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

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Speaker 1: for Thursday, the twenty seventh of June twenty twenty four.

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Speaker 1: I'm Sean e Elma. Every afternoon, We've got the five

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

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Speaker 1: Story number one, He's some Pi six two hundred tumbled

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Speaker 1: more than one percent in early training this morning, only

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Speaker 1: to clamber its way back, closing the session just zero

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Speaker 1: point three percent lower at seven seven one hundred and

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Speaker 1: sixty points. Interesst rate sensitive stocks fell most, with the

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Speaker 1: real Estate Investment Trusts index down more than two percent.

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Speaker 1: Today's trading was all about interest rates, with bond markets

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Speaker 1: now pricing in a forty percent chance of a rate

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Speaker 1: hike in August. Tech stocks did best today among the

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Speaker 1: large caps. There wasn't a huge amount of movement, while

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Speaker 1: Transurban closed down nearly three percent and Weistech finished up

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Speaker 1: two and a half percent. Most of the other top

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Speaker 1: twenty stocks ended not too far from where they started

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Speaker 1: the day. Story number two. Julian Assange is back in

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Speaker 1: the country, and perhaps not surprisingly, his arrival triggered a

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Speaker 1: political staus in Canberra. Misters Siance's first phone call when

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Speaker 1: he touched down last night was to Anthony Albernezi. He

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Speaker 1: told the Prime Minister he had saved his life. Misters

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Speaker 1: Sange's return followed a deal whereby he pled guilty to

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Speaker 1: a single criminal count of conspiring to obtain and disclosed

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Speaker 1: classified US national defense documents. Both sides of politics have

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Speaker 1: worked to get him back to Australia. He had been

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Speaker 1: in a British prison for five years. Prior to that,

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Speaker 1: he was in the Ecuadorian embassy in London for seven years.

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Speaker 1: But today Opposition Foreign Affairs spokesperson Simon Birmingham broke the bipartisanship.

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Speaker 1: He said it was inappropriate. The Prime Minister spoke to

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Speaker 1: mister Assange, saying while it's a good thing the legal

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Speaker 1: saga is over, he shouldn't receive the same homecoming as

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Speaker 1: others who have been and I quote this truthfully truly

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Speaker 1: wrongfully detained. Story number three. The number of job vacancies

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Speaker 1: in Australia has fallen to three hundred and fifty three

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Speaker 1: thousand across the country, suggesting the heat is definitely coming

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Speaker 1: out of the labor market. The Bureau of Statistics figures

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Speaker 1: show that job vacancies peaked two years ago and have

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Speaker 1: been falling ever since, though they remain above their pre

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Speaker 1: pandemic level. This is particularly the case in public facing

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Speaker 1: industries such as accommodation and food services and arts recreation.

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Speaker 1: In fact, there are still around one hundred and twenty

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Speaker 1: five thousand more vacancies than there were in February twenty twenty.

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Speaker 1: Pre pandemic vacancies are a leading indicator of what's going

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Speaker 1: to happen to the labor market and the unemployment rate.

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Speaker 1: Thus far this economic cycle, the labor market has, in

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Speaker 1: Reserve Bank Governor Michelle Bullock's words, remained tight. It needs

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Speaker 1: to listen a bit basically, and fewer job vacancies suggest

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Speaker 1: that's what is happening. Over the quarter to the end

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Speaker 1: of May, vacancies fell sharply in wholeshold trade and manufacturing

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Speaker 1: storing Number four Minor Liners will start production of two

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Speaker 1: heavy rare earths metals dysprosium and terbium, processing them from

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Speaker 1: its Malaysian plant, breaking China's stranglehold on the metals used

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Speaker 1: in modern weapons systems. The US and Australian governments are

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Speaker 1: taking a harder line on who owns and produces minerals

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Speaker 1: used in the electrification of economies wanting to reduce reliance

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Speaker 1: on China owned Linus has been a beneficiary. The heavy

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Speaker 1: rare earths will be sourced from the company's Mount World

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Speaker 1: mine in Western Australia. Along with Linus's light rare earths,

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Speaker 1: It's now the biggest non Chinese supplier of rare earth minerals.

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Speaker 1: Rare earths aren't particularly rare, but they are difficult to process,

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Speaker 1: and Linus's Malaysian facility is a critical part of that process.

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Speaker 1: Managing director Amanda Lakes said that Linus was poised to

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Speaker 1: break the Chinese monopoly on heavy rare earths and less

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Speaker 1: than the threat posed if Beijing opted to cutoff supply

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Speaker 1: to the US and its allies. And story number five

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Speaker 1: finishing off for Corporate News Today, TV and radio broadcast

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Speaker 1: a Southern Cross Media has rejected an offer whereby it

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Speaker 1: would take over Australian Community Medium. Japan's Mitsubishi Motors has

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Speaker 1: taken a five percent stake in ASX listed business Flick

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Speaker 1: Partners and an update on Guzman Egomes, the fast food

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Speaker 1: group that floated on the ASEX last week. The issue

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Speaker 1: price was twenty two bucks on day one at closed

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Speaker 1: at thirty bucks. That was the peak, though it has

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Speaker 1: stayed mostly above twenty nine dollars a share. What's emerged

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Speaker 1: is that there are a number of short sellers in

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Speaker 1: Guzman investors betting that the group's share price will fall.

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Speaker 1: We have to wait and see on that one. That's

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Speaker 1: it for the afternoon Report for Thursday, the twenty seventh

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Speaker 1: of June twenty twenty four. Don't forget to follow on

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Speaker 1: the podcast and find Fear and Greed on LinkedIn, Instagram,

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Speaker 1: x TikTok and Facebook. Join Michael Thompson and I Tomorrow

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Speaker 1: I'm morning for the Fast five by Fear and Greed,

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Speaker 1: the top five business storrows you need to know in

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Speaker 1: just five minutes. I'm Schane Elmer. Enjoy your evening.