1 00:00:03,800 --> 00:00:06,520 Speaker 1: Welcome to the Fear and Greed Business News Afternoon Report 2 00:00:06,559 --> 00:00:08,880 Speaker 1: for Monday, the fifth of August twenty twenty four. I'm 3 00:00:08,880 --> 00:00:11,280 Speaker 1: Sean Alma, and every afternoon we've got the five stories 4 00:00:11,320 --> 00:00:13,280 Speaker 1: that happened today that you need to know about. Straight 5 00:00:13,320 --> 00:00:17,440 Speaker 1: Number one SMPASX two hundred tumbled three point seven percent 6 00:00:17,440 --> 00:00:21,000 Speaker 1: today to finish at seven six hundred and fifty points, 7 00:00:21,200 --> 00:00:24,320 Speaker 1: as fears of a US recession and questions about tech 8 00:00:24,320 --> 00:00:28,880 Speaker 1: stock valuations hit global markets. Tech stocks locally led the 9 00:00:28,880 --> 00:00:31,920 Speaker 1: way down, with the Technology index fall link six point 10 00:00:32,000 --> 00:00:35,440 Speaker 1: six percent today, while the financial's real estate and energy 11 00:00:35,440 --> 00:00:38,640 Speaker 1: indices also got hit hard. One hundred and ninety seven 12 00:00:38,800 --> 00:00:42,080 Speaker 1: of the top two hundred companies lost ground today. Come 13 00:00:42,120 --> 00:00:44,440 Speaker 1: Off Bank and Macquarie Group film more than five percent, 14 00:00:44,520 --> 00:00:46,760 Speaker 1: National Australia Bank, Westpac and a z All dropped more 15 00:00:46,800 --> 00:00:50,240 Speaker 1: than four percent. Interest rate Census stocks were certainly sold off. 16 00:00:50,400 --> 00:00:53,479 Speaker 1: Property Giant Goodman Group, for example, fell nearly seven percent. 17 00:00:53,880 --> 00:00:56,360 Speaker 1: Tech Darling or at least one time tech Darling wise 18 00:00:56,400 --> 00:00:59,760 Speaker 1: tech global It fell nearly nine percent. Bond nils tumbled 19 00:00:59,800 --> 00:01:02,600 Speaker 1: as well, three year bond neals around twenty five basis 20 00:01:02,600 --> 00:01:05,800 Speaker 1: points to just over three point four percent. What that 21 00:01:06,120 --> 00:01:08,759 Speaker 1: points to is that investors believe that over the next 22 00:01:08,840 --> 00:01:11,959 Speaker 1: three years, the benchmark rate, which is currently four point 23 00:01:11,959 --> 00:01:15,040 Speaker 1: three five percent, will average about three point four percent. 24 00:01:15,280 --> 00:01:18,480 Speaker 1: IE interest rates will fall. We'll know more about that 25 00:01:18,520 --> 00:01:22,160 Speaker 1: tomorrow when the Reserve Bank finishes its board meeting. Story 26 00:01:22,280 --> 00:01:26,440 Speaker 1: number two. Cryptocurrencies have sunk, with Bitcoin tumbling ten percent. 27 00:01:26,800 --> 00:01:30,520 Speaker 1: Cryptos don't do so well in uncertain times. Hence Bitcoin 28 00:01:30,800 --> 00:01:33,880 Speaker 1: today fell to around fifty four thousand US dollars a unit. 29 00:01:34,200 --> 00:01:37,199 Speaker 1: For the last week, the tokens lost thirteen percent. It's 30 00:01:37,240 --> 00:01:39,520 Speaker 1: the opposite in the case of Goal, which investors buying 31 00:01:39,720 --> 00:01:42,759 Speaker 1: uncertain times, it's trading around twenty four to fifty US 32 00:01:42,760 --> 00:01:45,080 Speaker 1: dollars a unit. A recession of the US, which is 33 00:01:45,080 --> 00:01:48,080 Speaker 1: the world's top consumer of oil, would lower demand for Brent, 34 00:01:48,360 --> 00:01:50,880 Speaker 1: and in futures trading, a barrel of oil fell to 35 00:01:51,040 --> 00:01:54,040 Speaker 1: under seventy four US dollars. That was the lowest since 36 00:01:54,040 --> 00:01:56,280 Speaker 1: the beginning of the year. But there's something else at 37 00:01:56,320 --> 00:01:59,400 Speaker 1: play in oil markets. The crisis in the Middle East 38 00:01:59,480 --> 00:02:02,280 Speaker 1: and fears of further military action that's working to push 39 00:02:02,320 --> 00:02:05,840 Speaker 1: oil prices higher. So there are two powerful counter forces 40 00:02:05,840 --> 00:02:07,919 Speaker 1: in the oil market at the moment. Finally, the Aussie 41 00:02:07,960 --> 00:02:10,080 Speaker 1: dollar has been caught up in the rush to safe assets. 42 00:02:10,160 --> 00:02:13,200 Speaker 1: It's now fetching just over sixty four US sense, back 43 00:02:13,240 --> 00:02:16,400 Speaker 1: around the lows of late last year. Story number three 44 00:02:16,560 --> 00:02:20,360 Speaker 1: Ramsey Healthcare, the nation's largest operator of private hospitals, today 45 00:02:20,440 --> 00:02:22,600 Speaker 1: warned of a drop in profit for the last financial 46 00:02:22,680 --> 00:02:27,160 Speaker 1: years its underperforming European and UK businesses. Some of the 47 00:02:27,160 --> 00:02:30,720 Speaker 1: poorer performance reflected one off items and impairments, but the 48 00:02:30,720 --> 00:02:33,680 Speaker 1: group said the underlying result has been driven by improving 49 00:02:33,720 --> 00:02:37,480 Speaker 1: activity trends and labour productivity. Ramsey reports its official half 50 00:02:37,560 --> 00:02:40,639 Speaker 1: year earnings on thirtieth of August. Its share price ended 51 00:02:40,680 --> 00:02:43,160 Speaker 1: down just zero point three percent today. That was a 52 00:02:43,160 --> 00:02:45,320 Speaker 1: pretty good effort given what the rest of the market did. 53 00:02:45,800 --> 00:02:48,840 Speaker 1: Stroying number four TPG Telecom is once again in talks 54 00:02:48,840 --> 00:02:52,160 Speaker 1: with Focus over its fiber network, nine months after a 55 00:02:52,160 --> 00:02:54,880 Speaker 1: proposal to sell the network for six point three billion 56 00:02:54,919 --> 00:02:58,280 Speaker 1: dollars fell over. In a statement, TPG said shareholders should 57 00:02:58,280 --> 00:03:00,640 Speaker 1: be aware that the twenty twenty three discussions did not 58 00:03:01,000 --> 00:03:04,040 Speaker 1: lead to a transaction. There's no certainty that these talks 59 00:03:04,080 --> 00:03:06,760 Speaker 1: will lead to one either. Focus has around twenty seven 60 00:03:06,800 --> 00:03:10,960 Speaker 1: thousand klombers of fiber network, mostly in metropolitan areas, and 61 00:03:11,080 --> 00:03:14,000 Speaker 1: story number five. Israel is braced for a possible attack 62 00:03:14,040 --> 00:03:18,240 Speaker 1: from Iran and regional militias in retaliation for assassinations of 63 00:03:18,280 --> 00:03:22,880 Speaker 1: Hesbalah and Hamas officials, as the US sent defensive reinforcements 64 00:03:23,120 --> 00:03:26,520 Speaker 1: while pressing for a Gaza ceasefire ideal. Prime Minister Benjamin 65 00:03:26,600 --> 00:03:28,840 Speaker 1: Netanyahu's said at the start of a cabinet meeting that 66 00:03:29,000 --> 00:03:32,799 Speaker 1: Israel is in a multi front war against Iran's Axis 67 00:03:32,840 --> 00:03:36,200 Speaker 1: of Evil. He said, Israel's striking every one of its 68 00:03:36,320 --> 00:03:39,280 Speaker 1: arms with great force and is prepared for any scenario, 69 00:03:39,360 --> 00:03:42,680 Speaker 1: both offensively and defensively. The US, which is moving a 70 00:03:42,720 --> 00:03:45,200 Speaker 1: fire jet squadron to the region and keeping an aircraft 71 00:03:45,280 --> 00:03:48,880 Speaker 1: carrier nearby to help Israel, is pressing mister Netanyahu to 72 00:03:48,960 --> 00:03:52,760 Speaker 1: redouble negotiations for a ceasefire in Gaza to prevent the 73 00:03:52,800 --> 00:03:56,480 Speaker 1: nearly ten month long war from escalating. According to Bloomberg, 74 00:03:56,760 --> 00:03:59,520 Speaker 1: group of seven foreign ministers express concern about the risk 75 00:03:59,520 --> 00:04:02,560 Speaker 1: of a wider regional crisis during a video call over 76 00:04:02,600 --> 00:04:05,360 Speaker 1: the past forty eight hours. That's it for the afternoon 77 00:04:05,400 --> 00:04:07,960 Speaker 1: report for Monday, the fifth of August twenty twenty four, 78 00:04:08,040 --> 00:04:10,040 Speaker 1: Michael Thompson and I will be back tomorrow morning with 79 00:04:10,080 --> 00:04:13,640 Speaker 1: a Tuesday edition of Fearing Greed Business News. I'm Sean Elma. 80 00:04:14,080 --> 00:04:14,840 Speaker 1: Enjoy your evening.