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

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Speaker 1: for Monday, the sixteenth of December twenty twenty four. I'm

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Speaker 1: Sean Elmer. Every afternoon, we've got the five stories that

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

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Speaker 1: on the s and PASX two hundred closed down a

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Speaker 1: little over half percent today to wait two hundred and

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Speaker 1: fifty points. Local miners fell after the Chinese government failed

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Speaker 1: to deliver a decent stimulus package over the weekend. Wasn't

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Speaker 1: good news from their housing market either. House prices are stalling. Also,

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Speaker 1: Chinese retailers aren't shopping. That is certainly hurting the miners.

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Speaker 1: Tech stocks also suffered today after Nasdaq dropped over the weekend.

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Speaker 1: While the property groups were also lower. In general, the

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Speaker 1: banks were higher, as were the retailers. Not a great

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Speaker 1: day for Digiko. It's day two on the market. Listed

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Speaker 1: on Friday, down five percent that day, down another five

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Speaker 1: percent today. Ouch shares Inventi had dropped after executives at

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Speaker 1: the infrastructure giant were named in the case over alleged

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Speaker 1: price fixing brought by the HABC last week. The shares

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Speaker 1: are down eighteen percent in the past five days, and

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Speaker 1: the corporate regulator has formally opened an investigation into online

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Speaker 1: retailer Cogan after two of its most senior executives, including

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Speaker 1: founder Rustlin Cogan struck a profitable options deal with the

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Speaker 1: board and riching them collectively by more than seventeen million dollars.

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Speaker 1: Story number two. Retail sales in China were worse than

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Speaker 1: forecast last month. As I mentioned a moment ago, we

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Speaker 1: care because the Chinese consumer is a very powerful driver

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Speaker 1: of global economic growth and they don't have the foot

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Speaker 1: on the accelerator at the moment. There was also a

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Speaker 1: drop in house prices in China. Generally, the world's second

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Speaker 1: biggest nation is just looking a bit ordinary. That hasn't

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Speaker 1: helped iron ore prices, which are much lower. The potitive

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Speaker 1: news maybe is that bitcoin hit a new record high

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Speaker 1: today above one hundred and six thousand US dollars a unit.

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Speaker 1: Are the cryptos benefited the Aussie dollars trading just under

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Speaker 1: sixty four US cents Story number three. The majority of

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Speaker 1: voter believe Australia will have a minority government after the

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Speaker 1: next election, due by the middle of May next year.

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Speaker 1: The latest Financial Review Freshwater Strategy poll shows the Coalition

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Speaker 1: ahead on a two party preferred basis fifty one to

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Speaker 1: forty nine percent. The primary vote is unchanged ALP's at

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Speaker 1: thirty percent, the Coalition at forty percent, Greens at fourteen percent.

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Speaker 1: The poll suggests a minority government with Anthony Albanesi in charge,

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Speaker 1: but respondents said they expect a minority government with Peter

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Speaker 1: Dutton in charge. Currently betting markets have Peter Dutton in front.

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Speaker 1: The survey says that in a bunch of areas Peter

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Speaker 1: Dutton leads Anthony Albanesi, including understanding the problems facing Australians,

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Speaker 1: can get things done, has a clear vision for Australia,

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Speaker 1: strong leadership and shares my values. Anthony Albanesi was in

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Speaker 1: front in only two, would be easy to speak to

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Speaker 1: and is in touch with ordinary people. Story number four.

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Speaker 1: Treasure Jim Chalmers has been busy downgrading the value of

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Speaker 1: mining exports by a hunhundred billion dollars for this financial

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Speaker 1: year that will hit the bottom line of the mini

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Speaker 1: budget my EFO, which is due for release on Wednesday.

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Speaker 1: Doctor Chalmers yesterday said he wasn't pessimistic about the mining sector,

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Speaker 1: but the downgrade was the reality of weaker demand from China.

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Speaker 1: My EFO will also include a downgrade in company taxes

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Speaker 1: by about eight point five billion dollars. It should include

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Speaker 1: lower than expected outgoings in terms of unemployment benefits. Given

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Speaker 1: the labor market is so strong. Market economists expect a

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Speaker 1: budget deficit this financial year of between twenty five and

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Speaker 1: thirty billion dollars. And story number five In Victoria, Treasurer

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Speaker 1: Tim Pallas is leaving politics after nearly twenty years in

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Speaker 1: spring Street. I'm no expert in state politics, but to

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Speaker 1: last twenty years in Victoria is a pretty good effort.

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Speaker 1: Mister Pallace said the state's economy is in a strong position,

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Speaker 1: notwithstanding recent data and plenty of criticism suggesting the opposite.

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Speaker 1: The longest serving standalone state treasure of Victoria has had

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Speaker 1: said it's been an honor and privilege of the people

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Speaker 1: of Werribee, which of course is his electorate, saying local

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Speaker 1: Canberra Airport today said Qatar Airways will restart fights to

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Speaker 1: the Act next year after ceasing services during the pandemic.

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Speaker 1: That's it for the Afternoon Report for Monday, the sixteenth

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Speaker 1: of December twenty twenty four. Make sure you hit follow

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Speaker 1: on the podcast. We'll be back tomorrow morning with a

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Speaker 1: Tuesday edition of Fear and Green Business News. I'm Sean Elmer.

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Speaker 1: Enjoy your evening.