1
00:00:06,120 --> 00:00:09,280
Speaker 1: Today on Fear and Greed. Global markets react nervously to

2
00:00:09,320 --> 00:00:12,879
Speaker 1: the US europe showdown and prospect of tariffs, with riskier

3
00:00:12,920 --> 00:00:16,759
Speaker 1: assets including the Aussie dollar sold off. Locally, house prices

4
00:00:16,880 --> 00:00:19,599
Speaker 1: rise in February, suggesting that the cut in interest rates

5
00:00:19,640 --> 00:00:23,480
Speaker 1: has reversed the falling market, and speculation on an election

6
00:00:23,560 --> 00:00:27,360
Speaker 1: announcement grows. Plus Endeavor's poor result and whiskey wars are

7
00:00:27,360 --> 00:00:29,920
Speaker 1: wrapped in the UK. Welcome to Fear and Greed. Daily

8
00:00:29,960 --> 00:00:32,440
Speaker 1: business news for people who make their own decisions. It

9
00:00:32,600 --> 00:00:35,920
Speaker 1: is Monday, the third of March twenty twenty five. I'm

10
00:00:35,920 --> 00:00:38,040
Speaker 1: Michael Thompson and good morning, Sean Aylmer.

11
00:00:38,240 --> 00:00:40,440
Speaker 2: Good morning, Michael, Seawan.

12
00:00:40,520 --> 00:00:43,840
Speaker 1: The main story this morning global markets are on edge

13
00:00:44,159 --> 00:00:48,199
Speaker 1: following the showdown between US President Donald Trump and Ukrainian

14
00:00:48,280 --> 00:00:50,919
Speaker 1: leader of Vladimir Zelenski over the weekend, which is all

15
00:00:50,920 --> 00:00:53,400
Speaker 1: anyone's been talking about now for the last couple of days.

16
00:00:54,080 --> 00:00:56,800
Speaker 1: And then we've got the introduction of new tariffs on Canada,

17
00:00:57,000 --> 00:01:00,720
Speaker 1: Mexico and China this week. Gosh, you don't even know

18
00:01:00,760 --> 00:01:01,920
Speaker 1: where to start, right.

19
00:01:01,800 --> 00:01:04,040
Speaker 3: No, I don't think investors know which way to turn

20
00:01:04,080 --> 00:01:07,200
Speaker 3: at the moment. Starting on Wall Street, the clash between

21
00:01:07,480 --> 00:01:10,600
Speaker 3: Trump and Zelenski triggered a sell off on the S

22
00:01:10,640 --> 00:01:14,200
Speaker 3: and P five hundred, but remarkably it bounced later to

23
00:01:14,280 --> 00:01:18,479
Speaker 3: finish higher. Now some Carmra inflation figures fed that rally.

24
00:01:18,720 --> 00:01:22,160
Speaker 3: European stocks have fallen, with car makers among the biggest

25
00:01:22,200 --> 00:01:24,520
Speaker 3: losers on the back of Trump's threat to hit the

26
00:01:24,560 --> 00:01:28,039
Speaker 3: region with a twenty five percent tariff. Everyone's waiting on

27
00:01:28,080 --> 00:01:30,800
Speaker 3: the details of when and how those tariffs will be imposed.

28
00:01:31,120 --> 00:01:33,720
Speaker 3: Canada and Mexico are expected to be hit with tariff

29
00:01:33,720 --> 00:01:36,759
Speaker 3: from tomorrow. The twenty five percent tariff's assuming mister Trump

30
00:01:36,840 --> 00:01:39,720
Speaker 3: doesn't change his mind, and China's expected to be hit

31
00:01:39,760 --> 00:01:44,240
Speaker 3: with an extra ten percent tariff. Riskier assets, as you said.

32
00:01:44,040 --> 00:01:45,640
Speaker 2: In the lead, are wobbling.

33
00:01:45,680 --> 00:01:48,200
Speaker 3: Bitcoins stand to wait for eighty four thousand US dollars

34
00:01:48,240 --> 00:01:51,520
Speaker 3: a unit. The Aussie dollars trading about sixty two US cents,

35
00:01:51,600 --> 00:01:53,680
Speaker 3: oils down to seventy three US.

36
00:01:53,520 --> 00:01:54,440
Speaker 2: Dollars a barrel.

37
00:01:54,840 --> 00:01:55,000
Speaker 1: Now.

38
00:01:55,000 --> 00:01:57,120
Speaker 3: The local market had a bad day on Friday, fell

39
00:01:57,200 --> 00:01:59,720
Speaker 3: four percent for the month of month of February, wiping

40
00:01:59,800 --> 00:02:02,400
Speaker 3: out pretty much all of this year's gains. Profit season's over,

41
00:02:02,960 --> 00:02:07,960
Speaker 3: so we open today with futures markets saying the s

42
00:02:08,000 --> 00:02:11,400
Speaker 3: and p AX two hundred will rise, and that's on

43
00:02:11,440 --> 00:02:14,440
Speaker 3: the back of what happened on Wall Street over the weekend. However,

44
00:02:14,960 --> 00:02:20,760
Speaker 3: all this uncertainty around geo politics, around Tariff's is really

45
00:02:21,000 --> 00:02:22,440
Speaker 3: hurting investors at the moment.

46
00:02:23,960 --> 00:02:26,400
Speaker 1: Sean global leaders, I mean, there is a lot in

47
00:02:26,440 --> 00:02:29,520
Speaker 1: this right. Global leaders have certainly made it clear that

48
00:02:29,600 --> 00:02:33,959
Speaker 1: Vladimir Zelensky has their support. Most notably, you'd say, UK

49
00:02:34,160 --> 00:02:38,919
Speaker 1: Prime Minister Sir Kiir Starmer embraced mister Zelensky yesterday when

50
00:02:38,919 --> 00:02:41,400
Speaker 1: the latter was visiting Downing Street, a very public display

51
00:02:41,440 --> 00:02:41,880
Speaker 1: of support.

52
00:02:42,160 --> 00:02:45,240
Speaker 3: Yeah, sure was plenty across European else well, including Prime

53
00:02:45,240 --> 00:02:49,160
Speaker 3: Minister Anthony ALBERNIZI have been very supportive of mister Zelensky,

54
00:02:49,240 --> 00:02:52,880
Speaker 3: though notably, not too many have said much about Donald

55
00:02:52,919 --> 00:02:55,840
Speaker 3: Trump and j D Vance's behavior. It's been more about

56
00:02:56,760 --> 00:03:00,800
Speaker 3: Ukraine and Vladimir Zelenski. So Keys said Ukraine had the

57
00:03:00,840 --> 00:03:04,280
Speaker 3: full backing of the UK. So Ki hosted fourteen European

58
00:03:04,360 --> 00:03:09,200
Speaker 3: leaders overnight to rally military and financial support for Ukraine.

59
00:03:09,600 --> 00:03:12,560
Speaker 3: But European needers also want Zelensky to try and patch

60
00:03:12,600 --> 00:03:15,680
Speaker 3: things up with Donald Trump. Now senior Russian politicians were

61
00:03:15,680 --> 00:03:19,320
Speaker 3: pretty happy with what they saw as Vladimir Zelensky's White

62
00:03:19,360 --> 00:03:22,480
Speaker 3: House humiliation. That's their words. They said the Ukrainian leader

63
00:03:22,560 --> 00:03:25,000
Speaker 3: got what he deserved and that the US military a

64
00:03:25,200 --> 00:03:29,560
Speaker 3: too Kiev, must now be cut locally. Treasurer Jim Chalmers

65
00:03:29,600 --> 00:03:32,960
Speaker 3: called Zelensky a hero. He was speaking on Sky and

66
00:03:33,040 --> 00:03:36,080
Speaker 3: was asked about tariff's hitting Australia. He said that he'd

67
00:03:36,120 --> 00:03:40,600
Speaker 3: had positive discussions with US Treasury Secretary Scott Vessant, but

68
00:03:40,640 --> 00:03:42,160
Speaker 3: the job will be difficult.

69
00:03:42,320 --> 00:03:42,960
Speaker 2: You just get the.

70
00:03:42,880 --> 00:03:48,200
Speaker 3: Feeling at the moment that you know, March twenty twenty

71
00:03:48,200 --> 00:03:52,600
Speaker 3: five is a moment in time where there's a shift,

72
00:03:53,360 --> 00:04:00,560
Speaker 3: huge geopolitical shift away from the US towards Europe, towards

73
00:04:00,760 --> 00:04:05,520
Speaker 3: kind of a regrouping of allies. You sort of get

74
00:04:05,560 --> 00:04:06,160
Speaker 3: that sense.

75
00:04:07,240 --> 00:04:10,400
Speaker 1: Yeah, it is. It is hugely significant what's happened over

76
00:04:10,400 --> 00:04:14,160
Speaker 1: the weekend. And I think it's interesting actually watching as

77
00:04:14,200 --> 00:04:16,479
Speaker 1: well how it plays out within the US as well,

78
00:04:16,520 --> 00:04:19,479
Speaker 1: and who speaks out and who doesn't speak out against it,

79
00:04:19,520 --> 00:04:23,400
Speaker 1: and even just domestically. You saw in the US, that is,

80
00:04:23,560 --> 00:04:27,320
Speaker 1: you saw JD Vance then head off on a skiing

81
00:04:27,400 --> 00:04:29,480
Speaker 1: vacation I don't know whether you saw this, who went

82
00:04:29,520 --> 00:04:32,680
Speaker 1: to Vermont to go skiing? Then not long after this,

83
00:04:32,800 --> 00:04:36,839
Speaker 1: Now Vermont is quite a that not a lot of

84
00:04:36,880 --> 00:04:41,680
Speaker 1: Republican voters in history in Vermont, and so the people

85
00:04:41,720 --> 00:04:45,840
Speaker 1: were lining the streets. They had signed blackards that said

86
00:04:47,160 --> 00:04:51,719
Speaker 1: it said Vance is a traitor, go ski in Russia.

87
00:04:52,600 --> 00:04:55,800
Speaker 3: So it's a bit scary I think for Ukraine. Guys

88
00:04:55,800 --> 00:04:58,640
Speaker 3: like Lindsay Graham, who's actually a Republican, senior Republican being

89
00:04:58,640 --> 00:05:02,400
Speaker 3: a big fan of Ukraine, he has sided with Trump.

90
00:05:02,920 --> 00:05:07,080
Speaker 3: So it's incredible theater, it's incredible that what has happened.

91
00:05:07,160 --> 00:05:10,039
Speaker 3: But I just hape Ukraine make it through this because

92
00:05:10,040 --> 00:05:12,120
Speaker 3: they need us support. That's the bottom line.

93
00:05:12,360 --> 00:05:15,640
Speaker 1: Yeah, absolutely right, all right, Sewan back home now and

94
00:05:15,800 --> 00:05:20,000
Speaker 1: house prices rose last month, ending a somewhat short, shallow

95
00:05:20,040 --> 00:05:23,359
Speaker 1: decline that lasted just three months, and Melbourne and Hobart,

96
00:05:23,360 --> 00:05:25,479
Speaker 1: which are two of the worst performers last year, are

97
00:05:25,520 --> 00:05:26,960
Speaker 1: actually leading the revival.

98
00:05:27,120 --> 00:05:29,640
Speaker 3: The month of January. I'll say that again, Michael. The

99
00:05:29,640 --> 00:05:32,800
Speaker 3: month of February was good across the board. Every capital

100
00:05:32,839 --> 00:05:38,000
Speaker 3: city and rest of state region rose except Darwin, which

101
00:05:38,080 --> 00:05:41,880
Speaker 3: dropped slightly, and regional Victoria, which was flat. Melbourne and

102
00:05:41,920 --> 00:05:44,880
Speaker 3: Hobart were both up zero point four percent. That's the

103
00:05:44,920 --> 00:05:46,479
Speaker 3: first positive result.

104
00:05:46,200 --> 00:05:47,440
Speaker 2: For Melbourne in ten months.

105
00:05:47,720 --> 00:05:50,640
Speaker 3: The boom cities last year of Perth, Brisbane and Adelaide

106
00:05:50,800 --> 00:05:53,359
Speaker 3: rose zero point two zero point three percent on a

107
00:05:53,440 --> 00:05:55,920
Speaker 3: quarterly basis. Though Adelaide and Brisbane are leading the way,

108
00:05:56,000 --> 00:05:58,520
Speaker 3: Perth has really come to a shuddering halt, though Sydney

109
00:05:58,520 --> 00:06:00,560
Speaker 3: is up about zero point three percent. Melbour and Sydney

110
00:06:01,279 --> 00:06:03,440
Speaker 3: very much driven by the top end of the market.

111
00:06:03,720 --> 00:06:07,320
Speaker 3: It tends to be more interst rate sensitive, and so

112
00:06:07,520 --> 00:06:09,560
Speaker 3: with aught the talk well we actually had the interest

113
00:06:09,640 --> 00:06:12,160
Speaker 3: rate cut, but the talk ahead of that about interestrate

114
00:06:12,200 --> 00:06:13,960
Speaker 3: cuts that's helped that top end of the market in

115
00:06:13,960 --> 00:06:17,560
Speaker 3: Sydney and Melbourne now call logics. Tim Lawless says expectations

116
00:06:17,600 --> 00:06:20,920
Speaker 3: of Laura interst rates are very much supporting the market.

117
00:06:21,720 --> 00:06:25,440
Speaker 1: And auction clearance rates though Sean are a touch disappointing.

118
00:06:25,560 --> 00:06:28,040
Speaker 3: Over the weekend they were, but that's because we've been

119
00:06:28,120 --> 00:06:31,680
Speaker 3: used to seventy two percent plus a preliminary clearance rates

120
00:06:31,720 --> 00:06:33,480
Speaker 3: the previous couple of weeks came out at sixty nine

121
00:06:33,480 --> 00:06:35,640
Speaker 3: point nine percent. Twenty eight hundred homes, a lot more

122
00:06:35,680 --> 00:06:38,040
Speaker 3: homes on the market. Sydney was about seventy one, Melbourne

123
00:06:38,040 --> 00:06:40,480
Speaker 3: about seventy. Too early to tell, really, but the signs

124
00:06:40,520 --> 00:06:43,760
Speaker 3: remained positive as we head into a busier period for

125
00:06:43,800 --> 00:06:45,599
Speaker 3: the housing market.

126
00:06:45,640 --> 00:06:48,520
Speaker 1: Sean after the show today, got a great interview coming

127
00:06:48,560 --> 00:06:51,440
Speaker 1: up with Josh Gilbert from e Toro who's joined us

128
00:06:51,480 --> 00:06:53,160
Speaker 1: in the studio, and it's a great conversation.

129
00:06:53,560 --> 00:06:53,800
Speaker 2: Sure.

130
00:06:53,920 --> 00:06:57,800
Speaker 3: So it's about magnificent seven tech stocks and Tesla in

131
00:06:57,839 --> 00:07:01,840
Speaker 3: particular has been sold off hard recently. We ask him,

132
00:07:02,200 --> 00:07:04,679
Speaker 3: is this the end of the Magnificent sevens run?

133
00:07:05,120 --> 00:07:05,480
Speaker 2: Now?

134
00:07:05,680 --> 00:07:10,120
Speaker 3: Josh is across lots of things, but particularly the tech stocks.

135
00:07:10,240 --> 00:07:12,080
Speaker 3: He has a very interesting take, and I was going

136
00:07:12,120 --> 00:07:13,679
Speaker 3: to say what he said, but I think he should

137
00:07:13,720 --> 00:07:15,080
Speaker 3: listen to the interview.

138
00:07:15,000 --> 00:07:15,800
Speaker 2: Because he.

139
00:07:17,320 --> 00:07:20,080
Speaker 3: Just looks at it with a little more depth than

140
00:07:20,120 --> 00:07:22,800
Speaker 3: I would in terms of why these stocks will do

141
00:07:23,360 --> 00:07:24,360
Speaker 3: well or poorly.

142
00:07:25,200 --> 00:07:28,720
Speaker 1: I love all our interviews, but this is a particular favorite.

143
00:07:28,760 --> 00:07:31,080
Speaker 1: It is a musklessen for investors, So stick around for

144
00:07:31,080 --> 00:07:33,120
Speaker 1: that one. It's coming up after the show. We've got

145
00:07:33,160 --> 00:07:34,920
Speaker 1: a bit more still to get through, Shaum. We're talking

146
00:07:35,000 --> 00:07:40,240
Speaker 1: election day speculation. Star Entertainment's very shaky future and whiskey

147
00:07:40,280 --> 00:07:41,960
Speaker 1: war was so much still to come. We'll be back

148
00:07:42,000 --> 00:07:51,200
Speaker 1: in a moment with the rest of the day's business news. Sean.

149
00:07:51,240 --> 00:07:54,400
Speaker 1: There is plenty of speculation this morning about an election date,

150
00:07:54,560 --> 00:07:57,920
Speaker 1: and yesterday Treasurer Jim Chalmers move to hose down the chat,

151
00:07:58,000 --> 00:07:59,840
Speaker 1: saying he was working to produce a budget in the

152
00:08:00,080 --> 00:08:00,600
Speaker 1: usual way.

153
00:08:00,720 --> 00:08:04,280
Speaker 3: Yeah, that didn't host down anything. They are really speculations

154
00:08:04,320 --> 00:08:07,280
Speaker 3: everywhere now. The budget is scheduled for late March. If

155
00:08:07,280 --> 00:08:09,560
Speaker 3: an election is called, the government would produce what they

156
00:08:09,760 --> 00:08:13,920
Speaker 3: call an economic update rather than a full budget. Dr

157
00:08:14,000 --> 00:08:16,240
Speaker 3: Chalmers said the Prime Minister will call the poll in

158
00:08:16,560 --> 00:08:20,120
Speaker 3: due course. Now the poll has to be held before

159
00:08:20,240 --> 00:08:24,240
Speaker 3: May seventeen, Charmers wants it to be fought on the economy.

160
00:08:24,520 --> 00:08:26,800
Speaker 3: Speculation remains that the poll will be called after the

161
00:08:26,840 --> 00:08:31,240
Speaker 3: Western Australian state election next weekend. The campaign must run

162
00:08:31,240 --> 00:08:33,000
Speaker 3: for at least thirty three days. If the Prime Minister

163
00:08:33,040 --> 00:08:35,320
Speaker 3: wants to go to the polls on April twelve, which

164
00:08:35,320 --> 00:08:39,600
Speaker 3: has been rumored for some time, don't be surprised if

165
00:08:40,240 --> 00:08:43,040
Speaker 3: next Sunday the Prime Minister calls an election. If he

166
00:08:43,080 --> 00:08:45,240
Speaker 3: wants to go on May seventeen, which is the other

167
00:08:45,280 --> 00:08:46,840
Speaker 3: favorite date. Well, obviously he's.

168
00:08:46,720 --> 00:08:48,439
Speaker 2: Got time to wait. Over the weekend.

169
00:08:48,480 --> 00:08:51,360
Speaker 3: Opposition leader Peter Dutton committed three billion dollars towards buying

170
00:08:51,400 --> 00:08:54,720
Speaker 3: twenty eight new fighter jets for the Air Force if elected.

171
00:08:54,720 --> 00:08:56,480
Speaker 3: We're going to get lots of those sorts of announcements

172
00:08:56,520 --> 00:08:57,559
Speaker 3: in coming weeks.

173
00:08:58,280 --> 00:09:01,520
Speaker 1: I mentioned Starr Entertainment before or. The group has told

174
00:09:01,600 --> 00:09:04,760
Speaker 1: lenders Seawan that it is one week away from running

175
00:09:04,800 --> 00:09:08,560
Speaker 1: out of cash and it has sought regulatory clearance for

176
00:09:08,640 --> 00:09:11,000
Speaker 1: an administrator to take control of the group should it

177
00:09:11,000 --> 00:09:13,720
Speaker 1: fail to secure a fresh injection of funds.

178
00:09:13,760 --> 00:09:17,040
Speaker 3: The operator of casinos in Sydney, the Gold Coast and Brisbane,

179
00:09:17,200 --> 00:09:20,320
Speaker 3: was on the brink of collapse on Friday evening when

180
00:09:20,520 --> 00:09:23,960
Speaker 3: markets closed. It is trying to lock in a short

181
00:09:24,080 --> 00:09:27,000
Speaker 3: term funding deal. Essentially, according to a fin review, chief

182
00:09:27,000 --> 00:09:30,320
Speaker 3: executive Steve mccannon and his bankers had spent the last

183
00:09:30,320 --> 00:09:33,960
Speaker 3: few days scrambling to secure a lifeline after deferring the

184
00:09:34,000 --> 00:09:37,800
Speaker 3: publication of accounts half yew accounts which couldn't be signed

185
00:09:37,800 --> 00:09:40,280
Speaker 3: off by the board. Without a funding deal and finalized accounts,

186
00:09:40,360 --> 00:09:42,360
Speaker 3: the company can't trade today.

187
00:09:43,720 --> 00:09:47,600
Speaker 1: A strong demand for a new generation of artificial intelligence

188
00:09:47,679 --> 00:09:50,880
Speaker 1: enabled devices is driving sales growth at Harvey Norman. I

189
00:09:50,880 --> 00:09:52,480
Speaker 1: don't know about you, Sean, but as soon as I

190
00:09:52,520 --> 00:09:56,640
Speaker 1: think artificially intelligent, artificial intelligence enabled devices at Harvey Norman,

191
00:09:56,679 --> 00:09:58,520
Speaker 1: I'm thinking really smart washing machines.

192
00:10:00,240 --> 00:10:02,760
Speaker 3: What's interesting. Harvey Norman and JB. Highfight at the beginning

193
00:10:02,760 --> 00:10:04,719
Speaker 3: of the reporting season Harvey Norman. At the end of it,

194
00:10:04,800 --> 00:10:08,080
Speaker 3: they both said the same thing. People want AI enabled

195
00:10:08,679 --> 00:10:11,120
Speaker 3: products and that's actually helping sales, so the white goods

196
00:10:11,120 --> 00:10:13,760
Speaker 3: and electronic retailer, and now it's better than expected first

197
00:10:13,800 --> 00:10:17,120
Speaker 3: half results, and chair Jerry Harvey expects ongoing sales strength

198
00:10:17,200 --> 00:10:21,479
Speaker 3: in home appliances, televisions, audio devices, mobile phones and computers.

199
00:10:21,800 --> 00:10:26,320
Speaker 3: Sales in Australia were higher, particularly in the pre Christmas season,

200
00:10:26,360 --> 00:10:29,360
Speaker 3: which is very important to the bottom line. However, sales

201
00:10:29,360 --> 00:10:31,319
Speaker 3: in New Zealand, the UK, sing and Poor and Malaysia

202
00:10:31,400 --> 00:10:34,080
Speaker 3: were less positive. Harvey Norman's share price raise by more

203
00:10:34,120 --> 00:10:35,319
Speaker 3: than four percent on Friday.

204
00:10:35,920 --> 00:10:38,920
Speaker 1: Endeavor Group's profit fell by more than expected across its

205
00:10:38,960 --> 00:10:42,280
Speaker 1: pubs and liquor stores, as the hospitality giant confirmed it

206
00:10:42,320 --> 00:10:46,880
Speaker 1: would appoint Arimrvis executive chairman as a search for a

207
00:10:46,880 --> 00:10:48,920
Speaker 1: permanent chief executive drags on.

208
00:10:49,280 --> 00:10:51,280
Speaker 2: It Does you have the main problem for Endeavor group

209
00:10:51,320 --> 00:10:54,800
Speaker 2: at the moment? What is it? People aren't drinking as

210
00:10:54,840 --> 00:10:55,560
Speaker 2: much as they used to?

211
00:10:56,640 --> 00:10:56,960
Speaker 1: Really?

212
00:10:57,080 --> 00:11:01,719
Speaker 2: Yeah, like the bottom line with Endeavor here.

213
00:11:01,760 --> 00:11:03,280
Speaker 1: I was thinking it was going to be something big,

214
00:11:03,280 --> 00:11:05,480
Speaker 1: It's something to do with the accounts or something like that,

215
00:11:05,520 --> 00:11:09,320
Speaker 1: but no, it's actually something about just human consumer behavior.

216
00:11:09,440 --> 00:11:12,719
Speaker 3: Yeah. So in Devorhe's hundreds of pubs. Dan Murphy's BWS

217
00:11:12,800 --> 00:11:14,960
Speaker 3: net profit for the first half of the financial year

218
00:11:15,840 --> 00:11:19,920
Speaker 3: was down about fifteen percent, way worse than expectations, triggered

219
00:11:19,960 --> 00:11:22,880
Speaker 3: a seven percent sell off in the stock. Nev was

220
00:11:22,880 --> 00:11:25,839
Speaker 3: spun out of Woollies in twenty twenty one. It's really

221
00:11:25,880 --> 00:11:29,280
Speaker 3: struggled for several years with sluggish demand for alcohol. So

222
00:11:29,320 --> 00:11:32,520
Speaker 3: this trend of not buying as much alcohol has been

223
00:11:32,559 --> 00:11:35,200
Speaker 3: going on for a while. On Friday, it said revenues

224
00:11:35,240 --> 00:11:39,880
Speaker 3: were nearly flat, with sales at Dan Murphy's and BWS

225
00:11:39,880 --> 00:11:43,719
Speaker 3: outlets sliding one and a half percent. But just the

226
00:11:43,760 --> 00:11:47,640
Speaker 3: bottom line for Endeavor, people just aren't buying as much

227
00:11:47,679 --> 00:11:48,760
Speaker 3: alcohol as they used to.

228
00:11:50,160 --> 00:11:52,280
Speaker 1: Can I ask you a question that you may not

229
00:11:52,360 --> 00:11:56,599
Speaker 1: know the answer to yes, go on, why why was

230
00:11:56,640 --> 00:12:01,160
Speaker 1: it spun out? Because it's was it because that way

231
00:12:02,200 --> 00:12:05,120
Speaker 1: Woolies kind of doesn't have alcohol within it, and so

232
00:12:05,200 --> 00:12:07,719
Speaker 1: it appeals to a different kind of group of investors

233
00:12:07,720 --> 00:12:10,319
Speaker 1: and larger perhaps institutions all investors that kind of thing,

234
00:12:10,720 --> 00:12:11,000
Speaker 1: or is.

235
00:12:10,920 --> 00:12:13,040
Speaker 2: There more to I mean, I mean, I think that's

236
00:12:13,040 --> 00:12:13,560
Speaker 2: all part of it.

237
00:12:13,600 --> 00:12:15,559
Speaker 3: But at the end of the day, a board will

238
00:12:15,600 --> 00:12:18,400
Speaker 3: spin out an operation like a Nevor out of Bullies

239
00:12:18,480 --> 00:12:21,199
Speaker 3: if they think they can get more shareholder value from it.

240
00:12:21,679 --> 00:12:24,280
Speaker 3: And that might not just be shareholder value on Endeavor.

241
00:12:24,360 --> 00:12:28,439
Speaker 3: It may actually be shareholder value for Woolworths because Endeavor

242
00:12:28,520 --> 00:12:31,760
Speaker 3: isn't pulling it back. So I think the answer is

243
00:12:31,800 --> 00:12:35,920
Speaker 3: that the board decided that two separate operations were worth

244
00:12:36,000 --> 00:12:41,160
Speaker 3: more than one combined. There has forever ever since Roger Corbet,

245
00:12:41,200 --> 00:12:43,080
Speaker 3: who used to be the boss of Woolies got into

246
00:12:43,520 --> 00:12:48,600
Speaker 3: liquor retailing, kind of calls for Woolies to get our

247
00:12:48,640 --> 00:12:52,559
Speaker 3: liquor retailing Pokey's, those sorts of things. But I actually

248
00:12:52,559 --> 00:12:53,440
Speaker 3: think at the end of the day, it was a

249
00:12:53,440 --> 00:12:54,320
Speaker 3: shareholder value thing.

250
00:12:54,840 --> 00:12:57,720
Speaker 1: Okay, all right? Turning to international news now in the

251
00:12:57,760 --> 00:13:01,160
Speaker 1: Israeli government says it has blocked the entry of all

252
00:13:01,320 --> 00:13:04,920
Speaker 1: humanitarian aid into Gaza because the first phase of the

253
00:13:04,960 --> 00:13:07,040
Speaker 1: ceasefire with Hamas has expired.

254
00:13:07,440 --> 00:13:11,079
Speaker 3: That except about twenty four hours ago Prime Minister Benjamin Netanya,

255
00:13:11,160 --> 00:13:13,840
Speaker 3: whose office said Hamas had so far refused to accept

256
00:13:13,880 --> 00:13:18,280
Speaker 3: a temporary ceasefire extension. A Hamas spokesperson called the move cheap,

257
00:13:18,320 --> 00:13:22,080
Speaker 3: blackmail and a coup on the ceasefire agreement, and urged

258
00:13:22,200 --> 00:13:24,840
Speaker 3: mediators to get Israel to resume the supply of aid.

259
00:13:24,920 --> 00:13:27,920
Speaker 3: According to the BBC, the Palestinian group once phase two

260
00:13:27,920 --> 00:13:30,320
Speaker 3: of the deal to go ahead as originally negotiated, with

261
00:13:30,360 --> 00:13:34,120
Speaker 3: the release of hostages and Palestinian prisoners and the withdrawal

262
00:13:34,120 --> 00:13:38,240
Speaker 3: of Israeli forces from Gaza. Now on Friday night, Hama

263
00:13:38,240 --> 00:13:40,600
Speaker 3: said would not agree to any extension of Phase one

264
00:13:40,640 --> 00:13:45,160
Speaker 3: without guarantees from the US, Guitar and Egyptian mediators that

265
00:13:45,240 --> 00:13:48,880
Speaker 3: Phase two would eventually take place. Yesterday, mister Netanya, whose

266
00:13:48,920 --> 00:13:51,840
Speaker 3: office said Israel had agreed to be to a US

267
00:13:51,920 --> 00:13:55,520
Speaker 3: proposal for the ceasefire to continue for about six weeks

268
00:13:55,760 --> 00:14:00,480
Speaker 3: during the Muslim Ramadam and Jewish passover periods, but the

269
00:14:00,520 --> 00:14:02,640
Speaker 3: state of that ceasefire is very much up in the

270
00:14:02,679 --> 00:14:03,280
Speaker 3: air at the moment.

271
00:14:04,240 --> 00:14:06,079
Speaker 1: Finally, Sean, I suspect we're in for a bit of

272
00:14:06,120 --> 00:14:10,560
Speaker 1: a lesson here, so please educate. Its whiskey wars have

273
00:14:10,679 --> 00:14:14,160
Speaker 1: broken out in Britain and it is all because Scottish

274
00:14:14,240 --> 00:14:18,320
Speaker 1: politicians are upset over English plans to label some of

275
00:14:18,600 --> 00:14:20,560
Speaker 1: its liquor as single malt.

276
00:14:20,760 --> 00:14:25,200
Speaker 3: In fact, Scottish politicians are calling it sabotage they fear

277
00:14:25,240 --> 00:14:29,120
Speaker 3: will undermine the five point four billion US dollar Scotch

278
00:14:29,320 --> 00:14:33,160
Speaker 3: whiskey sector. It's all about the term single malt. Now,

279
00:14:33,240 --> 00:14:36,480
Speaker 3: I'm not a Scotch drinker, so I don't know. I

280
00:14:36,600 --> 00:14:38,760
Speaker 3: had to do the research here because I didn't really

281
00:14:38,840 --> 00:14:43,760
Speaker 3: understand it. Scottish rules requires the malt grains to be mashed,

282
00:14:44,200 --> 00:14:48,480
Speaker 3: fermented and distilled all at the same site in order

283
00:14:48,520 --> 00:14:51,480
Speaker 3: for the drink to be a single malt. The English

284
00:14:51,680 --> 00:14:55,920
Speaker 3: definition only requires the whiskey to be dispilled at the

285
00:14:56,000 --> 00:15:00,120
Speaker 3: site to become a single malt grade. According to the FT. Now,

286
00:15:00,160 --> 00:15:03,080
Speaker 3: the British Parliament plans to allow the English style single malt.

287
00:15:03,720 --> 00:15:07,200
Speaker 3: That's cause the upset. The English Whiskey Guild said its

288
00:15:07,200 --> 00:15:10,680
Speaker 3: application was consistent with the US, which produces whiskey and

289
00:15:10,720 --> 00:15:15,880
Speaker 3: aligned with the single malt Welsh whiskey geographical indication. Now,

290
00:15:15,960 --> 00:15:18,440
Speaker 3: I can't imagine the Scott's being real happy about saying

291
00:15:18,520 --> 00:15:20,880
Speaker 3: yeah just because the US and the Welsh do it

292
00:15:21,040 --> 00:15:22,480
Speaker 3: therefore it's right.

293
00:15:22,960 --> 00:15:23,760
Speaker 1: Yeah.

294
00:15:24,200 --> 00:15:25,880
Speaker 3: I mean, it's a very hard time for the Scottish

295
00:15:25,960 --> 00:15:30,280
Speaker 3: whiskey industry. Turbulent global conditions dented. It really has never

296
00:15:30,320 --> 00:15:33,240
Speaker 3: fully recovered from the COVID nineteen pandemic, higher input costs,

297
00:15:33,720 --> 00:15:37,520
Speaker 3: lower demand, leading to overstocked warehouses. Single malt exports were

298
00:15:37,520 --> 00:15:42,000
Speaker 3: down seventeen percent last year, even though export volumes were up,

299
00:15:42,040 --> 00:15:45,720
Speaker 3: reflecting the changing trends in global consumer preferences. In their words,

300
00:15:45,720 --> 00:15:50,280
Speaker 3: many drinkers basically are shifting to cheaper whiskey. It's a crisis, Michael.

301
00:15:50,320 --> 00:15:51,960
Speaker 1: It is a crisis. But you know what, the thing

302
00:15:51,960 --> 00:15:56,320
Speaker 1: I love most people listening to this today, well, take

303
00:15:56,320 --> 00:15:57,960
Speaker 1: a lot of things out of the show, but I

304
00:15:58,040 --> 00:16:00,280
Speaker 1: reckon the one thing that's really going to stick an

305
00:16:00,560 --> 00:16:03,080
Speaker 1: is the definition of single malt whiskey. Because it's one

306
00:16:03,080 --> 00:16:04,880
Speaker 1: of those terms you hear it all the time, yeah,

307
00:16:04,920 --> 00:16:07,040
Speaker 1: and you're never quite sure what it means yep. And

308
00:16:07,080 --> 00:16:08,640
Speaker 1: now you can bust that one out at a dinner

309
00:16:08,680 --> 00:16:11,520
Speaker 1: party and sound very very educated. Oh it's a single molt?

310
00:16:11,600 --> 00:16:12,640
Speaker 1: Is it real single molt?

311
00:16:12,720 --> 00:16:13,960
Speaker 2: Or UK's instilled or not?

312
00:16:14,120 --> 00:16:18,280
Speaker 1: No? No, I like a mashed on the site as well, now, Sean.

313
00:16:18,400 --> 00:16:20,960
Speaker 1: Up next is Fear and Greed The Week Ahead, featuring

314
00:16:21,040 --> 00:16:25,120
Speaker 1: resident economist Stephen Kakoulas. Is very excited as always.

315
00:16:25,160 --> 00:16:26,080
Speaker 2: As always, big week.

316
00:16:26,120 --> 00:16:28,920
Speaker 3: We've got economic growth figures for the December quarter coming out,

317
00:16:29,520 --> 00:16:32,440
Speaker 3: very important to see where we stand as an economy.

318
00:16:32,640 --> 00:16:35,000
Speaker 3: I think he's suggesting kind of one point four person,

319
00:16:35,040 --> 00:16:37,920
Speaker 3: I think he said, and your growth. Great chat with Steven.

320
00:16:38,280 --> 00:16:40,320
Speaker 1: Yeah, big week. And following that is the Fear and

321
00:16:40,360 --> 00:16:43,360
Speaker 1: Greed Daily interview with Josh Gilbert from e Toro all

322
00:16:43,480 --> 00:16:45,600
Speaker 1: about the Magnificent Seven. They are coming up in the

323
00:16:45,640 --> 00:16:47,720
Speaker 1: Fear and Greed playlist on your podcast platform or at

324
00:16:47,720 --> 00:16:49,080
Speaker 1: Fearangreed dot com dot au.

325
00:16:49,360 --> 00:16:50,800
Speaker 2: Thank you, Sean, Thank you. Michael.

326
00:16:51,080 --> 00:16:53,840
Speaker 1: It is Monday, the third of March twenty twenty five.

327
00:16:53,880 --> 00:16:55,840
Speaker 1: Make sure you're following the podcast and please join us

328
00:16:55,880 --> 00:16:59,520
Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

329
00:16:59,520 --> 00:17:03,600
Speaker 1: Thompson and that Spear and Grave have a great day.