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Speaker 1: The dominance of the financial stocks grows on the ASX,

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Speaker 1: making it more difficult for investors. Australia's new Governor General

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Speaker 1: is sworn in and Joe Biden attempts to recover from

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Speaker 1: last week's dreadful presidential debate. 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 Tuesday, the second of July twenty twenty four.

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Speaker 1: Are Michael Thompson and Good morning, Sean Aylmer.

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Speaker 2: Good morning, Michael.

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Speaker 1: The main story this morning, Sean. Of course, the end

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Speaker 1: of the financial year and the share market in twenty

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Speaker 1: twenty four had some extreme winners and extreme losers, including

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Speaker 1: some household names.

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Speaker 2: Yes, the best performing mid to large cap for the

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Speaker 2: twenty twenty four fiscal year just finished was imaging software

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Speaker 2: group Promedicus. Essentially, the group has software that brings radiology

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Speaker 2: or medical imaging into the twenty first century. It just

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Speaker 2: makes these images much more maneuverable and able to be transported,

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Speaker 2: much easier than the old style films, if you know

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Speaker 2: what I mean. Its share price doubled last financial year.

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Speaker 2: The group's now worth fourteen billion dollars. Notable mentions in

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Speaker 2: this category include fund manager GQG Partners and circuit Board

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Speaker 2: Software Group out tim The best of the megacaps top

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Speaker 2: twenty companies is industrial giant Goodman Group. Its share price

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Speaker 2: is up seventy four percent over the past year, in

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Speaker 2: large part thanks to growing demand for data centers. At

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Speaker 2: the other end of the ladder, a bunch of miners,

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Speaker 2: particularly lithium companies, are the worst performers. Linetown Resources was

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Speaker 2: down at sixty eight percent last financial year, Igo was

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Speaker 2: off sixty two percent, and Arcadium Lithium tumbled fifty one percent.

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Speaker 2: Sabcour should now be consider a small cap, not a

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Speaker 2: medium cap. That's because its share price fell thirty seven

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Speaker 2: percent last year. In the mid cap range, Sonny Healthcare

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Speaker 2: and Endeavor Group were poor performers, and among the mega caps,

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Speaker 2: Woodside was worst, down eighteen percent. If you look at

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Speaker 2: the widely held stop those with plenty of retail shareholders

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Speaker 2: out there, Tolst and Woollies both performed poorly, down sixteen percent.

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Speaker 2: Coles was off eight percent, Quantas was down five percent,

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Speaker 2: while the big four banks all did very well, led

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Speaker 2: by a national Australia Bank yeah Sean.

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Speaker 1: Speaking of the banks last financial year, we seem to

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Speaker 1: be talking about the banks doing well even though many

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Speaker 1: analysts said that they were overpriced.

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Speaker 2: What's that meant for the market, Well, it means the

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Speaker 2: market has performed well eight percent for the full year.

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Speaker 2: But it really does create a challenge in that the

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Speaker 2: ASEX two hundred is now over reliant on the banks.

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Speaker 2: The Finance index, which is dominated by the Big four banks,

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Speaker 2: accounts for a massive thirty one and a half percent

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Speaker 2: of the ASEX two hundred. I can't remember that ever

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Speaker 2: being that high. So if the banks have a bad

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Speaker 2: year coming up many think they will because of the

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Speaker 2: current relatively high valuations, then the market will struggle to outperform. Materials,

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Speaker 2: which includes the Big three miners, is the next largest

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Speaker 2: index that comes in at under twenty one percent. It

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Speaker 2: is a much more diverse bunch of companies, so that

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Speaker 2: index can still the way. Okay, even if the iron

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Speaker 2: ore price falls. That means BHP rio tend to and

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Speaker 2: forcece your metals probably don't do so well. Think about

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Speaker 2: the tech sector, best performing sector last financial year, It

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Speaker 2: only accounts for three point one percent of the ASEX

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Speaker 2: two hundred. Hence, even if the wise tech globals and

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Speaker 2: the PROMEDICUSS and that of the world do well. It

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Speaker 2: doesn't necessarily mean the market does well. The point in

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Speaker 2: all this is if you are a passive investor in

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Speaker 2: the ASEX two hundred, your fortunes are going to be

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Speaker 2: very tied to the big four banks. If you're investing

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Speaker 2: in the AX two hundred, and we want to get

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Speaker 2: a widespread it's just a bit more difficult when so

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Speaker 2: many or almost the third of the market capitalization are

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Speaker 2: in financials.

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Speaker 1: Yeah, and of course we are not an investing podcast,

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Speaker 1: and you should speak to a professional to get some

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Speaker 1: financial advice before making investment decisions. Sean, we've talked about

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Speaker 1: last year. Let's talk about yesterday. How did local markets perform?

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Speaker 2: I closed down just attached to seven thy seven hundred

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Speaker 2: and fifty one points. We talked about Promedicas doing really

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Speaker 2: well last year. Second worst yesterday though, dropped five percent.

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Speaker 1: It's quite the fall from grace, isn't it.

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Speaker 2: It's a fickle world, isn't it? Worst mind you with

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Speaker 2: Strike Energy, it updated the market on the status of

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Speaker 2: a gas supply deal with a West Farmers subsidiary. Not

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Speaker 2: good news. Its share price dropped twenty percent. The coal

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Speaker 2: companies were among the best performers. Talk about that in

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Speaker 2: a moment. Looking at large cap spa HP jump to

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Speaker 2: one point six percent. Rio Tinto was up one and

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Speaker 2: a half percent, forty few medals group one point four percent.

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Speaker 2: Mostly the big banks were lower, while Weiss Tech Global

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Speaker 2: Film more than five percent. Cochlear, ARIAQBA, Sun corpor and

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Speaker 2: Zero were also sold off. Corporate news lend Lease hasn't

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Speaker 2: had a great time of it recently. Of course, two

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Speaker 2: months ago it said it will abandon most of its

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Speaker 2: overseas operations. Yesterday it said it will sell its US

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Speaker 2: military housing business for four hundred and eighty million dollars.

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Speaker 2: It was very happy with the sale price. As a result,

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Speaker 2: A share price was up four percent.

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Speaker 1: Yesterday.

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Speaker 2: Brambles replaced a guy called Xavim Grijo the head of

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Speaker 2: its Chip America's business. Now he's done me there for

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Speaker 2: six months. I just loved how they described the reason

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Speaker 2: for him leaving. They blamed it on cultural differences. Oh yeah,

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Speaker 2: it's kind of like the last line of a joke

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Speaker 2: or something, isn't it.

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Speaker 1: Oh it does. It feels a little bit uncomfortable, and

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Speaker 1: it feels like there is certainly certainly a story there.

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Speaker 2: Yeah, exactly anyway, Bramble's share price fell two percent yesterday,

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Speaker 2: and Finding Lack Resources share price was flat after the

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Speaker 2: mining hopeful with a flagship project located in Argentina's with

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Speaker 2: Him triangle, said it will have to slash jobs and

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Speaker 2: sell off assets as it faces lower commodity prices and

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Speaker 2: searches for a partner.

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Speaker 1: How have we never talked about the fact that Argentina

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Speaker 1: has a lithium triangle before?

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Speaker 2: Sean Well, to be perfectly honest, I only found it

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Speaker 2: out yesterday. Oh okay, didn't know.

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Speaker 1: It's how it's very exotic, kind of like the Bermuda Triangle. Yeah.

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Speaker 1: I don't think boats go missing though, No, no, no,

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Speaker 1: just investors money probably, Yeah, all right. What's happening on

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Speaker 1: international markets?

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Speaker 2: Global investors will be watching China very closely this week,

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Speaker 2: with the Communist Party's top brass gathering for one of

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Speaker 2: the country's big annual policy meetings. Basically covers everything from

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Speaker 2: technology to land reform and taxation. The Third Plenum gathers

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Speaker 2: four hundred government leaders with the goal of steering politics

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Speaker 2: and the economy. Comes as the latest measure of manufacturing

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Speaker 2: in China suggests that sector is at a three year high.

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Speaker 2: Good news for Australian exporters. Oil prices have been fairly

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Speaker 2: flat over the weekend, trading around the eighty five US

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Speaker 2: dollars a barrel. Mark golds down a touch, trading around

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Speaker 2: twenty three twenty US dollars an ounce, and the Aussie

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Speaker 2: dollar finished at sixty six point six US sense.

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Speaker 1: Sean, we have plenty to cover. We'll be back in

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

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Speaker 1: Shown day two of the new financial year. And while

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Speaker 1: taxpayers and minimum wage journals are certainly happy for the

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Speaker 1: jump in what appears in their bank accounts, international students

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Speaker 1: aren't quite so happy.

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Speaker 2: No One big budget initiative is to increase student visa

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Speaker 2: application fees, which are non refundable. The fee jumped from

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Speaker 2: seven hundred and ten to sixteen hundred dollars. The number

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Speaker 2: of international students surged to post lockdowns was a big

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Speaker 2: part of the net migration boom in Australia in recent years.

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Speaker 2: Since the numbers have come off somewhat and to the

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Speaker 2: end of May there were three hundred and thirty thousand

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Speaker 2: student fees has approved. That is something of a honeypot

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Speaker 2: for governments looking for money, and the Federal government has

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Speaker 2: actually said or cap foreign student intakes. But certainly that's

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Speaker 2: a hefty hike in fees from seven hundred and ten

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Speaker 2: to sixteen hundred dollars.

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Speaker 1: That is massive. The new Governor General, Sam Austin was

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Speaker 1: sworn in and yesterday she is the twenty eighth Governor

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Speaker 1: General and the second woman to take the role.

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Speaker 2: After the ceremony in the Federal Senate, Miss Moston said

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Speaker 2: she often reflected on a speech by Indigenous leader Noel

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Speaker 2: Pearson in which he talks of a three part portrait

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Speaker 2: of Australia sixty five thousand years of indigenous culture, to

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Speaker 2: its British institutions, to its multicultural present and future. She

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Speaker 2: said Australia is a country with extraordinary advantages of geography

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Speaker 2: and resources and the oldest continuing culture in the world.

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Speaker 2: She added that since World War II, Australia has welcomed

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Speaker 2: seven and a half million migrants, including nine hundred and

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Speaker 2: fifty thousand refugees. Contemporary challenges, according to Ms Mostyn, included

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Speaker 2: violence against women, growing economic inequality, the lingering impacts of

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Speaker 2: the COVID pandemic, and, as she described it, the pernicious

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Speaker 2: impact of social media, pernicious great word cracking word. Big

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Speaker 2: pay rises Sean for two hundred and fifty thousand aged

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Speaker 2: care workers have been delayed until next year. The Fairwork

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Speaker 2: Commission rejected the Albanezy government's proposal to stagger the pay

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Speaker 2: rise of between two and thirteen and a half percent

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Speaker 2: over eighteen months, so push into twenty twenty six. However,

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Speaker 2: give an uncertainty of a short term government funding, the

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Speaker 2: Commission agreed to phase in increases in two tranches, half

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Speaker 2: on January one, twenty twenty five, the rest of October one,

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Speaker 2: twenty twenty five. It will help the federal budget short term,

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Speaker 2: given the cost could be as much as five billion dollars.

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Speaker 2: A further eighty thousand indirect cares, including cooks and cleaners,

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Speaker 2: will receive their full seven percent increase from the beginning

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Speaker 2: of next year.

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Speaker 1: Now, how about this next one? Sean. A fire at

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Speaker 1: Anglo American's biggest metallurgical coal project in Australia has halted production,

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Speaker 1: with the miner saying that it may take several months

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Speaker 1: just for the blaze to actually be extinguished.

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Speaker 2: Is that quite amazing?

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Speaker 1: Yeah? This isn't This isn't kind of to put out

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Speaker 1: the fire and then repair the damage and then kind

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Speaker 1: of get back up and running. This is just to

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Speaker 1: put the fire out.

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Speaker 2: Yeah, so Meath had explanationon on Saturday course to fire

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Speaker 2: at the underground mine, which accounts for about thirty percent

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Speaker 2: of the company's annual production of coc and coal and Queensland.

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Speaker 2: No one was injured, fortunately, the company said. Specialist teams

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Speaker 2: are working to extinguish the underground fire. That's why it's

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Speaker 2: so difficult, because underground it's actually hard to get to.

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Speaker 2: Anglo American, of course, has had plenty on its plate,

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Speaker 2: having knocked back a seventy five billion dollar takeover OFFROM

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Speaker 2: from BHP in May. There are several companies that seemingly

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Speaker 2: benefited from the explosion and that was all the other

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Speaker 2: Queensland cold groups. Coronado Global Resources is shareprice jump nine percent,

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Speaker 2: White Havens stand more. Their share prices all surged as well. Anyway,

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Speaker 2: looks like it's going to be months out of action

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Speaker 2: this particular facility because of this underground fire.

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Speaker 1: That is quite extraordinary. The Corporate Watchdog has approved a

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Speaker 1: new tougher self regulated Code of Practice for the banking sector,

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Speaker 1: which should do more, hopefully to help out the small

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Speaker 1: business sector.

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Speaker 2: But Australian Securities and Investments Commission boss Joe Longo warned

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Speaker 2: to behave and guard against the re emergence of past problems,

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Speaker 2: be that in product sphere, around incentives for lenders and staff,

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Speaker 2: or attitudes towards customers. You just imagine assex boss saying

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Speaker 2: please behave the banks.

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Speaker 1: Keep a nice attitude towards your customers.

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Speaker 2: Please, yes, yes, all right. It's like it's like Austin

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Speaker 2: Powers or something, isn't it.

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Speaker 1: It's almost behave yes, oh, well done, behave You're right,

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Speaker 1: it is. It's almost kind of reducing the banks to

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Speaker 1: the levels of children in the way that they're being addressed.

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Speaker 1: And maybe maybe maybe based on previous kind of behavior,

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Speaker 1: maybe that is justified it.

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Speaker 2: Anyway, mister Longo said the code should be considered a

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Speaker 2: base case and standards should improve beyond it. For example,

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Speaker 2: he wants the banks to be more proactive around helping

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Speaker 2: customers at high fee accounts find a better deal. The

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Speaker 2: new code provides greater clarity on the types of support

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Speaker 2: available towards customers. There's a broader definition of vulnerable customers,

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Speaker 2: which states anyone can become vulnerable at any time time.

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Speaker 2: The new code will also improve inclusivity and accessibility for customers,

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Speaker 2: including via interpreter services, national relay services, and accessible information.

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Speaker 1: Okay, turning to international news now, and Joe Biden is

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Speaker 1: staying in the race for president, even though the first

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Speaker 1: major poll since last week's debate shows a drop in

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Speaker 1: support for him, even among Democrat voters.

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Speaker 2: There are plenty of Democrat supporters who are openly talking

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Speaker 2: of him leaving the race, but it doesn't look like happening.

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Speaker 2: The Biden family spent the weekend at Camp David, where

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Speaker 2: the extended group was due to have a photo shoot

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Speaker 2: with celebrity photographer any Lebowitz. The share of Americans who

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Speaker 2: say Joe Biden should seek reelection dropped significantly, according to

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Speaker 2: the CBS poll published over the weekend. It dropped ten

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Speaker 2: percentage points among registered Democrat voters to just fifty four percent,

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Speaker 2: nine percentage points among all voters to twenty eight percent.

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Speaker 2: About seventy two percent said mister Biden doesn't have the

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Speaker 2: mental and cognitive health to serve as president. That's not good.

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Speaker 2: Almost three quarters of voters saying he's not up to it.

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Speaker 1: Sean too two very quick points. The first one is

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Speaker 1: quite a serious one, the fact that you have an

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Speaker 1: interview coming up after the show on this subject, and

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Speaker 1: it is a great chat with Bruce Walpy, who is

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Speaker 1: a senior fellow at the United States Studies Center and

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Speaker 1: who knows this probably this space better than anyone in

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Speaker 1: Australia at the moment.

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Speaker 2: Yes, he worked with the brac Obama administration. He's also

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Speaker 2: worked with Julia Gillard. He's a Democrat clearly, and we

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Speaker 2: have great chat about what's going to happen now with Democrats.

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Speaker 2: Now Bruce believes that Joe Biden will eventually run for president.

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Speaker 2: But it's just fascinating to go through Bruce's thinking. I

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Speaker 2: don't think he's delighted about what happened last week.

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Speaker 1: No, he doesn't sound happy, Bruce, but he always sounds

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Speaker 1: like an expert because he is that. Now on to

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Speaker 1: the other point that I needed to make. Yeah, sure,

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Speaker 1: whenever you hear the name, when you hear that the

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Speaker 1: Biden family, we're going to Camp David to have a

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Speaker 1: photo shoot with celebrity photographer any live a bits do

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Speaker 1: you think of the wrong photographer and constantly think of

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Speaker 1: Anne Getty's like I do who is another celebrity photographer,

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Speaker 1: but she's the one that takes those baby photos. So

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Speaker 1: as soon as you said that, I just had this

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Speaker 1: picture of Joe Biden and you know how how that

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Speaker 1: the babies are kind of wrapped up in like that

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Speaker 1: they're like a little bumblebee or it's like a in

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Speaker 1: a gum nut or something like that, and they're all

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Speaker 1: kind of curled up, and it's very cute and very sweet.

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Speaker 1: And I've had this picture of Joe Biden being kind

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Speaker 1: of but do you know who I'm talking about, Anne Getty's.

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Speaker 2: You know, I know exactly who you're talking about. Not

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Speaker 2: from moment did it come to my mind? But nay,

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Speaker 2: You've put it there, and it's there.

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Speaker 1: It's kind of a cute image, isn't it.

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Speaker 2: It's a very shute image. I think.

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Speaker 1: Yeah, No, Hey, maybe if Joe Biden really has a

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Speaker 1: problem with Democrat voters, get a Getty's in there.

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Speaker 2: Is that the solution.

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Speaker 1: It's a solution.

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Speaker 2: It's a solution.

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Speaker 1: I don't know if it's a good one. Sean, Let's

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Speaker 1: move on, shall we. It's always worrying when I say

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Speaker 1: don't you think of this? And you always just say no,

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Speaker 1: I never think of that. That kind of like you

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Speaker 1: just you hang me out to dry constantly.

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Speaker 2: Sorry Michael, Sorry now.

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Speaker 1: Marie Le Penn's far right party has been President Emmanuel

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Speaker 1: mccron's centrist alliance in the first round of French parliamentary elections,

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Speaker 1: moving the country closer to a potential nationalist government.

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Speaker 2: After run usually a high turnout, the National Rally party

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Speaker 2: won thirty three point two percent of the vote, while

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Speaker 2: the left wing NFP alliance came second at twenty eight

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Speaker 2: point one percent. Mister mccron's Ensemble alliance secured just twenty

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Speaker 2: one percent. The projections suggest that National Rally and its

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Speaker 2: allies are on track to win the most seats in

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Speaker 2: the National Assembly and potentially even an outright majority in

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Speaker 2: the final round of voting on July seven. If the

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Speaker 2: National Rally would to secure two hundred and eighty nine

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Speaker 2: seats in the five to seventy seven strong lower house,

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Speaker 2: it would force Macron into a i'd say an uncomfortable

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Speaker 2: power sharing arrangement known as cohabitation, in which the two

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Speaker 2: opposing parties actually are going to be forced to govern together.

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Speaker 2: That would be fascinating to watch.

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Speaker 1: Oh, certainly will be plenty of theater this week, Sean.

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Speaker 1: Up next is the Fear and Greed Daily Interview. We

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Speaker 1: just spoke about it. You're speaking today with Bruce Wolpey

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Speaker 1: all about what Joe Biden should do next and what

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Speaker 1: could happen. It is coming up next in the Fear

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

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

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Speaker 1: sign up for the Fear and Greed weekly newsletter. It

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Speaker 1: is coming out tomorrow and it is not just full

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Speaker 1: of news, it is also full of Sean Aylmer's views

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Speaker 1: and Sewan, are we going to get your take on

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Speaker 1: the the election debate?

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Speaker 2: Yes, you've put me on the spot there. I don't

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Speaker 2: I'll have to think about that. Yes, okay, I think

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Speaker 2: so excellent.

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Speaker 1: Head along to Fearangreed dot com dot au and sign

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Speaker 1: up for that free weekly newsletter because it comes out tomorrow,

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Speaker 1: so there's not much time to do that. Thank you

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Speaker 1: very much, se On.

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Speaker 2: Thanks Michael.

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Speaker 1: It is Tuesday, the second of July twenty twenty four.

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

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Speaker 1: online on LinkedIn, Instagram, ex TikTok and Facebook Michael Thompson,

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Speaker 1: and that was fear and greed. Have a great day.