. It

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Speaker 1: will create the world's largest advertising company into Public shareholders

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Speaker 1: will receive Omnicom shares as part of the deal. It's

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Speaker 1: expected to be done in the second half of next year.

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Speaker 1: Been a tough time for ad agencies, with big tech

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Speaker 1: companies hoovering up the marketing dollar and generative AI creeping

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Speaker 1: into the work of creative agencies. The benefit of the

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Speaker 1: tie up of the two giants, in in part at least,

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Speaker 1: is cost savings. The deal will create a company with

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Speaker 1: combined and your revenues of about twenty five billion US dollars,

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Speaker 1: well ahead of London based WPP, which has turnover about

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Speaker 1: nineteen billion US dollars. A set for the afternoon report

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Speaker 1: for Tuesday, the eleventh of December twenty twenty four. Make

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Speaker 1: sure you hit follow on the podcast. We'll be back

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Speaker 1: tomorrow morning with the Tuesday edition of the Fast five

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Speaker 1: Business Years by Fear and Greed. I'm Sean Elmer. Enjoy

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Speaker 1: your evening,