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Speaker 1: Retail stocks tumble as shoppers stay away, Commonwealth Bank announces

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Speaker 1: a drop in profit, and scientists discover a new planet

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Speaker 1: with an atmosphere which is necessary for life. The small

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Speaker 1: problem the surface temperature is about one thy seven hundred

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Speaker 1: and twenty five degrees celsius. Welcome to Fear and Greed,

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Speaker 1: daily business news for people who make their own decisions.

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Speaker 1: It is Friday, the tenth of May twenty twenty four.

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Speaker 1: I'm Michael Thompson and good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael. That space story definitely for you.

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Speaker 1: It feels like you've put it in there just for

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Speaker 1: me because it really doesn't have much of a business link,

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Speaker 1: does it.

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Speaker 2: Ah, Well, big money, hot, No, nothing nothing good with business,

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Speaker 2: What's just interesting.

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Speaker 1: It was a very good try there, though, Sean. I'm

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Speaker 1: looking forward to the story coming up a bit later on.

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Speaker 1: Also coming up later on after the show, you have

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Speaker 1: an interview with Stefan von Iimoff, who is the co

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Speaker 1: founder of alternative investing community fund ALTS dot Co.

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Speaker 2: I shall do now. We've spoken to Stefan about investing

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Speaker 2: in all sorts of things previously, you know, tequila and

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Speaker 2: all those sort of odd things. This time. We're talking

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Speaker 2: to him about investing in sport, specifically football teams and

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Speaker 2: a rugby league team which he's interested in investing in,

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Speaker 2: but sort of more generally about how you make money

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Speaker 2: from investing in sports teams. Very hard market to get

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Speaker 2: into often you need to be very wealthy. But he

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Speaker 2: also thinks there's big opportunities because there's a something of

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Speaker 2: an arbitrage between the number of people watching a sporting

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Speaker 2: team and the value of that sporting team. So fascinating chat.

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Speaker 1: Yeah, sure is. It is coming up a little bit

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Speaker 1: later on the main story this morning, though Sean is

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Speaker 1: a big one. Fears that consumers will stop spending outside

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Speaker 1: the band necessities has hit the equities market, with the

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Speaker 1: share prices of JB Hi Fi, Baby Bunting, super retail Group,

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Speaker 1: Nick Scarley, Harvey, Norman, Temple, and Webster all falling sharply yesterday.

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Speaker 2: All these stocks are part of what's known as the

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Speaker 2: Consumer Discretionary Index on the AX, and that film more

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Speaker 2: than two and a half percent yesterday, reflecting fears that

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Speaker 2: given interest rates will stay higher for longer, people won't

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Speaker 2: have much discretionary income to spend. What triggered the cell

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Speaker 2: off Yesterday was bad news from retail Darling JB hi Fi.

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Speaker 2: It posted flat sales during the March quarter and its

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Speaker 2: share price tumbled four and a half percent. Super Retail,

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Speaker 2: which owns Rebels, Super Cheap Auto and BCF, also gave

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Speaker 2: a sales update and said turnover was off one percent.

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Speaker 2: Its share price ended the day down five point two percent.

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Speaker 2: Worst of all they was Baby Bunting. Its share price

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Speaker 2: tumbled twenty four percent after it reported that sales are falling.

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Speaker 2: Temple and Webster was another one hard hit. It dropped

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Speaker 2: eighteen percent yesterday. It's basically the same story across retail.

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Speaker 2: Families don't have money after they pay for housing and

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Speaker 2: insurance and education and other necessary items to spend on

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Speaker 2: good stuff. This is seen in the official retail sales

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Speaker 2: numbers and will be weighing heavily on the Reserve Bank

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Speaker 2: when it thinks about interest rates in coming months. Certainly,

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Speaker 2: consumer spending, which is the biggest part of the overall economy,

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Speaker 2: is stuffering along at best.

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Speaker 1: One part of this Sean that I find fascinating is

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Speaker 1: this question is it everyone that's hurting? Because earlier in

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Speaker 1: the week you were talking about the fact that the

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Speaker 1: front end of QUANTUS planes are full again. That demand

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Speaker 1: has never been greater for kind of your business class

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Speaker 1: and your first class and your premium economy. So clearly

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Speaker 1: some people are spending very true.

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Speaker 2: What's happening is there's a two speed consumer pattern emerging

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Speaker 2: in the economy. Those with mortgages or rental accommodation are

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Speaker 2: feeling well, feeling the tough times really, but the older

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Speaker 2: and wealthier seem to be in pretty good shape. Trina

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Speaker 2: Burns from Wilton Asset Management called it a mixed consumer,

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Speaker 2: with older generations fearing much better than younger generations, particularly

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Speaker 2: under thirty fives. Burns is a US expert friend of

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Speaker 2: Fearing great, She's been on the show a few times.

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Speaker 2: She told The Financial Review that it's very much the

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Speaker 2: same in North America, where companies like McDonald's, Starbucks, Esday

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Speaker 2: Lauder they've got the wobbles, whereas Norwegian Cruise Lines, Delta

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Speaker 2: Airlines they're doing pretty well. This whole two speed consumer

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Speaker 2: economy makes it very tricky for the reserve back because

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Speaker 2: on one hand, there's big parts of the population struggling

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Speaker 2: to make ends meet. On the other there's another large

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Speaker 2: segment spending fairly freely anyway. The consumer retail stocks yesterday

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Speaker 2: really felt the pinch from this slowdown and spending.

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Speaker 1: All right, So that's consumer retail broadly. How did local

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Speaker 1: markets perform yesterday?

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Speaker 2: It's a pretty rough day all in all, with the

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Speaker 2: SMPASX closing down one point one percent two seven seven

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Speaker 2: hundred and twenty two points. We talked about the consumer

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Speaker 2: discretionary stocks easily the worst of the eleven sub indices yesterday. Financials,

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Speaker 2: real estate and healthcare stocks were also lower. The energy

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Speaker 2: stocks were among the best performers. Just quickly looking at

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Speaker 2: the large caps. Of the top ten, only Mcquarie ended

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Speaker 2: the day higher, while CSL National Australia Bank A said

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Speaker 2: and goodman, we're all down more than one percent. West

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Speaker 2: Farmers was off three and a half percent. Westpac was

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Speaker 2: off five and a half percent or five point six percent,

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Speaker 2: but it went extevenand Michael, so it had an excuse.

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Speaker 1: Yes, yes it did. We'll allow that.

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Speaker 2: Now.

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Speaker 1: Checking international markets, thanks to blue Chip Communication, the experts

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Speaker 1: helping financial services companies market, communicate and grow. Visit Blueschipcommunication,

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Speaker 1: dot Com, dot Au and Sean. We don't talk about

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Speaker 1: Sweden a huge amount on.

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Speaker 2: This show do we We don't, but we should because

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Speaker 2: the central Bank unexpectedly cut its key interest rate by

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Speaker 2: twenty five basis points yesterday morning. The reason it's rating

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Speaker 2: a mention today is that it's one of the first

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Speaker 2: developed economies that has shifted into rate cutting mode. The

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Speaker 2: European Central Bank has already signaled it's set to cut

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Speaker 2: rates in June, while the Bank of England was meeting overnight.

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Speaker 2: While not likely to change rates, the wording and the

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Speaker 2: next move is likely to demonstrate that it's thinking about it.

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Speaker 2: While in Europe, share markets are surging over there, with

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Speaker 2: the stocks six hundred, a measure of the top six

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Speaker 2: hundred companies in the region, heading yet another record twenty

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Speaker 2: four hours ago. Now the market's up more than two

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Speaker 2: percent this month alone on the back of strong earnings

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Speaker 2: and those expectations that the ECB will cut rates. Is

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Speaker 2: a very similar story to what's happening on Wall Street

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Speaker 2: and what's happening in Australia Otherwise. Brent crude was up

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Speaker 2: just a touch over the past twenty four hours. Gold

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Speaker 2: steady bitcoins trading under sixty two thousand US dollars a unit,

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Speaker 2: and the Aussie dollar is fetching sixty five point eighty

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Speaker 2: US cents.

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Speaker 1: All right, plenty going on. We'll be back in a

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Speaker 1: moment with the rest of the day's business news sewn.

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Speaker 1: Lower profit margins have reduced earnings at the Commonwealth Bank,

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Speaker 1: though the bank's management says the economy is sound and

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Speaker 1: while households are hurting, higher immigration is helping.

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Speaker 2: Commonwealth Bank's March quarter cash net profit of two point

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Speaker 2: four billion dollars was five percent lower than a year earlier,

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Speaker 2: but just higher than consensus forecasts. Commonwealth reports on a

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Speaker 2: June to December balanced dates, so yesterday's update was just

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Speaker 2: for the three months. The other three major banks that

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Speaker 2: we've been talking about over the last week there are

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Speaker 2: September March basis, so their recent profits have been six months.

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Speaker 2: That's why they're higher six months. First three months. Got

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Speaker 2: that good, yeap, excellent Over the quarter, common Wealth. I

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Speaker 2: was sure I was looking at your Michael, and you

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Speaker 2: your eyes were going a little bit to, a little left,

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Speaker 2: a little right, little.

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Speaker 1: What are you talking about, just with this general glaze

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Speaker 1: over them? But no, I followed, thank you.

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Speaker 2: Over the quarter, Commonwealth Bank grew business lending faster than

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Speaker 2: the average of the other major banks, but home loans

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Speaker 2: and household deposit growth was lower. See Matt Common pointed

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Speaker 2: to improve momentum in retail banking, suggesting it could be

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Speaker 2: ending its period of market share losses, as in the

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Speaker 2: Commonwealth Bank might be ending its period of market share losses.

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Speaker 2: THEO was also upbeat about the economy, highlighting that unemployment

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Speaker 2: remains low, supported by business in government investment. Common Off

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Speaker 2: Banks share price closed down a little over two percent yesterday.

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Speaker 1: Sewn the Albanezi government has adopted a new gas strategy,

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Speaker 1: locking its use in beyond twenty fifty and hoping it

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Speaker 1: will aid in the transition to renewables, power manufacturing and

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Speaker 1: help trade partners manage their transitions.

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Speaker 2: The future Gas Strategy released yesterday includes measures to help

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Speaker 2: abate emissions from gas production, including promoting the use of

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Speaker 2: carbon capture and storage and minimizing the release of methane

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Speaker 2: when gas is extracted. There will also be use it

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Speaker 2: or Lose it provisions whereby companies won't be able to

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Speaker 2: sit on untapped reserves. Yesterday, that would be quite funny

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Speaker 2: to sit on an untapped reserve of gas.

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Speaker 1: Michael feels like it's a very volatile situation.

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Speaker 2: Yesterday five minutes to Anthony have an Easy, said Rea

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Speaker 2: Tinto has provided an example of the you need to

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Speaker 2: use gas and then transition to renewables has just signed

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Speaker 2: a major deal for renewables. But firming capacity will be

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Speaker 2: provided by gas. Ferming capacity excellent term. Had to look

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Speaker 2: it up myself. I kind of vaguely knew what it meant,

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Speaker 2: but not properly. It's basically energy used to keep the

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Speaker 2: grid stable, so gas will be used in weak times

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Speaker 2: or peak times. Basically said that their national electricity grid works.

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Speaker 2: That's what ferming capacity is about.

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Speaker 1: I constantly learned things from you.

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Speaker 2: Fascinating.

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Speaker 1: Speaking of learning things, Sean, do we learn anything new

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Speaker 1: from the government yesterday about next week's budget, because I

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Speaker 1: mean the weeks leading up to the budget are just

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Speaker 1: littered with leaks and strategic data releases.

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Speaker 2: Well, the Prime Minister yesterday said there'll be three point

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Speaker 2: twenty five billion dollars of extra funding for Melbourne's Northeast Link.

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Speaker 2: Now that piece of road has its price is more

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Speaker 2: than double than cost since twenty sixteen. It's now about

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Speaker 2: twenty six billion dollars. That's what it's estimated to cost.

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Speaker 2: And easy said Tatal federal funding. With this new three

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Speaker 2: point two five billion dollars, we will go to five

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Speaker 2: billion dollars towards that. There's also speculation that last year's

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Speaker 2: energy price subsidies will be extended and there will be

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Speaker 2: a lift in Commonwealth r Ant Assistance.

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Speaker 1: Center Group, owner of Westfield shopping malls in Australia, said

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Speaker 1: it expects higher operating costs as a result of the

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Speaker 1: Westfield Bondai murders.

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Speaker 2: Yeah, so Center's added extra security. Obviously that will cost

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Speaker 2: the company that hasn't actually changed its earnings guidance. Chief

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Speaker 2: executive Elliott Russeenow said while the number of guards will double,

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Speaker 2: the property group is exploring upgrades to security technology. It

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Speaker 2: hopes that technology will help it prevent anything like that

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Speaker 2: ever happening again. In an investor update, yesterday's center said

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Speaker 2: total customer visitors numbers across forty two Westfield centers for

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Speaker 2: the eighteen weeks to May five increased nearly three million

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Speaker 2: to one hundred and seventy five million visitors in eighteen weeks.

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Speaker 2: Incredible sales roped two point four percent to six and

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Speaker 2: a half billion dollars. Mind You, Center's share price yesterday

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Speaker 2: fell two percent.

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Speaker 1: Sean Oorica, the world's largest commercial explosives company, has reported

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Speaker 1: a ten percent increase in earnings due to lower costs.

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Speaker 2: That senate's share price soaring, though it did come back

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Speaker 2: a bit, as did most of the market yesterday, it

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Speaker 2: finished up about half a percent. Oracare is now up

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Speaker 2: about twelve percent this year. It's been a really well

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Speaker 2: performed stock. It operates maybe I should say ORACA explodes

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Speaker 2: in Australia and Asia. They are its main markets. Also

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Speaker 2: in the America's Europe, Africa, and the Middle East. Gold

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Speaker 2: companies have boosted demand for explosives thanks to the high

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Speaker 2: price of the precious metal. While strong energy consumption in

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Speaker 2: China has driven demand for explosives from coal miners. Oraca's

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Speaker 2: won on both frants. Some segments weren't so strong, namely

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Speaker 2: nickel and lithium. While quarrying and construction activity is steady

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Speaker 2: in this region, Asia and Australia, Ourica's underlying net profit

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Speaker 2: came in at one hundred and seventy nine million dollars

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Speaker 2: for the six months the end of March, up nine

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Speaker 2: and a half percent.

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Speaker 1: One of Bonds's five former aircraft, nicknamed Bruce of all Things,

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Speaker 1: would you believe Sean has left the country bound for Honolulu.

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Speaker 1: Don't know how long is it going to keep the

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Speaker 1: name Bruce.

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Speaker 2: For the purple plane was heading to Hawaii to refuel

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Speaker 2: and then off into the unknown, probably Canada, but they're

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Speaker 2: not really saying where for other Boeing seven three seven

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Speaker 2: Max eight's parked on the Sunshine Coast at Gold Coast

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Speaker 2: and at Melbourne Airport will likely soon follow after being repossessed.

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Speaker 2: A creditors meeting is due to take place today. According

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Speaker 2: to The Australian to update, around sixty thousand creditors, including

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Speaker 2: fifty eight thousand customers. Employees have been told they will

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Speaker 2: not be paid for their work in April and customers

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Speaker 2: that are unable to be refunded for fares paid on

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Speaker 2: canceled flights. All but twenty one of these three hundred

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Speaker 2: and twenty three staff remains stood down without pay until

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Speaker 2: at least May fourteen.

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Speaker 1: How about this one on? New research from the Australian

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Speaker 1: HR Institute shows almost twenty percent of workers are not

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Speaker 1: proficient in their role and fifty seven percent of employers

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Speaker 1: believe the skills gap is harming an organization.

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Speaker 2: This survey of six hundred plus senior HR professionals and

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Speaker 2: business leaders reveal that wage expectations will hire in the

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Speaker 2: public sector than in the private sector, but public sector

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Speaker 2: employees were more likely to be perceived as not proficient

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Speaker 2: in their role than private sector employees. It shows that

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Speaker 2: demand for labor will continue to grow strongly this current quarter,

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Speaker 2: and many employers are struggling to recruit the people they want,

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Speaker 2: and people are changing jobs more regularly, with thirty two

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Speaker 2: percent of organizations reporting an average annual turnover of twenty

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Speaker 2: percent or above. That's high. There are also job losses

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Speaker 2: on the horizon, with almost a quarter of employers planning

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Speaker 2: to make workers redundant in the June twenty twenty four quarter.

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Speaker 1: Sean turning to international news now, and tension between Israel

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Speaker 1: and its closest ally the United States is growing, with

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Speaker 1: President Joe Biden saying he will not supply offensive weapons

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Speaker 1: that Israel could use to launch an all out assault

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Speaker 1: on Rafa.

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Speaker 2: Mister Biden said he's concerned for the one million civilians

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Speaker 2: sheltering in the southern city, the last major hamas strongholding Gaza.

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Speaker 2: Mister Biden, in an interview with CNN, said the US

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Speaker 2: is still committed to Israel's defense and will supply iron

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Speaker 2: dome rocket interceptors and other defensive arms, but not if

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Speaker 2: they're going into Rafa. The US has historically provided enormous

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Speaker 2: amounts of military aid to Israel. In fact, Blomberg is

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Speaker 2: reporting a senior US Administration official as saying the shipment

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Speaker 2: that was halted last week consisted of eighteen hundred, nine

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Speaker 2: hundred kilogram bombs. Eighteen hundred of those and seventeen hundred,

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Speaker 2: two hundred and twenty five kilogram bombs. Just an amazing arsenal.

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Speaker 1: Yeah, quite extraordinary, now, Sean, this was the story that

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Speaker 1: we talked about at the top of the show, the

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Speaker 1: story that has well, probably slightly tenuous links to the

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Speaker 1: business world, right, but it's got links to our world

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Speaker 1: and future world, that's right. Yeah. Really, astronomers have searched

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Speaker 1: for years, years, many years for rocky planets beyond our

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Speaker 1: Solar system with an atmosphere, which is of course an

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Speaker 1: atmosphere is one of those things that's considered essential for

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Speaker 1: any possibility of harboring life. Well, big news. They have

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Speaker 1: finally found one.

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Speaker 2: They have There's probably not much life on it because

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Speaker 2: it has a surface of molten rock. The planet is

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Speaker 2: what's known as a super Earth, a rocky world significantly

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Speaker 2: larger than our planet but smaller than Neptune. It orbits

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Speaker 2: perilously close to a star, dimmer and slightly less massive

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Speaker 2: than our Sun, hence the molten rock surface. It completes

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Speaker 2: an orbit about every eighteen hours or so. Now. Infrared

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Speaker 2: observations using two instruments aboard the James Web Space Telescope

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Speaker 2: indicate the presence of a substantial, if in hospitable atmosphere,

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Speaker 2: perhaps continuously replenished by gases released from a vast ocean

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Speaker 2: of magma. According to Router's the planet, called Jansen is

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Speaker 2: about eight point eight times more massive than Earth, with

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Speaker 2: a diameter about twice that of our planet. The surface

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Speaker 2: temperature is about seven eighteen hundred and twenty five degrees

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Speaker 2: celsius ouch. It is located in our Milky Way galaxy,

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Speaker 2: about forty one light years from Earth in the constellation Cancer. Amazing,

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Speaker 2: isn't it a light yet? You know what light year is?

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Speaker 2: I know, you know what a light year is. It's

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Speaker 2: actually so it's distance light travels in a year, but

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Speaker 2: it's five point nine trillion miles, is it? I?

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Speaker 1: Knew that the fact that it's the distance that it

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Speaker 1: travels in a year, but I didn't realize that was

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Speaker 1: the actual than the conversion.

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Speaker 2: Yeah, so it's forty one times five point nine trillion

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Speaker 2: miles away this thing.

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Speaker 1: That's a long way. That's probably a bit of an understatement,

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Speaker 1: but can you imagine if you're one of those scientists

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Speaker 1: who found that they've been searching for ages, looking for

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Speaker 1: kind of rocky planets that might be able to have

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Speaker 1: an atmosphere and all this, and then finally you find one,

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Speaker 1: and then it just turns out that the surface is

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Speaker 1: entirely made of kind of boiling hot magma. A bit disappointing,

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Speaker 1: like it would feel a little bit like you found

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Speaker 1: the Booby Prize, the Booby Prize of planets, right.

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Speaker 2: I went through the wrong door.

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Speaker 1: Yeah, yeah, that is a fantastic story. As I said,

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Speaker 1: very very little link to kind of business. But we

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Speaker 1: just need one of those stories that fills us with hope.

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Speaker 2: Yes, And I don't know whether that one does, but

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Speaker 2: it's interesting.

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Speaker 1: Yeah it does. Yeah. Up next Sean is the Fearing

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Speaker 1: Greed Daily Interview with Stefan vonim Off from the Alternative

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Speaker 1: Investing Community. Fund altstot Co.

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Speaker 2: That's right, talking to him all about investing in sport

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Speaker 2: and sporting teams. Specifically, he's interested in one of the NRL,

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Speaker 2: the Rugby league teams that potentially is going to enter

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Speaker 2: the competition in the next couple of years, so we

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Speaker 2: talked to them about that and other things.

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Speaker 1: Yeah, talking about international sporting codes and various things was

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Speaker 1: really interesting. It is up next in the Fear and

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Speaker 1: Greed playlist on your podcast platform or at Fearangreed dot

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Speaker 1: com dot au, which is also where you can sign

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Speaker 1: up for the Fear and Greed newsletter, which comes out

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Speaker 1: every Wednesday and features your thoughts on a whole bunch

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Speaker 1: of stories and things. And continue to get wonderful feedback

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Speaker 1: about it.

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Speaker 2: Wonderful feedback, do we Yes?

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Speaker 1: Now, I keep it from you because I don't want

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Speaker 1: you to get a big head, but we can do

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Speaker 1: get very nice feedback. So congratulations, Thank you, Sean, Thank

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Speaker 1: you Michael. It's Friday, the tenth of May twenty twenty four.

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Speaker 1: Make sure you're following the podcast and please join us

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Speaker 1: online on LinkedIn, Instagram, x TikTok and Facebook. I'm Michael

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Speaker 1: Thompson and that was Fear and greed have a great day.