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

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Speaker 1: for Thursday, the twenty fifth of July twenty twenty four.

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

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

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Speaker 1: number one. The SMPA six two hundred closed down one

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Speaker 1: point three percent today is eight hundred and sixty one points,

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Speaker 1: with a sell off in tech stocks and commodity based

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Speaker 1: companies leading three quarters of the index lower. The Tech

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Speaker 1: index ended the day down two point seven percent, with

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Speaker 1: Wise Tech Global down three percent. That followed a sell

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Speaker 1: off on Wall Street overnight, with the tech heavy NASDAK

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Speaker 1: ending down three point six percent, including a twelve percent

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Speaker 1: slum in Tesla shares. Worst of large caps was forty

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Speaker 1: s qu Metals Group, which ended down five percent. Other

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Speaker 1: poor performers included West Farmers, Goodman Group, Santos, James Hardy,

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Speaker 1: Transervan plenty of them today. In fact, all top thirty

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Speaker 1: stocks closed lower. In corporate news, jobs marketplace Seek has

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Speaker 1: written down the value of its Chinese marketplace It's our

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Speaker 1: Pin by one hundred and forty one million dollars, and

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Speaker 1: an outcome it blamed on China's week economy. Its share

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Speaker 1: price was down one point six percent, and chairs in

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Speaker 1: retailer and oil refiner am Pole was sold down three

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Speaker 1: percent after it said trading in the first half of

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Speaker 1: twenty twenty four was resilient. Story Number two rising costs

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Speaker 1: of mining iron ore in Western Australia's hurting Forteskew Metals Group,

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Speaker 1: with the minor warning costs could be up by nine

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Speaker 1: percent in the next year. That was enough to trigger

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Speaker 1: a five percent sell off in ford Escu's share price,

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Speaker 1: taking the total decline this year to about thirty percent.

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Speaker 1: The group said export volumes would be higher than last year,

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Speaker 1: but unit costs will still be higher by between one

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Speaker 1: and nine percent. Fordesqu Metals Group has experienced continued pressure

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Speaker 1: on costs and digging up a ton of iron ore

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Speaker 1: is now almost fifty percent more expensive than it was

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Speaker 1: before the COVID nineteen pandemic. The strip ratio, which is

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Speaker 1: the amount of waste rock dug up to access saleable

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Speaker 1: iron ore, is also expected to rise. That will add

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Speaker 1: to costs and lets expect fordesqu Metals Group to announce

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Speaker 1: an underlying profit of around nine point three billion dollars

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Speaker 1: next month. Story number three. Origin Energy will spend another

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Speaker 1: four hundred and fifty million dollars to expand its battery

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Speaker 1: storage capacity at its Arahing generation site in New South Wales.

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Speaker 1: A second battery at the facility will add longer duration storage,

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Speaker 1: which is increasingly needed as a transition to renewables continues.

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Speaker 1: It will involve a storage system with more than four

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Speaker 1: hours of capacity at a maximum output of two hundred

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Speaker 1: and forty megawats and is due online in the March

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Speaker 1: quarter of twenty twenty seven. Now, the six hundred million

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Speaker 1: dollar first battery installation involves two hours of storage. Origin

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Speaker 1: said the size of the second system will make it

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Speaker 1: suitable for absorbing excess solar generation during the day and

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Speaker 1: supplying it through evening peak demand periods. That's one of

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Speaker 1: the big issues for renewables at the moment. Story number

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Speaker 1: form a Quarry Group today said that fewer big transactions

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Speaker 1: are holding down earning, sending its share price down three

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Speaker 1: point six percent. Business at its investment banking and financing

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Speaker 1: arm Traditionally one of the strong suits of the group

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Speaker 1: has been slow, with fewer corporate deals and slower sales

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Speaker 1: of assets. Boss Shamara wick Ramani Yaka said she remains

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Speaker 1: cautious about the short term outlook and the turnaround reported

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Speaker 1: by US investment banks wasn't happening in Australia yet. Macquarie

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Speaker 1: said earnings in the June quarter were flapped. The group

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Speaker 1: held its AGM today. Its year end is March, so

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Speaker 1: the new data out today was just three months worth.

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Speaker 1: Helping during the quarter was increased activity and commodities, training

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Speaker 1: and part thanks to what's going on in the North

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Speaker 1: American gas power and emissions markets and story number five

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Speaker 1: a quirky one. The number of Japanese citizens fell at

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Speaker 1: the fastest rate last year since data collection began in

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Speaker 1: the nineteen sixties, adding pressure on the nation's social security

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Speaker 1: system and shrinking labor market. The population of Japanese nationals

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Speaker 1: fell by more than eight hundred and sixty one thousand

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Speaker 1: to one hundred and twenty one point six million over

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Speaker 1: last year, extending a streak of decline to fifteen years. Incredible.

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Speaker 1: That's according to the Ministry of Internal Affairs. While the

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Speaker 1: foreign population increased it to eleven percent to hit three

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Speaker 1: million for the first time, it wasn't enough to make

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Speaker 1: up for the shortfall in Japanese nationals and the overall

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Speaker 1: population shrank by zero point four percent, according to report

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Speaker 1: on Bloomberg. The immediate challenge from the falling population is

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Speaker 1: finding a labor force. There are nearly three openings for

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Speaker 1: every worker looking for a job in Japan. That's it

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Speaker 1: for the Afternoon Report for Thursday, the twenty fifth of

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Speaker 1: July twenty twenty four. Don't forget follow on the podcast

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Speaker 1: and find Fear and Greed on LinkedIn, Instagram, x TikTok

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Speaker 1: and Facebook. Join Michael Thompson and I Tomorrow i' morning

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Speaker 1: for the Fast five by Fear and Greed, the top

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Speaker 1: five business stories you need to know in just five minutes.

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Speaker 1: I'm Sean Elmer. Enjoy your evening.