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

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Speaker 1: for Friday, the sixteenth of August 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 unique know about. Straight up, I'm this

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Speaker 1: and PASX two hundred finished up one point three percent

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Speaker 1: today to seven nine hundred and seventy one points, led

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Speaker 1: higher by energy and materials companies. The financials and techdocs

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Speaker 1: did pretty well. Also. It's been six sessions of gains

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Speaker 1: in a row and for the week the benchmark is

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Speaker 1: up two and a half percent. Comboff Bank had another

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Speaker 1: very good day, up nearly two percent, while National Australian

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Speaker 1: Bank Westpac of Ain's all performed well. The big miners

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Speaker 1: BHP of Fortescue, Metals Group in Rio Tinto bounced after

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Speaker 1: some pretty weak sessions. Energy giants Woodside and Santos also

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Speaker 1: performed well, as did tech groups Aria and Zerra. James

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Speaker 1: Hardy Industries jump nearly six percent. Best on the day

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Speaker 1: was Zipco, which surged thirteen percent. In the not so

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Speaker 1: good category were Goodman West Farmers, Telstra and Cohl's Straight

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Speaker 1: Number two. Reserve Bank Governor Michelle Bullock made it very

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Speaker 1: clear today that interest rates are not going to rise,

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Speaker 1: but they're not going to fall either anytime soon, at least,

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Speaker 1: saying current interest rate settings appear likely to bring inflation

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Speaker 1: down to a manageable level. It's the end of a

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Speaker 1: very busy week for economists, with labor force, wage data,

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Speaker 1: business and consumer conference readings all suggesting a cooling economy,

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Speaker 1: though nothing too dramatic. Miss Bullocks said it was premature

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Speaker 1: to think about rate cuts now, financial markets are pricing

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Speaker 1: in a strong chance of a cut later this year.

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Speaker 1: The governor said, services inflation remains high, while the prices

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Speaker 1: of goods are coming down, in a sign that supply

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Speaker 1: chain ishes are being addressed. Miss Bullock said that she

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Speaker 1: understood many households would like to see a fall in

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Speaker 1: interest rates, especially for those with mortgages or business operators,

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Speaker 1: but she added the alternative of higher inflation for longer

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Speaker 1: is much worse. And I quote her, inflation has not

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Speaker 1: been this high for a few decades, and I think

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Speaker 1: many people have forgotten how bad it is. Some younger

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Speaker 1: people will not have experienced high inflation at all. Straight

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Speaker 1: Number three ASX limited, the organization that on the securities

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Speaker 1: Exchange reported a slight falling profit today on the back

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Speaker 1: of higher regulatory expenses. The AX this week has been

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Speaker 1: hit with a federal court case brought by ASEK about

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Speaker 1: alleged misleading statements over the replacement of its chess system.

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Speaker 1: The Chess system, along with updates to core systems and

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Speaker 1: the need for more staff to address regulatory demands, is

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Speaker 1: putting pressure on the exchange's bottom line. Chief Executive Helen

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Speaker 1: Lofthouse said the exchange was carefully reviewing and considering the

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Speaker 1: allegations from ASIK, while remaining committed to taking the AX forward.

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Speaker 1: She said the markets and data businesses had increased revenue

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Speaker 1: while listing's income had fallen, though, as Lofthouse said, there

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Speaker 1: were signs of a return in IPO activity as share

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Speaker 1: price finished flat straight up before. There are a bunch

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Speaker 1: of other earnings results out today. Online Property Group Domain

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Speaker 1: posted a sixty three percent jump and net profit. This

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Speaker 1: was built on an eighteen percent rise in average revenue

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Speaker 1: per listing and growth in its unique audience. The number

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Speaker 1: of listings on demand was up four percent year on

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Speaker 1: year during July to create a final dividend of four

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Speaker 1: cents of share, taking the full year payout to six

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Speaker 1: cens of share. MCRE, the world's largest consumer packaging group,

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Speaker 1: says there are some early signs of a small upturn

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Speaker 1: in demand from customers as a de stocking trend in

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Speaker 1: inventory comes to an end. Now. Mcore runs two hundred

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Speaker 1: and ten packaging plants in forty three countries, making pouches,

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Speaker 1: raps and containers for food, beverage, and healthcare customers. The

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Speaker 1: de stocking phenomenon had cut its bottom line by twenty

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Speaker 1: seven percent for the last financial m The other one

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Speaker 1: out today worth a mentioned wealth manager GQG Partners, reported

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Speaker 1: a surge in funds under management in the first half

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Speaker 1: of this year, reflecting a strong investment performance. The Fort

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Speaker 1: Lauderdale based manager increased inflows by nearly seventeen billion dollars

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Speaker 1: and the company's share prices up more than sixty percent

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Speaker 1: this year. And finally, story a number five. Donald Trump

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Speaker 1: has dismissed calls to halt his personal attacks on Carmala Harris,

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Speaker 1: insisting that he would defeat the Vice president by a

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Speaker 1: wide margin in November. Senior Republicans have urged the former

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Speaker 1: president to turn down his rhetoric against Harris, who has

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Speaker 1: opened up a lead in this year's White House race,

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Speaker 1: according to report in the Financial Times, but Trump defied

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Speaker 1: those calls, telling reporters gathered at his Bedminster golf resort

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Speaker 1: that he was very angry at Harris and entitled to

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Speaker 1: personal attacks. I quote him, I don't have a lot

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Speaker 1: of respect for her. I don't have a lot of

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Speaker 1: respect for her intelligence, and I think she'll be a

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Speaker 1: terrible president. He went on to say she certainly a

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Speaker 1: taxsed me personally. She actually called me weird. Trump went

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Speaker 1: on to defend his running mate jd Vance, saying he's

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Speaker 1: not weird. He was a great student at Yale. He

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Speaker 1: went on to Ohio State, graduated at the top of

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Speaker 1: his class. That's it for the Afternoon Report for Friday,

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Speaker 1: the sixteenth of August twenty twenty four. Don't forget to

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Speaker 1: hit follow on the podcast and find Fearing Greed on LinkedIn, Instagram,

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

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Speaker 1: I'm morning for the Fast Five by Fearing Greed, the

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

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Speaker 1: five minutes. I'm Sean Elmer. Enjoy reading