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Speaker 1: A surgeon jobs last month can't stop the unemployment rate

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Speaker 1: from rising. Billionaire Andrew Forrest dumpsy twenty thirty hydrogen energy

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Speaker 1: goals at a record price for a dinosaur skeleton forty

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Speaker 1: five million dollars for a stegosaurus known as Apex. Welcome

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Speaker 1: to fear and greed. Daily business news for people who

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Speaker 1: make their own decisions. It's Friday, the nineteenth of July

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Speaker 1: twenty twenty four. I'm Julian King, and good morning, Sean Aylmer.

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Speaker 2: Good morning, Julian. It's your last day filling in for Michael.

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Speaker 2: Have you enjoyed it? Ah?

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Speaker 1: I wish the carnival wasn't overshawn I happened. As I

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Speaker 1: said earlier in the week, Michael is welcome to the

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Speaker 1: early morning starts.

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Speaker 2: That's true, that's true. But it's been fun.

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Speaker 1: It has been enormous fun. And speaking of morning's the

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Speaker 1: main story this morning. The economy added fifty thousand year

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Speaker 1: jobs last month, well above expectations, but triggering fears of

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Speaker 1: an interest rate hike next month.

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Speaker 2: Yeah, so the number was fifty two hundred. That's how

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Speaker 2: many people found work class month, mostly in full time jobs.

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Speaker 2: According to the Australian Bureau of Statistics, but that didn't

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Speaker 2: stop the unemployment rate rising to four point one percent

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Speaker 2: from four percent in May. The ongoing surge in foreign

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Speaker 2: arrivals pushing more people into the labor market. Now that

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Speaker 2: means a participation rate, which is the proportion of people

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Speaker 2: working or looking for a job, jumped to a near

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Speaker 2: record high of sixty six point nine percent. That's actually

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Speaker 2: why we ended up with a higher unemployment rate, even

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Speaker 2: though we've got a stack of new jobs. The number

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Speaker 2: of hours worked rose by nearly one percent in June,

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Speaker 2: but the Bureau said more people than usual were unwell

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Speaker 2: during the month, though this was somewhat offset by a

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Speaker 2: fewer people taking in your leave. Economists tend to talk

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Speaker 2: penty about the number of jobs in the first few

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Speaker 2: days after the release, but then it's really about the

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Speaker 2: unemployment rate, which is a pretty good indicator of the

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Speaker 2: overall jobs market. While it's now back up to the

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Speaker 2: level of January this year, it is still world below

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Speaker 2: the five percent plus levels pre pandemic. The labor market

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Speaker 2: is probably loosening up a bit Julian, but it still

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Speaker 2: remains pretty tight.

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Speaker 1: Okay, so given these numbers, what does that mean for

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Speaker 1: interest rates.

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Speaker 2: Well, bond investors immediately priced in a greater chance of

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Speaker 2: a rate rise in August. When the Reserve Bank Board

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Speaker 2: next meets. They now ascribe a twenty percent chance of

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Speaker 2: a rate high in August and thirty percent chance of

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Speaker 2: one in September. That's assuming there isn't one in August.

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Speaker 2: They'll give a thirty percent chance for September. But the

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Speaker 2: data yesterday was a bit confusing, not least because there

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Speaker 2: was a big jump in jobs as well as a

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Speaker 2: lift in the unemployment rate. The leading indicators of the

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Speaker 2: labor market think job vacancies, job advertisements, business hiring intentions.

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Speaker 2: They've been singing a slow down in jobs growth since

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Speaker 2: late twenty twenty two. That trend continues in those data points,

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Speaker 2: but it really hasn't happened in terms of the official

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Speaker 2: labor force stats, or if it has, it's only happened

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Speaker 2: at the margins. Most economists still thinks the job's market

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Speaker 2: is softening bit. But certainly yesterday's figures give no reason

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Speaker 2: for the Reserve Bank to think it shouldn't hike rates

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Speaker 2: if inflation continues to print above the target band of

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Speaker 2: two to three percent. Now the Gune quarter. CPI data

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Speaker 2: is due at for release on July thirty one. That's

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Speaker 2: when it becomes much clearer about whether there'll be another

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Speaker 2: rate hike in Australia or not. Certainly, yesterday's data, while

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Speaker 2: it doesn't necessarily argue that there should be a rate hike,

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Speaker 2: there's nothing in it that causes the Reserve Bank to

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Speaker 2: stop having a rate hike if that's what it wants

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Speaker 2: to do.

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Speaker 1: Okay, how did local markets perform yesterday?

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Speaker 2: Well, there's in PAX two hundred closed down zero point

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Speaker 2: three percent to eight thousand and thirty seven points on

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Speaker 2: the back of a sell off in tech stocks that

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Speaker 2: was precipitated by a tumble on Wall Street. More on

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Speaker 2: that shortly. Why is tech Globally? The tech stocks lower,

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Speaker 2: falling six point six percent, while Data center operated next

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Speaker 2: to you see tumble nearly five percent. The Tech index

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Speaker 2: of the ASEX two hundred at the end of the

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Speaker 2: day was down about three point four percent. The index,

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Speaker 2: which mostly reflects Telstra, was down more than one percent,

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Speaker 2: but otherwise there really wasn't much movement on the course.

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Speaker 2: Among the large caps, the banks were mixed, the big

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Speaker 2: miners were lower, and the retailer is generally higher. CSL

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Speaker 2: and Goodman Group both closed up more than one percent.

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Speaker 2: In corporate news yesterday, Tmix Pharmaceuticals share price dropped nearly

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Speaker 2: three percent in heavy trading after it had earlier in

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Speaker 2: the day hit a record high on strong quarterly sales

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Speaker 2: and upgraded earnings guidance, and Devolution Mining Rays about three

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Speaker 2: percent after flagging a jump in gold production during the

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Speaker 2: last quarter.

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Speaker 1: And Shawan immediately after today's show, You've got a good

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Speaker 1: chat with John Howie, he's the CEO of Steak.

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Speaker 2: Yeah, it's really interesting. Steak is this great platform where

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Speaker 2: it has lots of data on what people are buying

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Speaker 2: and selling. So we talk about exactly you know what

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Speaker 2: people are investing in. These are retail investors, and significantly

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Speaker 2: the people are still investing, notwithsteanding the cost of living

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Speaker 2: crisis and that people are still putting money into the market.

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Speaker 2: ETFs are a favorite at the moment and a bunch

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Speaker 2: of the US tech stocks. So it's a great chat

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Speaker 2: all about.

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Speaker 1: That, and that is coming up after the show onto

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Speaker 1: international markets now. Thanks to blue Chip Communication, the experts

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Speaker 1: helping financial services companies market communicate and grow. Visit Blue Chipcommunication,

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Speaker 1: dot com, dot AU. What's happening there?

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Speaker 2: Well, Tech stocks globally are running into a few headwinds,

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Speaker 2: with the strongest being US China relations. The US has

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Speaker 2: proposed to increase trade restrictions on sales of advanced semiconducted

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Speaker 2: technology to China. That sent the nastack down nearly three percent.

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Speaker 2: Some big name tech stocks got caught up in the selling,

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Speaker 2: and Video's share price fell six point six percent by

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Speaker 2: the closed yesterday morning. Apple was down two and a

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Speaker 2: half percent. Microsoft was off one point three percent. Asian

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Speaker 2: technology stocks also fell. Now the biggest Japanese chip maker

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Speaker 2: a group called Tokyo Electron. It fell eleven percent on

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Speaker 2: that news yesterday. Away from equities, Brent Cruz fetching just

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Speaker 2: under eighty six US dollars a barrel, Gold is creeping

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Speaker 2: towards twenty five hundred US dollars. Announce on Or is steady,

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Speaker 2: bitcoins trading just under sixty five thousand US dollars a unit,

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Speaker 2: and the Aussidilla is fetching sixty seven point four US sense.

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Speaker 1: Yeah clear to Biden, administration is attempting at cracking down

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Speaker 1: sewn on China's chip making business. I think in the

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Speaker 1: hopes of trying to boost their local market.

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Speaker 2: Yeah, I think so. I mean it's become a political

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Speaker 2: story as much as as an economics story on that one.

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Speaker 1: Right, We'll be back in a moment with the rest

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Speaker 1: of the day's business news. The ACTU sent its staff

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Speaker 1: home fearing for their safety after it announced that it

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Speaker 1: would suspend the CFMEU from the peak body until it

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Speaker 1: can show it is free of criminal elements.

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Speaker 2: Media reports say ACTU management were concerned about the safety

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Speaker 2: risk to staff if the headquarters was picketed by CFMMEU

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Speaker 2: construction workers angry at the suspension. Now in New South Wales,

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Speaker 2: Premier Chris Mins launched an investigation into waged deals that

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Speaker 2: state CFMEU boss Darren Greenfield signed off on for major

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Speaker 2: government projects. It came as the leader of the CFMEMEU

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Speaker 2: in the Queensland branch doubled down on his attacks on

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Speaker 2: the Prime Minister after the Albanezi government placed the branch

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Speaker 2: under the control of an administrator. State Secretary Michael Ravbar,

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Speaker 2: who also serves as the union's national Vice president, accused

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Speaker 2: Anthony Albanezi of blind siding thousands of Blue Collars workers.

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Speaker 2: Also yesterday, Labour's national executives said it will server tize

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Speaker 2: with the CFMEMEU, following similar moves by several state governments.

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Speaker 1: Now, Domino's share price for eight percent yesterday, the worst

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Speaker 1: of the top two hundred, after it said it will

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Speaker 1: closed stores in France and Japan as it downgraded earnings guidance.

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Speaker 2: The pizza group will closing nearly ten percent of stores

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Speaker 2: in the two countries, and yesterday it said that it's

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Speaker 2: long term target of seventy one hundred stores globally by

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Speaker 2: twenty thirty three won't be achieved. Currently, it operates in

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Speaker 2: twelve markets with more than thirty eight hundred stores. Dominoes

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Speaker 2: has always it's been very aggressive about its expansion plans,

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Speaker 2: initially in Australia, then internationally, and while the company says

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Speaker 2: it's still plans to double the number of its stores,

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Speaker 2: management is now focused more on profitability and sustainable organic growth.

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Speaker 2: Domino's has one thy fifteen stores in Japan. It's going

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Speaker 2: to close eighty loss making outlets. It has four hundred

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Speaker 2: and eighty two outlets in France. It will close thirty stores.

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Speaker 1: I get spammed relentlessly by Domino's.

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Speaker 2: Yeah, I'm Shawn Yeah, they are ferocious.

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Speaker 1: Oh they are for It's enough to make me want

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Speaker 1: to go to their rival. I must say interesting. Billionaire

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Speaker 1: Andrew Forrest has dumped ambitious green hydrogen targets, restructuring his

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Speaker 1: company for Toeskew with seven hundred job set to go.

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Speaker 2: Dodtor Forrest and Fordescue have been talking up hydrogen power

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Speaker 2: for about six years, and the about face could also

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Speaker 2: hinder Australia's efforts to reduce carbon emissions. Doctor Forest is

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Speaker 2: pulled back from the company's goal or producing fifteen million

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Speaker 2: tons of green hydrogen by the year twenty thirty now

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Speaker 2: as part of the Dundancy round. Some senior managers are

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Speaker 2: expected to part as well, including from within the group's

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Speaker 2: ire division. Doctor Forrest said low carbon green hydrogen still

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Speaker 2: had a bright future, but his immediate focus would shift

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Speaker 2: to renewable electricity. The decision by Fortescue could hurt the

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Speaker 2: federal government's emissions transition planned Canberra has provided or is

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Speaker 2: providing eight billion dollars in investment and support for hydrogen production.

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Speaker 2: Fortescue's share price fell one and a half per cent yesterday.

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Speaker 1: It's as though the worldshorwn isn't quite ready for hydrogen yet,

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Speaker 1: like not developing at the rate of which that hoped.

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Speaker 2: Yeah, I think. I mean, the technology just isn't there yet,

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Speaker 2: and it's good for very heavy vehicle well supposedly it

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Speaker 2: should be good for very heavy vehicles, but even on

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Speaker 2: that side of things, it's just not there yet.

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Speaker 1: Retailer Accent Groups said that it will close seventeen Glue

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Speaker 1: stores due to a weak performance from the youth fashion brand.

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Speaker 2: Chief executive Daniel Agustinelli said trading conditions had improved across

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Speaker 2: the group, which includes thirty four brands and stores including Nude, Lucy,

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Speaker 2: The Athlete's Foot and Platypus, but he said the decision

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Speaker 2: to exit seventeen underperforming stores, leaving seventeen stores still open,

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Speaker 2: plus the digital operations, will allow Glue management to focus

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Speaker 2: on profitable outlets and staying in retail candles and fragrances.

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Speaker 2: Retailer Dusk, one of my personal favorites, Julian It says

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Speaker 2: it's sales growth improved over the second half thanks to

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Speaker 2: more successful promotions and a better performance by its online channel. However,

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Speaker 2: sales for the full financial year are expected to be

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Speaker 2: down by eight percent. Now, I got to tell you

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Speaker 2: about dusk, jo, I like dusk.

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Speaker 1: Why do you like dusk?

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Speaker 2: Because I can't. I mean, you walk past and the

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Speaker 2: smell of that store is just phenomenal. I have no

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Speaker 2: idea how people work there all day and have to

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Speaker 2: put up with that smell. But I do like the

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Speaker 2: idea that you just walk past it. And I don't

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Speaker 2: think I've ever been into it, or I probably have, actually,

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Speaker 2: but it's just the smell of it. You know. Heck,

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Speaker 2: you're not like it.

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Speaker 1: You know how they say before you sell a house,

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Speaker 1: you should bake a loaf of bread, yes, yes, yes,

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Speaker 1: and light a few of those Franchi patty candles.

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Speaker 2: Yeahs, the equivalent of I think I'll choose the bread.

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Speaker 1: Yeah, Okay? Now by now pay later group zip Co

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Speaker 1: wants to introduce a pay eight product to allow customers

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Speaker 1: to pay for more expensive items such as travel at Whitegoods.

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Speaker 2: Zip is focused on its three point eight million American customers,

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Speaker 2: and over recent days has raised money from investors to

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Speaker 2: eliminate some of its debt. Now, the group, which is

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Speaker 2: currently under investigation in the US over whether it violated

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Speaker 2: consumer protection laws, wants to accelerate its growth in the

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Speaker 2: world's biggest economy, and part of that plan is the

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Speaker 2: eight payments rather than four payment strategy. According to media

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Speaker 2: reports including the Financial Review, ZIP is forecast to announce

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Speaker 2: core ruinings for the last financial year of around sixty

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Speaker 2: eight million dollars, which is a turnaround from a loss

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Speaker 2: the previous Financially in Australia, it has two point two

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Speaker 2: million customers, but the value of transactions last quarter was

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Speaker 2: actually down eleven percent. Anyway, good luck to it.

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Speaker 1: To International News Now, Donald Trump appeared over an at

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Speaker 1: the Republican National Convention with a typically firebrand speech, but

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Speaker 1: much of the interest over the last few days has

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Speaker 1: been around the performance of his vice presidential nominee JD. Vance.

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Speaker 2: After formally accepting his nomination, mister Vance railed against Wall

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Speaker 2: Street and corporate America, putting economic populism at the center

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Speaker 2: of the campaign. The thirty nine year old spoke of

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Speaker 2: his impoverished upbringing and said Donald Trump's make America great

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Speaker 2: again in the movement? Was he champion of American workers?

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Speaker 2: In his speech he was anti trade. He also said

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Speaker 2: he opposed the US giving more aid to Ukraine. He's

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Speaker 2: very entertaining to watch. I don't know how much he's

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Speaker 2: adding to the debate. But wow, it's going to be

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Speaker 2: a fun four or five months until we get to

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Speaker 2: that election.

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Speaker 1: It won't be boring, whatever you think of US politics. Meanwhile,

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Speaker 1: the pressure Bills and Joe Biden to step down as

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Speaker 1: the Democrat nominee for the November election.

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Speaker 2: Two very senior Democrats, Senate Majority Leader Chuck Schumer and

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Speaker 2: House Minority Leader HACKEM. Jeffries, have told mister Biden that

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Speaker 2: he's continued candidacy imperils the Democratic Party's chances in the election.

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Speaker 2: According to a bunch of news reports, a White House

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Speaker 2: spokesperson said that the President told both leaders he is

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Speaker 2: the nominee of the party, he plans to win and

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Speaker 2: looks forward to working with both of them to pass

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Speaker 2: his one hundred Days agenda to help working families. There

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Speaker 2: also been polls out saying the majority of Democrat voters

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Speaker 2: want mister Biden to step down. Meanwhile, mister Biden yesterday

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Speaker 2: tested positive for COVID, canceling an event in Las Vegas.

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Speaker 2: He said he's feeling good with only mild symptoms. Well.

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Speaker 1: The US president, at eighty one years of age, Sean

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Speaker 1: has partially been referred to by some as a dinosaur.

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Speaker 1: And speaking of dinosaurs, Ken Griffin, the founder of the

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Speaker 1: massive Citadel Hedge Fund, has paid US forty four point

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Speaker 1: six million dollars for one hundred and fifty million year

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Speaker 1: old stegosaurus known as Apex, making it the most valuable

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Speaker 1: fossil ever sold at or Nice to have that sort

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Speaker 1: of disposable income.

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Speaker 2: What a great story. The fossil is three point thirty

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Speaker 2: five meters tall eight point two meters long. The price

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Speaker 2: that passed its pre sale low estimate by about eleven times,

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Speaker 2: according to Southby's Now The Financial Times is reporting that

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Speaker 2: mister Griffin plans to put the stegosaurus on display at

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Speaker 2: a US museum. It is not his first rodeo. I

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Speaker 2: don't know whether you said that about dinosaurs, but it

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Speaker 2: certainly's not his first venture around dinosaurs. In twenty eighteen,

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Speaker 2: mister Griffin gave sixteen and a half million US dollars

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Speaker 2: to the Field Museum in Chicago to fund the display

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Speaker 2: of a cast of the biggest dinosaur ever discovered, which

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Speaker 2: is an Argentine herbivore known as a titanisaur. I'd never

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Speaker 2: heard of that one. The specimen sold this week was

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Speaker 2: discovered in a town called Dinosaur in Colorado. It's actually

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Speaker 2: near one of the National Dinosaur Parks. There. There's about

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Speaker 2: eight hundred sites around the area, hence the DINASA. There's

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Speaker 2: not abou two hundred people in that town. The specimen is,

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Speaker 2: the skeleton is mostly intact. The stegosaurus is believed we've

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Speaker 2: lived to an advanced age and it's actually showing signs

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Speaker 2: of arthritis. There you go.

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Speaker 1: How did that determine from a fossil whether it's shown

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Speaker 1: signs of arthritis.

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Speaker 2: That's from It's incredible, totally remarkable.

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Speaker 1: Okay. Up next is the Fear and Greed Daily Interview

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Speaker 1: with John Howie. He is the CEO of Steak.

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Speaker 2: All about what people are investing in. Fascinating chat with

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Speaker 2: John well Worth. Listening to that one.

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Speaker 1: That's up next in the Fear and Greed playlist on

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Speaker 1: your podcast platform or at Fearangreed dot com dot au.

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Speaker 2: Thank you, Sewan, Thank you very much. Julian.

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Speaker 1: It's Friday, the nineteenth of July twenty twenty four. Make

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Speaker 1: sure you're following the podcast. Join us on LinkedIn, Instagram,

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Speaker 1: ex TikTok, and Facebook. Have a great take